COVID-19 Torpedoes Global Shipping

Supply chain disruptions caused by the COVID-19 outbreak are placing hundreds of millions of dollars worth of shipping business in jeopardy. Tanker charter rates have torpedoed more than 80 percent as the coronavirus outbreak continues to slam the brakes on large economies, costing the shipping sector hundreds of millions in lost business.  There has been a significant decrease of raw …

China Smartphone Shipments Drop 38.9% in January

Shipments of smartphones in China dropped 39 percent year-on-year in January to 20.8 million units due to COVID-19. Domestic brands took the lion’s share with 18.3 million units shipped, accounting for 88 percent of the total, while registering a decrease of 43 percent year-on-year. Despite an overall slump in smartphone shipments last month, 5G smartphone shipments continued to grow with …

Indonesia to Provide $744-M in Subsidies

The Indonesian government said it would provide at least 744 million dollars in subsidies for workers, airlines, hotels, tourists and regional governments in Indonesia’s major tourist destinations to counter the economic slowdown as a fallout from the COVID-19 outbreak. Since February 2, Indonesia has closed its borders to all travelers coming from China. The Chinese were the second-largest group of …

Millenials Prioritize Salary in Seeking Jobs, Survey Says

Millennials — broadly categorized as individuals aged 24 to 34 — have been tagged as entitled, but a study commissioned by JobStreet Philippines says they may not be that different from older generations. In fact, they want the same things in seeking jobs. The Laws of Attraction survey, conducted in 2019, found that millennials prioritize salary and compensation as their …

Commercial Spaces at MRT7 QMC Station Allowed to Prevent Fare Hike

The Department of Transportation on Thursday clarified that it was the concessionaire which decided to open commercial spaces at the MRT7 Quezon Memorial Circle station. The department had earlier said the concessionaire of the railway project will open business spaces in the station to avoid increase in fares or the amortization payment that will be covered by the government. The …

Australia Declares COVID-19 Will Become A Pandemic

Australia has declared COVID-19 may become a pandemic lasting up to 10 months, and extended its travel ban on visitors from China, as fears global containment measures have failed. As well as increasing domestic preparedness, the government has also prepared economic stimulus to deal with the impact of a potential pandemic, especially for the education, tourism, and export sectors. The …

Spike in December Pulls 2019 Spending Beyond Target

The government’s catch-up plan for 2019 projects paid off in December, pulling full-year spending to a new record high, Treasury data released Thursday showed. The government spent 494 billion pesos for the month, a 58 percent surge from the amount released in December 2018, the Bureau of the Treasury said. The state poured the bulk of the money into infrastructure …

Grab Secures $850-M to Pump Into Financial Services

Ride hailing company Grab just secured nearly 1 billion dollars to help achieve its super app ambitions. The Singapore start up is getting an 850-million-dollar cash boost from investors that it plans to pump into digital payments and financial services as it battles for market share against Indonesia’s GoJek.  Japan’s largest bank, Mitsubishi UFJ Financial Group, put up more than …

STL’s Revenue Down by P6.2-B in 2019

Revenue from small-town lottery operations fell in 2019 by 6 billion pesos, the Philippine Charity Sweepstakes Office reported. During the House of Representatives Committee on Games and Amusements’ hearing on updates on PCSO operations, Gay Nadine Alvor, Legislative Liaison Officer of PCSO, said STL sales last year dropped to 20 billion pesos, from 26 billion pesos in 2018. In July …