Economic Headwinds Challenge Philippines’ Growth Prospects in Q3
As the Philippines confronts economic headwinds, concerns of a potential modest recession in Q3 have emerged. The Pantheon Macroeconomics report indicates that the recent GDP growth of 4.3 percent falls far short of the expected 6 percent, signaling economic turbulence. A contraction of 0.9 percent in the domestic economy during Q2 and weakening private consumption have added to the uncertainties. Despite these challenges, Finance Secretary Benjamin Diokno remains cautiously optimistic about achieving the government’s growth target of 6 to 7 percent, citing the impact of monetary tightening and inflation mitigation measures.
Uber looking to sell Didi, China market has little transparency, CEO says
Uber Technologies Inc (UBER.N) is looking to sell stakes in non-strategic assets including its holding in Beijing-based Didi Global Inc (DIDI.N), its CEO said on Tuesday, who also described the China market as a tough one with little transparency.
China securities watchdog seeks closer cooperation with U.S.
China’s securities regulator said on Sunday it will seek closer cooperation with its U.S. counterpart and will support overseas listings, after U.S. regulators tightened disclosure for Chinese companies and voiced concern about Beijing’s regulatory actions.
Marketmind: A China crackdown
World stocks snapped a four-day rising streak on Monday as a widening crackdown on some parts of the world’s second biggest economy by regulators sent shudders through global markets.
Philips beats earnings forecast as it mobilises for respiratory device recall
Dutch health technology company Philips (PHG.AS) on Monday beat analysts’ expectations with a jump in second-quarter core earnings to 532 million euros ($626 million), boosted by its personal health and diagnosis businesses.
Wells Fargo wary on prospect of asset restriction easing
Wells Fargo & Co’s(WFC.N)Chief Executive Officer Charlie Scharf said the bank was not yet planning for the end of a damaging asset cap imposed by regulators after it smashed Wall Street estimates for second-quarter earnings.
Robinhood IPO faces threat of retail snub on Reddit
Online brokerage Robinhood Markets Inc, which helped enable the “meme stock” frenzy earlier this year and later attracted flak for its handling of the trading mania, is facing pushback on social media forums against its initial public offering.
Nikola shareholders reject executive pay proposal
Shareholders of Nikola Corp (NKLA.O) have voted against a proposal to approve compensation awarded to its “named executive officers,” including $159.2 million to founder and former executive chairman Trevor R. Milton that was later reduced, the electric truck maker said on Tuesday.
U.S. regulators to more closely monitor advanced driver safety systems
U.S. regulators on Tuesday said they would keep a closer eye on the automotive industry as it rolls out advanced driver safety systems, tracking the new technologies to spot potential defects faster.
Canada has seen jump in insider trading, misconduct since pandemic start- regulator
Securities misconduct in Canada has risen sharply as perpetrators attempted to capitalize on pandemic-driven uncertainties, while social media frenzy surrounding certain stocks and cryptocurrencies also opened the door to more wrongdoing, regulators said on Tuesday.
