UK firms checking out PH investment prospects

Retail, infrastructure, energy sectors eyed

More British firms are looking at potential investment opportunities in the Philippines, particularly in the infrastructure, energy and retail sectors, as the country emerges as the “rising star” in the region.

Iain Mansfield, the newly appointed director of the UK Trade and Investment (UKTI) Manila, said in a briefing Thursday that trade missions were coming to the Philippines, with a British delegation of six agriculture companies in the country to participate in Livestock Philippines 2013.

Mansfield said that another delegation was expected to arrive in September. It is composed of UK-based energy firms that will explore possible partnership agreements with local firms.

In February next year, representatives from UK-based universities are expected as well.

“When you look at the countries in the region, the Philippines is really a rising star at the moment. There may be other countries that have a higher Gross Domestic Product like Singapore and Malaysia, but actually if you look at the Philippines, it has the highest growth in the region over the last five months and it had the second highest growth after China last year. It’s a country already taking off,” Mansfield explained.

In infrastructure, a number of British companies are either part of the consortia eyeing to bag the contract for the Mactan-Cebu airport project or are positioned to become suppliers. Some have also expressed interest in taking part in water projects and the $2.1-billion Batangas-Manila natural gas pipeline deal.

In the energy sector, British firms are considering the renewable energy sector and energy efficiency projects.

British brands already in the country include Marks and Spencer, Debenhams, Speedo, Dunhill, Paul Smith, Burberry, Hackett, Ben Sherman and Warehouse.

Other sectors that were identified as having great potential include agriculture, education, environment, financial and professional services, ICT, pharmaceuticals and healthcare, and tourism.

By Amy R. Remo
Philippine Daily Inquirer

10:14 pm | Thursday, August 8th, 2013

New York Times ‘not for sale,’ owner says

The publisher of The New York Times assured readers
and staff Thursday his family has no intention
of selling the newspaper. AFP file photo

NEW YORK CITY—The publisher of The New York Times assured readers and staff Thursday his family has no intention of selling the newspaper.

Arthur Sulzberger, chairman of The New York Times Company, moved to squelch speculation about the paper’s future in a week that saw the sales of such storied titles as The Washington Post and the Boston Globe.

“Will our family seek to sell The Times? The answer to that is no,” Sulzberger said in a statement published in the Times after a closed-door meeting of the family.

“The Times is not for sale and the trustees of the Ochs-Sulzberger Trust and the rest of the family are united in our commitment to work together with the company’s board, senior management and employees to lead The New York Times forward into our global and digital future,” the statement said.

Sulzberger and Michael Golden, the company’s vice president, said the newspaper was “perfectly able to fund our future growth,” citing its digital subscription model, profitability and strong cash flow.

“The Times has both the ideas and the money to pursue innovation,” they said.

The Times, which had already sold off its regional newspapers, on Sunday announced it had agreed to sell the Boston Globe for $70 million.

On Monday, the family that has owned the Washington Post for 80 years shocked readers and staff by announcing the sale of that legendary newspaper to Amazon founder Jeff Bezos for $250 million.

With the Post’s passage from the Graham family’s ownership, the Ochs-Sulzberger family, which acquired the Times at the end of the 19th century, will be the last of the great US newspaper dynasties.

The New York Times Company, which also controls the International Herald Tribune, reported net earnings of $20.1 million in the second quarter, against a loss of $87.6 million a year ago.

Agence France-Presse

8:40 am | Friday, August 9th, 2013

Asian shares mixed after China inflation data

HONG KONG – Asian markets were mixed on Friday after China posted lower-than-expected inflation, potentially giving policymakers more room to stimulate the world’s second-biggest economy after persistent weakness raised concerns over growth.

Tokyo stocks rose 0.50 percent as the dollar ended its recent downward spiral against the yen, but Sydney slipped 0.27 percent and Seoul was down 0.23 percent.

Hong Kong climbed 0.42 percent and Shanghai was up 0.44 percent after data showed that China’s annual inflation held steady at 2.7 percent in July, marginally below market expectations of 2.8 percent.

China has set its inflation target for 2013 at 3.5 percent, higher than last year’s actual rate of 2.6 percent, potentially giving the government more room to boost stimulus should the economic slowdown deepen.

China’s economy— seen as a potential driver of global recovery— recorded its worst performance in 13 years in 2012, with gross domestic product expanding 7.8 percent.

Also scheduled for release on Friday are China’s industrial output and retail sales numbers.

US stocks Thursday ended a three-day losing streak after trade data showed that Chinese imports and exports made an unexpected jump in July.

The Dow Jones Industrial Average gained 0.18 percent to 15,498.32.

The dollar bought 96.74 yen in early Asian trade Friday against 96.64 yen in New York Thursday afternoon, finally finding support after the recent falls below 97.00 yen.

The euro was at 129.38 yen against 129.25 yen while trading at $1.3377 compared with $1.3380.

The euro was firm on Thursday after Germany reported a bounce in its trade surplus in June, a positive sign for the eurozone’s largest economy.

On oil markets, New York’s main contract, West Texas Intermediate for delivery in September, rose 81 cents to $104.21 a barrel in morning Asian trade. Brent North Sea crude for September was up 39 cents at $107.07.

Gold was at $1,313.90 at 0240 GMT compared with $1,290.50 late Thursday.

In other markets:

– Singapore, Mumbai, Jakarta, Kuala Lumpur and Manila were closed for a public holiday.

Agence France-Presse

11:12 am | Friday, August 9th, 2013