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Dubai: When Bernd Skorupinski came to Dubai by way of Germany six years ago, he had no idea he would leave his job to become a fulltime trader. Foreign exchange currency trading, commonly referred to as forex, is a market where banks, businesses, investors and traders come to exchange and speculate on rising or dropping currencies. But to Skorupinski, the appeal to trade came from not only investing in an open market that requires little to feed and leverage, but also investing in himself. According to Abu Hantash, forex trading is more popular in the UAE than ever before, citing the number viet jet ipo brokers that have sprang up.

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How tiny Taiwan came to be the epicentre of the global battle for technological supremacy Over the past year, Taiwan has taken a lead in the race to build thinner, faster chips, or semiconductors. Another judge blocks Trump's TikTok ban; app still in limbo The Trump administration had tried to ban the short-form video app from smartphone app stores in the U. TikTok sued, arguing such actions would violate free speech and due process rights. All News Videos. Chipset shortage forces govt to reach out to Taiwan supplier The Indian companies allege that MediaTek is discriminating against them by diverting a major portion of chipsets to Chinese smartphone vendors amid a global supply crunch, allegations that the Taiwanese company has denied.

UK moves to beef up ban on Huawei and 'high-risk' vendors London in July reversed its policy of allowing Huawei to provide infrastructure for the UK 5G network under heavy pressure from Washington and threats of reprisals from Beijing. Donald Trump bans United States investment in Chinese military-linked firms It is Trump's first major action toward China since he lost his re-election bid to challenger Joe Biden.

Economists and political analysts have said even if Trump was defeated he was likely to launch more actions Beijing before he leaving office on Jan. Donald Trump may cause problems for China before he leaves the Oval Office, say experts Beyond taking the potentially explosive step of labelling China guilty of genocide for the mass detention of Uyghurs in Xinjiang, Trump could attempt to block visas for more Communist party officials, or make trouble by trying to order US athletes to skip the Beijing Winter Olympics.

UK creates technology hub for more 'ethical' business with China The DCMS notes that China is the UK's third-largest export market and the world's second-largest and fastest-growing major economy. Huawei's Meng Wanzhou denied documents access in extradition fight Meng, the Chinese telecom giant's chief financial officer, was arrested on a US warrant in December during a stopover in Vancouver.

She is charged with bank fraud related to violations of US sanctions against Iran, and has been fighting extradition ever since. China vows 'necessary' measures in response to Britain's "discriminatory" Huawei ban "China is evaluating the UK actions that have betrayed free trade principles and will take necessary measures to resolutely defend Chinese firms' legal rights," ministry spokesman Gao Feng said during a weekly briefing, without giving details.

China accuses Britain of helping Washington hurt Huawei On Tuesday, the British government announced Huawei would be excluded from work on the network because U. UK reportedly poised to backtrack on Huawei inclusion in 5G Johnson in January sought to balance economic and security pressures by agreeing to give Huawei a limited role in Britain's so-called 5G network.

Huawei faces ban in Britain, uncertainty swirls over timing, extent The debate has played out against a backdrop of a crackdown in Hong Kong and questions about China's handling of coronavirus, damaging relations between London and Beijing. Many are saying Britain has been far too complacent and naive in thinking it could reap economic benefits from the relationship without political consequences.

The DA claimed that the extension of AFMA is needed to allow the agriculture sector to modernize and become competitive in the globalization period. Under Section of R. The law specifically identified the following products: fertilizer, insecticide, pesticide, tractor, trailers, trucks, farm implements and machinery, harvesters, threshers, hybrid seeds, genetic materials, sprayers, packaging machinery and materials, bulk-handling facilities such as con veyors and mini loaders, weighing scales, harvesting equipment, spare parts of all agricultural equipment, fishing equipment and parts thereof, refrigeration equipment and renewable energy systems such as solar panels.

Finance Secretary Juanita D. Amatong told reporters last week. Parayno earlier suggested to President Gloria Macapagal Arroyo that she appoint another official to the bureau that will only take care of the daily operations so he could concentrate on building the capacity of the agency. He said he was having a difficult time attending to daily needs of the agency while trying to institute long-term reforms in the BIR. To bridge the PhPbillion tax gap needs a lot of things," Mr. Parayno has said.

And if he had his way, Mr. He said it should be allowed to help in the administration of taxes. Parayno earlier offered to resign but eventually decided to stay after Mrs. Arroyo persuaded him to remain in her government. The former naval officer and customs chief was appointed to the BIR in August Under Mr. Parayno's nearly two-year tenure, the BIR has improved its tax collection and put in place a new system for monitoring tax evasion, although analysts say it still suffers from corruption and fails to collect billions of pesos in tax.

Reports had it that Mr. Parayno's desire to leave the BIR was prompted by mounting pressure against his effort to clean up the agency under the Revenue Integrity Protection Service of the Department of Finance. Parayno was quoted earlier as saying. It is a very difficult job but sometimes I feel unhappy to develop the organization or implement long-term solutions but I am forced to go short term. Several lawmakers have rejected the President's proposal to impose new taxes arguing that the government must first improve its tax collection effort.

It has to raise PhP million in the last three months of the year to achieve its goal. Arroyo has pledged to wipe out the country's PhPbillion annual budget deficit by the end of her new six-year term by raising revenues and streamlining the government bureaucracy. Analysts have warned that if the government does not raise revenues through more efficient tax collection or via new taxes, international credit rating agencies might downgrade the Philippines, Asia's most active sovereign debt issuer.

Former Finance Undersecretary Romeo L. Bernardo expressed concern about a bill imposing a limit to domestic and foreign borrowings to ensure that debt service payments continue to be affordable within the context of budget priorities. The energy of Congress is better used thinking of improving revenue measures through new legislations, he said during the business and economic forum sponsored by Rizal Commercial Banking Corp. The best they were able to do [was] in Switzerland where they put a cap on the deficit more than the debt.

At the end of the day, the debt is just a function; a stock of the deficit accumulated overtime. Sometimes, it is not just the deficit but other things that made the debt accumulate such as depreciation and contingent liabilities," Mr. Bernardo said. In a bid to instill fiscal responsibility in government, the debt cap bill was re-filed in the 13th Congress by Senate President Franklin M.

Five separate debt cap bills were filed during the previous Congress. The proposed legislation calls for the establishment of a threshold level for public debt to assure that debt servicing does not affect expenditures for important social and physical infrastructure. Taking into account different scenarios, Mr. Bernardo does not think the debt cap really works. It is very hard to anticipate.

If it is too strict I can create problems and a situation where it has nothing to do with the quality of financial management. If you have good people, and you tied their hands, then they may not be able to do the right things when a surprising thing happens. If you make it flexible, it becomes useless," he said. The bill seeks to mandate that the consolidated debt of the National Government and government-owned and controlled corporations do not exceed nominal gross domestic product GDP in five years' time.

The Bangko Sentral ng Pilipinas has secured a liability insurance from the Government Service Insurance System GSIS to protect its top-level officials against lawsuits and damage claims from troubled banks in the course of performing their job. Alberto V. He said the liability insurance will cover the central bank's monetary board members, deputy governors and directors who carry out its supervisory and regulatory functions.

The central bank is already working on expanding insurance coverage to include bank examiners and other officials. The central bank did not disclose the amount of premiums and possible insurance claims. Owners of some troubled banks, found to be engaged in irregular activities, have sued central bank officials for ordering the closure of their establishments. Officials of the defunct Urban Bank, for instance, have filed several cases against the Bangko Sentral after the monetary regulator decided to close the bank in April It encourages directors and board members to be diligent with their work," he said.

Bangko Sentral is in the process of having its charter amended. It is working on strengthening its charter to protect its officials from lawsuits. Two bills amending the charter are pending at both Houses of Congress. Albay Rep. Jose S. Salceda filed a bill at the House of Representatives while Sen. Sergio R. The lack of legal protection for regulators has also worried the International Monetary Fund. The IMF said in a recent report on the Philippines that giving regulators and supervisors extra protection will strengthen the banking sector.

The Bangko Sentral ng Pilipinas will require banks to adopt better business standards and practice effective risk management to help strengthen them and prevent their financial collapse. Reyes, the central bank's deputy governor, said the policy-making Monetary Board approved on Thursday a schedule for banks' compliance with the new international capital adequacy rules, collectively known as the Basel II accord, starting this year until Adopted last June, the accord sets new international standards for banking practices.

A group of central bankers and banking regulators around the globe met at the Bank for International Settlements in Basel, Switzerland to adopt the new accord. They agreed on its implementation by According to the timetable approved by the central bank's Monetary Board, banks will gradually phase in certain provisions of the accord starting this year. For instance, Philippine banks will adopt a lower risk weighting for highly rated corporate loans by the fourth quarter of the year.

Risk weight refers to the amount of funds a bank must set aside to back up loans to guard against possible default. Banks, however, will need to set aside more funds for past due loans effective next year as the accord requires a higher risk weighting for past due claims, the Bangko Sentral said. The Basel accord agreement requires regulators to align the capital measurement framework with sound contemporary practices in banking.

It promotes improvements in risk management, and is intended to enhance financial stability. Regulators will draft implementation guidelines on all other Basel II provisions by the first quarter of and issue the final implementation guidelines by end of next year instead of end This will give banks enough time to adjust to the implementation of the accord's other provisions by They'll have two years.

Capital requirements will have to be raised for some banks," said Amando M. The Philippine peso this week is expected to move within a safe range against the US dollar, boosted by Filipino workers' foreign exchange remittances and some help from the central bank, traders said.

This does not mean, however, that the market would hold off any speculative cushioning amid lingering economic woes. Days after matching its record slump of PhP They said the peso has remained and will remain between PhP Remittances from overseas are The central bank reported on Friday that remittances from overseas Filipinos went up However, other traders said the inflow would not be able to support the high demand from banks as well as oil and manufacturing companies in expectation of more fiscal worries led by threats of a credit downgrade for the country.

Officials from foreign credit rating agencies are set to visit the country to check its progress in pushing revenue-generating measures. Representatives from Fitch Ratings Services will arrive next week while those from Moody's Investors Service are expected next month. Standard and Poor's Ratings Services earlier warned the country of possible downgrading if Congress fails to enact tax measures. We will be [downgraded] before the year ends, across the board. Just look at the exchange rate, [at] how bond yields are behaving, how we are being assessed by the World Bank right down to our own economic officials," another trader said.

Traders also pointed out that key economic officials have said that the exchange rate may breach the PhPto-the-dollar psychological barrier. Finnish Export Credit extends loans to the private sector. It also provides export credits to foreign buyers of Finnish products and services with Finnish interest. The clients and partners of the company include exporting companies in Finland, Scandinavia and international banks active in Export and Project Finance. Tetangco said.

Smart President Napoleon L. Earlier, Smart also unveiled two components to the GSM or global system for mobile communications expansion project. The expansion will start this year and be completed next year. The first involves the improvement of the coverage in densely populated areas like Metro Manila, including villages and indoors. The second component involves the roll-out in remote provinces nationwide, including the Autonomous Region for Muslim Mindanao and other parts of the island.

Smart earlier earmarked a capital expenditure budget of PhP15 billion this year, mainly for the roll-out of additional cell sites. The mobile operator has already spent PhP3. Smart had more than 16 million subscribers at the end of June although its system can accommodate 18 million subscribers.

Last year, Smart was the country's most profitable company with PhP Officials expect the company to surpass its income this year. Leading cellular phone player Smart Communications, Inc. But Smart President Napoleon L. Nazareno said the firm got some extra income from the partial acquisition of sister firm and soon-to-be subsidiary Pilipino Telephone Co.

There are some nonrecurring profits from the consolidation of Piltel and Smart," Mr. Nazareno said. Smart posted a net income of PhP5. The income was boosted by revenues of PhP Officials earlier said the growth was due to the increase in subscriber base during the period.

The firm closed the first quarter with almost 12 million subscribers. Smart has over 17 million subscribers as of the latest count. This includes about 23, offshore subscribers to its Smart service in Hong Kong. The leading cellular phone firm has started tapping the market of Filipino workers abroad. Sources from Smart earlier said the firm is planning to expand its service by teaming up with Mobile One of Singapore and another telecommunications firm in Italy. It currently holds 59 million convertible Piltel shares.

By acquiring majority of Piltel shares, Smart will be able to take advantage of Piltel's tax credits. Piltel has about PhP Metro Pacific Corp. Nenaco for PhP0. The tender offer, which will start on Oct. The firm currently owns The tender offer paves the way for Metro Pacific to acquire the remaining 2. Every Nenaco shareholder on record as of Oct. Metro Pacific will pay the tendered and accepted shares on Dec. Nenaco scrip shareholders or those holding stock certificates are instructed to submit their duly endorsed stock certificates, accomplished applications and other requirements within the tender offer period to ATR-Kim Eng Securities.

However, those tendering shareholders can withdraw their shares at any time during the tender offer period by sending a written notice of withdrawal. The shares, to be acquired by the bidder, are listed at the PSE and were last traded during the first quarter of The shares reached a high of PhP0. When the shares began trading at the bourse in , they traded at their highest at PhP1.

Last year, prices for Nenaco's shares hovered at the range of PhP0. David C. Nugent, Metro Pacific vice-president for media and corporate communications, told the exchange that Nenaco will no longer be subject to the reporting requirements of Rule 17 of the Securities Regulation Code if all of the shareholders will tender their shares and all tendered offers are accepted, and if Nenaco does not have at least shareholders owning shares each after the tender offer.

Land Developer Cityland Development Corp. As of June 30, the company's outstanding loans total PhP million, of which a principal payment of PhP million is set to mature on May 23, and a principal payment of PhP, is set to fall due April 15, The rest of its obligations had fallen due last July.

Another PhP Meanwhile, PhP35 million will be used for operating expense, the company said. A combination of small gains and negligible losses will cap a lackluster week for the Philippine stock market.

It will be a sideways movement," said Irving Ackerman, president of I. Ackerman and Co. Ackerman said there is no clear trend for the stock market at this time especially due to the unending worries over oil supplies and the corresponding effects on its prices.

The United States is coming into the cold or winter season. It makes more demand for heating oil. The Philippines may be affected," explained Mr. Since the Philippines is an oil importer, whatever changes in the global market that will tighten oil supply and raise prices will adversely affect the country. Although the drop was not sharp, some groups were worried that this may send oil prices to a steep range in the coming weeks.

The decline in US inventory rocked a market already on edge over tight supplies, high demand and unrest in key oil-producing countries. For the past couple of months, analysts in the US who were commenting on the market and the economy dwelled on a single thread of discussion -- the unstoppable effects of the relentless increases in oil prices.

Their comments had sent some shockwaves to fragile economies all over the world, among which is the Philippines. This is no joke. It could affect the Philippines," said Mr. If it catches a cold, the Philippines may also catch the same," he added. Despite the gloomy outlook, some stocks may shine this week.

Mining stocks, said Mr. Ackerman, may outshine most stocks. Because of that, we may see some movement in that index," he said. A few good issues will also prop up trading at the local bourse. The country may have been subjected to unfair criticism, particularly in the ways it tries to shed its fiscal burdens.

But it has remained resilient despite changes in the world economy. It currently ranks 76th among countries surveyed. The Philippines failed to improve its standing due to the perception that its macroeconomic environment has deteriorated. There was some disappointment on the state of its public institutions and technological readiness.

The criticisms may be exaggerated but we should take those with a grain of salt," said Mr. Threats of a downgrade from credit rating agencies have been floating in the market for a fortnight now. While these sent some investors shivering, most buyers chose to look at the bright side.

Only when it happens will the market react," said Mr. Macapagal, adding that the lingering concerns have not diminished the bullish outlook for the Philippine market. Presidential spokesman Ignacio Bunye, Jr. Any changes in the country's credit rating will be anchored largely on how committed the government is to meeting its goals. The benchmark Philippine Stock Exchange composite index Phisix closed the week lower as it slipped Only mining and oil bucked the trend.

Mining made spectacular gains of Investors that snapped up mining stocks may use these as a hedge against inflation. Philippine Long Distance Telephone Co. The special block sale accounted for Its market share when it closed down at PhP1, was San Miguel Corp.

The price of its "A" shares slipped to PhP Even the price of its "B" shares slackened at PhP The firm has not yet issued a statement confirming the report. A few months ago, its president Ramon S. Ang told reporters here that everything was ready for the brewery plant to be built in Johor Bahru, Malaysia just across the causeway from Singapore.

In other news, Semirara Mining Corp. The country, ranked 66th in the survey, saw its standing slip due to perceived declines in the quality of its macroeconomic environment, the state of its public institutions and its technological readiness. The local business environment was also another source of grief, with the WEF's Business Competitiveness Index BCI placing the Philippines 70th, down five notches from 65th the previous year.

The WEF said the BCI evaluates the underlying microeconomic conditions defining the current sustainable level of productivity in each of the countries covered. In its competitiveness survey, the WEF said "Countries showing the largest drops in rankings in -- Bolivia, the Dominican Republic, Pakistan, Peru, Philippines, Poland, Vietnam, to name some -- have witnessed significant deteriorations in one or more areas tracked by the Index.

The GCI gauges the ability of the world's economies to achieve sustained economic growth over the medium- to long-term. It is composed of three "pillars" which are widely accepted as being crucial to economic growth:. The Philippines suffered a huge dip with respect to the strength of its public institutions, with the country slipping to 99th place from last year's 85th.

In terms of the stability of its macroeconomic environment, the Philippines' ranking for this year also dipped to 69th, down from 60th last year. As for the country's technological readiness, the ranking for slipped to 61st from 56th in The Philippines' economic competitiveness pales in comparison to neighboring Singapore which ranked 7th in this year's GCI.

Singapore was 1st in terms of the quality of its macroeconomic environment -- a position it has held for several years in a row. Meanwhile, in terms of the sophistication of operating practices and strategies of local firms, the Philippines placed 50th this year, slipping two notches from 48th last year. The quality of the country's microeconomic business environment was also perceived to have deteriorated as the Philippines ranked 77th, down from 74th the previous year.

The WEF said the rankings are drawn from the results of the Executive Opinion Survey which polled 8, business leaders in countries worldwide. For example, with respect to macroeconomic stability, respondents were asked the following questions for the current survey:. The country's institutional investor country credit rating as of March was also a factor, as was the government waste variable for , which was contained in the question "Is the composition of public spending in your country wasteful, or does it provide necessary goods and services not provided by the market?

With regard to confidence in public institutions, the following were asked under the contracts and law subindex:. The technology index, lastly, is divided into two: one for countries deemed as core innovators and another for non-core innovators. For the non-core innovators, three sub-indices are weighed: innovation, technology transfer, and information and communications technology ICT.

The first asks the following:. This is coupled with data on US utility patents granted per million population in and gross tertiary enrollment in or the most recent year. For the technology transfer subindex, the following were asked:. FCCCII who have not been paying their taxes and appropriate actions have been undertaken to make them comply with their obligations. Parayano said the tax bureau has in fact tagged 68, business establishments since last year as conducting business without a BIR registration and therefore not paying taxes.

Parayno told reporters in a press conference in Quezon City yesterday. Of the number, Mr. Parayno said 40 have already been charged in court and more tax evasion charges "that would run to billions" are along the way. The BIR chief said he cannot reveal the identities of the businesses until charges have been filed in court.

But he said many of these business establishments are found in Metro Manila. Valenzuela accounts for 4,; Manila, 4,; Quezon City, 3,; and Makati, 3, Parayno said 10, of these establishments were caught this year, while 56, were tagged from April to December last year through the BIR's nationwide Tax Compliance Verification Drive. Of those apprehended, Mr.

Parayno said only 27, businsses had registered. Of this, 21, have started to file tax declartions and pay taxes. The remaining 48, have defied the bureaus's order. Parayno said. The tax bureaus 19 regional directors and Regional District Offices were instructed to do the same in their respective jurisidictions. Parayno challenged the FFCCII to exercise suasion over its "errant members to be above board, to start paying taxes and do so faithfully.

The peso's sickly performance and looming visits from rating agencies signal time is running out for the Philippines to show its creditors and international markets that it can match years of reform talk with action. Three months into her new term, President Gloria Macapagal Arroyo has yet to convince investors she can push through painful reforms needed to end the country's addiction to debt.

Rising global interest rates and oil prices are exacerbating pressure on the country's ratings and currency. The peso, which touched its record low of The Philippines, which has run fiscal deficits in 10 of the last 14 years, pushed back on Monday its target date for achieving a balanced budget to from Arroyo said in August that the Philippines was in fiscal crisis, but some analysts believed she was using shock tactics to win enough political support for new measures aimed at raising an extra PhP billion in revenues each year.

Lawmakers have been grumbling about eight bills that Ms. Arroyo wants Congress to pass in order to raise one of Asia's lowest tax takes and trim some fat from the bloated bureaucracy. The legislature, now on a month-long break, is running short of time with another week-long recess due in November and an adjournment for Christmas on Dec.

Ralph Recto, the head of the Senate's ways and means committee, told Reuters. Recto said he was confident that three of the bills would be passed this year: a tax amnesty, the long-awaited indexation to inflation of "sin" taxes on tobacco and alcohol, and a law improving accountability among infamously corrupt tax collectors.

But he said there was strong opposition to other bills, including an extra tax on petroleum products that he described as "obnoxious" because it risked raising inflation and slowing growth. Standard and Poor's said last week that it may reconsider its stable outlook on the Philippines, Asia's most active issuer of sovereign debt, if there was no action on the tax bills or a power rate hike this year.

It may be beaten to a downgrade by rival Moody's, which is sending a team to the country next month and already has a negative outlook. Rising global interest rates and surging oil prices are adding to pressure on the oil importing nation. The stakes are high. Foreign investors have gambled on Ms. Analysts are particularly worried by the rapid rise in off-budget liabilities driven by loss-making state bodies, the biggest of which is National Power Corporation Napocor.

Analysts say Ms. Arroyo needs to push through the privatization of Napocor and secure rises in its power rates, which remain well below the true cost of producing electricity. That will be difficult politically in a country whose citizens have gotten used to subsidies. Consumers having to deal with frequent fuel price hikes now have another cross to bear: a return to monthly adjustments in power rates.

The Energy Regulatory Commission ERC has allowed distribution utilities to automatically increase or decrease their charges without prior approval, with the new rules to take effect next month. Albano told BusinessWorld. The GRAM allowed power firms to recover fluctuations in fuel prices and in the cost of power bought from independent power producers IPPs every three months. An application for an adjustment had to be filed with the ERC.

The automatic adjustments were meant to reflect fluctuations in generation costs due to movements in fuel prices and the exchange rate. Albano said that under the new guidelines, Napocor and distribution utilities can implement automatic rate adjustments to recover power costs without having to seek prior approval. However, the power firms will required to justify any adjustment.

They should file a report before their implementation but they don't need to wait for approval from the ERC," Mr. Albano said. Power firms will be using an ERC pre-approved formula to compute the automatic adjustments. The ERC will review whether the calculations are correct within a six-month period.

If the Commission does not find any miscalculations, the adjustment is deemed reasonable. A refund will be ordered if the ERC rules that the adjustments were not fair. Meralco president Jesus P. Francisco said the decision to scrap the GRAM was a welcome move. Since Napocor rates are also increasing, it would be good to send correct signals to consumers as soon as possible, he said.

This would be available to us within November," he said. Industry players who requested anonymity also welcomed the move. Every time there's an increase in generation costs, it could not be recovered right away," they said. The ERC on August approved the utility's But since Meralco has to pay its suppliers on a monthly basis, the power company said it had already advanced the difference.

Under the asset purchase agreement between creditor banks and Indian steel firm Global Infrastructure Holdings Inc. Sources said the deal cannot push through without the crucial BSP certification. Although Global Infrastructure reopened the plant in March, the closing of the deal has been delayed owing to the huge amount of money involved in the transaction and the failure of concerned parties to thresh out transaction issues.

A BSP official confirmed yesterday that the monetary authority has not issued the certificate, saying it is "still being processed. Only the BSP, banks, financing firms, investment houses, government financial institutions, government corporations and quasi-banking institutions are qualified to avail of SPV perks, the law firm argued. While the creditor-banks have said they would handle the SPV application, the law partnership said it is NSC that would sell its assets to Global.

The five-page letter was signed by lawyers Napoleon C. Reyes, Gary Sa. Mallari and Romel B. Bagares yesterday said. A BusinessWorld source at the agency said that while inflationary pressures coming from food prices have somehow eased in the past months, oil prices would continue to put pressure on inflation.

Oil companies on Wednesday increased the price of gasoline products, citing "substantial" under-recoveries that they need to recoup. Petron Corp. It noted, however, it would not make adjustments for gasoline until Monday. Prices of petroleum products sold locally continue to increase as oil prices in the international market continue to shoot up due largely to a tightening in supply.

The unabated increases in oil prices starting June of this year have exerted much pressure on inflation, with oil prices causing the June inflation rate to rise by 1. The inflation rate for September was pegged at 6. Agriculture Secretary Arthur C. Yap yesterday said he was not giving in to the request of sugar industry leaders for government to help in preventing the price of sugar from falling due to a supply glut. He said there was no way the government could continuously support the industry by buying its excess output considering the present state of public finances.

Yap told reporters in yesterday's launch of the 11th Agrilink and Foodlink trade fair. He said industry leaders are apprehensive because the price of sugar, which is currently between PhP and PhP per kilogram bag Lkg , could drop again because of an excess supply of , metric tons. They want the NFA to absorb at least half a million tons of sugar, similar to what was done when the price of sugar dropped to as low as PhP per Lkg.

Coscolluela said. The sugar industry is also asking for the resignation of James Ledesma of the Sugar Regulatory Administration. There are some groups in the industry who are unhappy with the current sugar price and felt that SRA is not adopting adequate measures to address the situation," Mr. Yap, however, said this proposal has yet to reach his office, even as he hinted he would first engage them into a closed-door discussion before making a decision.

The threat of possible credit downgrade for the country should not be used to pressure Congress into enacting tax proposals from the Executive branch of government, a lawmaker said yesterday. In the next few weeks, representatives of credit ratings agencies are scheduled to visit the country reportedly to review the status of tax reforms that are seen to help the country ease its fiscal woes and, more specifically, rein in the budget deficit.

Senate ways and means committee chairman Ralph G. Recto, however, said that the power rate increases to be granted by the Energy Regulatory Commission ERC to ease the debt of state-run National Power Corporation Napocor is an equally important factor for a positive credit rating. The first increase of 98 centavos is only provisional which means that the rate increase is not yet assured.

To recover the debt of Napocor what we need is [a] PhP2. Those rate increases [are] already PhP80 billion or more. That is half the problem already with the PhP80 billion in new taxes. It is actually both that [ratings firms] are looking at," he said in an interview. Fitch Ratings Services maintains a "BB" grade with a stable outlook for the country but it pointed out the need for key reform measures by next year. Moody's downgraded the country's credit rating in January to "Ba2" with a negative outlook from "Ba1" which means substantial credit risk.

Recto added that sound investment policies to increase dollar earnings is another important factor for the credit rating agencies. They are saying that we have to raise PhP80 billion in revenues but they are not saying from specific type of taxes which may lead to the economy slowing down. We are so much focused on the fiscal policy issue. We are forgetting trade and investment policies which are equally important in the eyes of creditors and investors," Mr.

Recto said "We can be downgraded not because of fiscal policy alone. We can be downgraded if the peso depreciated, if we don't have the right investment priorities plan, if we don't have enough foreign exchange earnings," he added. These are the tax amnesty composed of the amnesty itself and the mandatory filing of SALN statements of assets, liabilities and net worth , lateral attrition bill, sin taxes bill and fiscal incentives bill which is not only a revenue measure but an investment plan, Mr.

Recto said. The four other revenues measures President Gloria Macapagal Arroyo wants Congress to pass are the gross income taxation, additional PhP2 per liter excise tax on petroleum products, franchise tax on telecommunication companies, and review of the value added tax. The eight revenue measures are expected to raise PhP83 billion annually. Meanwhile, Mr.

Rector said Congress would not enact a bill for the implementation of a general tax amnesty program that will raise revenues lower than PhP12 billion. He said the Department of Finance should revise the tax gain estimates from the proposed measure for it to get Congressional approval. I don't agree with their computations. Recto said in an interview. They have not been able to adequately defend their estimates," he added.

The administration lawmaker noted that based on the data from the National Tax Research Center, PhP billion is lost annually in nonpayment of income taxes. Recto added that in ten years' time, the lost taxes could hit PhP2. Finance Undersecretary Emmanuel P. The Department of Finance has cautioned lawmakers against passing the proposal of Partido ng Manggagawa Partylist Rep. Renato B. Magtubo to exempt from income taxes workers whose daily earnings do not exceed PhP If lawmakers give in to the proposal, they will be exempting from taxation "a lot of people," Finance Undersecretary Emmanuel P.

Bonoan said. Henares told reporters. House Bill filed by Mr. Magtubo seeks to "exempt all workers, whose total annual compensation does not exceed PhP, from income taxes Magtubo arrived at the amount by multiplying the current estimated cost of living for a family of six, which is PhP by 30 days and multiplying the product by days.

The bill added "opportunity loss in revenues can be more than made up for by more efficiency in terms of cost of forms, manhours and personnel which can be turned to better account in the tax collection from so-called large taxpayers who acount for more than half of Bureau of Internal Revenue's aggregate intake. Much of the tax leakage of PhP billion is traceable to inefficiencies in the tax collection efforrt from among the large taxpayers.

The Court of Appeals CA 12 th division yesterday ordered the freezing of the bank accounts and holding of several vehicles of Maj. Carlos F. Marina L. In an October 13 pleading, the Philippine government represented by the AMLC asked the appellate court to issue a freeze order covering accounts in eight different banks and vehicles registered under the name of his sons, Ian Carl and Carlos, and his wife, Clarita.

Garcia] acts constituting violation of the Anti-Graft and Corrupt Practices Act and Plunder," the page application said. According to the AMLC, in the year , there was a blatant discrepancy between the amounts of money his family transacted and Mr. Garcia's declared assets and liabilities. Garcia's net worth amounted to PhP1. The PhP On Dec.

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The problem is, other than this means being a lazy and short-sighted one, you can put up fake profiles and fake photos and lead misplaced romantics up the garden path. But it gets way murkier when dating apps are used to ensnare unsuspecting — and desperate — men and women who believe they will chance upon love transient or permanent at the click of a button. The man, Simon Leviev, is a smooth-talking fraudster who poses as a wealthy, jet-setting diamond mogul.

The three live in three different countries, and Simon manages to spend some time with all of them when he plays his part of being a generous and well-meaning man to the hilt. Later, when the three realise they are being scammed and cheated on, they find ways to reach out to the others. They get together, take their story to a media house, and soon the journalists discover that Simon had been arrested earlier on a similar charge — but then released.

The drama is in the form of actual interviews and recreated situations using footage from WhatsApp videos, voice notes and messages and sundry social media interactions. Entertainment 3 days ago. Lenny Kravitz, Mindy Kaling, and the Jonas Brothers are also amongst the many notable personalities to receive a star. Entertainment 4 days ago. Kit Harington's Jon Snow was among the most favourite characters in the drama series.

Enjoy our faster App experience. But underlying the broader narrative is the story of how technology can be fraught with human vulnerabilities. Go down the left side to the small block. Then go to the second small block on the right. Go through the tunnel into the next room. Wrap Swindler around the first block he comes to, then lower him straight down into the next room. Wrap around the bottom block and lower into the next room. Wrap around either block, then go over the next block and down into the next room.

Wrap around either of the bottom blocks, and get the treasure chest. Go down on the left, and get the bomb by pressing space. Then go back up. Avoid hitting walls as this will ignite the bomb. Go down on the other side and drop the bomb on the gate. When it explodes, go through and get the chest. The player has to first go down to the right, slide past the puffing orange goo, then go to were Swindler starts the level.

The player now has to go down, turn left, and lower Swindler down. Swindler should then be wrapped entirely around the block all the way around the block and then press down on both switches. To the right of the chamber where the boulder is is another switch, so wrap swindler around that so the switches stay all the way down. Lower Swindler into the chamber and pick up the boulder by pressing the space-bar , then go all the way to the chest and drop the boulder press space-bar again on the rock.

It will explode, so try to get out of the way. The player should avoid all contact with walls. This section is empty. You can help Nitrome Wiki by adding info. This navigational box contains a spoiler. Click [show] to open the box. Swindler was made Nitrome Touchy compatible upon the app's release. The player utilises both tilt and touch controls to move the swindler. By tilting their device left or right, the game's world is tilted in that respective direction or reversed if the player has configured the game's settings.

Pressing and holding the large arrow keys adjusts the length of the swindler's cord until the key is released. Hand buttons appear on the side between the arrows, allowing for the swindler to pick up and drop bombs and boulders. At a later date, Swindler was included as one of the free Nitrome Touchy games playable without a premium purchase. The game was first hinted at in the Nitrome 2. Nitrome released a 12 second teaser trailer for the game.

Nitrome released a screenshot of the game telling the name of it. It shows that probably all in the level is rotating and the main character has to collect green stars. A type of enemy is shown. Nitrome Wiki Explore. Shovel Knight Dig. Random game! Wiki community. Manual of Style Policy Signature Policy. Adminship Deletion Signatures Userboxes. Explore Wikis Community Central.

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