DIRS.INFO The most relevant business & tech news

☆ Philippine c.bank chief: 'Dangerous' to cut rates faster than Fed
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

MANILA, April 26 (Reuters) - The Philippines' central bank considers it "dangerous" to cut interest rates faster than a policy easing by the U.S. Federal Reserve, its governor said on Wednesday. "If inflation in the U.S. is sticky and cuts are slow, it is very dangerous for the Philippine central bank to cut faster than the U.S.," Medalla said. Philippine inflation slowed for a second straight month in March to 7.6%. Gross domestic product could have expanded "in the neighbourhood of 6%" in the first quarter, Medalla said. A Philippine government inter-agency panel this week maintained its economic growth target of 6.0% to 7.0% this year on robust domestic economic activity amid global headwinds.

[1/2] Hywind Tampen floating wind farm structures are being assembled at the Wergeland Base in Gulen, Norway, June 7, 2022. But by 2035, the LCOE for floating wind is expected to fall to about 60 euros/MWh. It plans to set a specific target for floating wind this year. Britain aims to have 5 GW of floating wind installed by 2030 but a report by the UK Floating Wind Offshore Wind Taskforce, said 34 GW could be installed by 2040 if ports were upgraded. "South Korea will be commercial the quickest," said Cole at Corio Generation, which has 1.5 GW of floating wind under development there.

☆ Barbara Lynch, a Leading Boston Restaurateur, Is Accused of Workplace Abuse
▼ + stars: | 2023-04-20 | by ( Julia Moskin | ) www.nytimes.com time to read: +1 min

By the time Boston restaurants reopened after the first pandemic wave in June 2020, Ms. Lynch had dismissed nearly all of her top team. Servers at Menton last week said that Ms. Lynch had briefly returned to work in the kitchen after the Menton cooks left. “I was there to learn from chef Rye,” Mr. Goncalves said, referring to Mr. Crofter. When he died in January, Ms. Lynch had just named him executive chef of all seven restaurants. She said in her statement that the deaths of the two Menton cooks “was a personal tragedy for me.

☆ Canadian dealmakers expect low-carbon shift will drive mining M&A
▼ + stars: | 2023-04-20 | by ( Maiya Keidan | ) www.reuters.com time to read: +3 min

TORONTO, April 20 (Reuters) - Canadian advisors to mergers and acquisitions (M&A) expect a shift toward low-carbon technologies and government subsidies for them will spur dealmaking in mining for years to come and some are already gearing up for it. Clients are hiring mining people within dealmaking teams, and boutique M&A advisory firms are adding talent, mostly in mining, he said. Canada this year expanded an investment tax credit to equipment needed by mining companies - and any other companies in the EV supply chain - to extract or process critical minerals. For copper and nickel deals, it was the best quarter on record since at least 1990, the data showed. "Mining is one of those sectors where you really want to be prepared for the inevitable market pickup."

☆ Mexican president likens top judges to disgraced ex-official after military setback
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +2 min

The Supreme Court on Tuesday ruled legislation promoted by President Andres Manuel Lopez Obrador mandating that the Army assume control of the National Guard was unconstitutional. Two of four justices nominated by the president voted against his plan. Eight of 11 justices voted it down in total. Lopez Obrador, who has suffered a number of setbacks at the hands of the court, will leave office at the end of September 2024 following general elections in June 2024. The next Congress will begin on Sept. 1, 2024, the day Lopez Obrador said he would present his initiative to reform the constitution to enshrine military control of the National Guard.

☆ Philippine c.bank may consider pausing rate rises if inflation slows
▼ + stars: | 2023-04-09 | by ( ) www.reuters.com time to read: +1 min

MANILA, April 9 (Reuters) - The Philippine central bank may consider pausing its monetary tightening next month if April inflation does not accelerate, the bank's governor said on Sunday. Bangko Sentral ng Pilipinas Governor Felipe Medalla said in a telephone message to Reuters that a pause in interest rate increases was possible "if the April CPI (consumer price index) is not higher than the March CPI". Medalla said a "zero or negative month-on-month inflation" may also support the case for a rate hike pause. Philippine headline inflation eased for a second consecutive month in March to 7.6% from 8.6% in February but it remained above the central bank's 2%-4% target for the year. To tackle inflation, the BSP has raised its benchmark interest rate (PHCBIR=ECI) by 425 basis points since May last year to 6.25%.

☆ Half of the 10 busiest airports in the world are in the US, with Atlanta topping the chart once again
▼ + stars: | 2023-04-06 | by ( Bianca Giacobone | ) www.businessinsider.com time to read: +2 min

Atlanta's airport is the busiest hub in the world for 2022 with 93 million passengers. In third place, Denver is one of the only airports to have caught up with pre-pandemic levels. Five of the busiest airports in the world are in the US, with Hartsfield-Jackson Atlanta International Airport topping the list for the second year in a row. Last year, US airports accounted for eight of the 10 busiest airports. Take a closer look at the top 10 busiest airports in the world.

However, confusing the picture core inflation accelerated to 8.0% in March from February's 7.8%, the fastest pace since 1999. Nicholas Mapa, an economist at ING bank, said a sustained downtrend in inflation could make the BSP consider hitting the pause button on its most aggressive interest rate hiking cycle for years. "Today's inflation reading could be one additional data point that could convince Governor Medalla that inflation is finally moderating," Mapa told Reuters. "We expect inflation to moderate further in April which could open up the door for a BSP pause at the May meeting." Finance Secretary Benjamin Diokno, who is one of the seven members of the central bank's policy making monetary board, said on Tuesday, the central bank has probably done enough to address inflation.

REUTERS/Nacho DoceMADRID, April 5 (Reuters) - A 68-year-old Spanish TV actress said that her newly adopted daughter was conceived using her dead son's frozen sperm and is in fact her granddaughter, reigniting a debate over the bioethics of surrogacy and children's right to privacy in Spain. The weeks-old baby, named Ana Sandra, was born to a surrogate mother identified on Wednesday by the Lecturas magazine as a Cuban woman living in Miami, Florida. "This girl isn't my daughter, but my granddaughter," TV actress Ana Obregon told celebrity magazine ¡Hola! Obregon's only biological child, her son Aless Lequio, died of cancer in 2020 at the age of 27. Obregon rose to prominence in the 1980s and starred in Spanish sitcoms in the late 1990s and early 2000s.

☆ Southeast Asian finance leaders in talks on containing global risks
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +2 min

NUSA DUA, Indonesia, March 31 (Reuters) - Southeast Asian central bank governors and finance ministers are set to wrap up talks on Friday, after meeting in Bali this week for discussions often focused on how the region can remain resilient in the face of a spike in global risks. The gathering of finance leaders from the Association of Southeast Asian Nations (ASEAN) comes amid a backdrop of recent global banking turmoil after the collapse of Silicon Valley Bank and the bailout and takeover of Credit Suisse. Dody also said finance deputies discussed connecting payment systems in the region, even though the infrastructure of some ASEAN countries was not fully developed yet. They also discussed cryptocurrencies and central bank digital currencies, he said. They knew the memory of the Asian financial crisis," Philippine central bank governor Felipe Medalla told the seminar on economy resiliency.

☆ Macy's CEO Jeff Gennette to retire after 40 years at the department store
▼ + stars: | 2023-03-29 | by ( Mary Hanbury | ) www.businessinsider.com time to read: +3 min

Macy's CEO Jeff Gennette will retire and step down from his role in February 2024. Gennette has been at the department store chain for 40 years. Jeff Gennette joined Macy's in 1983 as an executive trainee and worked his way up the ranks, becoming CEO in 2017. Macy's said Wednesday that Tony Spring, CEO of Macy's sister company Bloomingdale's, will take over Gennette's role. CFO Adrian Mitchell will add the role of COO to his responsibilities – overseeing stores, tech, and supply chain needs, Macy's said.

☆ 2022 was most dangerous year for journalists in Mexico -advocacy group
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +2 min

[1/2] People march as they attend a demonstration to protest against the murder of journalists in Mexico City, Mexico, May 9, 2022. REUTERS/Edgard GarridoMEXICO CITY, March 28 (Reuters) - Last year was the most violent on record for journalists in Mexico, the free-speech group Article 19 said on Tuesday, citing security forces and other state agents as the main offenders. In 2022, Article 19 recorded 696 crimes against media workers, ranging from intimidation and harassment to kidnapping and murder, the organization said in its annual report. "In Mexico, journalists are killed, but they are also intimidated and silenced systematically and recurrently through harassment, stigmatization, threats and the illegitimate use of public power," the report said. Article 19 compared the level of attacks on journalists in the fourth year of previous Mexican presidents.

☆ Philippines president backs merger of two state lenders to create country's biggest bank
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +1 min

MANILA, March 28 (Reuters) - Philippines President Ferdinand Marcos Jr is pushing for the merger of two state-run banks, which will create the country's largest lender by assets, his finance secretary said on Tuesday. The merger of Development Bank of the Philippines (DBP) and Land Bank of the Philippines (LBP) would also be in line with past government efforts for consolidation in the banking sector. "The merger will create a bigger and stronger bank to better serve the country's development needs," Diokno said. The union of DBP and LBP would allow the government to save more than 5 billion pesos ($91.93 million) in operating costs in the first year of their merger, Diokno said. As of end-September, the two banks had combined assets of 3.8 trillion pesos, compared with 3.7 trillion pesos of BDO Unibank (BDO.PS), which is controlled by the Philippines' richest family, central bank data showed.

☆ As banking sector confidence falters, central banks called on to do more
▼ + stars: | 2023-03-26 | by ( Davide Barbuscia | ) www.reuters.com time to read: +4 min

NEW YORK, March 26 (Reuters) - Some investors and analysts are calling for more coordinated interventions from central banks to restore financial stability, as they fear that tumult in the global banking sector will continue amid rising interest rates. On Friday, shares of Deutsche Bank (DBKGn.DE) plunged amid concerns that regulators and central banks have yet to contain the worst shock to the banking sector since the 2008 global financial crisis. Global central banks including the Federal Reserve have recently taken measures to enhance the provision of liquidity through the standing U.S. dollar swap line arrangements. "The issue with European banks and big U.S. banks at the moment is confidence. Meanwhile, overall deposits in the banking sector have declined by almost $600 billion since the Fed began to raise interest rates last year, the biggest banking sector deposit outflow on record, noted Torsten Slok, chief economist at Apollo Global Management.

☆ Philippine minister says pause in rate rises likely at next bank meeting
▼ + stars: | 2023-03-26 | by ( ) www.reuters.com time to read: +1 min

MANILA, March 26 (Reuters) - Philippines Finance Secretary Benjamin Diokno said on Sunday he believed that the central bank was leaning towards a pause in interest rate rises at its next monetary policy meeting scheduled for May. "Non-monetary measures to ease inflation could address the problem more effectively", including those already adopted by fiscal authorities, Diokno said in a statement. The Bangko Sentral ng Pilipinas' decided on Thursday to continue fighting inflation with a rate increase, although at the slower pace of 25 basis points (bps) to 6.25% (PHCBIR=ECI). And monetary policy is not the only game in town. Besides ... monetary policy works with a long lag," said Diokno, who sits as a member of the seven-man monetary board of the central bank.

☆ We've done 'almost enough' to manage inflation, says Philippine central bank governor
▼ + stars: | 2023-03-24 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe've done 'almost enough' to manage inflation, says Philippine central bank governorFelipe Medalla, governor of the Bangko Sentral ng Pilipinas, says it's waiting for one or two more "good data points" on inflation in the country.

☆ Working out is one of the best things you can do to treat depression
▼ + stars: | 2023-03-24 | by ( Yeji Jesse Lee | ) www.businessinsider.com time to read: +5 min

A new paper that analyzed data from 41 studies found that exercise had a big effect on depression. Researchers found that exercise improved depression symptoms at least as much as other treatments. They said that exercise should be offered as "an evidence-based treatment option" for patients. Aerobic exercise and resistance training had big effects on reducing depression symptoms, the authors noted, as did supervised and group exercises of "moderate intensity." A 2018 study published in JAMA Psychiatry found that strength training can help treat depression just as well as aerobic exercise.

MERIDA, Mexico, March 16 (Reuters) - The Mexican arm of Spain's Banco Santander (SAN.MC) plans to launch digital lender Openbank by the end of March 2024 to offer checking accounts, credit cards and other services over time, the head of the local unit said on Thursday. "We need to 'tropicalize' it and make it fit for the Mexican market and regulation," Santander's Mexico country head Felipe Garcia told Reuters in an interview, adding that because the digital bank already operates in Argentina and some European countries the operation will not be starting from scratch. Garcia did not say how much Spain's biggest bank would invest in the move. The unit is Mexico's third-biggest bank by the size of its credit portfolio and managed some 810 billion pesos ($43.23 billion) at the end of last year, according to data from the national banking regulator. ($1 = 18.7385 Mexican pesos)Reporting by Valentine Hilaire and Noe Torres; Editing by Sarah Morland and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

☆ Spain's Princess Leonor to do military training for three years
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +2 min

[1/2] Spain's Princess Leonor speaks during the ceremony of the 2021 Princess of Asturias Award for Communication and Humanities at Campoamor Theatre in Oviedo, Spain October 22, 2021. REUTERS/Vincent West/MADRID, March 14 (Reuters) - Princess Leonor, 17 and the heir presumptive to the Spanish throne, will undergo three years of military training starting in August, Defence Minister Margarita Robles said on Tuesday. "As in all parliamentary monarchies (the heir) has to have a military background and a military career," Robles said after a cabinet meeting. The princess will receive her first year of training at the Army Military Academy in Zaragoza, then go to a naval school, which includes sailing the Juan Sebastian Elcano training tall ship, and finish her studies at the General Air Academy. The government and the Royal House have agreed her "very intense" military training will precede university studies, following in the footsteps of her father in the 1980s.

MADRID/PARIS, March 13 (Reuters) - Doubts are growing over the future of Madrid's remaining orders for the Airbus (AIR.PA) A400M troop plane, European defence sources said on Monday, as corporate leaders and dignitaries marked the centenary of Spain's military planemaking activities. Prime Minister Pedro Sanchez, Defence Minister Margarita Robles and King Felipe also attended Monday's event. Spain and Airbus are in discussions over how to soften any impact from a partial A400M order cancellation, sources said. Defence publication Janes reported last year that Airbus was waiting for Madrid to back the SIRTAP tactical drone project, co-developed by Airbus Spain and Colombia. Spain also last year ordered an extra 20 Eurofighter combat jets, a four-nation fighter programmre for which Airbus is the industrial partner in Spain and Germany.

☆ The road to Tesla's first Mexico factory
▼ + stars: | 2023-02-28 | by ( Brendan O'Boyle | ) www.reuters.com time to read: +2 min

2022June 13: News outlet Electrek reports that Tesla Chief Executive Elon Musk told workers the company is considering sites in Canada and Mexico for a new factory. Feb. 8: Lopez Obrador says Nuevo Leon and Hidalgo states could be home to a new Tesla plant. Feb. 17: Ebrard says Tesla will soon confirm it has chosen Mexico as a location for a new plant. Feb. 24 and 27: Musk and Lopez Obrador speak in calls as Mexico and Tesla near investment deal. Reporting by Mexico City Newsroom; Writing by Brendan O'Boyle; Editing by Richard ChangOur Standards: The Thomson Reuters Trust Principles.

☆ Philippines growth to hit at least 6% this year
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: 1 min

MANILA, Feb 27 (Reuters) - Economic growth in the Philippines will reach at least 6% this year, the central bank governor said on Monday, consistent with the government's 6%-7% target for 2023. Bangko Sentral ng Pilipinas Governor Felipe Medalla told an economic forum "pent-up" demand will be a key driver of growth this year. Reporting by Enrico dela CruzOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. Jury Convicts Mexico’s Former Top Cop of Drug Trafficking
▼ + stars: | 2023-02-21 | by ( James Fanelli | ) www.wsj.com time to read: 1 min

Judge Brian Cogan instructs the jury ahead of deliberations in the trial of Genaro García Luna earlier this month. Mexico’s former top law-enforcement officer was found guilty in a federal court Tuesday of helping the powerful Sinaloa drug cartel smuggle cocaine into the U.S.A jury in Brooklyn convicted Genaro García Luna of all five counts he faced, including engaging in a criminal enterprise and conspiring to distribute drugs. Mr. García Luna headed Mexico’s federal investigation agency and served as the country’s minister for public security from 2006 to 2012 under then-president Felipe Calderón.

☆ Drugovich replaces Stroll at Aston Martin for F1 testing
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +1 min

LONDON, Feb 21 (Reuters) - Brazilian reserve driver Felipe Drugovich will stand in for injured Canadian Lance Stroll at Formula One testing in Bahrain this week, Aston Martin said on Tuesday. The 22-year-old reigning Formula Two champion will drive the new car first on Thursday morning with Spain's double world champion Fernando Alonso taking over in the afternoon. Stroll, son of team owner Lawrence, was ruled out of the three-day pre-season test after he was injured in a bicycle accident while training in Spain. read moreThe team has not given details about what it called a minor accident but said the driver was expecting to make a quick recovery. Aston Martin also have Belgian Stoffel Vandoorne as a reserve driver but the reigning Formula E champion is due to race in Cape Town, South Africa, on Saturday.

The jury found Garcia Luna guilty on all five counts he faced, which included continuing criminal enterprise and conspiracy to distribute cocaine. Garcia Luna is one of the highest-ranking Mexican officials ever accused of ties to drug trafficking. Garcia Luna, who moved to the United States after leaving office and was arrested in 2019, had pleaded not guilty. Cesar de Castro, a defense lawyer, portrayed Garcia Luna as a hardworking family man and said his accusers had "incredible motives to lie." Guzman was sentenced to life in prison in 2019 following his conviction in Brooklyn on drug trafficking and murder conspiracy charges.

Search resuls for: "Felipe"

25 mentions found