City Manila Financial News

BEIJING/MANILA (Reuters) -China and the Philippines traded accusations over a collision in disputed waters of the South China Sea as Chinese vessels blocked Philippine boats supplying forces there on Sunday in the latest of a series of maritime confrontations.

By Girish Linganna

Asian markets posted gains Friday, shrugging off Wall Street losses ahead of key US jobs data due later in the day. Analysts say signs of a robust American economy, such as strong labour market data this week, are bad news for equities as it gives the Federal Reserve more reason to keep monetary policy tight through to the end of the year and beyond. US Treasury yields hit their highest levels since 2007 this week as investors fear high borrowing costs for businesses and consumers will eventually drag on the economy. All eyes are on Friday's monthly US employment data, which will give investors a good idea of whether recent signs of a softening in the labour market will continue. «European markets look set to open modestly higher ahead of today's US jobs report,» said Michael Hewson, chief market analyst at CMC Markets UK, «which, along with the September CPI report which is due next week could shift the odds significantly on whether we see another rate hike in November». «One other reason for the welcome retreat in yields yesterday may well have been the sharp decline in oil prices we've seen the past couple of days.» On Thursday, the Dow Jones Industrial Average finished flat, while the S&P 500 and Nasdaq index ticked lower. But Hong Kong was on the front foot Friday, with gains of about 1.5 percent by the afternoon, though Tokyo closed marginally lower. Singapore, Seoul and Manila were also up, while mainland Chinese markets were closed for a week-long holiday. London, Frankfurt and Paris all kicked off with small gains. Stephen Innes, managing partner at SPI Asset Management, said the Asian advances were «thanks partly to a drop in oil prices that benefits Asia's colossal oil-importing nations». «This

A Chinese coast guard ship came within a few feet of a Philippine vessel it was trying to block in the disputed South China Sea, signaling a more forceful approach by Beijing in the strategic waterway where tensions are growing. Philippine vessels were attempting to resupply a small detachment of marines on the isolated Second Thomas Shoal when the incident occurred on Wednesday. China also claims the reef, as it does for much of the South China Sea.

MANILA (Reuters) -The Philippines economics minister cautioned on Friday against further raising interest rates, which could hurt consumers already suffering from high inflation.

The Philippines has a long history of trying to attract Filipino American citizens and their families to come and add to the economy

MANILA (Reuters) — Philippine inflation quickened for a second straight month in September due to increases in food and transport costs, the statistics agency said on Thursday, opening the door to further central bank interest rate hikes.

MANILA (Reuters) — The Philippines plans to issue its maiden sukuk bonds by the end of November, its finance secretary said, as it seeks to develop alternative funding sources for its budget.

By Enrico Dela Cruz

Germany beat Serbia 83-77 on Sunday to win the Basketball World Cup for the first time. The Germans, who went unbeaten through the tournament and were appearing in their first final, broke clear of Serbia in the third quarter in Manila. Serbia launched a furious fourth-quarter fightback but Germany managed to hold them off and put their name on the Naismith Trophy. Dennis Schroder finished as Germany's top scorer with 28 points, followed by Franz Wagner with 19. Germany had beaten the United States in a dramatic semi-final. Serbia, who were looking to win the title for the first time as an independent nation, lost small forward Ognjen Dobric to injury with less than three minutes of the game gone. Dobric had to be carried off after a hard landing while attacking the basket. He later reappeared at courtside, cycling on an exercise bike, but did not come back into the game. Serbia were cheered on by a large group of travelling supporters but could not keep up with Germany in the second half. Aleksa Avramovic finished as Serbia's top scorer with 21 points, followed by Bogdan Bogdanovic with 17. There was little to separate the two teams in a fiercely fought first half that ended 47-47. That all changed in the third quarter when Germany outscored the Serbians 22-10. Serbia came roaring back into the game in the fourth quarter, and cut the deficit to three points with less than a minute remaining. A lay-up from Schroder helped steady Germany's nerves, and a missed three-point attempt from Avramovic ended Serbia's hopes. Serbia were playing without power forward Borisa Simanic, who underwent surgery to remove a kidney after getting injured earlier in the tournament. They were also without superstar Nikola Jokic, who skipped

MANILA (Reuters) — China's «aggressive behaviour» in the South China Sea, including the use of water canon by its coast guard against a Philippine vessel, must be challenged and checked, the commander of the U.S. Navy's Seventh Fleet said on Sunday.

Taylor Swift fans, known as Swifties, have a golden opportunity to secure their spots at 'The Eras Tour' as a new wave of tickets is set to hit the market on August 22, for her performances in Japan. In a surprise announcement, Lawson Ticket unveiled that the highly sought-after tickets would become available at 7 p.m. JST (6 p.m. Manila time). The process to obtain these coveted passes can be initiated through a link provided by Lawson Ticket on its official website. Responding to the overwhelming demand from ardent fans, the organizers stated, «Due to popular demand, we have decided to sell a few additional copies on a first come, first served basis. Don't miss this opportunity to be part of the magic!» The heart of the event will be the Tokyo Dome, boasting a massive capacity of 55,000 attendees. From February 7 to 10, 2024, Swift will grace the stage at this iconic venue, captivating the Japanese audience with her chart-topping hits and unmatched showmanship. Introduced in November of the previous year, The Eras Tour is Taylor Swift's artistic voyage through the various musical phases of her illustrious career. The inaugural leg of the tour spanned from March 18 to August 5, encompassing stadiums across the United States. This extraordinary musical journey is scheduled to culminate in August 2024. While Japan is a pivotal stop on the tour, the excitement will continue to reverberate across Asia. Beyond Japan, the only other Asian destination to host The Eras Tour is Singapore. The electrifying performances will unfold at the colossal National Stadium, accommodating 55,000 fans, on March 2, 3, 4, 7, 8, and 9, 2024.

Japan and Australia are planning a joint navy drill in the South China Sea off the western Philippines this week to underscore their commitment to the rule of law in the region after a recent show of Chinese aggression in the disputed waters, Filipino security officials said Sunday. On Aug. 5, Chinese coast guard ships used water cannons against Philippine vessels in the contested waterway where disputes have long been regarded as a potential flashpoint and have become a fault line in the rivalry between the U.S.

MANILA (Reuters) — The Philippine armed forces said on Saturday it would again seek to resupply troops stationed in a rusty World War 2-era ship on a reef in the South China Sea, after China blocked a previous attempt with water cannons.

Rice prices in Asia edged lower after rallying to the highest level in almost 15 years last week as major buyers seek to build domestic stockpiles amid persistent concerns over global supplies. Thai white rice 5% broken — an Asian benchmark — slipped to $612 a ton on Wednesday, according to data from the Thai Rice Exporters Association. Prices are still up 20% this year after surging to the highest since 2008 last week.

China Sea, and in the recent transfer of naval aviation assets into the hands of the PLA Air Force. On 5 August, forces of the PLA Navy (PLAN), China Coast Guard (CCG) and People's Armed Forces Maritime Militia combined to prevent Philippine Coast Guard vessels from resupplying a dozen marines aboard BRP Sierra Madre, a rusting vessel that forms a Philippine military outpost at Second Thomas Shoal in the Spratly Islands.

NEW DELHI : India and the Philippines are looking to step up defence ties after the Southeast Asian nation’s high-profile purchase of a BrahMos missile. Negotiations on a defence line of credit have picked up, according to persons aware of the matter.

NEW DELHI : India and the Philippines are looking to step up defence ties after the Southeast Asian nation’s high-profile purchase of a BrahMos missile. Negotiations on a defence line of credit have picked up, according to persons aware of the matter.

Mint in August, NPCI International CEO Ritesh Shukla stated that interoperability with the payments platforms of foreign partners will enable remittances as well as merchant payments. He also spoke of plans to double the number of countries where UPI is live.

China said on Monday that a maritime clash in which it fired water cannon at Philippine vessels in the disputed South China Sea was «professional and restrained». A foreign ministry spokesperson said a Chinese coast guard ship «lawfully stopped» two Philippine vessels, adding: «This professional and restrained on-site operation is beyond reproach.» The incident happened on Saturday as the Philippine Coast Guard escorted charter boats carrying food, water, fuel and other supplies to Filipino military personnel stationed at Second Thomas Shoal in the Spratly Islands.

China maintained that it took the necessary action to deter Philippine ships which were trespassing and carrying illegal building materials, news agency Reuters reported on Sunday. The report mentions that the incident took place close to the Second Thomas Shoal, which is referred to as Ayungin Shoal by Manila. The area is a submerged reef where a small number of its troops reside on an old US ship from World War Two that was deliberately grounded in 1999.