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ADB slashes growth forecasts for Philippine economy as inflation bites Ian Nicolas Cigaral (philstar.com) - September 26, 2018 - 9:30am MANILA, Philippines — The Asian Development Bank on Wednesday downwardly revised its growth outlook on the Philippine economy following the slower than expected gross domestic product expansion in the first half of the year. In an update of its annual economic publication, the Manila-based multilateral lender said it expects the Philippine economy to grow 6.4 percent in 2018, before picking up to 6.7 percent next year. If realized, this would fall below the government’s 7-8 percent goal. ADB’s latest growth forecasts were lower than its previous estimate of 6.8 percent for this year and 6.9 percent next. 'Moderation in agri output and exports, higher inflation' The revised outlook for the Philippines "reflects a moderation in agricultural output and exports, as well as … [Read more...] about ADB slashes growth forecasts for Philippine economy as inflation bites

MANILA – Globe Telecom on Wednesday said it has lowered the interconnection rates for voice and text messages in compliance with the directive of the National Telecommunications Commission (NTC). Interconnection rates for voice calls and SMS were reduced to P0.50 per minute from P2.50 and P0.05 per message from P0.15, respectively, Globe said in a statement. The measure took effect last September 1, it said. “The new interconnection rates will lead to a more robust and competitive industry that will further benefit the public,” Globe general counsel Froilan Castelo said. The NTC lowered the interconnection rates in a memorandum circular released last July. NTC cuts down interconnection charges for calls, texts … [Read more...] about News Globe lowers interconnection rates for calls, text messages

TOKYO: Asian shares barely budged on Wednesday, lacking traction as U.S. bond yields edged near a seven-year peak ahead of a widely expected rate hike by the Federal Reserve and as international oil prices rose to four-year highs.MSCI's broadest index of Asia-Pacific shares outside Japan was almost flat in early trade, in part as South Korea is closed for a holiday. It stayed below a three-week high hit on Friday.In Japan, the Nikkei edged down 0.4 percent.Wall Street shares were mixed, as rises in energy shares on higher oil prices and gains in consumer discretionary shares following strong U.S. consumer confidence were offset by falls in other sectors.U.S. consumer confidence hit an 18-year high, adding to a string of recent U.S. data that pointed to the strong U.S. economic momentum, despite concerns about trade wars U.S. President Donald Trump is waging.The Dow Jones Industrial Average fell 0.26 percent, the S&P 500 lost 0.13 percent while the Nasdaq Composite added 0.18 … [Read more...] about Asian shares hover below three-week high as Fed rate hike looms

In a report on Monday, Reuters said a 21-year-old University of Minnesota student sent a WeChat message to a friend in the middle of the night. She wrote that Liu had forced her to have sex with him at her apartment after a dinner party. "I was not willing," she wrote in Chinese on the messaging application around 2 am on Aug 31, according to Reuters. "Tomorrow I will think of a way to escape," she wrote, as she begged the friend not to call the police. Media reports say Liu was arrested on Aug 31 in Hennepin County on suspicion of rape. He was released without bail the following afternoon and then returned to work in China. The Minneapolis Police Department turned over the findings of its initial investigation into the matter to local prosecutors on Thursday. The prosecutors will review the evidence and decide whether to bring charges against Liu, said County Attorney Mike Freeman. There is no deadline for making a decision, and the office said it would have no further comment … [Read more...] about JD shares slump on new allegations against its CEO