Tuesday, October 15, 2024

School reopenings lifted remittances

Money sent home by Filipinos abroad grew by 3.2 percent year-on-year in August amid the seasonal surge ͏ ‌      ͏ ‌      ͏ ‌      ͏ ‌      ͏ ‌      ͏ ‌      ͏ ‌      ͏ ‌     ͏ ‌      ͏ ‌      ͏ ‌      ͏ ‌      ͏ ‌      ͏ ‌      ͏ ‌      ͏ ‌     ͏ ‌      ͏ ‌      ͏ ‌      ͏ ‌      ͏ ‌      ͏ ‌      ͏ ‌      ͏ ‌     ͏ ‌      ͏ ‌      ͏ ‌      ͏ ‌      ͏ ‌      ͏ ‌      ͏ ‌      ͏ ‌     ͏ ‌      ͏ ‌      ͏ ‌      ͏ ‌      ͏ ‌      ͏ ‌      ͏ ‌      ͏ ‌     

 

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October 16, 2024

 

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ECONOMY

BSP: School reopenings lifted remittances in August


Money sent home by Filipinos abroad grew by 3.2 percent year-on-year in August amid the seasonal surge in transfers during the reopening of classes in the country, the Bangko Sentral ng Pilipinas (BSP) reported on Tuesday. Cash remittances coursed through banks amounted to $2.89 billion in August, higher than the $2.8-billion flows recorded in the same period last year.


By Ian Nicolas P. Cigaral

 

MONEY MATTERS

When falling inflation doesn't help the stock market


When it comes to investing, one factor that often gets overlooked but is critically important is the real interest rate. Defined as the nominal interest rate adjusted for inflation, the real interest rate is a key indicator for understanding the cost of capital. 


By Henry Ong

 

GAMING

Bloomberry gets cheaper, longer P72-B loan deal


Listed Bloomberry Resorts Corp., the operator of Solaire Resorts and Casino, has obtained a P72-billion loan from four local banks to repay an existing debt as it works to improve its bottom line and ramp up operations at its newest entertainment project.


By Meg J. Adonis

 

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BIZ BUZZ

Request granted: More free Wi-Fi hours at Naia


Passengers at Ninoy Aquino International Airport (Naia) can now use free Wi-Fi for three hours, an hour longer than the previous two-hour limit. In addition, they no longer need to provide personal information to access the internet services, which was a hassle anyway.


By Tyrone Jasper C. Piad

 

INQUIRER PLUS-EXCLUSIVE

Anticipation of BSP rate cut boosts PSEI


Philippine shares reclaimed the 7,400 level on Tuesday ahead of the Bangko Sentral ng Pilipinas' (BSP) policy-setting meeting Wednesday, when it is expected to announce a reduction of the benchmark interest rate of banks. 


By Meg J. Adonis


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What the campaign feels like in Nevada

Tomorrow’s conversation, tonight. Know where the news is going next.
Oct 15, 2024 View in browser
 
POLITICO Newsletter Header

By Charlie Mahtesian

Former President Donald Trump attends a panel on Hispanic voters in Las Vegas on October 12. He's joined by congressional candidate and former Rep. Mayra Flores (R-Texas), Nevada Republican Senate candidate Sam Brown and Goya President and CEO Robert Unanue.

Former President Donald Trump attends a panel on Hispanic voters in Las Vegas on October 12. He's joined by congressional candidate and former Rep. Mayra Flores (R-Texas), Nevada Republican Senate candidate Sam Brown and Goya President and CEO Robert Unanue. | Ethan Miller/Getty Images

SILVER STATE SLUGFEST — Nevada is the smallest of the battleground states in terms of Electoral College votes, but you’d hardly know it. It’s been inundated by roughly $250 million in ad spending this election cycle, and the two presidential tickets have made a combined 16 visits since March alone.

With just 6 electoral votes, Nevada isn’t necessarily essential to either Kamala Harris or Donald Trump. But in a race this close, in an election that will be decided by just seven closely contested states, neither campaign can afford to overlook any state that’s within reach. At the moment, the FiveThirtyEight polling average reports Nevada is essentially a dead heat — Kamala Harris is ahead of Donald Trump by a mere 0.5 percentage points.

As part of Nightly’s efforts to illuminate the battleground states that will decide the presidency, tonight we’ll hear from Megan Messerly, who spent nearly seven years covering politics in Nevada, at the Las Vegas Sun and the Nevada Independent, before coming to POLITICO. While she is a native of neighboring California, she considers Nevada her adopted home. She can sing the Nevada state anthem — “Home Means Nevada” — by heart, knows Oct. 31 is so much more than just Halloween and rightfully acknowledges the orange traffic cone as Nevada’s state flower.

What issues are dominating the political debate in Nevada this year? Are they different than in any of the other battleground states?

Yucca Mountain! Just kidding. It’s the economy.

Ask anyone in Nevada about economic ups and downs and they’ll tell you, “When the rest of the country catches a cold, Nevada catches the flu.” Not only are Nevadans feeling the same pinch on their wallets that the rest of Americans are, but many are still recovering from the pandemic, which forced casinos to shutter for more than two months and sent unemployment rates soaring to 30 percent. (I remember driving down the Strip during the early pandemic days: It was eerily apocalyptic.)

Plus, as of August, Nevada had the highest unemployment rate of any state, at 5.5 percent, according to federal data. And data show inflation has hit the Mountain West particularly hard.

It’s been 20 years since a Republican presidential nominee carried Nevada. What makes it so close this year?

To start, the last two presidential elections in Nevada were very close: Joe Biden and Hillary Clinton both won the state by 2.4 percentage points in 2020 and 2016, respectively. Democrats here have been able to take close races and eke out victories on the ground because of their fabled Harry Reid turnout machine.

But talking to folks when I was on the ground in Las Vegas last week, I heard a lot of trepidation among Democrats — and, conversely, excitement among Republicans — about Latino and working-class voters. These two groups have been the bread-and-butter targets of the Reid machine, but we’ve seen both groups in Nevada and nationally drift away from the Democratic Party amid the GOP’s populist tack under Donald Trump and a broader disillusionment with the left. That’s going to make Democrats’ work even harder this year.

Close to 90 percent of the Nevada vote was cast in just two counties in 2020: Clark and Washoe counties. Can you briefly describe their distinctive features?

When you hear Clark County, think Las Vegas; when you hear Washoe, think Reno.

Clark, which sits at the southernmost tip of the state, is by far Nevada’s largest county, home to more than 2.2 million people in a state of 3.1 million. It’s a very working class, low educational attainment county — largely owing to Las Vegas’s tourism-based economy — and has voted reliably Democratic in recent years. Washoe, up north, is home to about a half million people and has seen significant changes in recent years, particularly as tech companies have opened up offices there. Both counties have seen significant growth, including an influx in Californians, in recent years.

The longtime strategy for Democrats in Nevada was to run up the score as high as possible in Clark, tie in Washoe, and lose by as little as possible in the rural counties. In 2020, Democrats slipped slightly in Clark County while gaining a slight edge in Washoe, which was enough to overcome the GOP advantage in the ruby red rural counties.

What does Donald Trump’s path to victory look like in Nevada? What about Kamala Harris?

It really all comes down to those Latino and working class voters I talked about. If Harris can’t get enough of them to the polls — either because they’re voting for Trump or staying home — it’s going to be really hard for her to win.

It took days for Nevada to count 100 percent of the vote in the 2020 presidential election, leading to much mockery on social media. The state’s slow vote counting once again drew national notice in 2022. It’s one of the smaller states in terms of population, so what the heck takes so long?

Nevada is great at in-person early voting. But there have been some, er, shall we say growing pains with a pandemic-era change — later made permanent — to send mail ballots to all registered voters in the state.

In the last two elections, counties haven’t had the technology or staff needed to process mail ballots quickly enough. There are also extra checks required with mail ballots, like making sure the signature on it matches the one on file. (If there are any issues, voters are given a chance to “cure” their ballots by proving their identity.) And mail ballots in Nevada are valid as long as they’re postmarked on Election Day and received within four days.

All of that has prolonged the ballot-counting process, making it very difficult to call close races. In 2022, GOP Gov. Joe Lombardo won by about 15,000 votes, and Democratic Sen. Catherine Cortez Masto won her reelection by just under 8,000.

New changes this year, including allowing counties to start counting mail ballots two weeks before and to tabulate Election Day votes as they come in, are expected to speed up the process. And counties have more machines and staff that should help, too.

If not, we can certainly expect more Zootopia sloth memes.

Lightning round question: Name one place, issue or thing we should be watching in Nevada in the campaign homestretch.

My old boss Jon Ralston’s early voting blog in the Nevada Independent. Because, as all Nevadans know… #WeMatter.

Welcome to POLITICO Nightly. Reach out with news, tips and ideas at nightly@politico.com. Or contact tonight’s author at cmahtesian@politico.com or on X (formerly known as Twitter) at @PoliticoCharlie.

What'd I Miss?

— Disaster loan program fully ‘exhausted’ with Congress still out of town: The nation’s loan program for disaster survivors has fully exhausted its funding, the Biden administration announced today . And lawmakers, the only ones who can greenlight more funding, are slated to be out until after Election Day. Without congressional action, the Small Business Administration can’t make new loan offers to people trying to rebuild businesses and homes hit by disasters like Hurricanes Helene and Milton. Speaker Mike Johnson has repeatedly said he does not intend to call lawmakers back to town before the scheduled Nov. 12 return, however, saying over the weekend that it would be “premature” to gavel back in to approve emergency disaster aid before states have calculated their recovery needs from the two hurricanes.

— U.S. issues ultimatum to Israeli government over Gaza crisis: The Biden administration is issuing a new ultimatum to the Israeli government : address a deteriorating humanitarian crisis in Gaza within 30 days or risk restrictions on future U.S. military aid. In a Sunday letter to Israeli Defense Minister Yoav Gallant and Israeli Minister of Strategic Affairs Ron Dermer, Secretary of State Antony Blinken and Defense Secretary Lloyd Austin warned that the U.S. is deeply alarmed by the worsening humanitarian crisis in the Gaza Strip and demanded more actions from Israel to allow aid to enter the territory, National Security Council spokesperson John Kirby told reporters today.

— Election board officials can’t refuse to certify results over suspected voter fraud, Georgia judge rules: A Georgia judge has rejected a bid by Trump allies to give local election board officials the right to refuse to certify results when they suspect fraud or other irregularities. Fulton County Superior Court Judge James McBurney ruled that state law requires those boards to certify the vote totals presented to them, with any disputes brought to court following that certification. The judge ruled on a suit brought by Fulton County Board of Elections member Julie Adams with the assistance of America First Policy Institute, a conservative organization with close ties to Donald Trump. Critics said the case was aimed at allowing Trump allies to gum up the election machinery if there is a close result in Georgia in next month’s presidential contest.

Nightly Road to 2024

BAILING OUT — Donald Trump canceled a planned interview with CNBC’s “Squawk Box,” according to co-host Joe Kernen. “Trump canceled, and he was going to come on,” Kernen said this morning on CNBC. A Trump campaign official told POLITICO that the cancellation was “due to a scheduling conflict.” Trump did an interview with Bloomberg News and the Economic Club of Chicago this afternoon, travel to Atlanta for a 7:30 p.m. ET event, and pre-tape a Fox News town hall that will air Wednesday.

The CNBC interview had not been previously announced. Kernen added that he also invited Kamala Harris for an interview, but that “she’s not coming on.” This marks the second time that Trump has pulled out of a broadcast news interview recently.

RURAL RUSH — Democratic vice presidential nominee Minnesota Gov. Tim Walz today unveiled his ticket’s plans to improve the lives of rural voters, as Vice President Kamala Harris looks to cut into former President Donald Trump’s support.

The Harris-Walz plan includes a focus on improving rural health care, such as plans to recruit 10,000 new health care professionals in rural and tribal areas through scholarships, loan forgiveness and new grant programs, as well as economic and agricultural policy priorities. It marks a concerted effort by the Democratic campaign to make a dent in the historically Trump-leaning voting bloc in the closing three weeks before Election Day. Trump carried rural voters by a nearly two-to-one margin in 2020.

TARGETED OUTREACH — In Atlanta, a group of Black entertainers and elected officials took the stage at a brewery to urge a crowd of Black men to support Vice President Kamala Harris. In Milwaukee, dozens of volunteers fanned out across Black neighborhoods to encourage sometimes skeptical residents to vote. And in a blitz of national media interviews and campaign ads, Harris herself made her case to Black voters, writes the New York Times.

The flood of recent door-knocking, ads, rallies and celebrity-studded outreach events across battleground states reflects Democrats’ growing alarm about their weakening support among Black voters — a yearslong drift that the party’s leaders have not confronted so directly, and with the stakes so high, until now. A New York Times/Siena College poll last week found that Ms. Harris was underperforming President Biden’s support with Black voters in 2020 by roughly 10 percentage points, and by 15 points among Black men — a drop-off that could doom her fortunes. The poll found that former President Donald Trump was making inroads, with 15 percent of Black voters saying they would back him.

THE DAILY WHAT? — As Donald Trump and Kamala Harris feverishly chase undecided voters in the final stretch of the presidential campaign, millions of people in battleground states are being served ads on Facebook and Instagram from an obscure page calling itself “The Daily Scroll.” The social media ads, which are adorned with a nondescript logo resembling a pair of checkmarks, have promoted news articles from mainstream outlets including CNN, ABC and NBC, showing easing US inflation, cheaper insulin prices, and the consequences of state abortion bans. But the ads on Meta-owned platforms aren’t being paid for by any news outlet — they’re a product of Harris’ presidential campaign, which has spent heavily on social media platforms and embraced influencers to power her online efforts against Trump.

Since Harris launched her bid for president this summer, her campaign has spent more than $11 million on Facebook and Instagram ads to promote The Daily Scroll into users’ feeds, a CNN analysis found. The ads promoting The Daily Scroll have appeared on screens at least 700 million times, according to data from Meta’s Ad Library, with about 97% of views coming from seven battleground states: Wisconsin, Michigan, Pennsylvania, Nevada, Arizona, Georgia, and North Carolina. All the ads include a disclaimer that they are “paid for by Harris for President,” and they do not appear to violate Meta’s rules for political advertisers.

AROUND THE WORLD

French President Emmanuel Macron and Israeli Prime Minister Benjamin Netanyahu attend a joint press conference.

French President Emmanuel Macron and Israeli Prime Minister Benjamin Netanyahu attend a joint press conference in Jerusalem on Oct. 24, 2023. | Pool photo by Christophe Ena

WARNING SHOT — French President Emmanuel Macron warned Israel’s Prime Minister Benjamin Netanyahu not to “ignore United Nations decisions” during a weekly meeting with his ministers today, according to French media reports.

“Mr. Netanyahu must not forget that his country was created by a U.N. decision,” he is quoted as saying, referencing the U.N. General Assembly’s November 1947 vote that terminated the British mandate of Palestine and split the land into a Jewish and an Arab state.

Macron and Netanyahu have been trading barbs in recent days amid fears of an escalation of the conflict between Israel and the Hezbollah militant group, which risks engulfing Lebanon and its civilian population.

The French president recently called for a halt to arms deliveries to Israel in an interview with French radio, which triggered an angry response from the Israeli prime minister who declared “shame” on the French president.

MISSING THE MARK — France will fall short of its pledge to donate up to €3 billion in military aid to Ukraine this year and is only on track for “above €2 billion,” French Armed Forces Minister Sébastien Lecornu told lawmakers.

French President Emmanuel Macron made the promise to send a maximum of €3 billion earlier this year — part of an effort to beef up French aid to Ukraine after Paris came under fire for doing less than other countries like Germany.

Nightly Number

1 in 12

The amount of independent expenditure dollars in House and Senate races this year that have come from cryptocurrency-linked super PACs.

RADAR SWEEP

ON THE HUNT — There are two concurrent trends happening right now in the United States. First, there’s been an increase in gun violence. Second, there’s been a decline in hunting. At first glance, these two might not look connected, or they might even appear confounding — how come there’s more gun violence even as guns are used less recreationally? Michael Rocque , who studies mass shootings and gun violence, and is a hunter himself, explored the topic in Slate. Could it be that hunting actually helps Americans understand how to properly use a gun, and helps them comprehend some basic rules of gun safety that otherwise go untaught?Read his full exploration into the topic here.

Parting Image

On this date in 1969: Demonstrators gather in Central Park on Moratorium Day, a nationwide series of protests aimed at ending the war in Vietnam.

On this date in 1969: Demonstrators gather in Central Park on Moratorium Day, a nationwide series of protests aimed at ending the war in Vietnam. | AP

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3 Hidden Gems in the Mid-Cap Market

3 Mid-Cap Stocks Set to Soar...
Folks, 

Today, we're uncovering three gems trading under $20 that have not only caught the eye of insiders but are also primed for explosive growth. 

These companies are making waves in their industries, and their potential upside could be a game-changer...

So, let's buckle up and explore the opportunities that lie ahead!
1. Transocean Ltd. (NYSE: RIG)

Transocean, a leading offshore drilling contractor, has recently garnered attention due to two significant factors: new high-value contracts and a favorable economic climate for energy stocks. Transocean specializes in leasing rigs and drilling equipment, making its performance highly sensitive to the price of oil and the demand for drilling. As of October 15th, 2024, RIG shares are trading in the $4 range.

In recent months, Transocean has secured major contracts that ensure nearly 90% of its fleet is committed through the next year. This substantial utilization rate not only guarantees steady revenue but also strengthens Transocean's position if the anticipated "oil supercycle" continues, driven by growing energy demands. Furthermore, Transocean has attracted attention due to insider purchases totaling $3.5 million in stock since July, signaling a strong internal belief in the company's growth trajectory. Analysts are optimistic about Transocean's outlook, especially with the Federal Reserve's recent rate cuts aimed at stimulating economic activity, which could boost the oil sector.
2. Crescent Energy Co. (NYSE: CRGY)

Crescent Energy has positioned itself as an unconventional player in the energy market, focusing primarily on resource acquisition rather than development. Its portfolio is heavily weighted in the Eagle Ford and Uinta Basins, giving it a robust foothold in significant oil-producing regions

What makes Crescent Energy a compelling investment is not just its strategic acquisitions but also its recent inclusion in the S&P SmallCap 600 index, which often increases visibility among institutional investors. Furthermore, since the company's Q2 2024 earnings release, executives have made multiple stock purchases, indicating insider confidence in Crescent's growth strategy and potential for future profitability. Analysts anticipate that the ongoing surge in oil prices will continue to drive Crescent's success, especially as demand for energy increases globally.
3. Mobileye Global Inc. (NASDAQ: MBLY)

Mobileye Global, partially owned by Intel, is a leader in the burgeoning field of autonomous vehicle technology. The company's flagship SuperVision platform, powered by its proprietary EyeQ chips, has proven instrumental in advancing driver-assistance systems.

Insider buying at Mobileye underscores the optimism surrounding its future in autonomous driving. Despite competition, the company's commitment to long-term innovation and industry leadership positions it well in the shift toward non-carbon transportation. As the market awaits regulatory progress for fully autonomous vehicles, Mobileye's interim focus on driver-assistance technology could solidify its market presence. The company's eye-catching valuation and recent price drop provide an entry point for investors willing to engage in a longer-term growth play.
These three stocks — Transocean, Crescent Energy, and Mobileye — reflect diverse opportunities within the mid-cap range under $20. With insider buying as a confidence indicator, combined with sector-specific catalysts, each stock holds substantial upside potential. While Transocean and Crescent Energy are poised to benefit from oil market dynamics, Mobileye's position in the autonomous driving space aligns with trends in technology and transportation. These factors make them attractive options for investors looking to capture gains in undervalued, growth-oriented mid-cap stocks.

Anyways...

That's all for now!

Until Next Time,
-Jeremy
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