Local stocks buck Wall Street’s advance on last-minute selling

By Jenniffer B. Austria

PHILIPPINE stocks started the week in the red, pushing down the benchmark index below the 6,600 level, on month-end portfolio adjustments.

The Philippine Stock Exchange index lost 33.79 points, or 0.51 percent, to close at 6,591.47, while the broader all-shares index slipped 10.25 points to 3,516.67.

Top Losers

Most Active

Chinabank Capital managing director Juan Paolo Colet said the PSEi bucked the uptrend in other Asian markets because of last-minute selling.

“This may be attributed largely to month-end portfolio adjustments of institutional investors and also continued selling pressured after the index failed to hurdle the strong resistance at 6,700,” Colet said.

Meanwhile, Asian markets rallied Monday, tracing another bump on Wall Street, where investors cheered a further slowdown in US inflation that stoked optimism the Federal Reserve will not have to hike interest rates again.

The gains built on last week’s broad advance and were boosted by more pledges by China of measures to stimulate its stuttering economy.

The yen, however, remained under pressure against the dollar as traders weighed the Bank of Japan’s decision Friday to loosen its grip on government bond prices, which saw the currency swing wildly.

US equities charged higher Friday after data showed the Fed’s preferred gauge of inflation fell again last month to its slowest pace in two years.

The news follows a string of upbeat readings out of Washington that appear to show the central bank’s long-running campaign of rate hikes is bearing fruit, while the economy remains in rude health. On Wednesday, officials tightened again but said future decisions would be data-dependent, suggesting it may have come to the end of its cycle.

A key reading on job creation at the end of this week will be closely watched for a better idea about the bank’s plans, while rate decisions are also due by the Bank of England and Reserve Bank of Australia.

Tokyo gained more than one percent while there were also healthy performances in Hong Kong, Shanghai, Sydney, Seoul, Singapore, Mumbai, Wellington, Bangkok and Jakarta. London and Frankfurt dipped at the open, while Paris edged up. China announced fresh measures Mon-

Green Light

MARIELLA GAY O. COSTA

UK set to issue new oil, gas licenses in North Sea to secure energy reserves

TODAY, busyness has become a badge of honor for working professionals like me. We live in a world where work demands are never-ending. We feel so overwhelmed, stretched and perpetually tired, not to mention the additional challenge of commuting through traffic jams and adjusting to the new normal of work. Amid this chaos, achieving balance and harmony is crucial.

Dante Francis “Klink” Ang II, CEO of the Manila Times beyond his professional achievements, firmly believes in having a balanced life amid the demands of a successful career. He admitted to having his fair share of challenges in finding an equilibrium between his professional and private life. As a CEO, Mr. Ang understands the pressures and responsibilities of leading a prominent organization.

However, he recognizes that true success goes beyond professional accomplishments and encompasses various aspects of life, including personal well-being, relationships and personal growth. For him, striking a harmonious balance between these aspects is key to living a fulfilling and meaningful life.

Drawing from his own experiences, he shares that he had been given a second chance to make things right by adopting a framework. He encourages us to establish clear boundaries between work and personal life. He added that we need to read his favorite book by Clayton Christiansen, How to Measure Your Life, which talks about the same thing.

Reflecting on Mr. Ang’s insights, I contemplate on what truly matters to me beyond my career aspirations. You’ll agree that it’s our relationship with our family and loved ones, our health and our spiritual well-being. These aspects form the core of our being. There are certain phases in our lives when we have different priorities, but despite that, a certain force brings us back to our core. And this force is deeply connected to our maturity.

When we are mature enough, we are emotionally resilient and have a sense of self-control. We are not impulsive to do things that are not adding up value and take much of our time. We can regulate our emotions and not stress out on many things because we now know how to choose our battles. We are more emphatic than ever, allowing us to navigate conflicts with respect and as we put ourselves in the shoes of others. Maturity involves more than just personal growth but also recognizes the importance of fostering trust, respect and meaningful connections. Further, as we mature, people, in general, tend to prioritize quality over quantity. We value more our quality of life.

Reflecting on my journey toward balance, my maturity and connection to my core values have played a significant role. Previously, extending work in long hours or sacrificing sleep was fine. That’s pretty normal for me, but now it’s different. I have learned to allocate my time wisely for work, pursue my MBA studies, spend quality moments with my family and friends, care for myself and nurture my spiritual connection with God. Through this sense of maturity and alignment with my core values, I have found the ability to create a balanced life.

The author is an MBA student at the Ramon V. del Rosario College of Business, DLSU. She can be reached at mariella_costa@dlsu.edu.ph.

The views expressed above are the author’s and do not necessarily reflect the official position of DLSU, its faculty and its administrators.

LONDON, United Kingdom—The UK government said Monday it would issue “hundreds” of new oil and gas licenses in the North Sea to secure energy reserves while still aiming for net zero carbon emissions by 2050.

“Investment in the North Sea will continue to unlock new projects, protect jobs, reduce emissions and boost UK energy independence,” Prime Minister Rishi Sunak’s office said in a statement.

It added that “a more flexible application process” would be applied for the license requests, which would still be subject to a “climate compatibility” test for carbon reduction goals.

“The government is taking steps to slow the rapid decline in domestic production of oil and gas, which will secure our domestic energy supply and reduce reliance on hostile states,” it said.

Moscow’s ongoing invasion of Ukraine, launched in February 2022, saw a global surge in energy prices as Western nations imposed sanctions against Moscow, targeting in particular its massive oil and gas exports.

“We have all witnessed how Putin has manipulated and weaponized en- ergy -- disrupting supply and stalling growth in countries around the world,” Sunak said in the statement, referring to Russian President Vladimir Putin.

“Now more than ever, it’s vital that we bolster our energy security and capitalize on that independence to deliver more affordable, clean energy.”

A study released Monday by the North Sea Transition Authority (NSTA) said the carbon footprint from domestic UK gas production was one-fourth the footprint from imported liquefied natural gas.

It also confirmed plans to build two more carbon-capture facilities along the North Sea coast, at Acorn in northeast Scotland and Viking near Humber, England, alongside two already under construction.

It said the four clusters could support up to 50,000 jobs by 2030.

Sunak is due to visit later Monday an energy infrastructure site in Aberdeenshire to “highlight the central role the region will play in strengthening the UK’s energy independence and meet the next generation of skilled apprentices key to driving this work forward”. AFP

Manila Standard TODAY

Heineken sales dip as price hikes weigh down on demand

THE HAGUE, Netherlands—Dutch brewer Heineken said Monday that price increases it made to counter the impact of soaring inflation had battered beer sales and pushed down profits in the first half of the year.

Net profit slumped 8.6 percent to 589 million euros ($649 million), as beer volumes fell 5.6 percent from the same period last year.

The world’s second-largest brewer had warned the price hikes were needed to offset high commodity and energy costs, due in large part to Russia’s ongoing war against Ukraine.

Like other major Western companies, Heineken pledged last year to quit Russia, but drew criticism earlier this year after a Dutch investigative website reported that it was continuing its Russian sales.

The company apologized in March for creating “ambiguity” on its vow to leave the country, saying it was hoping to secure jobs for its Russian employees but struggling to find a buyer for its Russian business. AFP day to boost consumption, providing further support to markets, after the government on Friday unveiled a number of initiatives for light industry.

Authorities released a 20-point plan that includes more support for housing demand, the culture and tourism sector, and green consumption such as electric vehicles.

The move comes as spending by China’s army of consumers remains subdued even after the lifting of strict Covid containment measures late last year.

A fresh round of figures showed the country’s manufacturing activity continued to shrink in July, albeit at a slightly slower pace than last month.

Hopes for a government drive to kickstart the economy have provided muchneeded support to markets over the past week, even as some observers warn the large-scale measures seen in the past were unlikely. With AFP

China’s

BEIJING—China’s factory activity contracted for the fourth straight month in July, data showed Monday, as authorities released new measures aimed at boosting the world’s second-largest economy.

The official manufacturing purchasing managers’ index—a key measure of factory output—came in at 49.3, below the 50-point mark that separates expansion and contraction, according to the National Bureau of Statistics.

July’s reading was slightly higher than June’s 49.0 figure and was better than forecasts in a Bloomberg survey.

“The overall level of manufacturing prosperity continued to improve,” NBS statistician Zhao Qinghe said in a statement.

China is struggling to improve growth as its post-Covid recovery runs out of steam, due in large part to sluggish consumer spending.

The non-manufacturing PMI, which measures business sentiment in the services and construction sectors, fell to 51.5 in July from 53.2 in June, as activity in capital market services and real estate shrank.

A run of dismal economic data over recent months has ramped up calls for officials to unveil support measures.

On Monday the government released a 20-point plan to increase consumption, including more support for housing demand, the culture and tourism sector, and green consumption such as electric vehicles.

China this month said its economy grew 6.3 percent in the second quarter, much weaker than the 7.1 percent predicted in an AFP survey of analysts.

The country’s top leaders have warned that the economy faces “new difficulties and challenges” as well as “hidden dangers in key areas”.

Zhao on Monday also pointed to a low volume of overseas orders, describing a “complicated and severe external environment” and lackluster demand as major challenges for Chinese manufacturers. AFP

Correction Notice

“This is to rectify the error in statement that we made in the advertorial entitled “Al Amanah Islamic Bank: Leading the path of Islamic banking in the Philippines” on July 3, 2023, in Manila Standard newspaper, relative to the supposed sale of shares of the Al-Amanah Islamic Investment Bank of the Philippines to Soleil Capitale Groupe GmBH (SCG GmBH) since the same is not yet completed.

As the sole Islamic bank in Country, it is the role of AAIIBP to aggressively showcase what an Islamic Bank can offer and support to the Philippine Banking industry.

Our excitement to highlight the possible synergies from the presence of a foreign investor may have led the straightforward statement.

We, therefore, sincerely apologize to the general public for such unintentional mistake which may have caused misunderstanding.

Originally signed:

Alex P. Bangcola Chairman & CEO