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2025-01-10   

QRDI Council announces winners of 16th UREP, BRIOjili golden empire demo

Egypt focuses on energy transition, expanding renewablesNone

Lower interest rates amid the ongoing easing cycle of the Bangko Sentral ng Pilipinas (BSP) supported the growth of local currency (LCY) bond issuances in the third quarter, with corporate borrowers regaining their appetite for fresh debt. Figures from the latest Asia Bond Monitor report of Manila-based Asian Development Bank (ADB) showed offerings of peso-denominated debt securities had increased by 11 percent quarter-on-quarter to P2.9 trillion in the three months ending in September. READ: Treasury bureau raises P15 billion as planned from 5-year T-bonds By type of issuer, offerings from the government jumped by 34 percent while corporate bond issuances spiked more than threefold, with banking giants BDO Unibank and Bank of the Philippine Islands making the largest debt sale among firms in the third quarter. The multilateral lender attributed such growth to declining borrowing costs after the BSP had kicked off its rate-cutting cycle. Between Sept. 2 and Oct. 31, ADB monitoring showed that yields on LCY government bonds had fallen by 33 basis points (bp) on average across all tenors. The growth in issuances, in turn, supported the expansion of the domestic bond market. The ADB said total outstanding peso bonds had breached P13 trillion by the end of the third quarter, registering a 3.8-percent sequential increase. Broken down, government bonds grew by 3.6 percent amid a high volume of debt maturities that had to be paid. Total corporate debt stock, meanwhile, rose by 3.1 percent—recovering from the previous quarter’s 7.7-percent contraction—as companies were encouraged by the dovishness of the BSP. Unlike in the United States, where a slowing job market prompted the US Federal Reserve to deliver a jumbo 50-bp cut in September, the BSP had entered its easing era in August with the traditional quarter-point reduction to the policy rate. In October, the BSP cut the policy interest rate by 25 bp again to 6 percent, with Governor Eli Remolona Jr. dropping clear hints of additional—but gradual—easing moves. But Remolona last week floated the possibility of an easing pause at the Dec. 19 meeting of the Monetary Board, citing persistent price pressures. —Ian Nicolas P. Cigaral Subscribe to our daily newsletter By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy .

Article content Passengers taking to the skies from Edmonton in May will be able to travel non-stop to Houston and Chicago following a recent United Airlines announcement. Edmonton International Airport (YEG) on Friday said that through a partnership with United Airlines, the airport will gain direct flights to Chicago and Houston. The direct flights to Houston will begin takeoff in May, starting with four weekly flights in the summer and increasing to daily winter flights. Director of Aviation for Houston Airports, Jim Szczesniak, said the partnership will increase the bonds between the two cities, “opening doors for cultural exchange and exploration.” YEG president and CEO, Myron Keehn, said the new flights aid the airport in its broad vision of having more flights to more places for those leaving Edmonton. “From important business connections to diverse cultural experiences, we know our passengers will enjoy these new non-stop offerings at YEG,” said Keehn. The airport highlighted the benefits of further connections between Edmonton and Houston due to the two cities’ shared attachment to the energy sector. It said the new flights offer a chance to strengthen business ties between Edmonton and Houston while also opening doors in other industries where the American city leads, like aerospace, healthcare, and technology. Beyond the immediate connection between Edmonton and Houston, the latter also serves as a global hub, particularly to Latin and South America, for United; it hopes to open new travel opportunities for Edmonton customers. “As a global gateway to Latin America and beyond, Houston is proud to serve as a vital link that connects these two corners of the world, fostering growth, innovation and shared experiences,” said Szczesniak. For its part, YEG said the direct Chicago flight offers a “major global hub for finance, manufacturing and technology,” which it said will make the city a key destination for Edmonton businesses to connect with international networks and industry leaders. Chicago flights also begin in May, with three non-stop flights from Edmonton per week over the summer. The two direct flights come on the heels of a similar recent announcement that YEG will also get direct flights to Salt Lake City and Chicago from WestJet, in addition to other expanded offerings domestically.

AP Trending SummaryBrief at 4:13 p.m. ESTTelecom troubles PTA’s says foreign investment in local telecom sector has been declining despite jump in broadband subscribers While over 91 per cent of the country now has access to cellular services and broadband subscribers have increased by around 14 million people, things are still looking tough for the country’s telecoms sector. According to the PTA’s annual report for the 2023-24 fiscal year, foreign investment in the local telecom sector has been declining despite the jump in broadband subscribers and access to cellular services. Total FDI to the telecom sector came in at $46 million in FY2023-24, an over 20 per cent decline from the previous fiscal which saw $58 million in FDI. The dollar inflow in FDI was also less than the dollar outflow, which reached around $90 million, in 2023-24. However, the dollar outflows were even higher in 2022-23, ranging around $280 million. The telecom sector’s overall investment also declined by $5 million to $765 million in 2023-24. And while the overall number of mobile subscribers might have grown, average revenue per user has declined in dollar terms compared to other comparable countries. The challenges in terms of attracting foreign investment and lifting revenues per user could prove to be particularly problematic as the country and the world begin the transition to 5G mobile networks. This transition will require substantial investments in terms of upgrading existing networks and expanding infrastructure, imposing a significant financial burden on Pakistan’s telecom operators. There is also the country’s digital divide to consider, with the growth in telecom services thus far having been highly uneven when one compares urban and rural areas. The former has generally seen higher and faster adoption of new telecom technologies than the latter. The PTA report notes that the digital divide also constitutes a significant barrier to the country’s 5G rollout, with rural and/or remote areas at a higher risk of missing out due to the steep costs and logistical challenges involved in bringing 5G to areas where the population is relatively lower and poorer and there is less developed infrastructure. These challenges will likely only grow with time given the rapid rate of urban migration in the country. However, even bringing 5G to urban areas will probably not be smooth sailing. Those who recall the 4G rollout will remember that Pakistan was quite late in adopting this standard and was stuck at 3G while other countries surged ahead. As things stand, it is unclear if telecom operators will be able to find the capital to ensure that the adoption of 5G goes better and where this capital will come from. Without growing FDI and declining or stagnant overall investment, raising prices for existing consumers might seem like the most obvious course, but this will be tricky since customers have become used to rates that are relatively cheaper in global terms and the increasing price sensitivity among people after years of brutal inflation. The decline in FDI for the telecom sector should also worry government officials and urge them to reflect on where telecom policy has gone wrong and what can be done to restore investor confidence. For a start, a country where the internet is prone to hours- or even days-long disruptions, access to social media platforms is restricted, internet speeds are slow and one always has to be wary of what state officials might think of some type of digital content is not exactly an attractive investment. While security and political stability are important concerns, they should not come at the expense of a vibrant and financially successful digital landscape.

Mainstreet Bancshares chief risk officer sells $52,779 in stock

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Arsenal defender Gabriel kept Viktor Gyokeres quiet — then had the audacity to steal the in-demand Sporting Lisbon striker's trademark goal celebration. After heading in Arsenal's third first-half goal in the Champions League on Tuesday, Gabriel linked the fingers of his hands and placed them over his eyes, before laughing with his teammates. It was most likely a dig at Gyokeres, the Sweden striker who has quickly become one of European soccer's hottest properties . Because that is how Gyokeres celebrates his goals. “It's fun that he likes my celebration,” Gyokeres told Viaplay after the match. “He can steal it if he cannot come up with his own.” Gyokeres has scored 24 goals for Sporting in all competitions and was coming off netting four for Sweden in a Nations League match against Azerbaijan. Earlier in the first half, Gabriel had enjoyed tackling and dispossessing Gyokeres near the Arsenal area — waving both his arms in a gesture to the crowd. Gabriel's goal made it 3-0 to Arsenal at halftime and the English team went on to win 5-1, with Gyokeres failing to score. He did hit the post with a shot late in the game, however — after Gabriel had gone off with an injury. “Today he wasn't that dangerous,” Arsenal striker Kai Havertz said of Gyokeres, “but I think it's because we defended very well.” AP soccer: https://apnews.com/hub/soccer

College Wrap: Princeton U. football ends disappointing season with win

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