People at a market in Quezon City, Philippines. PHOTO: XINHUA
XINHUA – The Philippines’ overall balance of payments (BOP) posted a surplus of USD88 million in August this year, a reversal from a deficit of USD57 million in August last year, the country’s central bank said.
According to the latest data released by the central bank, the surplus reflected inflows mainly from net income from the central bank’s investments abroad.
The surplus brought the year-to-date level to USD1.6 billion, lower than USD2.1 billion recorded in January-August last year.
Based on the preliminary data, the cumulative surplus reflected mainly narrowing trade in goods deficit alongside continued net inflows from personal remittances, trade in services, net foreign direct investments, net foreign borrowings by the government and net foreign portfolio investments.
“The BOP position reflects an increase in the final gross international reserves (GIR) level to USD107.9 billion as of end-August 2024 from USD106.7 billion as of end-July 2024,” the central bank said. It added that the latest GIR level represents a more than adequate liquidity buffer equivalent to 7.8 months’ worth of imports of goods and payments of services and primary income.
Moreover, it is also about six times the country’s short-term external debt based on original maturity and 3.8 times based on residual maturity.
People at a market in Quezon City, Philippines. PHOTO: XINHUA
A Mercedes-Benz logo outside the customer centre in Sindelfingen, southwestern Germany. PHOTO: AFP
AFP – German auto manufacturer Mercedes-Benz fell sharply on the Frankfurt Stock Exchange yesterday after the group lowered its outlook on the back of weak sales in its key Chinese market.
Mercedes shares had lost almost seven per cent around 10am shortly after markets opened.
The Stuttgart-based group said late on Thursday it now expected its operating profit to be “significantly below the prior year level”.
Previously, the carmaker had indicated a result “slightly below” the previous year.
Mercedes likewise cut profit margin predictions for its car business to between 7.5-8.5 per cent from 10-11 per cent.
A Mercedes-Benz logo outside the customer centre in Sindelfingen, southwestern Germany. PHOTO: AFP
The downward revision was the second time Mercedes has cut its guidance in the space of two months, following weak earnings in the second quarter.
The new cut “was triggered by a further deterioration of the macroeconomic environment, mainly in China”, Mercedes said.
China’s economy had “lost further momentum amid weaker consumption as well as the continued downturn in the real estate sector”, the German group said, impacting Mercedes’ sales, including for its high-margin top-end segment. German auto manufacturers have been hit hard by weak demand and a difficult transition from combustion engines to electric vehicles.
Like Mercedes, BMW was forced to lower its guidance at the beginning of the month due in part to muted demand in China.
Volkswagen meanwhile has said it will need significant restructuring to remain competitive, raising the possibility of closing factories in Germany.
The unprecedented step, which has riled unions, was in part a response to lower demand for Volkswagen cars since the coronavirus pandemic.
For analysts at Stifel investment, the cut to guidance at Mercedes “does not come as a major surprise” in itself but the magnitude of the revision was a “negative surprise”.
A consumer at a store in Chongqing, China. PHOTO: CHINA DAILY
ANN/CHINA DAILY – The National Development and Reform Commission (NDRC), China’s top economic planner, said on Thursday that it is intensifying efforts to spur investment and consumption in its bid to bolster domestic demand.
Specifically, the NDRC will continue to support government investment in guiding and driving social investment, while also encouraging private businesses to participate in major national projects, said spokesperson Jin Xiandong during a press conference.
The NDRC will offer more high-quality projects to private investors, prudently promote government-private investment cooperation, and accelerate the regular issuance of real estate investment trusts to further stimulate private investment, Jin added.
Concerning the boosting of consumption, Jin said the economic planner will adhere to an “employment-first” policy and explore more approaches to increase incomes, thereby enhancing people’s spending power.
The NDRC will also maximise the use of ultra-long special treasury bonds to support consumer goods trade-ins, and promote service consumption in sectors such as culture and tourism, education, healthcare, elderly and child care, and housekeeping, Jin confirmed.
China’s consumer market has maintained stable recovery this year, with retail sales of consumer goods rising 2.1 per cent year-on-year in August, according to the National Bureau of Statistics.
Earlier data from the bureau showed that the consumer price index, a main gauge of inflation, was up 0.6 per cent year-on-year last month, quickening from the 0.5-per-cent increase in July.
A consumer at a store in Chongqing, China. PHOTO: CHINA DAILY
ABOVE & BELOW: Acting Village Head of Kampong Ayer Zone I Haji Tarip bin Haji Asgar during the session; and Kampong Ayer village residents in a group photo with officers from government ministries. PHOTO: INFOFOTO
A Personal Contact Programme for Kampong Ayer Zones I and II residents was recently held to disseminate information on current issues, government policies and gather feedback for the relevant agencies.
Acting Senior Information Officer Saadiatul Aqilah binti Haji Jaman accompanied by officers and staff led the event organised by the Information Department at the Prime Minister’s Office. The event was held at Al-Muhtadee Billah Mosque Hall in Kampong Sungai Kebun.
The programme began with remarks from the delegation leader, who highlighted the Information Department as the voice, eyes and ears of the government in providing the latest information, government policies and current issues to the people and residents of this country through various channels the Personal Contact Programme and the publication of the newspaper Pelita Brunei.
The programme is part of the department’s face-to-face Communication strategy, to enhance relations between the government and the public.
Since 2022, the initiative has been conducted in 57 villages nationwide, raising awareness on the dangers of fake news and the process for reporting it.
Participants were also briefed on the Unified Smart Metering System (USMS) for prepaid meters by representatives from the Department of Electrical Services, Water Services Department, and DST Network Sdn Bhd. Acting Village Head of Kampong Ayer Zone I Haji Tarip bin Haji Asgar and Acting Village Head of Kampong Ayer Zone II Haji Mayalin bin Haji Saat, expressed appreciation for the opportunity to receive updates from government agencies, which they said helped address community issues and strengthen ties between the government and residents.
Acting Penghulu of Mukim Zone I of Kampong Ayer Raimi bin Rashid was also present.
The session concluded with a dialogue on issues concerning security infrastructure, and public facilities in the villages. – Azlan Othman
ABOVE & BELOW: Acting Village Head of Kampong Ayer Zone I Haji Tarip bin Haji Asgar during the session; and Kampong Ayer village residents in a group photo with officers from government ministries. PHOTO: INFOFOTOPHOTO: INFOFOTO
ABOVE & BELOW: Tomohiro Yamashita at Ulu Temburong National Park; Ikuto Hongu at Taman Mahkota Jubli Emas; and Tomohiro and Ikuto during the Maulidur Rasul celebration in the capital. PHOTO: TOURISM DEVELOPMENT DEPARTMENT
Two prominent Japanese influencers, Ikuto Hongu and Tomohiro Yamashita, concluded their visit to Brunei Darussalam, describing the experience as spiritually enriching and the nation as a peaceful and serene destination, highlighting the Omar ‘Ali Saifuddien Mosque and Jame’ ‘Asr Hassanil Bolkiah as among the most beautiful mosques they had ever seen.
Their week-long exploration of the Abode of Peace was hosted by the Ministry of Primary Resources and Tourism, through the Tourism Development Department, as part of ongoing efforts to promote the Sultanate as a premier tourist destination.
Ikuto, known as Navito Halal, is a renowned influencer for promoting Muslim-friendly restaurants and destinations globally. He was recently awarded the prestigious Halal Travel Influencer of the Year by CrescentRating. His travel companion, Tomohiro, known as Tomo, is another influencer popular among social media users in Southeast Asia, particularly in Indonesia.
A highlight of their visit was experiencing Brunei’s Maulidur Rasul celebration. Ikuto and Tomohiro were captivated by the country’s vibrant Islamic culture, participating in mosque-hopping to witness the nightly Dikir Maulidur Rasul ceremonies.
They also joined the parade procession in the capital, walking alongside thousands of Bruneians.
ABOVE & BELOW: Tomohiro Yamashita at Ulu Temburong National Park; Ikuto Hongu at Taman Mahkota Jubli Emas; and Tomohiro and Ikuto during the Maulidur Rasul celebration in the capital. PHOTO: TOURISM DEVELOPMENT DEPARTMENTPHOTO: TOURISM DEVELOPMENT DEPARTMENTPHOTO: TOURISM DEVELOPMENT DEPARTMENTIkuto Hongu and Tomohiro Yamashita pose inside the Jame’ ‘Asr Hassanil Bolkiah. PHOTO: TOURISM DEVELOPMENT DEPARTMENT
The influencers visited Balai Khazanah Islam Sultan Haji Hassanal Bolkiah, where they viewed the special Noble Hair of Prophet Muhammad (pbuh) Gallery and the Faith and Devotion Exhibition. They expressed admiration for Brunei’s rich Islamic heritage and cultural artefacts.
Ikuto and Tomohiro also indulged in Brunei’s local cuisine, with several visits to the Gadong Night Market becoming a highlight of their stay. Their itinerary included adventure activities such as exploring Ulu Temburong National Park, golfing at The Empire Brunei, visiting Jerudong Park Playground and a sunset cycling ride at Meragang Beach.
At the conclusion of their visit, the duo met with Japanese Ambassador to Brunei Darussalam Maeda Toru and officials from the Tourism Development Department at the Embassy of Japan in Brunei Darussalam, where they shared their experiences and discussed plans to promote Brunei to their audience through social media.
Since 2023, the Tourism Development Department has hosted over 20 influencers from countries including Dubai, Australia, South Korea, Japan, Singapore, Malaysia and Indonesia. Earlier this year, the department launched digital campaigns in collaboration with Agoda, Expedia, and Tripadvisor to enhance Brunei’s global presence.
Moving forward, the department plans to launch more campaigns and collaborations next year, focusing on increasing tourism products available on online travel agencies (OTAs) to boost bookings and further elevate Brunei’s standing as a destination of choice. – James Kon
The Brunei-Indonesia-Malaysia-Philippines East ASEAN Growth Area (BIMP-EAGA) delegates in a group photo at the BIMP-EAGA Trade Facilitation Cluster Meeting. PHOTO: JAMES KON
Among the matters discussed at the 2nd Brunei-Indonesia-Malaysia-Philippines East ASEAN Growth Area (BIMP-EAGA) Trade Facilitation Cluster Meeting were the results and recommendations from BIMP-EAGA Summit Meetings such as The 15th BIMP-EAGA summit, the 26th BIMP-EAGA Ministerial Meeting and the BIMP-EAGA 2024 Strategic Planning Meeting, as well as the development initiative of BIMP-EAGA together with development partners.
The meeting also discussed the working groups of Customs, Immigration, Quarantine and Security (CIQS) on the progress of projects under each respective field and the latest updates on the study of Economic Corridor and IMT-GT Blue Economy Strategy 2030. Indonesia will become the host of the next BIMP-EAGA Trade Facilitation Cluster Meeting next year.
Acting Controller of Royal Customs and Excise Department at the Ministry of Finance and Economy Muhammad Azizil Hakim bin Haji Brahim officiated the meeting’s opening ceremony at a hotel in Gadong recently.
Director of the state Security Council of Sabah, Malaysia Datuk Noor Alam Khan bin A Wahid Khan chaired the two-day meeting.
Senior officers from working groups of CIQS from BIMP EAGA member countries and representatives from BIMP-EAGA Facilitation Centre (BIMP-FC), Asian Development Bank (ADB) and BIMP- EAGA Business Council (BEBC) were also in attendance. – James Kon
The Brunei-Indonesia-Malaysia-Philippines East ASEAN Growth Area (BIMP-EAGA) delegates in a group photo at the BIMP-EAGA Trade Facilitation Cluster Meeting. PHOTO: JAMES KON
ABOVE & BELOW: Photos show the front seats’ headrests embossed with the 30th anniversary logo; and the Kia Sportage 30th Anniversary Special Edition at the showroom. PHOTO: JAMES KON
Grand Motors Sdn Bhd, the sole distributor of Kia cars in the Sultanate, unveiled the KiaSportage 30th Anniversary Special Edition model at Kia Brunei’s showroom yesterday.
Kia Sportage has evolved to meet the changing needs of consumers, solidifying its position as a benchmark for compact sport utility vehicles.
Packed with special features and enhancements, the limited-edition model offers a unique and unforgettable driving experience.
The model is a tribute to its enduring popularity and a celebration of customers’ loyalty.
In honour of the model’s contribution to Kia’s success, the 30th Anniversary Special Edition accentuates the comfort and luxury now added to its compelling combination, demonstrating the brand’s future as well as celebrating its history.
ABOVE & BELOW: Photos show the front seats’ headrests embossed with the 30th anniversary logo; and the Kia Sportage 30th Anniversary Special Edition at the showroom. PHOTO: JAMES KONPHOTO: JAMES KONPHOTO: JAMES KONPhotos show visitors take a closer look at the special edition model. PHOTO: JAMES KONPHOTO: JAMES KONFROM LEFT: The interior of the special edition model; and the Kia Sportage‘s 16V DOHC CVVT engine. PHOTO: JAMES KONPHOTO: JAMES KON
Kia has equipped a new special edition of the 2024 Sportage with an enhanced specification, focusing on convenience and safety while elevating the model’s luxury and design appeal.
The introduction of acoustic laminated glass in the first and second rows is among the enhancements.
Customers can select from exclusive colour packs: green and black, while the seats feature a new crafted suede and graphic perforated pattern.
The driver’s and passenger’s headrests are embossed with the 30th anniversary logo.
The exterior showcased a glossy black application that has been further extended to more areas.
Members of the public can view the special edition at Kia’s showroom. – James Kon
ABOVE & BELOW: TIBA Cooperative Association Chairman Haji Matassan bin Haji Bungso hands over a donation to Yusuf bin Wahid; and the damage on Yusuf’s house following the strong wind. PHOTO: AZLAN OTHMAN
The Welfare and Religious Committee of TIBA Cooperative Association (KOTIBA) organised a donation presentation ceremony yesterday for its shareholder Yusuf bin Wahid, whose house roof was damaged in the recent strong wind incident.
Donations were made through KOTIBA’s Welfare and Religious Sub-Committee to provide assistance to less fortunate workers and residents around Kampong Salambigar, Kampong Sungai Hanching and Kampong Tanah Jambu.
KOTIBA Chairman Haji Matassan bin Haji Bungso handed over the donation. – Azlan Othman
ABOVE & BELOW: TIBA Cooperative Association Chairman Haji Matassan bin Haji Bungso hands over a donation to Yusuf bin Wahid; and the damage on Yusuf’s house following the strong wind. PHOTO: AZLAN OTHMANPHOTO: AZLAN OTHMAN
ABOVE & BELOW: Donors during the blood donation campaign at the Royal Brunei Culinary Corporate Office in Lambak Kanan West Industrial Park. PHOTO: RBC
The Royal Brunei Culinary (RBC) conducted a blood donation drive in collaboration with the Blood Donation Centre of the Raja Isteri Pengiran Anak Saleha Hospital at RBC Corporate Office in Lambak Kanan West Industrial Park recently.
Some 50 RBC and Ghanim International Corporation Sdn Bhd employees donated blood.
The initiative was in line with RBC’s corporate social responsibility to support the need of blood supplies in the national blood banks.
The campaign will aid the development at the community spirit and raise awareness on the need for safe blood transfusion and the importance of blood donation, according to RBC. – Rokiah Mahmud
ABOVE & BELOW: Donors during the blood donation campaign at the Royal Brunei Culinary Corporate Office in Lambak Kanan West Industrial Park. PHOTO: RBCPHOTO: RBC
Baiduri Bank Chief Executive Officer Ti Eng Hui, Head of Corporate Banking and Trade Finance Leonard Lee, Head of Institutional Banking Awangku Nor Muhammad Nizam bin Pengiran Haji Tengah and Head of Group Strategic Marketing and Communications Ng Yick Wei in a group photo. PHOTO: BAIDURI BANK
Baiduri Bank was recognised as the Best Bank in Brunei by Euromoney during an awards ceremony at a hotel in Singapore, as part of the Euromoney Awards for Excellence 2024, marking the third consecutive year the bank has received the honour.
Baiduri Bank Chief Executive Officer Ti Eng Hui said, “The recognition reflects the dedication of the team and the ongoing commitment to delivering banking experiences. Looking ahead, we will continue to focus on innovation, sustainability and engaging with our community.”
According to Euromoney, Baiduri Bank stands out not only for its solid financial performance but also for its ongoing commitment to digital transformation. This recognition reflects the bank’s focus on innovation and its efforts to provide enhanced banking services.
In 2023, the bank recorded notable growth across its core businesses, with significant contributions from treasury, retail and corporate banking.
The efforts have strengthened the bank’s overall financial position and improved the banking experience for its clients. Baiduri Bank has also maintained its A-/A-2 rating with a stable outlook from S&P Global Ratings, reinforcing its position as a key player in the Sultanate’s banking sector.
Baiduri Bank continues to lead in digital innovation, becoming the first in Brunei to adopt artificial intelligence-driven credit risk management through its partnership with Singapore-based fintech company Finbots.ai. This development has enhanced credit assessments, leading to faster and more accurate loan approvals.
Head of Corporate Banking and Trade Finance Leonard Lee, Head of Institutional Banking Awangku Nor Muhammad Nizam bin Pengiran Haji Tengah and Head of Group Strategic Marketing and Communications Ng Yick Wei were also present at the ceremony. The bank also introduced Baiduri Qpay, a digital wallet for UnionPay debit cardholders, and launched Maribali, an e-marketplace supporting local micro, small and medium enterprises (MSMEs). Both initiatives align with Brunei’s Digital Economy Masterplan 2025, demonstrating the bank’s ongoing commitment to driving local economic growth.
As Baiduri Bank celebrates its 30th anniversary, the award highlights yet another milestone in its ongoing journey to empower individuals and businesses to achieve financial success in Brunei.
Baiduri Bank Chief Executive Officer Ti Eng Hui, Head of Corporate Banking and Trade Finance Leonard Lee, Head of Institutional Banking Awangku Nor Muhammad Nizam bin Pengiran Haji Tengah and Head of Group Strategic Marketing and Communications Ng Yick Wei in a group photo. PHOTO: BAIDURI BANK
