Businessmirror August 17, 2019

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ROTARY CLUB OF MANILA JOURNALISM AWARDS

2006 National Newspaper of the Year 2011 National Newspaper of the Year 2013 Business Newspaper of the Year 2017 Business Newspaper of the Year 2019 Business Newspaper of the Year

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Saturday, August 17, 2019 Vol. 14 No. 311

2018 EJAP JOURNALISM AWARDS

BUSINESS NEWS SOURCE OF THE YEAR

DEPARTMENT OF SCIENCE AND TECHNOLOGY

2018 BANTOG MEDIA AWARDS PHILIPPINE STATISTICS AUTHORITY

DATA CHAMPION

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AU-GHOST MONTH n

AT THIS TIME OF YEAR, MARKETS ARE USUALLY DOWN OR FLAT, AND MANY BUSINESSMEN AVOID TAKING BIG RISKS; BIG EVENTS ARE HELD OFF. STILL, GOOD SENSE WILL ALWAYS TRUMP A MERE CALENDAR-BASED DECISION. BINONDO Chinatown Arch at the entrance from Jones Bridge in Manila, November 28, 2016. YOORAN PARK | DREAMSTIME.COM

A

By VG Cabuag

NY seasoned trader knows the cyclicality of the market—it goes up and down. And at this time of the year, the Chinese ghost month, the markets will be down or flat at best.

“Our family pays close attention to ghost month because many of our clients hold many superstitious beliefs before and during the Ghost Festival. It thus becomes natural that we get influenced by these same practices as well,” Luis Limlingan, managing director at brokerage firm Regina Capital and Development Corp., said. “Most common for us is to avoid taking huge investment risks during the said time period. There

is some irony as most people sell their portfolios aggressively in anticipation so the prices become depressed and quite attractive for us,” he said. There’s no capital flight happening during this month— the time of the year dreaded by many—but there will also be no major activity in the market as investors and fund managers usually are on a holiday. “If your birth falls in the ghost

month, avoid celebrating your birthday at night and blowing your cake. It will be better to celebrate during the daytime,” says a Feng Shui website. This year, the ghost month falls on August 1 through 29, with its peak on the 15th. It is the seventh month of the Lunar calendar, a tradition observed not just by many Filipino-Chinese but also those in neighboring places—Hong Kong, Taiwan, Japan and other Southeast

Asian nations. During this month, it is believed that ghosts and spirits, including those of deceased ancestors, come out from the lower realm to wander and seek food on Earth. There should be, as the general tradition goes, no major activity happening during the month, such as ground breaking of a facility, wedding, any major investments Continued on A2

Hong Kong hotels in crisis as protests deter Chinese tourists

H

ONG Kong’s hotel industry is struggling with a collapse in bookings after thousands of protesters shut down flights from the territory’s airport last week in an escalation of months of clashes with police.

Revenue from room sales is set to plunge as much as 50 percent this month, according to Yiu Si-wing, a Hong Kong lawmaker representing the tourism industry who said visits from mainland China that usually account for 80 percent of arrivals are down most as people fear for their safety. The slump will deal a further blow to an economy that’s already

contracting after months of unrest, as well as fallout from the USChina trade dispute. Yiu said hotel occupancy rates that averaged 90 percent in the first half will fall by a third or more and that arrivals from the mainland to Hong Kong—a key shopping destination for Chinese— could slow to a trickle. “The impact on tourism is huge,” Yiu said in an interview,

PESO EXCHANGE RATES n US 52.5190

A PROTESTER shows a placard to stranded travelers during a demonstration at Hong Kong’s international airport, August 13, 2019. AP/KIN CHEUNG

estimating that half of mainland visitors due in August are likely to cancel or defer their plans. Yiu cited factors such as a reported attack by protesters on a man suspected of being a security agent from the nearby city of Shenzhen. The incident was the top-trending topic on Chinese social-media platform Weibo on Wednesday. Mainland Chinese planning trips to Hong Kong expressed concern about the risks of traveling through the airport. Chinese officials and the state-run media are framing the protests as driven by violent extremists, highlighting instances in their coverage where protesters have allegedly attacked the police or civilians not involved in the demonstrations. Grace Huang, a 20-year-old Wuhan University student, said she was reconsidering a one-day layover in the territory on her Continued on A2

n JAPAN 0.4949 n UK 63.4797 n HK 6.6983 n CHINA 7.4672 n SINGAPORE 37.8161 n AUSTRALIA 35.5816 n EU 58.3381 n SAUDI ARABIA 14.0028

Source: BSP (August 16, 2019 )


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