World economy talk

[Ry_Tower]

Greece out of wits. Needs more time but no timetable to speak of.

Greece needs more time not money, says PM - Yahoo!7 News

[Monseratto]

[uls]

China

China HSBC Flash PMI at 9-Month Low, New Export Orders Sink - Asia Business News - CNBC

China's factory activity in August shrank at its fastest pace in nine months as new export orders slumped and inventories rose, a signal that a persistent slowdown in economic growth has extended deeper into the third quarter.

The HSBC Flash China manufacturing purchasing managers index (PMI) fell to 47.8 in August, its lowest level since November, from 49.5 in July.

After hovering for several months just under the 50 mark that divides expansion from contraction, the index is now at levels rarely seen since the 2008-2009 global financial crisis.

The survey provides an early peek at data for August, as well as an indication that a pick-up in economic growth may not have taken root as anticipated.

The new export orders sub-index at 44.7 - the worst showing since March 2009 - provides particularly bearish reading.

A sharp drop in China's official producer price index in July, which marked the fifth straight month of producer price deflation, was also reflected in the HSBC survey. It showed a sub-index measuring factory input prices at its lowest level since March 2009.

The flash PMI also showed inventories piling up.

[uls]

samsung (korean won)


nokia (euro)

[Ry_Tower]

samsung (korean won)


nokia (euro)

Effect ba yan ng pagkatalo ng Samsung sa US sa patent war nila ng Apple?

[uls]

yup

and the market thinks nokia will benefit

[Ry_Tower]

yup

and the market thinks nokia will benefit

Maybe because they just launched their new windows based phones. Pero Apple pa din tingin ko mag-ga-gain dito. RIM kawawa, late this year or 2013 pa ata new releases nila kaya naiwanan pa ni Nokia.

[Monseratto]

Yung problem with those Android OS phones is they've openly trying hard to "capture" the "IPhone" feel early on, that's what the public who can't afford an IPhone wanted.. Apple got patents for the square icons, the swiping, pinching and springing of the IOS. Windows Phone OS avoided it all, but with a rather dull interface. Now dull is starting to look enticing for the manufacturers who can't afford a litigation with Apple...

“Microsoft can go in to all these accounts and say, ‘Let us remind you again of the cost of Android,’” Dediu said. “What Microsoft has always had trouble with is getting these vendors to switch.”

Microsoft could also boast it offers legal protection that Google, by giving away Android for free to vendors, hasn’t provided, Dediu said.

“With Windows phones, you’re protected against IP lawsuits because, if anybody sues, they are going to talk with Microsoft,” he said. “Microsoft can do that because they actually do have their IP pretty well sorted out.”

[uls]

Maybe because they just launched their new windows based phones. Pero Apple pa din tingin ko mag-ga-gain dito. RIM kawawa, late this year or 2013 pa ata new releases nila kaya naiwanan pa ni Nokia.

syempre Apple gains. it's who gains aside from Apple. the thinking is if Samsung can no longer sell their products that have patent infringement sino ang pwede mag-gain ng market share -- Nokia (windows)

[uls]

friend said...

even if Nokia doesnt directly benefit from the verdict, damage to one of its competitors should be good for Nokia right?

[Ry_Tower]

Seems that way indeed.

Nokia shares jump on Apple-Samsung ruling

Masama ppa nito for Samsung and android is that Nokia seems to be righting its ship.

The reason why Nokia lost its market share to Samsung is due to the fact that its phones were simply not innovative enough to keep pace with market demands. It has to prove the world wrong with its new smartphones.

Haha, damay pala talaga kahit na si lethargic RIM.

Nokia, Microsoft, RIMM shares gain, Samsung, Google share lose: But who is the winner or loser - MarketWatch

[uls]

advantage of Phils. over other Asian economies is the Phils. isnt as dependent on exports

domestic consumption powers the Phil. economy... which is fueled by remittances

Philippines GDP rises more-than-expected By Forexpros

Forexpros - The Philippines’ gross domestic product rose more-than-expected last month, official data showed on Thursday.

In a report, National Statistical Coordination Board said that Philippines GDP rose to a seasonally adjusted annual rate of 5.9%, from 6.4% in the preceding month.

Analysts had expected Philippines GDP to rise 5.7% last month.

[Monseratto]

World's richest woman: 'Drink less, work more' | Economy | GMA News Online | The Go-To Site for Filipinos Everywhere

World's richest woman: 'Drink less, work more'

Published on Aug 30, 201

SYDNEY (AFP) - The world's richest woman, Australian mining tycoon Gina Rinehart, urged those "jealous" of the wealthy to "spend less time drinking" in a piece blasted as "insulting" by Canberra on Thursday.

Mrs Rinehart, whose family iron ore prospecting fortune of A$29.2 billion (S$37.9 billion) also makes her Australia's wealthiest person, hit out at those envious of the rich.

"There is no monopoly on becoming a millionaire," she wrote in a regular industry magazine column. "If you're jealous of those with more money, don't just sit there and complain. Do something to make more money yourself - spend less time drinking or smoking and socialising, and more time working. Become one of those people who work hard, invest and build, and at the same time create employment and opportunities for others."

Mrs Rinehart blaming what she described as "socialist", anti-business policies for the plight of Australia's poor, urging the government to lower the minimum wage, as well as taxes, to promote investment.

But senior ministers including Treasurer Wayne Swan – an outspoken critic of Australia's mining billionaires and their deep-pocketed anti-tax campaigns – slammed the remarks.

"These sorts of comments are an insult to the millions of Australian workers who go to work and slog it out to feed the kids and pay the bills," Swan said, adding that Rinehart clearly regarded Australians as "lazy workers who drink and socialize too much."

Swan has repeatedly attacked Rinehart, coal magnate Clive Palmer and iron ore baron Andrew Forrest for running "self-interested" campaigns against the centre-left Labor government's taxes on mining profits and pollution.

Health Minister Tanya Plibersek said it was "pretty easy for Gina Rinehart to say that people on the minimum wage should get paid less" when she did not have to live on it.

The left-leaning Greens party noted that Rinehart had "accumulated wealth from her family," while Australia's mining union labeled her remarks "bizarre" and accused her of pursing a "dangerous" agenda.

"At the same time as trying to import cheap foreign labor and avoid paying tax, Rinehart claims it's millionaires and billionaires who are the greatest for social good," said mining union president Tony Maher.

"What planet is she living on? She should spend less time ranting and more time sharing." — Agence France-Presse

[timrev]

PH is Asia’s 'new darling of investors'
http://www.abs-cbnnews.com/business/...vestors-report

[Monseratto]

The Philippines has nowhere to go but up, driven by BPOs and OFWs. Even other backward and poorer countries also grew...

[uls]

like i said other Asian countries are more dependent on exports

when their export markets slow down they experience greater shock to their economies than us

export earnings are only around 30% of the Phil. economy while in other Asian countries it's over 50%

[Monseratto]

like i said other Asian countries are more dependent on exports

when their export markets slow down they experience greater shock to their economies than us

export earnings are only around 30% of the Phil. economy while in other Asian countries it's over 50%

That's why the country is insulated from the downturn, It's the OFWs problem to look for other ways to make ends meet to keep the money flowing back home. Di na problema ng gobyerno...

[uls]

The changing economy - Manila Standard Today - Daily news, current events, latest news in the Philippines - Manila Standard Today

The Philippine economy has undergone a major transformation in the last three decades. From one that attempted to be a manufacturing and industrial base in the 80’s, the economy is now consumption-driven, with remittances from migrant Filipino workers, revenues of business process outsourcing companies and tourism receipts powering its engine.

The National Statistical Coordination Board reported that the gross domestic product grew 5.9 percent in the second quarter of the year, slightly slower than the adjusted 6.3 percent expansion in the first quarter. Domestic spending primarily fueled the economic expansion, as consumers continued to troop to shopping malls and fastfood chains, buy cellular phones from retailers and purchase real estate assets.

The economy is drawing its strength from the foreign exchange earnings remitted by workers abroad to their relatives, the relatively high salaries of BPO workers, and the jobs created by the construction sector. This fuel consumption that boosts the sales of telecommunications companies, the megamalls across the Philippines, and the expanding fastfood chains. They also result in automotive sales and more frequent travels, lifting the earnings of the shipping, airline and land transportation companies.

The industries and the manufacturing sector led by the electronics and garments sector remain the country’s top exporters, but they no longer dominate the economy as they used to in the face of sluggish world demand and the cheaper labor in other countries.

With a consumption-driven economy that is heavily dependent on remittances and services, the Philippines is pursuing a track so different from what the tiger economies in Asia have followed. The Philippines greatly relies on domestic demand, instead of exports, to spur the economy. The strategy so far has worked amid the weak global recovery and the debt crisis in Europe.

A weak manufacturing and industrial base, however, is not an ideal situation. It will increase dependence on imports and make the country vulnerable to supply disruptions abroad. The government should review its economic policies and devise a plan that will strengthen our manufacturing base. The Philippine economy cannot rely on domestic consumption for long to fuel the economy.

[uls]

BTW, the world is waiting

Bernanke speech. later

[Monseratto]

Problem is IF everyone else catches on...

July 16, 2012, 1:21 PM SGT
Migrant Workers More Reliable Than Foreign Investors in Tough Times

As growth in rich Western countries slows, crimping demand for Asia’s exports, governments on this side of the globe may want to remember the export that keeps on giving: people.

According to a World Bank report released last week, in tough times remittances from migrant workers are the most reliable source of foreign exchange for developing countries like the Philippines, Indonesia and India. The 468-page report entitled “Migration and Remittances during the Global Financial Crisis and Beyond,” analyzed how remittances and migrant worker behavior were affected by the economic crisis which kicked off in 2008 and is still causing troubles around the world.

As the U.S., Europe and the Middle East (the biggest destinations for migrant workers) suffered in 2008 and 2009, some economists predicted a plunge in remittances and a surge of returning workers. Migrant workers are most likely to be the first to lose their jobs, or be offered lower wages in tough times, the thinking went, and they also become the target of new laws aimed at improving employment opportunities for locals.

That did not happen. Despite the difficulties around the world, the total number of people working away from their home country increased. The amount of money they sent home dipped, but not by a huge amount – falling only around 6% in 2009 from the year before, according to World Bank calculations. While that is the first recorded decline in remittances in decades, it was a tiny move compared to the more than 40% plunge in foreign direct and portfolio investment in developing countries during the same period.

“Given the severity of the crisis and the fact that it has been happening in the migrant destination countries,” people expected labor-exporting countries to suffer, said Dilip Ratha, lead economist and manager of the migration and remittances team at the World Bank, and one of the many authors of the report. “But the general conclusion is that pretty much everywhere in the world, remittances held up reasonably well – they proved to be resilient.”

Hard-working migrant laborers apparently know that in lean times they need to continue sending money home. And even though the World Bank’s survey suggested they did end up with lower incomes and higher unemployment rates in 2009, they found ways to keep sending dollars home to their family by cutting down expenses through spending less and sharing accommodations.

Overseas Filipino workers, also known as OFWs, actually sent more money home during the crisis as the plunging peso made it cheaper for them to invest at home. The reliable source of financial support they send home every year is among the reasons why the country recently received a debt ratings upgrade.

“Even as the global economic downturn continues to wreak havoc on world markets, the deployment of laborers from the Philippines carries on unabated,” said Ty Matejowsky, an associate professor of the department of anthropology at the University of Central Florida, in the report. “Most OFW households remain largely shielded from the crisis’s more adverse effects as the amount of money remitted home trends increasingly upwards.”

The money sent home is so stable and important to the labor-exporting countries that governments that benefit from the more than $300 billion sent home by migrant workers every year should make that fund flow a pillar of their economic policy, the report said. Even though remittances are more than double the amount of aid developing countries receive and much more reliable than foreign investment in stocks, bonds and factories, most countries spend little effort trying to promote them. Developing countries need to work harder to make it easier and cheaper for their international workers to send money home and they need to support their overseas armies of laborers more with legislation, diplomacy and embassy services, the report concluded..

“While there are all kinds of government support to facilitate foreign direct investment, there is very little income to promote remittances,” said Mr. Ratha. “Remittances are really affecting millions of people in places like the Philippines and all over the world, but they do not get much attention from policy makers.”