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September 1, 2023
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Archives: Reuters Articles

BRIEF-Nickel Asia Corp Posts Qtrly Net Income Attributable 1.05 Billion Pesos

May 10 (Reuters) – Nickel Asia:

  • QTRLY NET INCOME ATTRIBUTABLE 1.05 BILLION PESOS VERSUS 584.1 MILLION PESOS

  • QTRLY REVENUES 3.69 BILLION PESOS VERSUS 3.17 BILLION PESOS

Source text for Eikon: ID:nPSX5VRNmg

Further company coverage: NIKL.PS

((Reuters.Briefs@thomsonreuters.com;))

BRIEF-Ayalaland Logistics Says Co & Flow Holdings I Philippines Framework Deal To Develop Carrier-Neutral Data Centers Across Philippines

May 10 (Reuters) – AyalaLand Logistics:

  • CO & FLOW HOLDINGS I PHILIPPINES FRAMEWORK DEAL TO DEVELOP CARRIER-NEUTRAL DATA CENTERS ACROSS PHILIPPINES

  • INITIAL ROLL-OUT WILL TARGET DELIVERY OF 4.5MW-CAPACITY FACILITY READY FOR SERVICE BY 4Q 2023

Source text for Eikon: ID:nPSX2SbWhR

Further company coverage: ALLHC.PS

((Reuters.Briefs@thomsonreuters.com;))

BRIEF-Puregold Price Club Posts Qtrly Net Sales 38,507 Mln Pesos

May 10 (Reuters) – Puregold Price Club Inc PGOLD.PS:

  • QTRLY NET SALES 38,507 MILLION PESOS VERSUS 37,729 MILLION PESOS

  • QTRLY NET INCOME AFTER TAX 2,151 MILLION PESOS VERSUS 2,020 MILLION PESOS

  • CO PLANS TO PURCHASE 100% OF SHARES OF MELILLA MANAGEMENT CORPORATION

Source text for Eikon: ID:nPSX18QhMw

Further company coverage: PGOLD.PS

((Reuters.Briefs@thomsonreuters.com;))

BRIEF-Sbs Philippines Posts Qtrly Net Income 27.4 Mln Pesos

May 10 (Reuters) – SBS Philippines Corp SBS.PS:

  • QTRLY NET INCOME 27.4 MILLION PESOS VERSUS LOSS OF 20.8 MILLION PESOS

  • Q1 NET SALES AMOUNTED TO 288.7 MILLION PESOS, UP BY 66% FROM COMPARABLE QUARTER OF 2021

Source text for Eikon: ID:nPSX9r2w6Y

Further company coverage: SBS.PS

((Reuters.Briefs@thomsonreuters.com;))

BRIEF-Semirara Mining And Power Corporation Posts Qtrly Net Income Attributable 15.03 Billion Pesos

May 10 (Reuters) – Semirara Mining and Power Corporation:

  • QTRLY NET INCOME ATTRIBUTABLE 15.03 BILLION PESOS VERSUS 2.31 BILLION PESOS

  • QTRLY REVENUES 29.06 BILLION PESOS VERSUS 9.27 BILLION PESOS

Source text for Eikon: ID:nPSX4Yjcw

Further company coverage: SCC.PS

((Reuters.Briefs@thomsonreuters.com;))

Francisco Domagoso concedes defeat in Philippine presidential election

MANILA, May 10 (Reuters) – Manila city Mayor Francisco Domagoso on Tuesday conceded defeat in the Philippines presidential election, after the poll body’s unofficial tally showed Ferdinand Marcos Jr in the lead.

Domagoso, a former actor better known by his celebrity screen name “Isko Moreno”, congratulated the winners via a Facebook announcement.

(Reporting by Neil Jerome Morales; Editing by Kanupriya Kapoor)

((neiljerome.morales@thomsonreuters.com; +632 8841 8914;))

Satellite images raise prospect of new class of Chinese submarine

By Greg Torode

HONG KONG, May 10 (Reuters) – Military analysts say a vessel spotted in a Chinese shipyard in rare, recent satellite images could be a new or upgraded class of nuclear-powered attack submarine.

It is not clear whether the submarine is a new model, an upgrade of an existing vessel or something else. But diplomats and analysts have been watching closely after a Pentagon report in November said the Chinese navy was likely in the next few years to build a new attack submarine with vertical launch tubes for cruise missiles.

Images obtained by Reuters from private satellite imagery provider Planet Labs and others circulating on social media show the submarine in a dry dock in Huludao Port in Liaoning province.

Greenish covers shroud areas behind its superstructure and stern – parts of the vessel that could house missile launch tubes and a new, quieter propulsion system, analysts said. Such clear images of submarines in dry dock are seldom seen.

The submarine was out of the water between April 24 and May 4, and was later seen mostly submerged in the same place after the dry dock was flooded.

Singapore-based security scholar Collin Koh said there was a great deal of interest in the prospect of a new class of Chinese Type 093 “hunter-killer” submarine with vertical launch tubes for guided missiles. But he said the recent satellite images were too limited to definitively identify the vessel.

The images “are very interesting but it is still very hard to be sure yet whether we are looking at some kind of refit for testing or a whole new class of submarine,” said Koh, of the S. Rajaratnam School of International Studies.

Koh said he and others were watching closely to see whether new Chinese submarines would shift to quieter pump-jets instead of conventional propellers for propulsion. Because the stern is shrouded, it is not possible to tell what sort of propulsion the ship in the image uses.

Vertical launch tubes would add considerable flexibility to China’s “hunter killer” submarine fleet, arming the vessels with more guided missiles.

The Chinese Defence Ministry did not immediately respond to Reuters’ requests for comment.

China’s attack submarines are evolving to tackle a growing range of potential demands, from protecting ballistic missile submarines and the People’s Liberation Army Navy’s aircraft carrier battlegroups to tracking enemy ships.

Jeffrey Lewis, a professor in arms control at the Middlebury Institute of International Studies at Monterey, said the latest images raised more questions than answers as to whether they revealed a new class of vessel.

“It’s plausible, but there are questions I’d want answered. It wasn’t in dry dock very long and it is unclear how they may have reconfigured this submarine,” he said. “Given the Pentagon report, there is certainly a lot of interest.”

Chinese attack submarine under satellite scrutinyhttps://tmsnrt.rs/3LWBc7Q

(Reporting By Greg Torode. Editing by Gerry Doyle)

((greg.torode@thomsonreuters.com; 852 6749 4661;))

Fall and rise: Marcos family back in power in the Philippines

By Karen Lema and Tom Allard

MANILA, May 10 (Reuters) – Ferdinand “Bongbong” Marcos Jr. was 28 years old when a helicopter whisked his family from the Philippines’ presidential palace as millions of protesters demanded the ouster of his dictator father in a historic “people power” revolution.

Just over 36 years later, the son is celebrating a landslide victory in a presidential election, an extraordinary comeback for a family once best known for widespread human rights abuses and the plunder of an estimated $10 billion.

Marcos’ share of the vote from Monday’s election was double that of his nearest rival according to an unofficial election commission tally. The results – largely deemed legitimate, unlike the last election held during his father’s martial law rule – left some of the original people power activists dejected and confused.

“We said in 1986, ‘Never again’,” said Florencio Abad, who was among the millions of protesters who swarmed the streets of Manila back then and later became a member of the cabinet. “How did they manage to come back?”

The Marcos family has waged a decades-long campaign to resurrect its reputation. That, plus the shortcomings of successive governments and a political masterstroke in aligning with the daughter of current President Rodrigo Duterte, helped fuel their once-unthinkable return to the presidency.

Sara Duterte-Carpio has an insurmountable lead in the election for vice president, which is run separately, according to the unofficial count.

“I would not have believed this in 1986 or even 1995,” said Joshua Kurlantzick, a Southeast Asia analyst at the New York-based Council on Foreign Relations.

Since the late 1990s, the Philippines has seen a succession of ineffective and corrupt governments, Kurlantzick said, which led to the rule of Duterte, who he described as a “a semi-autocrat”.

“The idea of strongman rule is again very popular, including with young people”.

The Marcos family was allowed to return to the Philippines in 1991 by then-President Corazon Aquino, whose husband’s assassination in 1983 helped trigger the People Power movement that eventually ousted the elder Marcos after 20 years in power.

Allowing the family to return from exile after the senior Marcos died was an act of “extraordinary generosity”, according to David Chaikin, a researcher at the University of Sydney.

“This was the beginning of the Marcos family clawing their way to power,” he said.

‘NEW GENERATION OF VOTERS’

Both Marcos Jr. and his mother Imelda quickly moved back into politics, rebuilding their political networks as they fought scores of cases to recover the family’s wealth. The family has maintained their fortune was legitimately obtained despite the small salaries Marcos Sr. and Imelda Marcos earned during his presidency.

Imelda Marcos was elected to congress for four terms. Meanwhile, her son spent 21 years in public office, serving in congress and as governor of the family’s stronghold in the province of Ilocos Norte. He unsuccessfully ran for vice president in 2016.

The high-profile political roles of the Marcoses – Marcos’ sister, Imee, is a senator – was augmented by a well-tuned social media campaign downplaying the human rights abuses and corruption during their father’s reign and calling it a “golden age’ of economic prosperity and infrastructure building.

The Philippines recorded strong growth during much of the 1970s but its fortunes plummeted in the early 1980s as debt and global interest rates soared, economists have said. The economy contracted almost 15% in the last two years of the Marcos administration, according to World Bank data.

With half of voters aged between 18 and 40, the social media campaign found a receptive audience.

“This is also a new generation of voters,” said Patricio Abinales, a Filipino and professor of Asian studies at the University of Hawaii-Manoa. “None lived through the Marcos and post-Marcos eras.”

Voter support for Marcos doubled in November when Duterte-Carpio announced she would be his running mate, according to pollster Pulse Asia.

The people power protester Abad – who served in cabinet positions under President Corazon Aquino and also her son, President Benigno “Noynoy” Aquino – said post-1986 governments were unable to reverse the injustices of the Marcos era.

“The changes that happened were not deep enough … particularly addressing the problem of inequity and the exclusion of so many Filipinos from the distribution of wealth in the country,” he said.

“There is justifiable disappointment.”

Alongside Marcos Jr., other clan members have also won elections, by unofficial count. His son Sandro looks set to be a member of House of Representatives, his sister Imee’s son Matthew Manotoc is likely to be reinstated as governor of Ilocos Norte province, another relative as vice-governor, and another as mayor of Laoag City, the provincial capital.

(Reporting by Karen Lema and Tom Allard; Additional reporting by Poppy McPherson, Neil Jerome Morales and Kay Johnson; Editing by Raju Gopalakrishnan)

((Tom.Allard@thomsonreuters.com; +628118718540;))

U.S. yields ease after hitting 3 1/2 year highs

U.S. yields ease after hitting 3 1/2 year highs

NEW YORK (Reuters) -U.S. Treasury yields eased on Monday after the benchmark 10-year note hit fresh 3-1/2 year highs as inflation fears continued to roil markets and traders awaited consumer price data and the auction of USD 103 billion in new government debt later this week.

Ten-year Treasury yields fell 4.1 basis points to 3.083%, after hitting 3.203%, a level last seen in November 2018.

The equities rout will keep slamming bond sentiment until investors stop taking their cue from rising yields and turn to corporate earnings as their guide, said Steven Ricchiuto, U.S. chief economist at Mizuho Securities USA LLC.

“The correlation between stocks and bonds has to break down,” he said. “We have to get earnings numbers pulling the equity market down, or at least earnings numbers being slashed to validate the bearish sentiment that’s in the marketplace.”

The pause in the bond market sell-off was driven by short-covering and some bargain hunting, said Tom di Galoma, managing director at Seaport Global Holdings LLC.

Investors buy back borrowed securities to cover their short positions, which often sparks volatility. Sharply rising yields knock prices lower as yields move inversely to price.

The long end of the yield curve has been steepening, pushing the gap between two- and 30-year notes up from a low of 38.76 on Friday to a high of 61.87 on Monday, Refinitiv data showed.

“People are taking advantage of moving out the curve,” di Galoma said. “I’ve seen accounts extend from the very front end of the market to the long end just because the yield curve has steepened so much.”

Yields on Treasury debt have roughly doubled since early March when the Federal Reserve took a hawkish stance and began hiking interest rates for the first time since late 2018 to curb soaring inflation.

The Fed can stick to half-point rate hikes for the next two to three meetings, then assess how the economy and inflation are responding before deciding whether further rises are needed, Atlanta Fed President Raphael Bostic said.

“I don’t think we need to be moving even more aggressively,” Bostic told Bloomberg on Monday.

The U.S. consumer price index is expected to show on Wednesday that core CPI last month slowed to 6.0% and headline CPI to 8.1% from 6.5% and 8.5%, respectively, in March, according to economists polled by Refinitiv.

The Treasury will auction USD 45 billion of three-year notes on Tuesday, USD 36 billion of 10-year notes on Wednesday and USD 22 billion of 30-year notes on Thursday.

The spike in longer-dated bond yields has outpaced the short end of the curve, pushing the spread differential between two- and 10-year debt to its widest in nearly three months.

The closely watched gap between two- and 10-year yields , seen as an indicator of economic expectations, was at 45.2 basis points.

Yields on inflation-linked debt on U.S. bonds hit fresh multi-year highs, with yields on five-year maturities rising to their highest levels since March 2020.

The breakeven rate on five-year U.S. Treasury Inflation-Protected Securities (TIPS) was last at 3.125%.

The 10-year TIPS breakeven rate was last at 2.798%, indicating the market sees inflation averaging about 2.8% a year for the next decade.

(By Herbert Lash; Additional reporting by Saikat Chatterjee; Editing by Emelia Sithole-Matarise and Richard Chang)

Oil tumbles about 6% as China COVID lockdowns weigh

Oil tumbles about 6% as China COVID lockdowns weigh

NEW YORK, May 9 (Reuters) – Oil prices sank about 6% on Monday alongside equities, as continued coronavirus lockdowns in China, the top oil importer, fed worries about the demand outlook.

Brent crude fell USD 6.45, or 5.7%, to settle at USD 105.94 a barrel. U.S. West Texas Intermediate crude fell USD 6.68, or 6.1%, to settle at USD 103.09 a barrel. Both contracts have gained about 35% so far this year.

Global financial markets have been spooked by concerns over interest rate hikes and recession worries as tighter and wider COVID-19 lockdowns in China led to slower export growth in the world’s No. 2 economy in April.

“The COVID lockdowns in China are negatively impacting the oil market, which is selling off in conjunction with equities,” said Andrew Lipow, president of Lipow Oil Associated in Houston.

Crude imports by China in the first four months of 2022 fell 4.8% from a year ago, but April imports were up nearly 7%.

China’s Iranian oil imports in April came off peak volumes seen in late 2021 and early 2022 as demand from independent refiners weakened after COVID lockdowns pummelled fuel margins and on growing imports of lower-priced Russian oil.

Wall Street stock indexes fell and the dollar hit a two-decade high, making oil more expensive for holders of other currencies.

Saudi Arabia, the world’s top oil exporter, lowered crude prices for Asia and Europe for June.

In Russia, oil output rose in early May from April and production has stabilized, Deputy Prime Minister Alexander Novak was cited as saying, after output fell in April as Western countries imposed sanctions over the Ukraine crisis.

EU RUSSIA OIL EMBARGO

Last week, the European Commission proposed a phased embargo on Russian oil, boosting Brent and WTI prices for the second straight week. The proposal needs a unanimous vote by EU members this week to pass.

The European Commission is considering offering landlocked eastern European Union states more money to upgrade oil infrastructure in a bid to convince them to agree, an EU source told Reuters.

“The EU oil embargo will trigger a seismic shift in the European and global crude markets, which Rystad Energy expects could see as much as 3.0 million bpd (barrels per day) of EU crude imports from Russia cut by December 2022 in a full-fledged implementation of the policy,” said Bjørnar Tonhaugen, Rystad Energy’s head of oil market research.

German officials are quietly preparing for any sudden halt in Russian gas supplies with an emergency package that could include taking control of critical firms, three people familiar with the matter told Reuters.

Japan, top five crude importer, will ban Russian crude imports “in principle”, Prime Minister Fumio Kishida said, adding this would take time.

(Reporting by Stephanie Kelly; additional reporting by Shadia Nasralla and Florence Tan; editing by David Evans, David Gregorio and Marguerita Choy)

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