A RECENT evaluation report of the International Monetary Fund (IMF) had validated the Aquino administration’s transparency agenda as having helped launch reforms in the country, a Palace official has said. The IMF recently gave the Philippines a favorable score on fiscal transparency. In its June 2015 report, the IMF cited the Philippines’ public financial management reform strategy as having helped initiate reforms. The country’s fiscal reporting was recognized by the IMF as being timely, frequent, […]
Business
Queen of Netherlands campaign for inclusive finance in visit to the Philippines
(Reuters) — Queen Maxima of the Netherlands witnessed the launch of the central bank’s strategy for financial inclusion on Wednesday (July 1), capping her two-day visit to the Philippines. Maxima, who was designated as the UN Secretary General’s Special Advocate for Inclusive Finance for Development in 2009, attended the ceremony of the Philippine government’s action plan which aims to enhance cooperation between ministries, government agencies and the private sector to improve the population’s access to […]
Greeks angered as Athens defaults on IMF loan
(Reuters) — People on the streets of the Greek capital expressed anger with their government on Wednesday (July 1), the morning after Greece defaulted on a 1.6 billion euro loan from the International Monetary Fund (IMF). Greece’s last-minute overtures to international creditors for financial aid on Tuesday (June 30) were not enough to save the country from becoming the first developed economy to default on a loan with the IMF. The IMF confirmed that Greece […]
Oil companies implement price rollback
MANILA, Philippines, June 30 (Eagle News) — A rollback on the price of petroleum products was implemented by oil companies. For the details of the corresponding price rollbacks, please watch the video. (Eagle News Service Jay Paul Carlos, Jericho Morales, MRFaith Bonalos) https://youtu.be/cLRbtK7g6NE
Madagascar sees revival of its Lychee industry, as economy recovers
JUNE 24 (Reuters) — Lychee farming was once seen as one of the most organized sectors in Madagascar, a key pillar of the Malagasy economy. Madagascar is the fifth largest lychee producer in the world, after China, India, Vietnam and Taiwan. But a 2009 coup plunged the country and its economy in turmoil, reversing previous gains made in the lychee industry. Prior to the political crisis, Madagascar used to export an average of more than […]
Impact of Apple’s change of heart on music service
JUNE 23 (Reuters) — In a year in which Taylor Swift’s star has risen in to the upper stratosphere, her biggest victory may have been watching Apple ‘blink” after the pop star called out the tech giant for its initial policy of refusing to pay artists during free trials of its new Apple Music streaming service. Apple’s change of heart came after the 25-year-old singer posted on Tumblr that she’d hold back her latest hit […]
South Korean business leaders discuss measures to counter MERS
JUNE 22 (Reuters) — South Korean business leaders held an emergency meeting on Monday (June 22), to discuss ways to boost economy amid negative economic impact of the Middle East Respiratory Syndrome (MERS) outbreak. “MERS has depressed domestic consumption, so we cannot help but worry about it,” Chairman and Chief Executive Officer (CEO) of Doosan Group, Park Yong-maan, said at the meeting. “Now businessmen should work together to quell the worries over MERS as soon […]
Greek cabinet meets on eve of crucial eurozone summit
(REUTERS) Greek ministers arrived in Athens on Sunday (June 21) for a full cabinet meeting with Prime Minister Alexis Tsipras to discuss concessions the government may present at an emergency eurozone summit on Monday (June 22). Greece’s left-wing government promised on Saturday (June 20) to offer concessions to creditors to unlock billions of euros in funds and stave off default. With its banks hanging on life support from the European Central Bank, and billions of […]
Gazprom building global alliance with expanded Shell
(REUTERS) Gazprom is building a global strategic alliance with energy major Royal Dutch Shell that will include asset swaps as early as next year. Day two of the annual International Economic Forum in St Petersburg. It’s where top Russian government officials rub shoulders with industry leaders and foreign investors. But this year there was a distinct lack of Americans, and fewer europeans – preferring not to be seen doing business with the Russians. One Western […]
Price of construction materials goes down
MANILA, Philippines (Eagle News) – According to the Philippine Statistics Authority, the price of construction materials in Metro Manila exhibited a continuous drop since May. The PSA added that this is the result of the lower price of fuel compared to the same time period in 2014. (Eagle News Service Jay Paul Carlos, Jericho Morales, Vince Alvin Villarin)
Somalia-Insurance
(Reuters)People in Somalia are now able to buy insurance policies in the country as the private sector drives recovery efforts after years of conflict. First Somali Takaful and Retakaful Company which opened in Mogadishu late last year is a new player that wants to revive the insurance market which was previously nonexistent. Abdinor Ilmi is at the company’s office to take a cover for car insurance. “I am very happy to have my car insured […]
HSBC to shed up to 50,000 jobs
(Reuters) HSBC will shed almost 50,000 jobs and take an ax to its investment bank, cutting the assets of Europe’s biggest lender by a quarter in a bid to simplify and improve its sluggish performance. The bank said on Tuesday (June 9) about half the staff cuts will come from the sale of businesses in Brazil and Turkey. The other half will come from cutting about 10 percent of the remaining 233,000 staff by consolidating […]
