Edward Teather News
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Farmer Rene Ravalo loads coconuts onto a truck in the Philippines for the 30-minute trip to market on a road built last year. It previously took half a day for a water buffalo to inch the goods down a mountain track.
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Singapore’s inflation accelerated more than economists estimated in March, justifying the central bank’s decision to tighten monetary policy this month.
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The Philippine economy likely grew at least 5.2 percent in the first quarter, the fastest pace in more than a year, according to the nation’s president.
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Thailand’s central bank lowered its growth forecasts as floods began overwhelming the capital of Southeast Asia’s second-largest economy, raising the odds of an interest-rate cut in the coming months.
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The Philippine economy grew more than economists estimated as higher public spending and consumption spurred the strongest six-month performance since the 2010 bounce-back from the global crisis. The peso gained.
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Asian policy makers are bolstering efforts to protect their economies from weakening global growth, as Indonesia unexpectedly cut interest rates and the Philippines unveiled a stimulus plan.
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Thailand’s central bank voted to cut interest rates four days after Governor Prasarn Trairatvorakul said no easing was needed, adding to evidence Asia’s outlook has worsened and supporting a government push to shore up growth.
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The Philippine economy grew less than economists estimated, adding pressure on policy makers to use monetary and fiscal measures to support expansion as the global recovery falters.
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Central banks in Southeast Asia may be forced to abandon this year’s monetary easing and raise interest rates before their north Asian peers in 2013, as rising inflation risks overshadow the current economic gloom.
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Philippine inflation slowed for a second month in June, giving the central bank room to keep its key interest rate at a record low to help President Benigno Aquino boost economic growth.
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