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Thursday, August 29, 2013

Nasdaq takes some blame for 3-hour breakdown

A three-hour trading outage on the Nasdaq last week was partly the result of issues within the company's control, the Nasdaq OMX Group said Thursday.

In a statement, the company detailed some of its early findings from an internal review. The Nasdaq blamed "a confluence of unprecedented events" that overwhelmed the exchange's system for handling price information. It said the catalyst was a torrent of messages from a trading platform run by the New York Stock Exchange, Arca.

"NASDAQ OMX is deeply disappointed in the events of August 22," the statement said, "and our performance is unacceptable to our members, issuers and the investing public."

The outage cracked the midday calm of a quiet summer day on Wall Street, sending brokers and traders scrambling to figure out what went wrong. Suspicion immediately fell on high-speed trading.

But on Thursday, the Nasdaq absolved high-speed trading of any blame. "Our review indicates that high frequency trading played no role in the technology events of August 22," the company's statement said.

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The trouble started in the morning, according to Nasdaq's version of events, when Arca tried to connect and disconnect more than 20 times with the Nasdaq's information processing system. Arca then sent a stream of price quotes for inaccurate stock symbols. The flood of data amounted to more than double the amount Nasdaq's processing system was tested to handle and 26 times the average flow. As a result, the company's processing system failed, which revealed a flaw in the system's software.

Shortly after noon, the Nasdaq sent out an alert that said it was stopping trading in shares listed on its exchange.

In its statement, the company said it had fixed the problem within 30 minutes but needed time to test its systems "to ensure that trading could be resumed in a fair and orderly manner."

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Peso flat despite glowing 7.5% economic growth for PH in Q2

12:34 am | Friday, August 30th, 2013

MANILA, Philippines—The peso closed flat on Thursday despite the release of positive economic data for the Philippines as investors shunned emerging markets amid worries over India’s growth.

After posting gains in early trading, the local currency closed at 44.75-to-$1 on Thursday, the same level as Wednesday’s close.

The peso’s close came despite gains made by the local equity index following the release of data that showed the Philippines’ gross domestic product expanded by 7.5 percent in the second quarter—matching China’s growth that was the fastest in Asia.

“The growth has already been priced in by the market,” BDO chief market strategist Jonathan Ravelas said.

Countering the optimism for the Philippines was Standard & Poor’s announcement of a possible downgrade for India, leading to risk-aversion over Asian emerging markets.

The peso initially opened stronger at 44.60: $1 and appreciated further to 44.50: $1 before closing at its lowest point for the day. Trading volume declined slightly to $1.042 billion from $1.242 billion the day before.

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Short URL: http://business.inquirer.net/?p=140859

Tags: Economic Data Plan , economic growth , Peso , Philippine economy

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Traders WhiteBoard Lesson 4

Hello traders everywhere! Adam Hewison here, co-founder of MarketClub with Traders WhiteBoard Lesson 4.

Today’s lesson is perhaps one of the most important lessons we have in the Traders WhiteBoard series. I will share with you important information about stops and money management, so you can be successful in any market.

This is the one lesson you do not want to skip. Lesson 4 provides you with the structure you will need to build and grow your bottom line in the future.

Today’s video runs a little over four minutes in length. My personal goal is that you find this lesson helpful, informative, and above all educational.

Every Success,

Adam Hewison

President, INO.com

Co-Creator, MarketClub

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Asean integration boon to call center industry

Sector experiencing ‘hyper growth’, says association

10:29 pm | Thursday, August 29th, 2013

The Philippine contact center industry is expected to reap significant benefits from the economic integration of the 10-member states of the Association of Southeast Asian Nations, given the country’s strategic location and young, educated population.

As it is, the country’s contact center industry is experiencing “hyper growth” after overtaking India in 2011, according to Benedict Hernandez, president of the Contact Center Association of the Philippines (CCAP).

Hernandez also said that “the demand and appetite are there and we anticipate that this hyper growth will continue.”

University of Asia and the Pacific economist Bernardo M. Villegas also said that the Asean bloc, which will be led by Indonesia, Vietnam, and the Philippines, will be “strong enough” to challenge the economies of China and India in 20 years and this presents additional growth opportunities for the contact center industry.

Villegas was quoted in a statement of the Contact Center Association of the Philippines as explaining that these three Asean countries, which have a combined population of 400 million, have big domestic markets that make them relatively less susceptible to global downturns.

In contrast, the 1990s Asian tigers Singapore, Hong Kong, Taiwan, and South Korea have measly populations, little natural resources, and strong dependence on exports, Villegas said.

The anticipated integration will be marked by the establishment by Dec. 2015 of the Asean Economic Community, which will then allow Asean companies in 10 Asean member-nations to enter each other’s markets, encouraged by zero tariffs and reduced red tape.

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Short URL: http://business.inquirer.net/?p=140855

Tags: ASEAN , Business , call center , CCAP , Contact Center Association of the Philippines

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August inflation seen at 1.9-2.7%

By Paolo G. Montecillo

Philippine Daily Inquirer

10:27 pm | Thursday, August 29th, 2013

The rise in consumer prices likely remained subdued in August, providing room for monetary authorities to sustain a stimulus program and encourage economic growth.

However, the Bangko Sentral ng Pilipinas (BSP) said it was mindful of price pressures that may push inflation higher and potentially choke the economy in the coming months.

BSP Governor Amando M. Tetangco Jr. said inflation in August would likely be between 1.9 percent and 2.7 percent.

This would be slower than the 2.8 percent average rise in consumer prices in July, and lower than the year-to-date average of 2.9 percent at the end of last month.

“August inflation is expected to remain benign… despite the recent weather disturbances, peso weakness, and uptick in petro prices,” Tetangco told reporters Thursday.

Weather disturbances usually lead to tightness in supply of food products, especially if food-producing areas of the country are affected by floods. A weaker peso, meanwhile, makes imported products such as fuel more expensive.

Tetangco said the reduction in power rates for the month may have tempered price increases of other goods.

He had said he was confident that inflation this year would still settle within the BSP’s target of 3 to 5 percent, implying an expected acceleration in the coming months.

Despite the expected low inflation in August, Tetangco said the BSP would continue to track developments that could push prices higher and adjust monetary settings accordingly.

This month, Standard & Poor’s warned of a possible increase in borrowing costs across Asia as foreign investors pull out of emerging markets and return to the US. This comes amid the expected tapering of the Federal Reserve’s monthly bond-buying program that started in 2009 to keep interest rates in the US down with the aim of spurring economic growth.

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Short URL: http://business.inquirer.net/?p=140807

Tags: August inflation , Business , consumer prices , Inflation

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Ayala, AGI, Jollibee debut on Forbes’ list of ‘Fab 50’

By Doris C. Dumlao

Philippine Daily Inquirer

10:26 pm | Thursday, August 29th, 2013

Three Philippine blue chip firms—Ayala Corp., Alliance Global Group Inc. and Jollibee Foods Corp.—debuted on Forbes Asia magazine’s 2013 list of Asia-Pacific’s best 50 big listed companies.

The list, which is dominated by companies from China (with 20), is the ninth annual roster of this kind compiled by the magazine.

Also, India had a dozen representatives on the list.

Forbes Asia said it began this year’s search with 1,220 companies that had at least $3 billion in annual revenue or market capitalization.

“We looked at each company’s track record for revenue, profits, return on capital and share-price movements, and then we sized up the outlook. If it had too much debt or the government owned at least half the shares, it was out,” the magazine said.

Ayala, AGI and Jollibee were among the 18 companies that landed on the list for the first time.

“Businesses are being tested throughout the region. Three years of slowing growth, gyrating currencies and stock prices, and stagnation in the export markets of the US and Europe all present challenges. Companies that are not only surviving but also shining in these times make up our ninth annual roster of Asia-Pacific’s best 50 big listed companies,” the magazine said.

In 2011 and 2012, JG Summit Holdings was the only Philippine firm that was on the list, but this year, it is no longer on the roster.

Forbes Asia noted that its latest list of billionaires is full of founders and executives of these “Fab 50” companies, noting that AGI chair Andrew Tan doubled his wealth to $4.6 billion and is the third-richest person on the list. Jaime Zobel de Ayala, the sixth richest ($3.1 billion), is chair emeritus of Ayala Corp., Philippines’ oldest conglomerate.

AGI is into property development, gaming and leisure estate, beverage manufacturing and fastfood businesses. Ayala is a diversified conglomerate with interests in property development, banking, telecommunications, water distribution, electronics manufacturing and business process outsourcing. Jollibee is a homegrown fastfood chain that has set up shop in overseas markets, particularly mainland China.

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Short URL: http://business.inquirer.net/?p=140805

Tags: Alliance Global Group Inc , ayala corp. , Business , Forbes Asia , Jollibee Foods Corp.

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Watch Adam on FBN's "Making Your Market" with Charles Payne in the 6pm EDT hour Tonight

Tune in tonight to "Making Your Market" with Charles Payne on Fox Business News to watch our very own Adam Hewison. Adam will be offering advice to novice investors/traders on where to put you money (and what signals to look for when investing in the equity market).

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