Construction spending declines during pandemic

The construction sector suffered a decline of 44 percent to 276 billion pesos last year as plans to put up new buildings and expand existing structures were held off by the lockdown. Based on the Philippine Statistics Authority, construction spending sank from 492 billion pesos in 2019 due to double-digit drops in every category. Some 123,000 building permits were issued …

Uber drivers in Netherlands entitled to more workers’ rights, court rules

Uber drivers in the Netherlands are employees and entitled to workers’ rights under national labor laws, a Dutch court ruled, landing another blow on the company’s operations in Europe. Another victory for European unions demanding better pay and benefits for workers in the gig economy, the ruling follows a court decision on Uber in the UK earlier this year. The …

Remittances, a lifeline for many Filipino families, post slower growth in July

Money sent home by Filipinos abroad continued to grow in July, albeit at a slower pace than June, showing their time-tested resilience as the global economy slowly reopens from lockdowns. Cash remittances sent through banks inched up 2.5% year-on-year to 2.8 billion dollars in July, the Bangko Sentral ng Pilipinas reported. However, that was a slower annual pace than 7% …

China’s retail sales rises 2.5% in August, far below expectation

China’s retail sales of consumer goods rose 2.5 percent in August from a year earlier, far below market expectations, while value-added industrial output went up 5.3 percent year on year, both slowing from July due to new COVID-19 outbreaks, official data showed. Retail sales registered the slowest growth since August 2020, a sharp drop from the 8.5 percent in July, …

Do people prefer working from home?

According to a report by professional networking site LinkedIn this September, 57 percent of the over 1,000 participants in China said they prefer the hybrid model, while 11 percent would choose work from home completely. The same trend has also been seen in the world’s biggest economy. In a survey conducted by Stanford University in May last year, 55 percent …

Grab brings online supermarket to Philippines

Grab has expanded its online supermarket to the Philippines, making it the third country to offer the service. The app launched GrabSupermarket Fresh, following its rollout in Malaysia and Singapore. Grab Philippines head of deliveries Anton Bautista said, “GrabSupermarket Fresh is a new format we are launching under GrabMart to meet the fast-growing and evolving grocery needs of Filipino online …

China’s Alibaba to invest 100 billion yuan for ‘common prosperity’

China’s e-commerce giant Alibaba Group will invest 100 billion yuan – around 15.5 billion dollars – by 2025 to support the country’s drive for “common prosperity,” the company said, becoming the latest firm to commit to the national goal of reducing wealth inequality. Alibaba confirmed that the funds will be used to promote investments in technology, support small and medium-sized …

‘Philippines unlikely to post strong growth in Q3’

The Philippines is unlikely to continue strong economic growth in the third quarter following renewed mobility curbs and as the target of achieving herd immunity appears uncertain. In a report, London-based Oxford Economics said economic momentum for ASEAN 6 – Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam – has further slowed. This is amid the spread of the more …

Euro 2020 financial boost weakened by the pandemic for host cities

Football tournaments like the European Championships usually mean a financial windfall for organizers, merchandisers, and the hospitality industry. All can expect a hefty boost to their coffers when the Euros are in town. It has been reported the previous tournament in France in 2016 generated 1.5 billion dollars for the French economy. But Euro 2020 is a very different tournament. …