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Sunday, July 10, 2016 Vol. 11 No. 274
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ENTREPRENEURIAL SKILLS Shortly before leaving for the Enactus Philippines National Competition Finals, held on July 8 and 9 at the SMX Convention Center in Pasay City, this team from the Nueva Vizcaya State University (NVSU) in Bayombong tries its skills bottling fresh pineapple chunks at the NVSU Food Processing Center. Enactus mobilizes university students in developing their entrepreneurial talents. LEONARDO PERANTE
NGO asks Davao to review port devt project By Roderick Abad
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Contributor
@rodrik_28
ITH President Duterte duly sworn in, a nongovernmental organization (NGO) affiliated with the Ecowaste Coalition wants the government to review the proposed reclamation and port-development project to be undertaken by Mega Harbour Port. See “NGO,” A2
Think tank sees boom in local retail industry By Bianca Cuaresma
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@BcuaresmaBM
HE retail industry is set to increase its contribution to the country’s strong growth momentum.
This is because consumers continue to be optimistic of their purchasing power, and the Duterte administration is set to introduce a new policy direction aiming to open the economy to more inves-
tors during the current term, an international think tank said. In its most recent economic news update, Oxford Business Group (OBG) said the country’s retail sector will see a strong growth
this year as one of the main beneficiaries of President Duterte’s plans to welcome foreign investments in the Philippines. “Rising consumer confidence, combined with the new administration’s plans to open up the economy, looks set to underpin strong demand and growth in the Philippines’s retail sector. The retail sector could be one of the main beneficiaries of President Duterte’s plans to liberalize rules restricting foreign investment,” the OBG said in a report. At present, the sectors currently Continued on A2
Clark provides refuge to 13 passenger planes By Joey Pavia
Correspondent
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THE TRIUMPH OF MERCY
Dear Lord, the feeling of total renewal and freedom experienced by anyone of us, after having experienced God’s mercy in the Sacrament of Reconciliation, enables us to understand the relief and joy experienced by the adulterous woman in the Gospel who was saved from death and forgiven by Jesus. The Jewish authorities had dragged her to Jesus with the intention of having Him sanction their sentence that she should be stoned to death. But Jesus’ sentence was, “I do not condemn you. Go, and from now on , do not sin anymore.” Jesus’ words expressed the triumph of mercy over blind justice, the triumph of love over fear. May we all have the triumph of forgiveness in our hearts. Amen! Word & Life, Fr. Sal Putzu, SDB and Luisa M. Lacson, HFL
LARK FIELD, Pampanga—At least 13 commercial aircraft, including 10 owned by Taiwanese carriers, sought refuge at the Clark International Airport in Pampanga at the height of Typhoon Butchoy, a Clark International Airport Corp. (Ciac) official said on Saturday. The 10 Taiwanese commercial planes were diverted to Clark on Thursday afternoon, while the three others sought shelter at the same airport on Friday. Ding Aranas, manager of the Ciac Terminal Operations Department, said the Taiwanese planes were TransAsia Airways Airbus A320 and A321, three ATR72s, Mandarin Airlines A320, two ERJ190s and two TigerAir Taiwan A320s. On Friday three more commercial aircraft arrived at Clark owing to bad weather in Manila: an AirAsia Airbus 320 from Mactan-Cebu, Cebu Pacific Air A320 from Bacolod and Asiana Airlines
PESO exchange rates n US 47.0400
SOME of the planes that sought refuge at the Clark Airport at the height of Typhoon Butchoy (international code name Nepartak). JOJO DUE from Incheon, the Ciac said. The Duterte administration earlier expressed intention to push for more domestic flights at Clark. The Ninoy Aquino International Airport in Pasay City is plagued by flight delays and passenger congestion. The only regular local flight at Clark is the Cebu-Clark flight of Cebu Pacific. Aranas said the planes arrived at the Clark Airport to escape from the fury of the typhoon, which battered parts of Taiwan on Friday. He said Clark Airport can accommodate aircraft from foreign countries for
emergency purposes. Clark Airport has a wide parking space for airplanes. Aranas said Clark Airport “is always ready, especially during times of calamity, to assist airlines for their diversion and evacuation.” The Clark Civil Aviation Complex is at least 2,367 hectares located inside the Clark Freeport Zone. The airport has a 3.2-kilometer parallel runway built by the US Air Force, which pulled out in 1991 owing to the termination of the RP-US Bases Agreement and the subsequent eruption of Mount Pinatubo in June 1991.
U.S. economy rebounds with June hiring surge of 287,000
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A S H I N G T O N —T h e strong rebound in hiring last month, after almost zero new jobs were added in May, allayed worries that the long recovery in the labor market and the economy was coming to an abrupt end. “We can all breathe a big sigh of relief,” said Harry Holzer, a Georgetown University professor and former chief economist at the Labor Department. Friday’s government report showing growth of 287,000 jobs last month—following revised gains of just 11,000 in May and 144,000 in April—will bolster confidence among employers and policy-makers at the Federal Reserve (the Fed) that the expansion in the labor market and the broader economy remain on track. The figures fueled a big rally on Wall Street on Friday, with the broad-market S&P 500 closing near a record high and other major stock indexes also surging. But analysts said it would not be enough to push the Fed to raise interest rates later this month or possibly even in September, given the increased risks created by Britain’s surprising vote to leave the European Union. Analysts expect at most one rate hike this year. The Fed will “still be watching and waiting with concerns about the Brexit vote,”said Alan Levenson, chief economist at Baltimore-based T. Rowe Price Group. “These data don’t show you anything about
that,” he said, noting that the latest employment survey was taken before the June 23 referendum. In short, the latest snapshot from the Bureau of Labor Statistics essentially sets things back to where they were before the lull in May. And that means the same slow and steady—some would say fragile—growth that has marked much of the recovery. Economists don’t expect a repeat of June’s robust hiring anytime soon, but instead something closer to an average of 150,000 in coming months, which would still mark a slowdown from the monthly pace of nearly 200,000 in the first quarter and a 229,000 average last year. Still, the latest jobs report was welcome news for Hillary Clinton, the presumptive Democratic presidential nominee. Another month of weak hiring would have dealt a blow to her political fortunes as they are inextricably linked to the performance of President Barack Obama and the economy. Neither Clinton nor Donald Trump, her likely Republican opponent in November, immediately commented on the jobs report, as Trump did a month ago when he spotlighted the poor hiring. But Jason Furman, Obama’s chief economic advisor, hailed the bounceback in hiring, saying it is “a clear indication that the economy continues to make solid progress.”The nation has added 14.8 million private-sector jobs since early 2010, he noted in a statement. TNS
n japan 0.4669 n UK 60.7380 n HK 6.0636 n CHINA 7.0385 n singapore 34.8573 n australia 35.1718 n EU 52.0592 n SAUDI arabia 12.5396
Source: BSP (8 July 2016 )