00:42.4
The German DAX and the French CAC 40 are down about a third of a percent.
00:46.9
As for Wall Street, futures are flat.
00:49.5
The major indices, though, are on track for a weekly gain.
00:54.6
Now here are some stocks to watch out for.
00:56.8
We are monitoring shares of Reddit.
00:58.8
After it announced a deal with OpenAI for the use of its data to train ChatGPT's language model.
01:06.1
Reddit shares surged 16% on the news.
01:09.8
Also in focus, shares of Sainsbury's which has partnered with Microsoft to use artificial intelligence
01:15.6
to enhance physical and online shopping experience.
01:19.5
Shares of the British grocer are slightly up.
01:22.8
We're also keeping a close watch on shares of Swiss luxury group Richemont.
01:27.0
After the company reported record falls,
01:28.8
full-year sales and announced a new CEO.
01:32.1
Richemont shares climbed 6%.
01:34.2
Meanwhile, Asian markets ended the week how it started on a mixed note.
01:40.0
That's after fresh signs of stalled recovery in China.
01:43.4
Data showed retail sales in the world's second largest economy
01:46.5
grew at its lowest pace in two years.
01:48.9
New home prices also fell at a fast clip in over nine years.
01:53.4
But sentiment was soothed after China announced sweeping measures to stabilize the property sector
01:58.6
including allowing local governments to buy some apartments and relaxing mortgage rules.
02:05.1
The Hong Kong Hang Seng Mainland Properties Index surged more than 5% on the news.
02:09.8
But at least one economist is unconvinced by the moves.
02:15.7
So we are now seeing extended crisis which primarily revolves around the balance sheet of property developers.
02:27.1
And with that in mind,
02:28.6
the better way is really to directly nationalize the travel developers
02:35.2
or ask some other financially more healthier enterprises to directly take over them.
02:42.6
Yeah, so this way you can, as a government,
02:46.2
you can inject homebuyers confidence with a state guarantee.
02:52.8
If the government initiative is about to further fully absorb,
02:58.6
the excess housing stock,
03:01.9
it will likely require many trillions of RMB to really purchase these housing stocks.
03:08.3
Yeah, but it looks like all of the central bank support
03:14.2
or some other sort of fiscal support is only likely to amount to hundreds of billions of RMB.
03:23.0
Yes, so which is a far cry from the actual amount of money needed.
03:27.1
Yes, so which is a far cry from the actual amount of money needed.
03:27.6
Yes, so which is a far cry from the actual amount of money needed.
03:28.1
Yes, so which is a far cry from the actual amount of money needed.
03:31.1
Meanwhile, here at home, the local borers closed lower on last minute profit taking.
03:35.3
Despite that, the main index snapped a six-week weekly losing streak.
03:41.3
We continue to, I continue to expect a range of between 6.4 to around 6,800.
03:48.5
One thing that we need to understand that the first quarter growth numbers are actually good.
03:55.8
So this is actually,
03:58.1
Highlighting that the economy can withstand higher interest rates.
04:03.7
I think the only challenge really is trying to bring down that inflation expectations
04:09.0
so that consumer spending will eventually lift off.
04:14.5
Once the market becomes convinced that the biggest portion of our economy,
04:20.9
which is spending, starts coming back,
04:24.1
then most likely we could break out above the 60%.
04:28.1
And probably re-test the 7,000.
04:33.0
The Philippine Central Bank chief doubles down on his dovish tilt on policy settings.
04:38.1
In an interview on Bloomberg TV Friday, BSP Governor Eli Remolona said he would like to see easier liquidity conditions
04:45.5
as he acknowledged that it's possible their policy may be becoming tighter than necessary for taming inflation.
04:52.5
The BSP on Thursday left its key rate unchanged but signaled a rate cut may come,
04:57.6
as soon as August.
04:59.5
Remolona told Bloomberg he would also like to reduce reserve requirements for banks to 5% from 9.5%,
05:06.7
but it would not necessarily be in tandem with a rate cut.
05:11.2
Still with the BSP, the Philippine Central Bank has launched a probe on employees who appeared to have falsified attendance records.
05:18.7
It did not disclose further details, but the statement follows reports,
05:22.5
Two BSP officials had hired ghost employees who do not really work at the central bank.
05:27.6
But received salaries and benefits.
05:29.6
The BSP says it is firm in its commitment to ensure any erring employee will be held accountable and uphold integrity in the organization.
05:38.6
BSP officials rank among the highest paid in the government.
05:41.6
Employees there are also generally hired after rigorous screening.
05:47.6
Philippine senators kick off their first of three regional consultations on the proposed economic charter change.
05:53.6
RG Cruz tells us how day one went in Baguio City.
05:56.6
RG Cruz tells us how day one went in Baguio City.
05:57.5
RG Cruz tells us how day one went in Baguio City.
06:00.5
Baguio City Mayor Benjamin Magalong hits efforts to revise the 1987 Charter by People's Initiative
06:05.5
during the consultations of the Senate Subcommittee on Resolution of Both Houses No. 6 in his city on Friday.
06:11.5
RPH 6 proposes to empower Congress to regulate foreign investments in public utilities, higher education and advertising.
06:18.5
I would like also to decry some efforts of some legislators to pursue the People's Initiative.
06:26.5
I believe it is purely unethical.
06:29.5
I also firmly believe that the process for moving these kinds of legislations forward should be aligned with what is provided in our Constitution.
06:38.5
And that the core foundations of nationalism and national interests are still primarily protected and if not strengthened.
06:46.5
But other local officials from Northern Luzon supported the proposed amendments.
06:50.5
La Trinidad Benguet Mayor Romeo Salda says relaxing foreign participation in local investments would greatly contribute to local development.
06:54.5
While Erickson Singson, board member of Ilocos Sur, says the changes have the potential of creating economic progress, jobs and better services,
07:04.5
even as they also come with threats of national control and economic sovereignty.
07:08.5
But the Mariano Marcos State University's position paper says allowing foreigners to own, control and administer the country's higher educational institutions gives rise to issues surrounding national security.
07:19.5
Senate President Pro Tempore Lauren Legarda, for her part, gave assurances that long-term economic development would be a priority.
07:23.5
She also gave assurances that lawmakers will still have a chance to retool any amendments in case charter change is approved before foreigners can come in and invest.
07:31.5
In the legislature, we still have to enact the pieces of legislation that will lead to that 100% allowing at least, 100% ownership to foreigners but depends on discussion of both houses of Congress.
07:48.5
Senate President Juan Miguel Zubiri meanwhile has a sense of how many senators they need to convince.
07:53.5
To push economic charter change over the legislative hump.
07:56.5
Right now, we need 18 votes. Right now, sa tingin ko kulang pa kami ng dalawa so kailangan talaga kausapin natin yung mga medyo natatakot dito sa mga provision na ito.
08:10.5
There's certain trust issues. I think it boils down to trust issues na baka may ibang topics na ma-take up at may lalagay.
08:19.5
Both Zubiri and subcommittee chair Sunny Angara are encouraged by the public.
08:23.5
They also helped with the mandatory consultation they held in Baguio City.
08:25.5
Very encouraging yung hearing namin today because if you notice a majority if not almost 95% are in favor of the lifting of economic restrictions in the constitution.
08:38.5
I think very productive kasi multi-sectoral so ang dami nagbigay ng kanilang viewpoints and different points of view.
08:48.5
But at least Juan Senator urges his colleagues to be more deliberate.
08:52.5
From the very beginning, ang aking position talaga is open ako for charter change only on economic provisions.
09:04.7
It should be voted upon separately by both houses of Congress.
09:09.7
The consultation in Baguio is the first of three regional consultations.
09:13.7
The consultations will continue in Cebu and end in Cagayan de Oro next week, paving the way for the panel to finish its report and recommendations to the Senate.
09:21.1
Yet, charter change has always been dead on arrival at the Senate, even if it has hurtled the House of Representatives many times.
09:28.5
RG Cruz, ABS-CBN News.
09:31.6
We're taking a quick break. Up next, a discussion on how Norway is helping the Philippines in its renewable energy transition.
09:49.8
In 2022, data from the U.S. Department of State.
09:51.1
The data from the Norwegian Embassy to the Philippines showed trade between Oslo and Manila rose 23 percent.
09:56.3
And it's only expected to keep growing, with Norway providing help to the Philippines in its renewable energy transition.
10:02.5
Joining us tonight to discuss that and more is Oslo's envoy to Manila, Ambassador Christian Halas Lister,
10:09.7
and Andrea Coe, Country Manager of Norwegian Renewable Energy Firm Skatec.
10:14.1
Mr. Ambassador, Andrea, thank you very much for coming over, despite the weird weather that we experienced earlier this evening. Thanks.
10:21.1
Yeah, thank you so much.
10:22.6
Thank you very much.
10:23.8
Okay, we'll be talking about renewable energy in a bit.
10:26.3
Let me ask Mr. Ambassador first about the trade relations between the Philippines and Norway.
10:33.5
How has it been, maybe in the past couple of years, most especially under the Marcos administration?
10:39.5
Well, what we have seen is that trade is increasing, it's growing.
10:45.3
And I think one factor is actually that Norway, as part of EFTA,
10:51.6
actually has, we have a free trade agreement between EFTA and the Philippines already back in 2016.
11:00.5
It entered into force in 2018, and I think that's also helped a lot.
11:06.4
But we're still trying to find ways to utilize the free trade agreement even more.
11:13.1
And aside from the EFTA, any other contributing factors to the rise in trade between the two countries?
11:20.8
there are different factors.
11:23.4
And one important factor is, of course, renewable energy.
11:28.1
And that's why we're here today.
11:30.3
Okay, just a couple of more questions.
11:32.4
The Philippines is striving to grow faster, and it's actively inviting foreign businesses to invest in the country.
11:40.0
With your talk with the businessmen and investors in Norway,
11:45.3
what have they been saying that is or may attract them?
11:50.8
It's something that needs to be the conversation with the figures.
11:54.3
What should energy companies do to invest here in the country?
11:57.3
And, on the other hand, as well, what could turn them off?
12:00.8
Well, I think, right now, there's a lot of good policies that have been put in place.
12:04.2
And I think the most important thing is that the Government is pushing for more renewables.
12:10.4
There is a green transition going on in the Philippines—and actually in the whole world.
12:16.9
And I think, targets are in place.
12:19.4
there. The fact that
12:21.1
the Philippines opened up for
12:23.3
100% ownership in renewable energy,
12:27.3
Also, one-stop shop,
12:29.2
making permitting easier,
12:31.3
also another good thing. So I think
12:35.9
I think the Philippines
12:39.2
a very, very important
12:41.3
country in this region when it comes to
12:43.4
renewable energy. And in discussions
12:45.4
I have, the Philippines keep
12:47.2
kind of popping up.
12:51.2
you need to avoid, I think
12:54.0
most important thing
12:55.9
is to ensure that good
12:57.9
policies keep coming out.
13:00.3
So kind of, there is a momentum
13:02.0
now, so for the Philippines
13:04.0
I think the most important thing is to keep
13:06.0
up the momentum. Right, right.
13:07.9
Okay, as you mentioned
13:09.9
the Philippines wants to transition to using
13:11.9
greener energy resources, Norway
13:15.9
very well be a very big part of
13:18.7
How could Norway's expertise
13:20.6
and SCATEC's experience
13:24.4
help out the Philippines out there?
13:26.4
Well, we actually have been here for 20 years
13:29.0
and it all started out that way.
13:30.9
I think interesting tidbit, Norway
13:32.7
is 96% powered by
13:34.7
hydropower for over 100 years
13:37.0
now. So that clean energy expertise
13:39.2
is what we brought in here 20 years
13:41.1
ago. And as what the ambassador
13:42.9
has said, we have only every year
13:45.1
since then seen a very constructive
13:46.9
relation between the two.
13:48.7
markets. Now in the last few years
13:51.0
there has been a lot more
13:52.5
positive movement. There has been a lot
13:54.6
several new initiatives besides what
13:56.7
the ambassador has mentioned, now we are also
13:58.9
seeing a lot more competitive
14:01.8
the green energy auction program by the
14:04.6
Department of Energy. We now have the
14:06.5
reserve market being operated by
14:08.4
IMOP and we also have
14:10.6
other several programs
14:12.2
promoting renewable energy
14:14.6
promoting battery projects in
14:16.7
the country. And that serves as
14:18.6
a momentum for us looking into the next
14:20.6
three to five years. We continue
14:22.7
to grow in the Philippines.
14:24.7
We're now looking, besides hydropower,
14:26.6
we're now looking to construct new battery projects.
14:29.0
We're now looking to also
14:30.5
construct solar and battery projects.
14:32.9
We're now looking to also
14:34.5
construct wind projects in the next five years.
14:36.6
Oh, wind projects as well. Yes.
14:38.5
So, overall, I mean, we
14:40.5
as a Norwegian business company,
14:42.5
we are here as long-term investors.
14:44.5
So our horizon, our
14:46.4
perspective is always going to be what's going to
14:48.6
be the best for not only
14:50.7
the government and the business community
14:52.7
but ultimately for the consumers,
14:55.3
the Filipino people, what's going
14:56.7
to be the best for them for the next
14:58.6
50 years. And SCATEC has been one of the
15:00.7
longest and in Norway's
15:02.5
maybe biggest investor here in the country.
15:05.3
One of the biggest Norwegian
15:06.4
investments in the Philippines. Right, right, right.
15:10.2
aside from hydropower,
15:13.1
you did mention that SCATEC
15:15.0
has established a
15:16.6
floating solar and you're also,
15:18.6
into the battery energy
15:20.7
storage system, something that may be
15:22.8
very crucial here in the country.
15:25.1
What do you think of the growth prospects in that?
15:27.4
No, the reason why we
15:28.6
actually set up the floating solar
15:30.5
project, that was supposed to be a pilot
15:32.5
project. Yeah. So it's really meant
15:34.6
because we see in the long term, the next five,
15:36.7
ten years and beyond, there is going
15:38.8
to be a growing need, number one,
15:41.0
for clean energy.
15:42.9
The government has set very ambitious targets
15:44.9
to achieve clean energy by
15:48.6
by 2050. And to head
15:50.8
into that right direction, we have to
15:52.8
start testing and
15:54.8
really implementing new technologies.
15:57.6
Floating solar is very new.
15:59.5
We haven't really had any
16:00.9
large-scale floating solar project
16:02.6
implemented in the Philippines yet. Why not?
16:04.7
Are there any roadblocks to that?
16:07.0
Well, a very obvious one
16:08.8
is weather, typhoon risk.
16:10.9
So we set up that pilot
16:12.9
project so we can actually test if it
16:14.9
can withstand Philippine typhoons
16:18.6
And so far, what we have been
16:21.0
seeing in the last five years have been positive.
16:23.2
So we're looking forward to deploying
16:24.8
and building that into one utility-scale
16:27.2
floating solar project
16:28.8
on top of our hydropower dam.
16:31.4
And then besides that, we are also
16:33.1
adding extra capacity with
16:34.9
the batteries right next
16:37.0
to our hydropower assets.
16:38.6
And that just adds not only extra
16:40.9
capacity, but also helps with grid
16:42.9
regulating services, especially
16:45.1
now as we start bringing in solar
16:47.2
and wind into our nationality.
16:48.6
It requires a lot more
16:51.3
regulating service
16:52.7
to prevent outages, to prevent
16:55.2
sudden blackouts,
16:56.7
to prevent interruptions to
16:59.1
power supply to the entire nation.
17:01.4
Something we very well need.
17:03.1
Mr. Ambassador, how has
17:05.1
this got you excited?
17:07.1
This push for greener energy
17:08.9
here in the country?
17:10.6
I think it's great news.
17:13.0
It's great news for the Philippines, and it's
17:14.9
great news for Norway, and it's actually
17:17.0
it's great news for the world.
17:18.6
And we had the pleasure
17:20.5
of hosting a delegation
17:22.9
from the Department of Energy
17:25.0
and the Department of Transportation
17:26.6
traveling to Norway,
17:28.6
meeting up with more than
17:33.1
and agencies in Norway.
17:36.0
It was in January.
17:37.4
The weather was really bad.
17:38.7
They actually experienced a terrible winter storm.
17:41.8
But they braved the storm.
17:43.6
I know Filipinos are very resilient.
17:46.6
even travel to Haugesund,
17:57.0
and Norwegian companies,
18:00.9
tradition when it comes to hydro.
18:05.0
the fact that we've also
18:06.6
operated a lot of
18:10.6
offshore, oil and gas,
18:13.2
we also have a lot of technology
18:15.1
when it comes to floating
18:18.6
But also floating offshore wind.
18:24.3
in the years to come,
18:26.5
this technology will develop and develop.
18:28.9
And for the Philippines,
18:34.9
situation. You have the opportunities
18:37.0
for wind, you have hydro,
18:42.9
Especially compared to Norway.
18:44.8
So, I think the potential
18:46.4
is great, and that's why
18:56.9
that is mentioned more and more
18:58.5
because of the opportunities that lie here.
19:04.9
really, really excited.
19:06.6
Andrea, that floating wind project,
19:09.1
has it started already?
19:10.4
Oh yes. It started operations
19:12.6
since five years ago. It's actually
19:14.5
powering our Magat hydropower complex.
19:19.6
pretty much president of all of our dams
19:21.4
as well for the hydropower, right?
19:23.2
I think the biggest dams, yes, definitely.
19:25.4
We own, I think, three large assets,
19:27.9
hydropower assets, across the Philippines.
19:30.3
Okay. Mr. Ambassador,
19:31.5
any more Norwegian companies coming to the
19:34.8
Well, I can mention
19:39.2
Mainstream Renewables.
19:41.0
They just won a service contract
19:46.7
So, where they will be,
19:49.0
as far as I understand,
19:50.8
be building onshore wind.
19:57.0
And I also know that others
19:58.5
are looking towards the Philippines
20:01.8
being in a position to
20:03.7
share that many details.
20:06.9
But it's really...
20:14.3
interest out there.
20:19.6
Okay. We would like to thank you
20:21.8
for coming over, despite
20:23.3
it being a holiday in your
20:25.6
home country. Happy Constitution
20:27.5
Day to you. I believe
20:29.6
it's a big deal in Norway,
20:31.6
something you celebrate every year.
20:33.9
Absolutely. We actually celebrate
20:35.8
the world's second
20:41.5
constitution. It's only the US Constitution
20:43.9
that is older than ours.
20:49.0
we celebrate the 17th of May
20:51.4
with Children's Parade,
20:53.2
with our national costumes,
20:55.4
and people out in the streets.
20:57.7
So, as we speak, yes,
20:59.9
they are still out there
21:01.2
celebrating. The weather is nice.
21:05.1
a fantastic day. And it's actually
21:09.3
get to experience it. It's a real
21:11.3
experience. That's something very interesting
21:13.5
for us Filipinos,
21:15.3
most probably, because we don't have...
21:16.7
We don't have anything like that. Celebrating the Constitution.
21:19.2
Yeah. And what makes it
21:20.8
even special is that you don't see
21:24.8
military parades, etc.
21:26.8
You see children. You see people.
21:29.0
People. Children in the streets.
21:32.6
very happy day. And
21:34.7
I think it's also
21:36.9
celebrated throughout the world
21:38.9
where there is a Norwegian colony.
21:41.4
And of course, it's not a national
21:42.8
holiday here in the Philippines. But tomorrow,
21:46.7
the Norwegian community here in
21:48.6
Manila to celebrate
21:49.9
with a marching band and a children's parade
21:52.8
and with flags. That would be a
21:54.7
sight to see. Hopefully, it doesn't rain.
21:56.7
I hope so. Mr. Ambassador, thank you,
21:58.7
Andrea. Thank you very much for coming over.
22:00.7
Thank you so much. And that's your Business Outlook.
22:03.0
I'm Ron Kroos. The world tonight comes
22:04.6
your way at the top of the next hour.
22:06.6
Keep it here on ANC.
