Business

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BEIJING: China is encouraging its southern island of Hainan to develop horse racing and introduce a raft of reforms as Beijing pushes the tropical tourism destination as a beacon of openness. The province will be urged to explore opening new types of lotteries connected to sports and international competitions, according…

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WASHINGTON: General Motors confirmed Sunday its plans to eliminate a shift at an Ohio plant, idling some 1,500 employees as demand for compact cars dips. The downsizing of the workforce in Lordstown, Ohio — where GM produces the Chevrolet Cruze — was related to “historic” market changes that spelled lower…

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To intensify the government’s anti-drug campaign, the Philippine Drug Enforcement Agency (PDEA) and the Philippine Ports Authority (PPA) last week renewed their alliance to stop illegal drugs and controlled chemicals being trafficked through ports. Through a memorandum of agreement (MOA) signed by PDEA Director General Aaron Aquino and PPA General…

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LONDON, United Kingdom: Members of the United Nations’ (UN) International Maritime Organization (IMO) struck last Friday a deal to halve carbon dioxide emissions from shipping by 2050 in a deal that will force the industry to redesign fleets. “The initial strategy envisages for the first time a reduction in total…

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More than a quarter of seafarers show signs of depression, and many of them would not ask for help about it, a study conducted by Yale University and international maritime charity Sailors’ Society showed. More than 25 percent of seafarers felt “down, depressed or hopeless” for several days, said the…

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First of two parts Many times we hear allusion to lack of laws as the cause of the many problems confronting this archipelago and most often this allegation is disputed by those who say blame it to ineffective implementation and enforcement of laws. The latter observation is most evident in…

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Sangley consortium, Chelsea Logistics’ airport offers rejected Two more unsolicited airport development proposals—one of them from a businessman said to be close to President Rodrigo Duterte—have been turned down by the Transportation department. Along with the rejection of Aboitiz Equity Ventures’ (AEV) P148- billion bid to upgrade and run the…

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Money sent home via banks by migrant Filipinos likely posted double-digit growth in February, banking giant HSBC said. “We expect a sequential uptick of remittances in February following a decline in the previous month due to the holidays. This should lead to sharp rise of 14.7 percent year-on-year,” HSBC said.…

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A full-blown trade war between United States and China will have no direct impact on the Philippines but the country will still not be spared from the fallout, economic managers said. Finance Secretary Carlos Dominguez 3rd said that while the Philippines was “sort of insulated” against the impact of a…

SHARES OUTLOOK FOR THE WEEK:

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Uncertainties, particularly with regard to external developments, remain very much on investors’ minds and will likely determine stock market movements this week, analysts said. With the market having dropped—but not too deeply—into 7,800 territory, Eagle Equities, Inc. research head Chris Mangun said the bellwether Philippine Stock Exchange index (PSEi) was…

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