Business

Fiscal surplus widens to P86.9 B in April MANILA, Philippines — The national government booked a wider fiscal surplus in April amid lower spending due to the delay in the passage of the 2019 budget, according to the Bureau of the Treasury. In its latest cash operations report, the BTr said the national government’s budget surplus jumped by nearly 88 percent to P86.9 billion in April from P46.3 billion in the same period last year. The hefty surplus recorded in April helped in narrowing the country’s year-to-date fiscal deficit to only P3.4 billion as of end-April from P105.9 billion a year ago. A fiscal surplus occurs when the government generates more revenues that the funds it spends, while a deficit is incurred when disbursements exceed revenues. BTr data showed that government revenues for April alone rose slightly by 0.4 percent, but expenditures declined by 15.1 percent, resulting in the higher fiscal surplus. Revenues, in … [Read more...] about Fiscal surplus widens to P86.9 B in April

... As economic managers lay down spending catch-up plan Mary Grace Padin (The Philippine Star) - May 25, 2019 - 12:00am MANILA, Philippines — The Duterte Cabinet’s Economic Development Cluster (EDC) remains confident that the government would be able to meet its spending target for 2019 as line agencies laid out their respective “catch up” plans for the rest of the year, according to the Department of Finance. In a meeting held at the DOF yesterday, members of the EDC prepared a catch-up plan that would enable the government to offset its lower spending performance in the past months, which was due to the delay in the budget and the election ban on public works. “The members of the Economic Development Cluster held a meeting to formulate a carefully crafted and bold expenditure catch-up plan to enable us to hit a GDP growth rate of above six percent this year. Key infrastructure agencies presented … [Read more...] about … As economic managers lay down spending catch-up plan

Business Goldman Sachs raised its probability of a no-deal Brexit to 15per cent from 10per cent on Friday as Prime Minister Theresa May's resignation potentially opened the way for a more hardline politician to lead the UK to exiting the European Union. 24 May 2019 11:01PM Bookmark LONDON: Goldman Sachs raised its probability of a no-deal Brexit to 15per cent from 10per cent on Friday as Prime Minister Theresa May's resignation potentially opened the way for a more hardline politician to lead the UK to exiting the European Union.Goldman Sachs economist Adrian Paul said ratification of a Brexit deal would no longer be possible in the second quarter. "We pencil in an orderly EU withdrawal in late 2019 or early 2020, but our conviction is low," he wrote.The new Prime Minister will face the same constraints May grappled with in negotiating a deal, Paul added, saying they will eventually return to parliament with a close variant of the current withdrawal agreement."We revise up … [Read more...] about Goldman bumps up no-deal Brexit odds after May resignation

Business A regional appeals court in Karlsruhe on Friday ruled that German Volkswagen dealers must take back cars fitted with illegal software devices or give their customers new vehicles. 24 May 2019 10:16PM Bookmark FRANKFURT: A regional appeals court in Karlsruhe on Friday ruled that German Volkswagen dealers must take back cars fitted with illegal software devices or give their customers new vehicles.The case was brought by owners of VW and Audi cars built in 2009, 2011 and 2013.It is the first time that a regional appeals court has ruled in favor of VW customers. Volkswagen said it would appeal the ruling at the Federal Appeals Court.(Reporting by Jan Schwartz; Writing by Edward Taylor, editing by Thomas Escritt) … [Read more...] about German appeals court rules in favor of VW diesel owners

SHANGHAI: China's official airline association said Friday (May 24) it will help 13 member carriers seek compensation from Boeing for losses already approaching US$580 million due to the grounding of the 737 MAX 8."As time passes by, related losses will further increase," the China Air Transport Association said in a statement."It's still unknown when the aircraft will return to service."On Mar 11, China became the first country to ground the 737 MAX, a day after a deadly crash of an Ethiopian Airways Boeing 737 MAX that killed all 157 people on board.That followed the crash last year of a Lion Air 737 MAX 8 which killed all 189 people on board.By the end of June, the Chinese air transport business will have incurred losses totalling 4 billion yuan (US$580 million), the association said.By the end of March, 13 Chinese airlines had grounded a combined 96 Boeing 737 MAX 8 aircraft in their fleets.The losses were incurred from the grounding of planes already in fleets, and the … [Read more...] about Chinese carriers seek compensation for Boeing 737 Max groundings