Philippine stocks rise as virus cases slow

(Reuters) - Philippine shares hit their highest level

in over three months on Wednesday after a drop in new COVID-19

infections, while Taiwan's dollar rose the most among Asian

currencies as strong export orders lifted sentiment. 

    Manila's benchmark index was set to extend gains for

a third consecutive day, rising 2.7% to its highest since July

9, after the Philippines reported its lowest daily increase in

infections in four weeks.

    Sentiment has improved recently for Philippine stocks after

the passage of the 2021 budget aimed at underpinning an economic

recovery, and the relaxation of further coronavirus restrictions

in Manila.

    "While recent gains have been impressive, I think there is

still a long way to go in order for the benchmark stock index to

recover back to pre-pandemic levels," said Daniel Dubrovsky,

analyst at IG.

    "The challenge that Philippine equities face as a whole is

that about 40% of the benchmark is comprised of industrial

companies...which really need the support of a strong rebound in

global growth. While it is hard to say which sector could

outperform, monetary policy conditions seem to be supportive of

the real estate one." 

    Stock markets and currencies across the rest of the region

traded higher as growing optimism that U.S. lawmakers are

nearing a deal on a stimulus package helped draw money into

riskier Asian assets, sending the dollar to a one-month low.

    South Korea's won advanced 0.6% and the benchmark

KOSPI rose 0.3%, even as preliminary trade figures

showed exports out of Asia's fourth-largest economy fell again.

    Taiwan's dollar extended its winning streak for a

third consecutive day, rising 1% to 28.64 per dollar after data

showed export orders rose for a seventh consecutive month in

September.

    The currency has gained around 5% against the greenback so

far this year, having benefited from stronger exports from the

tech powerhouse island, helped by demand for laptops and tablets

to support the work-from-home trend during the COVID-19

pandemic. 

    "While central bank is likely to be monitoring the situation

carefully and perhaps intervene marginally, they have little

choice but to resign to the trend," said Mahesh Sethuraman,

deputy head of global sales trading at Saxo Capital Markets.

    "While it does hurt the competitiveness of their export

economy to some extent, given Taiwan is one of the few economies

to bounce back from COVID swiftly, that gives the central bank

some buffer to withstand currency appreciation." 

    

    HIGHLIGHTS:

    ** Thailand's 10-year government bond yields are down 1.5

basis points at 1.375%

    ** In the Philippines, top index gainers are Alliance Global

Group Inc up 5.73% at 7.93 pesos, Robinsons Land Corp

 up 5.52% at 15.3 pesos, Bank of the Philippine Islands

 up ​ 4.35% at 72 pesos

    * Top losers on FTSE Bursa Malaysia Kl Index include

Top Glove Corporation Bhd down 4.43% at 9.06 ringgit;

Hartalega Holdings Bhd down 2.94% at 18.48 ringgit;

Sime Darby Plantation Bhd down 1.61% at 4.9 ringgit

    

    

  Asia stock indexes and                                        

 currencies at   0418 GMT                                 

 COUNTRY   FX RIC     FX DAILY  FX YTD    INDEX   STOCKS  STOCKS

                             %       %           DAILY %   YTD %

 Japan                   +0.19   +3.15              0.41    0.03

 China     <CNY=CFXS     +0.33   +4.63             -0.35    8.73

           >                                              

 India                    0.00   -2.83              0.89   -1.36

 Indonesi                +0.17   -5.09             -0.02  -19.06

 a                                                        

 Malaysia                +0.10   -1.30             -0.59   -5.46

 Philippi                -0.08   +4.33              2.74  -19.65

 nes                                                      

 S.Korea   <KRW=KFTC     +0.56   +2.07              0.31    7.65

           >                                              

 Singapor                +0.12   -0.83              0.39  -21.23

 e                                                        

 Taiwan                  +0.97   +5.07              0.24    7.47

 Thailand                +0.16   -4.20              0.69  -22.84

 

 (Reporting by Shriya Ramakrishnan in Bengaluru)

-reuters-

China's millennials stimulate $15 billion sex toy market

BEIJING - Single and locked out of Beijing's dating scene by the pandemic, Amy was encouraged by other women in online chatrooms to find a solution to her enforced abstinence -- a sex toy.

"Before, I felt a bit scared and embarrassed to use them," said the 27-year-old, who did not wish to disclose her real name. "Then I discovered a new world."

Amy now plans to expand her collection.

Demand for sex toys is increasing in China, which is already the world's biggest exporter of bedroom aids.

That is partly thanks to the coronavirus, which brought prolonged separations for partners due to lockdowns, and lengthy closures of public entertainment venues that ruled out hook-ups.

But it is also a product of a wider cultural shift in attitudes towards sex by a younger and more open-minded demographic.

"Quite a lot of women... who are sexually active have a very open attitude towards using sex toys," Yi Heng, a prominent sex and relationships advice blogger, told AFP.

"They see it as very natural and normal."

Yi, who has over 700,000 followers on the Twitter-like Weibo platform and runs discussion groups on the topic, believes Chinese women are driving the market.

Changing social values 

China is more commonly associated with conservative public attitudes to sex -- pornography is banned and authorities have launched periodic crackdowns on "vulgar" online content.

President Xi Jinping has pushed for a "clean and righteous" cyberspace, and the Chinese government has sought to promote marriage and traditional family values as a way to revive flagging birth rates.

But China's divorce rate reached a record high of more than 3.1 million in the first nine months of 2019 -- a sign of change in societal values.

As they become increasingly empowered over what they want in the bedroom, women in their thirties and younger are getting more comfortable with the idea of using sex toys.

"Sometimes they don't find the orgasms and pleasure they really want, maybe because men's skills in bed are not good enough," explains Yi.

"Women are then perhaps more motivated to find a way to please themselves."

China's domestic sex toy sales lag far behind Western countries or even Japan.

But, driven mainly by female and millennial consumers, the country's nascent sex toy market is valued at over 100 billion yuan ($14.7 billion), according to Chinese research firm iiMedia.

Queries for the keyword "sex toys" on the Baidu search engine surged between January and June, according to Steffi Noel, an analyst at Shanghai-based market research firm Daxue Consulting.

But she added that that the spike in domestic demand during the pandemic may not result in major long-term growth.

"The people who bought (sex toys) during the pandemic were mainly first-time buyers," said Noel, and for "70 percent" of them it will likely be a one-time purchase.

1,000 sex dolls a month 

Meanwhile, overseas demand is insatiable.

China now produces 70 percent of global exports of sex toys, Daxue Consulting said in a March report.

The surge in orders came from "France, Italy and the US," said Noel, "mainly for vibrators and sex dolls."

In the first half of 2020, exports jumped by 50 percent year-on-year, Chinese e-commerce giant AliExpress said, as factories raced to meet demand in a world stuck at home due to the virus. 

"We export more than 1,000 lifelike sex dolls per month... we've reached full production capacity," a manager surnamed Feng at Shengyi Adult Products Co. in the southern manufacturing hub of Shenzhen told AFP.

The United States, Germany and Japan are major destinations for dolls which go for over 2,000 yuan (nearly $300) each.

"They don't see (sex dolls) as a taboo," Feng said.

"Now people are more open, and they don't think these objects are very weird."

Amy says she hopes Chinese society will gradually become more accepting of sex toys, and that their use will eventually be seen as normal.

"I hope that everyone can experience this kind of happiness," she said. 

"It is something you can give yourself and is very easy to acquire."

Agence France-Presse

India's coronavirus cases pass 5 million

NEW DELHI - India's total coronavirus cases passed 5 million on Wednesday, health ministry data showed, as the pandemic extends its grip on the vast country at an ever-faster rate.

With its latest 1 million cases recorded in just 11 days, a world record, India now has 5.02 million infections. Only the United States has more, with 6.59 million.

India has for some time been recording the world's biggest daily jumps in cases, and on Wednesday, the rise was just over 90,000 with a record 1,290 deaths.

While India took 167 days to reach 1 million cases, the next million came in just 21 days, faster than the US and Brazil, according to the Times of India. 

Just 29 days later, India became only the third country after the US and Brazil to post 4 million infections. India passed Brazil earlier this month.

Even so, and with India now testing around a million people daily, many experts say that this is not enough and that the true number of infections may be far higher.

This has been borne out in several studies in recent weeks measuring antibodies against the virus among the cramped populations of megacities New Delhi and Mumbai.

The India Council for Medical Research, the country's lead pandemic agency, said last week that its survey had suggested that already in May, 6.5 million people were infected.

The same goes for deaths — 82,066 as of Wednesday, less than half the US toll of 195,000 — with many deaths not properly recorded by authorities even in normal times.

'WRONG SIGNAL'

India has one of the world's most poorly funded health care systems and the nation of 1.3 billion people is home to some of the most densely populated cities and towns.

The sharp rise in cases is despite Prime Minister Narendra Modi's government imposing in late March one of the world's strictest lockdowns, leaving tens of millions of people in the informal labor market jobless almost overnight.

The lockdown saw complete travel bans, shutting down of businesses and factories, and the flight of millions of poor migrant workers from big cities to their villages that experts say caused the virus to spread from urban centers to small towns.

India's GDP slumped nearly 24 percent in the first quarter, one of the steepest drops among major economies.

The lockdown has been steadily eased even as infections soar, with schools set to open for some classes on Monday, along with tourist hotspot the Taj Mahal.

"Initially there was a fair amount of rigor in the lockdown but subsequently there was some relaxation before it was completely lifted," K. Srinath Reddy, head of health charity at the Public Health Foundation of India, told AFP.

"It sent a wrong signal to the people that possibly we have got things reasonably under control and now the economy takes precedence. The virus is now infecting more people and penetrating deeper into smaller towns."

Agence France-Presse

Heavily indebted Thai Airways gets court nod for restructuring

BANGKOK - A Thailand court on Monday approved the restructuring of Thai Airways, which is billions of dollars in debt and struggling to survive the coronavirus tourism crash.

The global aviation sector was plunged into crisis by the pandemic as countries severely restricted travel, forcing airlines to ground vast numbers of planes and seek government help as they haemorrhaged cash.

The kingdom, once a majority shareholder in Thai, reduced its stake in May and went to the insolvency court to resolve the airline's debt -- which totalled 332.2 billion baht ($10.6 billion) by the end of June, according to local media.

"The problem that caused debtor's financial situation is not from its business but from the rapid change in aviation, particularly the impact from Covid-19," Bangkok's Central Bankruptcy Court said Monday.

It approved Thai's request for a rehabilitation plan, which would see its debt and company organization restructured.

Thai said after the ruling that it would propose that plan by the end of the year.

It has long been accused of mismanagement, and Thailand's transport ministry found in August that some of its financial damage was due to corruption, including "bribes" paid for the acquisition of 10 aircraft.

The government was previously mulling a 54 billion baht bailout for the airline, which was met with a public outcry.

Thai has restructured multiple times over the last several years but it never "went deep enough to resolve many of the longstanding systemic issues", aviation expert Brendan Sobie told AFP.

Thailand's tourism-reliant economy has been battered by the pandemic, and is expected to shrink by more than seven percent this year according to government estimates. 

Agence France-Presse

Vaccine still possible this year, despite trial pause: AstraZeneca

LONDON - Drugs giant AstraZeneca on Thursday said a COVID-19 vaccine could still be available by as early as the end of the year, despite a randomized clinical trial being paused.

"We could still have a vaccine by the end of this year, early next year," the UK-based company's chief executive Pascal Soriot said in comments at a media event.

AstraZeneca announced Wednesday it had "voluntarily paused" its trial of a drug developed alongside Oxford University after a UK volunteer developed an unexplained illness.

An independent committee was drafted in to review safety but the company said it was a "routine action" designed to maintain the integrity of the trials.

"We will be guided by this committee as to when the trials could restart, so that we can continue our work at the earliest opportunity," Soriot said in a statement.

AstraZeneca's vaccine candidate is one of nine around the world currently in late-stage Phase 3 human trials.

In the US, the company began enrolling 30,000 volunteers across dozens of sites on August 31, and smaller groups are being tested in Brazil and elsewhere in South America.

The vaccine, called AZD1222, uses a weakened version of a common cold-causing adenovirus engineered to code for the spike protein that the novel coronavirus uses to invade cells.

After vaccination, this protein is produced inside the human body, which primes the immune system to attack the coronavirus if the person is later infected.

The director of UK scientific research charity the Wellcome Trust, Jeremy Farrar, said there were often pauses in vaccine trials.

He told BBC radio in an interview that it demonstrated the importance of conducting vaccine trials properly, with independent oversight and the involvement of the regulator.

"In the end, the public must have absolute trust that these vaccines are safe and of course effective, and in the end will hopefully bring the pandemic to a close," he added.

Britain's chief scientific adviser, Patrick Vallance, on Wednesday said similar events should be expected but progress on vaccines and therapeutics was positive overall.

"Some will read out this year in terms of efficacy and safety," he told a Downing Street news conference.

"And I think there's a reasonable chance that... we can think about the possibility of vaccination next year sometime at larger levels."

UK Health Secretary Matt Hancock said the pause was "not necessarily" a set-back, and said a similar pause occurred recently but was "resolved without a problem".

Agence France-Presse

UK retailer Marks and Spencer to axe 7,000 jobs

LONDON - Marks and Spencer, the British retail chain selling clothing and food, is to cut around 7,000 jobs as the coronavirus pandemic keeps shoppers away from its stores, it announced Tuesday.

The job cuts, to be carried out over the next three months, include losses from its central support centre, in regional management and in its UK stores, M&S said in statement.

Agence France-Presse

WHO concerned over rising virus cases in Europe

COPENHAGEN - The European chapter of the World Health Organization on Friday expressed concern over the resurgence of new coronavirus cases on the continent, saying countries should impose tighter restrictions if necessary.

The number of infections in Europe crossed 3 million on Thursday, a fifth of the world's more than 15 million cases. It remains the hardest hit in terms of deaths, with 206,633 out of 627,307 worldwide. 

With 335 new cases for 100,000 inhabitants in the last 2 weeks, Kyrgyzstan is the worst affected country in the sprawling zone covered by WHO's European chapter.

Others include Montenegro (207), Luxemburg (196), Bosnia (98), Serbia (71), Romania (52) and Bulgaria (46).

However the numbers of new infections have gone down significantly in Armenia (197 cases per 100,000), Kazakhstan (128), Moldavia (82) and Russia (60).

"The recent resurgence in COVID-19 cases in some countries following the easing of physical distancing measures is certainly cause for concern," a spokeswoman told AFP.

"Where new clusters of cases appear, these need to be controlled through rapid and targeted interventions including rapid case detection and isolation and diligent contact tracing and quarantining," she said. 

"If the situation demands, reintroduction of stricter, targeted measures with the full engagement of communities may be needed."

However, the number of new cases across Europe has remained stable at around 20,000 daily since May 20 -- more than 2 times lower than peak numbers at the start of April.

Agence France-Presse

Russia rolls out first approved COVID-19 drug as infections pass 500,000

MOSCOW - Russia on Thursday rolled out a drug approved to treat patients suffering from the novel coronavirus, its state financial backer said, as the number of infections there surpassed half a million.

The first deliveries of the new antiviral drug, registered under the name Avifavir, were made to some hospitals and clinics across the country, Russia's RDIF sovereign wealth fund said in a press release. 

RDIF has funded trials and has a 50 percent share in the drug's manufacturer ChemRar.

The health ministry gave its approval for the drug's use under a special accelerated process while clinical trials, held over a shorter period and with fewer people than many other countries, were still underway.

There is currently no vaccine for COVID-19, the disease caused by the new coronavirus, and human trials of several existing antiviral drugs have yet to show efficacy.

RDIF chief Kirill Dmitriev last week told Reuters the plan was for ChemRar to manufacture enough of the drug to treat around 60,000 people a month.

Dmitriev on Thursday said more than 10 countries had made requests for Avifavir supplies.

Negotiations were underway to supply the drug to almost all of Russia's regions, with 7 of its more than 80 regions receiving Thursday's initial deliveries, Dmitriev added.

With 502,436 cases, Russia has the third highest number of infections in the world after Brazil and the United States, but has a relatively low official death toll of 6,532 - something that has been the focus of debate.

The Moscow health department on Wednesday raised its death toll for the month of May, citing changes in the way it determines the cause of death for patients suffering from other health problems.

-reuters-

Bondi Beach to reopen for surfing as Australia virus cases slow

SYDNEY, Australia - Swimmers and surfers will return to Sydney's famed Bondi Beach next week, almost 6 weeks after it was closed due to a spike in coronavirus cases, officials announced Wednesday.

But the white sands will remain off-limits to sunbathers, joggers and families in an effort to maintain Australia's strict social distancing requirements.

Paula Masselos, mayor of Waverley, which takes in Bondi and surrounds, said locals could return to the ocean starting 28 April via two access points only.

"What these corridors will do is provide a safe access into the water for swim-and-go and surf-and-go only. So that is for exercise in the water," she told reporters in Sydney.

"The sand is closed: which means no running, no walking, no gathering, no bringing your kids down to play in the sand and have a paddle in the water."

Bondi and nearby beaches were closed in late March after photos circulated online showing mostly young beach-goers packed together on the sands in defiance of a ban on large outdoor gatherings.

The area was also designated a COVID-19 "hotspot" after more than 180 cases were detected among backpackers and residents, prompting health authorities to establish a pop-up testing clinic.

Masselos urged non-residents not to visit Bondi, saying the beach corridors would close if demand was too high.

"We want to make sure it operates within the social distancing and public health order rules," she said.

"And if people are not going to respect that and if the numbers are too great, regrettably we will have to close those."

Other Sydney beaches, including Coogee and Maroubra, reopened Monday to the sound of loudspeaker announcements warning swimmers to abide by social distancing rules.

Australia has recorded more than 6,600 cases of COVID-19, and 74 deaths from the virus.

Agence France-Presse

Unilab releases P665 million for COVID-19 response

MANILA - Pharma giant Unilab Inc said it released P665 million for its COVID-19 response effort and the amount could top the P1 billion mark in the coming weeks.

Unilab said it delivered to its partners P317 million in essential medicines and vitamins, P192 million in personal protective equipment sets consist of coveralls, isolation gowns, face shields, N95 and surgical masks, gloves and shoe covers, P45 million in alcohol, hygiene and basic protective kits, P50 million support for COVID-19 test kit development and P11 million worth of ventilators.

It also supported fundraising drives of civil society groups for the marginalized communities with donations worth P50 million, Unilab said.

The Campos Hess-led firm said it would continue to share its resources tor the country's COVID-19 response.

With "husay and malasakit" as its core values, Unilab said it displayed expertise in responding to crisis situations by determining the kind of support appropriate to the vulnerable sector in collaboration with the Department of Health and the country's coronavirus task force.

Over 400 hospitals nationwide have received support from the firm, it said.

Unilab said it partnered with the Department of Science and Technologu (DOST), University of the Philippines-National Institutes of Health (UP-NIH) and other public and private organizations for the possibility of "significant increase" in the country's testing capacity, which is vital in containing the spread of COVID-19.

Various private firms in the country have also extended millions in support for the government's fight against the coronavirus pandemic.

As of April 19, the Philippines has a total of 6,259 confirmed COVID-19 cases with 572 recoveries and 409 deaths.

news.abs-cbn.com

Jollibee slashes capex, eyes delivery to recover from COVID-19 lockdown

MANILA - Jollibee Foods Corp said Tuesday it would reduce its planned capital expenditures for the year as the coronavirus pandemic disrupts operations.

Capex for 2020 was cut by 64 percent to P5 billion from P14 billion due to "operational constraints" and "limited mobility" caused by the COVID-19 pandemic, Jollibee told the stock exchange. 

Deliveries accounted for 5 percent of total sales in the early part of 2020, from 3 percent during the same comparable period in 2019, the Philippines' largest fast food operator said. 

Select stores in Luzon were closed from mid-March due to the lockdown, which was extended until April 30. Stores that stayed open were limited to drive thru, takeout, delivery and selling ready-to-cook meals.

Jollibee is eyeing “full restoration” after the lockdown is lifted with its delivery business driving recovery, said CEO Ernesto Tanmantiong.

“While the COVID-19 pandemic has brought unprecedented disruption to our operations in the Philippines and other parts of the world, we are already planning for the full restoration of our operations. We expect growth to resume even if gradually, driven by our Delivery, Take-Out and Drive Thru business channels,” Tanmantiong said. 

Jollibee has donated P100 million worth of food from its brands to frontliners. It would allot another P120 million in food aid for the marginalized sector, JFC said.

source: news.abs-cbn.com

US recruits medical professionals from abroad as coronavirus cases rise

US Embassy Manila: Only those with approved petitions or are participants in certified exchange programs are eligible

MANILA - The United States said it was looking for medical professionals, particularly "those working on #COVID19issues" who wish to work in the US on a work or exchange visitor visa (H or J) as the country's coronavirus cases surged past 100,000.

In an advisory posted on its website, the US Department of State’s Bureau of Consular Affairs asked interested medical professionals to check the website of their nearest embassy or consulate for procedures to request a visa appointment.

This as nations around the world also struggled with an already overworked stable of health workers, with many themselves getting infected or placed under quarantine for exposure to the disease.

"We encourage medical professionals with an approved U.S. non-immigrant or immigrant visa petition (I-129, I-140, or similar) or a certificate of eligibility in an approved exchange visitor program (DS-2019), particularly those working to treat or mitigate the effects of COVID-19, to review the website of their nearest embassy or consulate for procedures to request a visa appointment," it said.

A Facebook post by the Consular Affairs said applying medical professionals "must have an approved U.S. non-immigrant or immigrant visa petition (I-129, I-140, or similar) or a certificate of eligibility in an approved exchange visitor program (DS-2019) to apply."

Foreign medical professionals already in the United States like J-1 Alien Physicians (medical residents) "may consult with their program sponsor, ECFMG, to extend their programs in the United States."

"Generally, a J-1 program for a foreign medical resident can be extended one year at a time for up to seven years," the advisory said.

In a separate announcement, the Bureau of Consular Affairs said the Department of State intends to continue processing H-2 cases "as much as possible, as permitted by post resources and local government restrictions."

While the Department of State suspended routine visa services at all U.S. Embassies and Consulates on March 20 in response to the COVID-19 pandemic, embassies and consulates will continue to provide emergency and mission-critical visa services “as resources allow.”

“The H-2 program is essential to the economy and food security of the United States and is a national security priority. Therefore, we intend to continue processing H-2 cases as much as possible, as permitted by post resources and local government restrictions,” it said.

“Secretary Pompeo, in consultation with the Department of Homeland Security, has authorized consular officers to expand the categories of H-2 visa applicants whose applications can be adjudicated without an in-person interview. Consular officers can, if they so choose, now waive the visa interview requirement for first-time and returning H-2 applicants who have no apparent ineligibility or potential ineligibility.

“This expansion also increases the period in which returning workers may qualify for an interview waiver. Applicants whose previous visas expired in the last 48 months, and who did not require a waiver of ineligibility the last time they applied, do not need to be interviewed in person if they are applying for the same visa classification as their previous visa. We anticipate the vast majority of otherwise qualified H-2 applicants will now be adjudicated without an interview.”

According to the US Citizenship and Immigration Services, the H-2B program allows U.S. employers or U.S. agents who meet specific regulatory requirements to bring foreign nationals to the United States “to fill temporary nonagricultural jobs.”

To qualify under the H-2B nonimmigrant classification, the petitioner must establish that “there are not enough U.S. workers who are able, willing, qualified, and available to do the temporary work.”

The employer’s need is considered temporary if it is either a one-time occurrence, seasonal need, peakload need, or intermittent need.”

The US Embassy in Manila, meanwhile, clarified late afternoon Saturday that the call "only applies to individuals who already have approved petitions or are existing participants in certified exchange programs."

"Once the enhanced community quarantine is lifted, eligible applicants can contact the Embassy for an appointment," the embassy said.

Currently, all routine visa services at the US Embassy in the Philippines are suspended in compliance government's order for an enhanced community quarantine in Luzon.

source: news.abs-cbn.com