00:59.4
It's longest since December.
01:03.5
Here's some stuff to watch out for.
01:05.5
Monitoring shares of Novavax and Sanofi.
01:08.0
That's after Novavax struck a $1.4 billion deal with Sanofi
01:12.1
to commercialize its existing COVID vaccines
01:15.0
and develop a combined COVID and influenza jab.
01:18.6
Novavax shares are skyrocketing by 150% in pre-market trading,
01:23.4
while Sanofi last traded higher by 0.8%.
01:29.4
shares of Getting Ye after the U.S. Food and Drug Administration
01:33.3
issued a safety warning about the company's heart devices.
01:37.0
The stock tumbled 10%.
01:38.7
We're also keeping a close watch on shares of Victoria's Secret,
01:42.0
which reported better than expected preliminary first quarter results.
01:46.7
Shares of the lingerie brand are up 5% before the bell.
01:53.5
Asian markets ended the week higher as a softer U.S. jobs data overnight
01:58.2
renewed hopes of...
01:59.4
The Hong Kong Hang Seng rose to a 9-month high,
02:03.4
boosted by a Bloomberg report that said
02:05.8
regulators were considering a proposal
02:08.5
to exempt individual investors
02:10.6
from paying taxes on dividends
02:13.1
earned from Hong Kong stocks
02:15.2
bought via Stock Connect.
02:18.3
The local bores, however, bucked the upswing
02:20.4
following a data-heavy week
02:22.3
and ahead of the MSCI rebalancing.
02:25.1
The PSEI now on its sixth weekly losing streak.
02:29.4
We hope there won't be any major surprises
02:33.9
but generally a rebalancing will be good.
02:37.1
The ones being removed,
02:39.5
their stock prices are hit usually temporarily
02:41.6
and then when they try to rebound
02:43.2
but the ones will be included,
02:45.1
there'll be a run-up.
02:46.0
So sometimes it's a zero-sum game for the Philippines
02:49.7
but it'll be good for some of the corporates.
02:52.3
The impetus really for people to spend more
02:56.3
and invest more is really the rate cut.
02:59.4
We'll see next week.
03:00.2
But on the other hand,
03:02.2
it seems like it might be a slow one-cut.
03:05.0
If ever it happens, it might be delayed.
03:07.2
I hope it's not delayed because that's really the crux.
03:09.7
If that doesn't happen by July, September,
03:13.5
then our GDP numbers will be on the pessimistic side.
03:19.9
The Philippines slightly narrows its debt-to-GDP ratio
03:23.5
in the first quarter.
03:24.9
The measure of the nation's public debt
03:26.6
to its economic output stood at 60.5%.
03:29.1
In the three-month period,
03:32.0
this was lower than the 61% recorded last year
03:35.9
but remains above the level at the end of 2023.
03:39.7
The government projects the full-year debt ratio
03:42.0
to settle at 60.3%.
03:44.6
Fiscal deficit or the shortfall in state income
03:47.8
compared to its spending was also down to 4.46%.
03:53.8
Fitch Solutions Unit BMI Bullish
03:58.0
on the Philippine economy.
03:59.1
Following the release of official first-quarter
04:01.6
GDP figures Thursday,
04:03.9
the local economy grew 5.7%
04:06.3
in the first three months of the year.
04:08.1
That's faster compared to the 5.5%
04:11.0
in the last quarter of 2023.
04:13.5
While this was lower than BMI's 6% forecast,
04:17.1
the company noted it expects growth to accelerate
04:19.7
in the succeeding quarters
04:21.3
as the central bank begins cutting rates in July.
04:25.0
The analytics firm, however,
04:26.6
warned the El Nino weather phenomenon
04:29.0
could affect food production
04:30.5
and further push prices higher.
04:35.2
Manuel Pangilinan's power distributor,
04:37.9
Meralko, on red alert
04:39.6
as scorching temperatures increase electricity demand.
04:43.3
Pangilinan himself said
04:44.8
Meralko's distribution network
04:46.5
could risk suffering overloads
04:48.7
due to the extreme heat.
04:50.4
But he assured the public
04:51.6
his electricity firm is doing everything
04:54.1
to ensure limited stoppage.
04:56.2
As for its water concessionaire,
04:59.5
they already have supplemental measures in place
05:02.6
should the Angat Dam fall below
05:04.7
its critical level of 160 meters.
05:07.4
According to Pangilinan,
05:09.1
they have activated deep wells
05:11.0
and river surface water
05:12.6
to supplement any lapses in supply.
05:28.5
There have been at least two instances
05:29.8
where we've seen that happen.
05:31.7
And dahil sa init,
05:33.1
parang na-overload din yung wires.
05:35.0
There were one instance
05:36.2
where certain of the wires actually burned.
05:39.1
Kanya we're watching out.
05:40.9
Na-overload because of the current.
05:44.8
Na-overload yung mga wires on some parts.
05:47.1
Water, meron mga measures
05:48.4
sa Maynilad water
05:52.8
Because we're down,
05:54.1
if I recall correctly,
05:55.0
to I think about 183, 185 meters.
05:59.7
And the danger level is
06:05.2
If this heat wave continues
06:09.4
then it might approach that level.
06:15.5
Manny Pangilinan's
06:16.4
Metro Pacific Tollways Corporation
06:18.2
has reportedly offered
06:19.7
to buy the government's stake
06:22.5
that's the Subic-Clarke-Tarlac Expressway.
06:24.6
This was disclosed
06:25.9
by the Basis Conversion
06:27.8
and Development Authority
06:28.5
President and CEO Joshua Bingkang.
06:32.6
He says Metro Pacific
06:33.8
has formally submitted a proposal
06:35.8
to acquire BCDA's interest
06:37.9
and take full control
06:39.7
of the expressway.
06:41.3
He adds a technical working group
06:43.9
to identify the proper valuation
06:45.9
of the acquisition price.
06:48.1
According to Bingkang,
06:49.1
the BCDA has 22 years left
06:51.8
in its 30-year concession
06:53.4
with the MVP group for SCTEX.
06:55.5
In other local corporate headlines,
07:00.3
Integrated Microelectronics
07:01.9
saw its quarterly revenues drop 16%.
07:05.2
The Ayala-led firm says
07:06.9
this is partly due to its unloading of shares
07:09.2
in its British subsidiary STI.
07:12.7
cost rationalization efforts
07:14.4
mitigated the revenue drop.
07:17.5
the Bank of Commerce
07:18.3
raises 6.57 billion pesos
07:20.7
from the second tranche
07:21.9
of its peso bond offering.
07:23.4
The bank says the offer was 1.5%
07:25.3
1.3 times oversubscribed.
07:27.5
Series B is part of
07:28.7
the San Miguel affiliate lender's
07:30.3
20 billion peso bonds program.
07:32.9
Proceeds will be used
07:34.1
to refinance maturing debt obligations.
07:38.8
Double Dragon inching closer
07:40.5
to breaching the 100 billion peso mark
07:44.4
This would make the real estate firm
07:46.0
one of the few Philippine companies
07:47.9
with a 12-digit level in total equity.
07:51.1
Double Dragon says
07:52.1
the NASDAQ listing
07:53.1
of its Hotel 101 unit
07:54.8
Double Dragon says
07:54.9
Double Dragon says
07:55.3
it's expected to further
07:56.3
bulk up its balance sheet.
07:59.7
The Sofitel Philippine Plaza
08:01.7
confirms it is seizing operations soon.
08:05.2
the iconic five-star hotel said
08:07.0
it will close its doors on July 1st
08:09.2
after nearly five decades.
08:12.4
the decision is part of its commitment
08:13.9
to provide guests
08:15.3
with the best possible experience.
08:17.9
Sofitel, however,
08:18.7
assures its clients
08:19.7
it will honor engagements
08:22.2
until the end of June.
08:25.3
We're taking a quick break.
08:28.8
hundreds of tourists stranded
08:30.8
as the national carrier
08:32.2
of the Pacific island of Vanuatu
08:33.9
is placed on voluntary liquidation.
08:37.7
when Business Outlook returns.
08:48.2
Chinese electric vehicle maker
08:50.2
Zeker prices its U.S.
08:52.0
initial public offering
08:53.0
at the top of its indicated range.
08:55.3
Raising $441 million.
08:58.3
The premium brand of Geely
09:01.3
to sell 21 million
09:02.7
American depository shares
09:04.6
at $21 per share.
09:07.4
This gives the company
09:08.3
a valuation of about $5 billion.
09:11.4
That is a climb down
09:12.9
from the $13 billion it was valued
09:15.0
when it raised $750 million
09:17.3
from new and existing investors last year.
09:21.0
Zeker's IPO comes amid
09:22.5
a fierce EV price war in China.
09:25.3
That has undercut profits
09:27.0
leaving a number of companies
09:28.5
to pursue expansion
09:29.6
outside of China.
09:31.8
Zeker will make its debut on Friday
09:33.4
under the ticker name ZK
09:35.2
marking the first major U.S. listing
09:37.7
by a Chinese firm since 2021.
09:43.1
South Korea pledges support
09:44.7
to tech giant Naver
09:45.8
if it intends to maintain its stake
09:48.0
in the joint venture
09:49.0
controlling the mobile messenger app line.
09:53.2
Naver on Friday apologized
09:54.5
for the November 5th
09:56.2
that affected over 300,000 users
09:58.6
offline and led to the Japanese government
10:01.1
issuing an administrative guidance.
10:03.3
The South Korean firm also said
10:05.7
it is in talks with SoftBank
10:07.4
keeping all possibilities open
10:09.5
including selling its stake
10:11.4
in line operator LY Corp.
10:14.3
South Korea's Science and Communication
10:16.0
Vice Minister meanwhile clarified
10:17.9
Naver is not being pressured
10:19.7
to sell its stake
10:20.7
adding there has been no request
10:23.0
from the administrative guidance
10:25.3
The government is pushing
10:29.3
Hundreds of tourists stranded
10:31.5
as a national carrier
10:33.0
of the Pacific island of Vanuatu
10:34.8
is placed on voluntary liquidation.
10:37.7
The state-owned Vanuatu airline
10:39.2
was grounded Thursday
10:40.6
after the government ordered
10:42.2
a review of the carrier's operations.
10:45.3
The airline has been struggling
10:46.5
financially due to high costs
10:48.5
and as cyclones disrupted
10:50.0
the tourism or tourism activity.
10:52.4
It operates only four planes
10:54.4
between the country's
10:55.3
islands and to destinations
10:56.8
such as Australia, New Zealand
10:59.2
and other South Pacific islands.
11:02.1
The government appointed liquidators
11:03.5
says it is looking at all options
11:05.5
to resume normal operations
11:07.3
as soon as possible.
11:11.0
The Vanuatu government has indicated
11:12.7
that they would prefer to resume
11:14.4
operations as quickly as possible.
11:16.4
Our role as voluntary liquidators
11:17.8
will be to assess all options
11:20.1
and make that sustainable.
11:22.0
So that might involve
11:22.8
some kind of sale process.
11:24.4
It may involve some kind of sale process.
11:25.2
Some kind of partnership arrangement with another airline.
11:30.8
Another cryptocurrency group is set to shake up U.S. politics.
11:35.2
The non-profit group Stand with Crypto has launched a new political action committee or PAC
11:40.9
to raise money from its 440,000 members to back crypto-friendly politicians.
11:47.4
Two other crypto PACs have so far raised more than $110 million this election cycle
11:52.6
according to the U.S. Federal Election Commission.
11:55.8
The involvement of crypto groups in this year's U.S. elections comes as the industry faces some scrutiny
12:01.7
following the crackdown on crypto exchange FTX.
12:05.3
Its founder, Sam Bankman-Fried, who was found guilty of money laundering,
12:10.1
was accused of using funds to donate more than $100 million to U.S. political campaigns.
12:18.0
Here at home, the Philippine Environment Department eyeing to make it easier
12:21.9
to secure products.
12:22.6
Permits for mining.
12:24.2
This is as government seeks to revitalize the country's mining industry.
12:28.9
Rafael Bosano tells us more.
12:32.3
With a growing demand for electronic vehicles and green energy,
12:36.1
the Philippine Environment Department says this is the perfect time for the country
12:40.8
to leverage its status as one of the world's most mineral-rich nations to drive economic growth.
12:47.5
In a mining summit on Friday, Environment Secretary Maria Antonia Yulo-Layzaga explained
12:52.1
that maximizing the country's vast mineral resources can only happen
12:56.5
if government ensures that systems and processes are improved.
13:01.2
Significantly, we are committing to explore the possibility as well
13:05.2
of parallel processing of permits and approvals by different government agencies.
13:11.7
According to the DENR, from 2020 to 2022,
13:15.7
the agency released a total of 34 exploration permits and mineral production sharing agreements.
13:22.1
This figure is said to have increased by around 30 percent during the Marcos administration.
13:27.8
The DENR also assures the public it will not sacrifice the welfare of communities
13:33.1
and cultural considerations in their drive for efficiency.
13:36.6
What we are doing is working with the NCCA now and the NHCP to actually classify the types of sites
13:44.3
in order for us to put the required mitigation or intervention that would be needed in order to preserve and preserve.
13:52.1
So it's very much a work in progress but we now have that as part of the ECC process
13:57.9
and that's the first time that we actually have had it in the application.
14:03.1
National Economic Development Authority Secretary Arsenio Balisacan says
14:07.0
government has yet to fully take advantage of the mining sector
14:10.7
as it only contributed 0.5 percent to the country's gross domestic product in 2023.
14:17.2
Employment in this sector is also low.
14:19.9
The plan, the PD,
14:22.1
2023 to 2028, has identified the mining sector as another pillar for our development.
14:34.1
But of course, we have to ensure that we have learned our lessons in the past.
14:40.8
Our mining activities must not be destructive, must conform to international best practices,
14:49.1
to standards, to good governance.
14:52.1
And that it must also benefit the communities.
14:56.5
Balisacan adds, the value of the extracted raw materials can be further increased by processing them before they are sold.
15:04.0
In 2023, the country generated 160 billion pesos in the production of copper, gold, and nickel.
15:11.1
The DENR sees the huge potential in the mining sector in contributing to the economy,
15:15.9
which is why countries like Canada, the United States, Australia, China, and the European Union,
15:22.1
have expressed interest in forging deals, particularly for nickel.
15:26.1
Currently, the Philippines has only two nickel processing plants,
15:30.1
but government plans to put up three more.
15:33.1
Rafael Bozano, ABS-CBN News.
15:39.1
The Philippine Foreign Affairs Department confident it can make a dent on the illicit entry and overstaying of Chinese nationals in the country.
15:47.1
The DFA says it's working on a stricter visa policy that would require applications from the United States.
15:50.6
The DFA says it's working on a stricter visa policy that would require applications from the United States.
15:51.1
The DFA says it's working on a stricter visa policy that would require applications from the United States.
15:52.1
The DFA says it's working on a stricter visa policy that would require applications from the United States.
15:53.1
The DFA says it's working on a stricter visa policy that would require applications from the United States.
15:54.1
The DFA says it's working on a stricter visa policy that would require applications from the United States.
15:55.1
The DFA says it's working on a stricter visa policy that would require applications from the United States.
15:56.1
The DFA says it's working on a stricter visa policy that would require application from the United States.
15:57.1
The DFA says it's working on a stricter visa policy that would require applications from the United States.
15:58.1
The DFA says it's working on a stricter visa policy that would require applications from the United States.
15:59.1
The DFA says it's working on a stricter visa policy that would require applications from the United States.
16:00.1
Domingo says the move is part of the agency's efforts to crack down on crimes linked to offshore gaming operations.
16:10.4
There's been a lot of attention and we have to strike now.
16:14.4
So the proverbial iron asat, of course.
16:17.3
So it's a lot of hard work, but I'm glad that we have the full cooperation of our colleagues in the other agencies
16:23.9
and of course our foreign service posts, even the government of China is helping.
16:28.1
And I'm confident with our spirit of cooperation, we could make a big dent on this criminality.
16:36.3
But a Filipino-Chinese business group is worried the stricter visa policies may deter Chinese investors.
16:43.2
The Federation of Filipino-Chinese Chambers of Commerce and Industry also warns the move could lead to a drop in tourism.
16:53.4
Let us be concerned also that our business,
16:58.1
legitimate visitors will not be also affected.
17:01.7
Kasi marami ding naghahanap ng negosyo dito sa Pilipinas.
17:06.3
Baka pati sila madamay, hindi na sila pupunta rito.
17:09.9
And the other site, the other areas will be the visitors, the tourists.
17:16.3
A lot of tourists are going to Thailand, to Malaysia, even to Singapore and Vietnam.
17:26.2
Instead of coming to the Philippines,
17:28.1
because they cannot easily get their visas to come here.
17:35.7
And before you go, think about your typical 3D printer, then scale it up a hundredfold.
17:41.5
That's what the University of Maine is playing with,
17:43.7
a giant fabricator that researchers hope will one day be able to churn out entire neighborhoods.
17:52.4
This is said to be the world's biggest 3D printer, and it's building a house in Maine.
17:58.1
The prototype is made entirely with bio-based materials.
18:02.5
The hope is that the printer could help with greener manufacturing while slashing production times.
18:08.0
This particular machine really is not just a printer.
18:11.2
It's really, you could think of it as a hybrid manufacturing cell.
18:16.1
The printer, dubbed the Factory of the Future 1.0,
18:19.7
is designed to help address a shortage of homes and construction workers in the U.S.,
18:24.7
printing dwellings in days that could be installed within hours.
18:28.1
The prototype is called BioHome 3D.
18:31.9
The floors, walls, and roof in the 600-square-foot home,
18:35.6
all 3D printed, are made from waste wood fibers and bioresins.
18:40.7
Habib Darga is the director of the Advanced Structures and Composite Center at the University of Maine.
18:47.0
Our goal was to put it through a few issues spaces, put it out there in a challenging Maine winter.
18:53.5
And we've seen already two challenging Maine winters.
18:55.6
It's done extremely well.
18:56.8
And of course, we've done a lot of...
18:58.0
We've done a lot of...
18:58.1
We've done a lot of material testing ahead of that for years to produce to make sure it's going to work.
19:01.5
But there's nothing like getting it all out there and then monitoring the performance.
19:05.6
And so we're comfortable enough right now to scale up and do a neighborhood.
19:09.2
And that's where we're heading next.
19:11.2
That neighborhood will have nine homes for people experiencing or at risk of facing homelessness.
19:17.2
Darga believes a facility like this could cut production time in other fields too.
19:22.5
Imagine a day where you have a design of a boat that's particular to yourself.
19:27.6
And then you email those designs to a facility like this.
19:31.9
And they can produce a vessel like this in days versus months or years.
19:37.3
And that's a possibility.
19:40.0
We produced a boat, a 25-foot vessel three years ago in about three days.
19:45.4
And we're in the process right now of producing a 50-foot vessel, 51.5-foot vessel that we would be putting in the water here within a year.
19:57.6
That's your business outlook. I'm Ron Cruz.
20:01.4
And I'm Salve Duplito.
20:02.6
The world tonight comes your way at the top of the next hour.
20:05.6
Keep it here on ANC.
