Category: Business

Canada’s unemployment rate rose to 5.2 percent in May, marking a 0.2 percentage point increase from the previous month. This is the first uptick in nine months, as reported by the country’s statistical body on Friday. The country’s unemployment rate remained unchanged at 5 percent for five consecutive months, before recording in May the first increase since August 2022. The unemployment figure came higher than the market expectation of 5.1 percent. Overall employment was almost unchanged in May, with a decline of just 17,000, or 0.1 percent, Statistics Canada said in a statement. That figure also came against the market estimates of a 23,000 increase, after the North American economy added 41,000 jobs in April. “Employment growth has moderated in recent months and monthly increases averaged 33,000 from February to April. This followed strong employment gains totaling 326,000 from September 2022 to January 2023,” it added. The participation rate, which is the proportion of the population that is employed, was down 0.1 percentage point to 65.5 percent in May. Average hourly wages, annually, increased by 5.1 percent in May.

Source: Philippines News Agency

The siphoning operations that are part of the oil spill cleanup’s final stage in Oriental Mindoro will be completed by June 19, the Philippine Coast Guard (PCG) said on Saturday. The extraction of the remaining industrial fuel oil from the sunken MT Princess Empress would be 100 percent done after nine days, PCG spokesperson Rear Admiral Armand Balilo said at the Saturday News Forum in Quezon City. ”Yung kanilang operations, very efficient at naniniwala ako na by June 19 ay 100 percent na ‘yung oil na makukuha doon sa mga tangke (The operations are very efficient and I am convinced that 100 percent of the oil would be recovered from the tanks by June 19),’ he said. The National Task Force on Oil Spill Management on June 1 said the siphoning operations might last up to 30 days. The Malayan Towage and Salvage Corp. started using remotely operated vehicles on June 1 and the deployed catch can collects oil from the cargo oil tanks (COT) of the vessel, which sank off the waters of Naujan town on Feb. 28. The MT Princess Empress was reportedly carrying about 800,000 liters of industrial fuel oil when it encountered engine trouble, leading to the disaster. Approximately 50 liters and 75 liters of oil have been recovered from COT No. 1 Starboard and COT No. 1 Port, respectively. The amount of oil recovered from COT No. 2 Starboard and COT No. 2 Port is yet to be determined. As of May 31, about 83.74 percent or 64.43 km. of the 79.33 km. of affected coastlines have been cleaned. Only 16.26 percent or 12.89 km. remain for cleanup. The ongoing cleanup operations have so far collected about 44,656.30 liters of oily water mixture; and 10,708 sacks, 997 drums, 119 pails, and 648 1-tonner bags of oil-contaminated sand/debris and oily waste from Calabarzon, Mimaropa, and Western Visayas. On June 2, the Dynamic Support Vessel Fire Opal arrived at the Subic Bay Freeport Zone to begin extraction of the remaining oil from the sunken vessel. The vessel extracts the oily waste and transfers them to a tanker for disposal.

Source: Philippines News Agency

The Tourism Authority of Thailand (TAT) has unveiled its direction for fiscal 2024 with a budget of 5 billion THB (144.2 million USD), which intends to grow off-peak customers, increase spending per trip by 7%, and distribute income to a greater variety of destinations.

TAT governor Yuthasak Supasorn said fairness in revenue distribution through a “sharing economy” and making Thailand a “Tourism for All” destination will be key strategies for the next fiscal year when it starts in October this year.

The TAT expects Thailand’s tourism revenue next year to fully recover to the 2019 level of 3 trillion THB. However, Yuthasak said the TAT hopes to see better distribution of tourists to secondary provinces and improved dispersal of tourists from high season to the whole year.

He said lessons learned from the pandemic helped the TAT formulate a new plan for next year as well as implement crisis management for possible contingencies in the future, the Bangkok Post reported.

According to Yuthasak, the industry should build “tourism security” to make itself resilient through a four-step development combining the public and private sectors. The first measure involves strengthening the supply chain by deciding which products and services must be upgraded to match demand, while local communities should be developed to receive a greater amount of tourists through more distribution channels.

Support and infrastructure for tourist services must be built to improve their safety and ease of travel while in Thailand, he said, adding that it is essential for the country to adopt safety standards that apply to all segments, especially for people with disabilities.

Enhancing the digital transformation can help to maximise tourism revenue, said Yuthasak.

He said that factors such as natural disasters, a pandemic, or a global recession are out of the industry’s control, so regulators should prepare for external risks by installing management plans.

The TAT is scheduled to discuss the implementation of the 2024 plan during its annual meeting from July 11-13 in Pattaya./.

Source: Vietnam News Agency

The inflation rate in Ilocos Region has decreased to 5.2 percent in May this year, lower than the 5.9 percent in April, according to the Philippine Statistics Authority (PSA). In a statement issued on Thursday, PSA Ilocos regional director Sheila de Guzman said the slower inflation in the region last month was primarily influenced by the considerable decrease in inflation of housing, water, electricity, gas and other fuels, transport, food, and non-alcoholic beverages. Pangasinan posted the highest inflation rate at 6.1 percent in May followed by Ilocos Sur at 4.8 percent, while La Union and Ilocos Norte have the lowest inflation rates of 3.4 percent, she said. ‘Compared to their respective levels in May 2022, Ilocos Norte, and Ilocos Sur both decreased by 3.7 percentage points. Meanwhile, La Union exhibited decreased inflation rate by 0.8 percentage points. On the other hand, the province of Pangasinan exhibited an increase in its inflation rate by 0.9 percentage points,’ she said. Inflation rates for alcoholic beverages and tobacco, health, personal care, miscellaneous goods and services, recreation, sport and culture, furnishings, household equipment and routine household maintenance, and clothing and footwear are also lower compared to April’s rates. ‘The rest of the commodity groups retained their previous month’s inflation rates or had zero percent annual growths,’ she added. De Guzman said the food index of the Ilocos Region decreased to 7.9 percent in May 2023 from 8.3 percent in April. Fruits and nuts were at 8.8 percent; sugar, confectionery, and desserts at 36.4 percent; oils and fats at 11.5 percent; vegetables, tubers, cooking bananas, and pulses at 8.0 percent; meat and other parts of slaughtered land animals at 2.0 percent; corn at -10.4 percent; flour, bread, and other bakery products, pasta products, and other cereals at 9.9 percent; milk, other dairy products, and eggs at 16.2 percent; and ready-made food and other food products at 6.5 percent. ‘The rest of the indices exhibited increases from their previous month’s inflation rates or had zero percent annual growths,’ she sai

Source: Philippines News Agency

The Department of Science and Technology (DOST) is stepping up efforts to help revive the once robust jewelry industry in Bulacan province. Through the DOST-Provincial Science Technology Office (PSTO)-Bulacan and Metals Industry Research and Development Center (MIRDC), a consultative meeting with the stakeholders and collaborators was held at the Bulacan State University Tuesday to discuss the agency’s proposed “Niche Center in the Region for R and D” (NICER) program. The NICER program capacitates higher educational institutes (HEIs) in the region to make significant improvements in regional research by integrating development needs into existing R and D (research and development) capabilities and resources. The DOST, through the NICER Program, provides institutional grants for HEIs to undertake quality research that will catalyze and promote regional development. DOST-PSTO Bulacan Director Angelita Q. Parungao said in an interview on Wednesday that the meeting was conducted to revive the jewelry industry through the inputs of various science and technology interventions. Parungao said one of the current priorities of the DOST is the development of creative industries in the country. She said jewelry is among the sunset industries in Bulacan that need to be revitalized to create more jobs and give the residents a better income. ‘The jewelry sector is historically one of the key industries in Meycauayan City, Bulacan but the industry is approaching its sunset if no intervention from the government is implemented,’ she said. Likewise, the Department of Trade and Industry (DTI) is working hand in hand with local micro, small and medium enterprises in the crafting of jewelry industry plans and roadmaps. Mary Grace Sta. Ana Reyes, DTI-Bulacan information officer, said there is an urgent need for adopting new business models and concepts, including strengthening and reactivating industry associations’ visibility in the development process, which is seen as crucial for the business community to thrive in the fast-changing times. “The Covid-19 pandemic has changed the local economic landscape thus, it is urgent to promote innovation and sustainability as strategies for industry development and expansion,’ she said.

Source: Philippines News Agency

The Association of Southeast Asian Nations (ASEAN) and Japan have agreed on several economic cooperation measures as they are celebrating the 50th anniversary of dialogue relations this year.

At a forum held in Tokyo on June 5, the Japan External Trade Organisation (JETRO) and other bodies signed a memorandum of understanding to support the launch of new startup projects.

Another pact calls for a Japanese Government-affiliated trade insurance organisations and MUFG Bank to provide investment and loans for decarbonisation efforts by ASEAN members.

Japanese Minister of Economy, Trade and Industry Nishimura Yasutoshi said ASEAN is showing remarkable growth while Japan possesses advanced technology. Using the strengths of both to jointly create a future based on trust is the direction they should aim for.

The 10-member ASEAN accounts for more than 8% of global trade and population. The Japanese Government is planning to invite leaders of the regional bloc to a special summit this December to further cement relations.

Source: Lao News Agency