Wild Child
Traitor
The Sisterhood of the Travelling Pants 2
House Bunny
Surfer, Dude
Passenger
Sunday, December 28, 2008
Monday, December 22, 2008
Read Ebooks on Your Cell
Discovered Tequila Cat which allows you to read ebooks on your cellphone. Cool!
It converts the ebook into jar format. Works with my Nokia 6288 phone.
It converts the ebook into jar format. Works with my Nokia 6288 phone.
Sunday, December 21, 2008
Movies to Watch - Batch 15
Mamma Mia
Chronicles of Narnia - Prince Caspian
Mummy 3
My Mom's New Boyfriend
Taken
Tropic Thunder
******************************
Mamma Mia - Fun. Watching the actors interpret the songs of Abba, how can you not have fun watching the exaggerated moves?
Mummy 3 - In Indiana Jones, we saw the next generation as the sidekick of the main character. Same goes with the Mummy 3. The couple's kid is now the one doing the archaeological digging.
My Mom's New Boyfriend - Nothing really special or memorable. Watch it if you are a Meg Ryan fan.
Chronicles of Narnia - Prince Caspian
Mummy 3
My Mom's New Boyfriend
Taken
Tropic Thunder
******************************
Mamma Mia - Fun. Watching the actors interpret the songs of Abba, how can you not have fun watching the exaggerated moves?
Mummy 3 - In Indiana Jones, we saw the next generation as the sidekick of the main character. Same goes with the Mummy 3. The couple's kid is now the one doing the archaeological digging.
My Mom's New Boyfriend - Nothing really special or memorable. Watch it if you are a Meg Ryan fan.
Saturday, December 20, 2008
Movies to Watch - Batch 14
Babylon A.D.
Bangkok Dangerous
Burn after Reading
Death Race
Eagle Eye
The Duchess
***************
Bangkok Dangerous - I like Nicholas Cage, but gosh! I don't like his hair in this movie. Makes him look old. Anyway, he plays an assassin and goes to Bangkok for his last contract.
Bangkok Dangerous
Burn after Reading
Death Race
Eagle Eye
The Duchess
***************
Bangkok Dangerous - I like Nicholas Cage, but gosh! I don't like his hair in this movie. Makes him look old. Anyway, he plays an assassin and goes to Bangkok for his last contract.
Friday, December 19, 2008
Gift Giving Ideas
It's always hard to come up with unique gifts for Birthdays and Christmas. So I'm making note of the following as possible options for my next gift giving.
- Photo to Canvas - Gallery 7 Digital Studio is located at 4F Shangri-La Plaza Mall (near Rustan’s entrance). Contact them through 02-7271983, 02-4965013, or 0922-8761777.
- Japanese Nama Chocolates - Similar to Royce. Heavenly Chocolates is located at 127 Roces Avenue, Quezon City (near Tomas Morato Ave.) You may contact them through 6662208. Store hours are 1PM to 10PM, Monday to Saturday. Around P350.00
Sunday, November 30, 2008
Movies to Watch - Batch 13
The Dark Knight
Elegy
X Files
Space Chimps
Kung Fu Panda - Furious 5
Shrek the Halls
Elegy
X Files
Space Chimps
Kung Fu Panda - Furious 5
Shrek the Halls
Saturday, November 29, 2008
Movies to Watch - Batch 11
Iron Man
Sex in the City
My Sassy Girl
Speed Racer
You Don't Mess with the Zohan
Step up to the Street 2
Sex in the City
My Sassy Girl
Speed Racer
You Don't Mess with the Zohan
Step up to the Street 2
Monday, October 27, 2008
Movies to Watch - Batch 10
Bridge to Terabitha
Deception
Hancock
Horton Hears a Who
Made of Honor
The Mist
********************
Made of Honor - When I saw the movie trailer I thought it was going to be a nice romcom. The plot was interesting enough, sort of like Julia Robert's My Best Friend's Wedding. This time around, it is the guy friend who is being asked to be the maid of honor. Unfortunately there were some scenes in the movie where I felt it was trying too hard to be funny, like when Patrick Dempsey's character bumped into the waiter repeatedly, or when the bride's hair was done horrendously.
Rating: 2.5/5
I still have to watch the other movies so comments still to follow.
Deception
Hancock
Horton Hears a Who
Made of Honor
The Mist
********************
Made of Honor - When I saw the movie trailer I thought it was going to be a nice romcom. The plot was interesting enough, sort of like Julia Robert's My Best Friend's Wedding. This time around, it is the guy friend who is being asked to be the maid of honor. Unfortunately there were some scenes in the movie where I felt it was trying too hard to be funny, like when Patrick Dempsey's character bumped into the waiter repeatedly, or when the bride's hair was done horrendously.
Rating: 2.5/5
I still have to watch the other movies so comments still to follow.
Movies to Watch - Batch 9
Pirates of the Caribbean 2 - Dead Men's Chest
Pirates of the Caribbean 3 - World's End
Nim's Island
Lucky You
PS I Love You
Nim's Island - Having just seen PS I love you, I wondered why the 'father' in the movie looked familiar. It's being played by Gerard Butler. I've just googled him and realized he is also King Leonidas in 300. Now that's a movie!
Back to Nim's Island, it's a family adventure type of movie, meaning plot is very light and simple. When Nim got abandoned on the island and had to fend off unwanted visitors (tourist from a cruise ship), I couldn't help but think of the similarity to 'Home Alone'.
Rating: 2.5/5 Entertaining but do I want to watch it again?
Pirates of the Caribbean 3 - World's End
Nim's Island
Lucky You
PS I Love You
Nim's Island - Having just seen PS I love you, I wondered why the 'father' in the movie looked familiar. It's being played by Gerard Butler. I've just googled him and realized he is also King Leonidas in 300. Now that's a movie!
Back to Nim's Island, it's a family adventure type of movie, meaning plot is very light and simple. When Nim got abandoned on the island and had to fend off unwanted visitors (tourist from a cruise ship), I couldn't help but think of the similarity to 'Home Alone'.
Rating: 2.5/5 Entertaining but do I want to watch it again?
Movies to Watch - Batch 8
August Rush
Charlie Bartlett
Charlie Wilson War
Cloverfield
Street King
Untraceable
August Rush - A sweet film. A boy found his parents through his music.
Charlie Bartlett
Charlie Wilson War
Cloverfield
Street King
Untraceable
August Rush - A sweet film. A boy found his parents through his music.
Movies Watched - Batch 7
21
No Country for Old Men
No Reservation
Into the Wild
Legend of the Water Horse
Warlords
*************
21 - Story about a group of students playing blackjack trying to outwit the 'house'.
No Country for Old Men - This movie is the Oscar Best Movie for 2007.
No Reservation - Catherine Zeta Jones plays an OC chef. I've just seen The Dark Knight and didn't realize that the guy who played opposite her is Harvey Two Face.
Into the Wild - Sean Penn's movie.
Legend of the Water Horse - Movie about the Lochness sea creature in Scotland.
Warlords - Jet Li, Andy Lau and Takeshi Kashinero (sp?)
No Country for Old Men
No Reservation
Into the Wild
Legend of the Water Horse
Warlords
*************
21 - Story about a group of students playing blackjack trying to outwit the 'house'.
No Country for Old Men - This movie is the Oscar Best Movie for 2007.
No Reservation - Catherine Zeta Jones plays an OC chef. I've just seen The Dark Knight and didn't realize that the guy who played opposite her is Harvey Two Face.
Into the Wild - Sean Penn's movie.
Legend of the Water Horse - Movie about the Lochness sea creature in Scotland.
Warlords - Jet Li, Andy Lau and Takeshi Kashinero (sp?)
Sunday, October 26, 2008
Movies to Watch - Batch 6
88 Minutes
Atonement - very sad story of two lovers set apart by circumstances.
Resident Evil
10000 BC
The Bank Job
Forbidden Kingdom - Jacky Chan and Jet Li
Atonement - very sad story of two lovers set apart by circumstances.
Resident Evil
10000 BC
The Bank Job
Forbidden Kingdom - Jacky Chan and Jet Li
Movies to Watch - Batch 5
Fool's Gold
Jumper
The Other Boleyn Girl
The Eye
Vantage Point
Spiderwick Chronicles
Jumper
The Other Boleyn Girl
The Eye
Vantage Point
Spiderwick Chronicles
Movies to Watch - Batch 4
Ocean 13
Sweeney Todd - gory!
Stardust
National Treasure 2
Fantastic Four 2
Juno
Sweeney Todd - gory!
Stardust
National Treasure 2
Fantastic Four 2
Juno
Wednesday, September 3, 2008
I finally got a Wii
Ever since the Wii came out I have been wanting to get one. I like that you can play the games using the Wiimotes. After seeing the youtube videos of Wii sports, my interest was all the more heighten.
I've read that Wii is intended for casual gamers, which aptly describes me. I'm not really a hard core gamer. I like straight forward game without complicated moves to execute by pressing a sequence of buttons. 3D games make me dizzy too.
Anyway, I thought the time was right. Price has stabilized since there are more shops nowadays that carry the Wii. And so I finally decided to give myself one!
Unfortunately, the very next evening after I got the Wii, there's problem with the disc ejecting and loading. I had to go back to the shop on Monday to have it repaired. I got it back on Wednesday, Sept 3. So far so good.
Aside from Wii Sports, I've been playing Topspin, Speed Racer, Cooking Mama and Kung Fu Panda. I like Wii Sports - Tennis a lot. As for Topspin, I still have to get use to the moves, because it also requires the nunchuk. (More complicated than the Wii Sports which use only the Wiimote.)
I've read that Wii is intended for casual gamers, which aptly describes me. I'm not really a hard core gamer. I like straight forward game without complicated moves to execute by pressing a sequence of buttons. 3D games make me dizzy too.
Anyway, I thought the time was right. Price has stabilized since there are more shops nowadays that carry the Wii. And so I finally decided to give myself one!
Unfortunately, the very next evening after I got the Wii, there's problem with the disc ejecting and loading. I had to go back to the shop on Monday to have it repaired. I got it back on Wednesday, Sept 3. So far so good.
Aside from Wii Sports, I've been playing Topspin, Speed Racer, Cooking Mama and Kung Fu Panda. I like Wii Sports - Tennis a lot. As for Topspin, I still have to get use to the moves, because it also requires the nunchuk. (More complicated than the Wii Sports which use only the Wiimote.)
Tuesday, August 26, 2008
The Alchemist by Paulo Coelho
I'm currently reading the book The Alchemist by Paulo Coelho. It talks of the a boy in search of his Personal Legend or dream in life and the hindrances he encountered along the way.
There are many memorable passages from the book. Among my favorites are these two:
The book was just lent to me, so I have jotted down the passages that I want to remember... so many, I know.
Fortune teller to Shepherd
King to Shepherd, about books
King to Shepherd, about discovering one's destiny
Sometimes we value the opinions of others that we let go of our dreams.
We discovered our dreams during our youth, but got waylaid.
****
Shepherd's thoughts - Each day is a new day!
Camel driver to shepherd
Seer to Camel driver - Do not fear the future.
Fatima to Shepherd
Alchemist to Shepherd - The message is repeated by the Alchemist
Alchemist to Boy
God is everywhere!
Trust God when we pursue our dreams
Fulfillment of our dreams doesn't come easy.
There are many memorable passages from the book. Among my favorites are these two:
Wherever your heart is, that is where you'll find your treasure.
Our life stories and the history of the world were written by the same hand.
The book was just lent to me, so I have jotted down the passages that I want to remember... so many, I know.
Fortune teller to Shepherd
It's the simple things in life that are the most extraordinary.
King to Shepherd, about books
It describes people's inability to choose their own destinies. And it ends up saying that everyone believes the world's greatest lie... that at a certain point in our lives, we lose control of what's happening to us, and our lives become controlled by fate. That's the world's greatest lie.
King to Shepherd, about discovering one's destiny
It's what you have always wanted to accomplish. Everyone, when they are young, knows what their destiny is. At that point in their lives, everything is clear and everything is possible. They are not afraid to dream, and to yearn for everything they would like to see happen to them in their lives. But, as time passes, a mysterious force begins to convince them that it will be impossible for them to realize their destiny.
It is a force that appears to be negative, but actually shows you how to realize your destiny. It prepares your spirit and your will, because there is one great truth on this planet: whoever you are,or whatever it is you do, when you really want something, it's because that desire originated in the soul of the universe. It's your mission on earth.
The Soul of the World is nourished by people's happiness.
When you want something, all the universe conspires in helping you to achieve it.
Sometimes we value the opinions of others that we let go of our dreams.
In the long run, what people think about shepherds and bakers becomes more important for them than their own destinies.
We discovered our dreams during our youth, but got waylaid.
People learn, early in their lives, what is their reason for being. Maybe that's why they give up on it so early, too. But that's the way it is.
If you start out promising what you don't even have yet, you'll lose your desire to work toward getting it.
****
Shepherd's thoughts - Each day is a new day!
When every day is the same as the next, it's because people fail to recognize the good things that happen in their lives every day that the sun rises.
Camel driver to shepherd
We are afraid of losing what we have, whether it's our life or our possessions and property. But this fear evaporates when we understand that our life stories and the history of the world were written by the same hand.
Seer to Camel driver - Do not fear the future.
If good things are coming, they will be a pleasant surprise. If bad things are, and you know in advance, you will suffer greatly before they even occur.
When people consult me, it’s not that I’m reading the future; I am guessing at the future. The future belongs to God, and it is only he who reveals it, under extraordinary circumstances. How do I guess at the future? Based on the omens of the present. The secret is here in the present. If you pay attention to the present, you can improve upon it. And, if you improve on the present, what comes later will also be better. Forget about the future, and live each day according to the teachings, confident that God loves his children. Each day, in itself, brings with it an eternity.
Fatima to Shepherd
One is loved because one is loved. No reason is needed for loving.
Alchemist to Shepherd - The message is repeated by the Alchemist
When a person really desires something, all the universe conspires to help that person to realize his dream.
If what one finds is made of pure matter, it will never spoil. And one can always come back. If what you had found was only a moment of light, like the explosion of a star, you would find nothing on your return.
No matter what he does, every person on earth plays a central role in the history of the world. And normally he doesn’t know it.
Because, wherever your heart is, that is where you’ll find your treasure.
People are afraid to pursue their most important dreams, because they feel that they don’t deserve them, or that they’ll be unable to achieve them. We, their hearts, become fearful just thinking of loved ones who go away forever, or of moments that could have been good but weren’t, or of treasures that might have been found but were forever hidden in the sands. Because, when these things happen, we suffer terribly.
Tell your heart that the fear of suffering is worse than the suffering itself. And that no heart has ever suffered when it goes in search of its dreams, because every second of the search is a second’s encounter with God and with eternity.
(Boy) Why don’t people’s hearts tell them to continue to follow their dreams?
(Alchemist) Because that’s what makes a heart suffer most, and hearts don’t like to suffer.
Before a dream is realized, the Soul of the World tests everything that was learned along the way. It does this not because it is evil, but so that we can, in addition to realizing our dreams, master the lessons we’ve learned as we’ve moved toward that dream. That’s the point at whichmost people give up.
Every search begins with beginner’s luck. And every search ends with the victor’s being severely tested.
There is only one thing that makes a dream impossible to achieve; the fear of failure.
If what one finds is made of pure matter, it will never spoil and one can always come back. If what you had found was only a moment of light, like an explosion of a star, you would find nothing on your return.
Alchemist to Boy
They were looking only for gold. They were seeking the treasure of their Personal Legend without wanting actually to live out the Personal Legend.
God is everywhere!
God created the world so that through its visible objects men could understand His spiritual teachings and the marvels of His wisdom.
Trust God when we pursue our dreams
The fear of suffering is worse than the suffering itself. (And that) no heart has ever suffered when it goes in search of its dreams, because every second of the search is a second's encounter with God and with eternity.
Fulfillment of our dreams doesn't come easy.
Every search begins with beginner's luck and every search ends with the victor's being severely tested.
Wednesday, July 23, 2008
Into the Wild
Love this quote from the movie "Into the Wild"
When you forgive, you love, and when you love, God's light shines on you.
Friday, June 27, 2008
Pete Sampras Youtube Videos
Pete Sampras is my favorite tennis player. I'm compiling his Youtube videos
Hall of Fame
TV Interview - http://youtube.com/watch?v=K6kKW1pqkWo
Interviews
2008 - Time.com 10 Questions for Pete Sampras
http://www.youtube.com/watch?v=WYN9Z59dePM
2007 - Graham Bensinger Interview
Part 1: http://youtube.com/watch?v=5GnsBoiczGk
Part 2: http://youtube.com/watch?v=OA47giX2Uko
Part 3: http://youtube.com/watch?v=YbMlFKxcEUE
Part 4: http://youtube.com/watch?v=meTBXYgSa6Q
2006 - Pete returns to tennis (Interview prior to Riveroaks exho with Robert Ginepri)
http://youtube.com/watch?v=wtNAVLnm4OY
2000 - Charlie Rose Interview after Pete won his 7th Wimbledon
http://www.youtube.com/watch?v=214ofSPXhCE
1995 - Charlie Rose Interview (July 14, 1995)
http://www.youtube.com/watch?v=f4LUQm_TJ3U
Matches
1995
Wimbledon Finals: Pete vs Boris Becker
http://www.youtube.com/view_play_list?p=DE4C5B2FE2DB911D
Great shots
Pete 360 degree shot (US Open 1997 - 3rd round)
http://youtube.com/watch?v=_J8-FmnM5jg
Commercials
Pete & Andre Guerilla Tennis http://www.youtube.com/watch?v=x2N5I8xSFpM&feature=related
Pete & Andre (2000)
http://www.youtube.com/watch?v=lRglUBRCxWE&feature=related
Bridgette Wilson-Sampras
http://www.youtube.com/watch?v=KniY8jx-LI8&NR=1
Hall of Fame
TV Interview - http://youtube.com/watch?v=K6kKW1pqkWo
Interviews
2008 - Time.com 10 Questions for Pete Sampras
http://www.youtube.com/watch?v=WYN9Z59dePM
2007 - Graham Bensinger Interview
Part 1: http://youtube.com/watch?v=5GnsBoiczGk
Part 2: http://youtube.com/watch?v=OA47giX2Uko
Part 3: http://youtube.com/watch?v=YbMlFKxcEUE
Part 4: http://youtube.com/watch?v=meTBXYgSa6Q
2006 - Pete returns to tennis (Interview prior to Riveroaks exho with Robert Ginepri)
http://youtube.com/watch?v=wtNAVLnm4OY
2000 - Charlie Rose Interview after Pete won his 7th Wimbledon
http://www.youtube.com/watch?v=214ofSPXhCE
1995 - Charlie Rose Interview (July 14, 1995)
http://www.youtube.com/watch?v=f4LUQm_TJ3U
Matches
1995
Wimbledon Finals: Pete vs Boris Becker
http://www.youtube.com/view_play_list?p=DE4C5B2FE2DB911D
Great shots
Pete 360 degree shot (US Open 1997 - 3rd round)
http://youtube.com/watch?v=_J8-FmnM5jg
Commercials
Pete & Andre Guerilla Tennis http://www.youtube.com/watch?v=x2N5I8xSFpM&feature=related
Pete & Andre (2000)
http://www.youtube.com/watch?v=lRglUBRCxWE&feature=related
Bridgette Wilson-Sampras
http://www.youtube.com/watch?v=KniY8jx-LI8&NR=1
Thursday, May 8, 2008
Mark Mobius on emerging markets
Last updated 07/May/2008
Overview
Bargain hunters for oversold, undervalued stocks led emerging markets to recover in April with fund flows into the asset class turning positive. Asian markets were among the best performers with China and India recording double-digit returns. The Chinese market benefited from a strong positive signal from the government who reduced the trading stamp duty from 0.3% to 0.1% as well as strong earnings in the banking sector. In addition to high commodity prices and continued foreign interest, stronger domestic currencies also led to higher returns in Latin America. While Brazil outperformed its regional peers, Mexico recorded a decline due to concerns of slower growth in the country's largest trade partner, the US. An investment grade rating by Standard and Poor's Rating agency further drove the Brazilian market. In Europe, the MSCI Turkey index ended the month up 15% in US$ terms after a 24% decline in March. While volatility is expected to continue in the short-term due to political uncertainties, the attractive valuations and long-term prospects of the Turkish market leads us to maintain a positive long-term view on the market. Russia continued to benefit from strong macroeconomic data and high commodity prices while the Hungarian market also recorded positive returns. The South African market outperformed its emerging market peers due continued global demand for raw materials and a stronger Rand.
Regional Update
Asia
China's economy grew 10.6% y-o-y in the first quarter of 2008, compared to the revised 11.9% for all of 2007. The slowdown was mainly due to slower export growth and heavy snowstorms in the earlier part of the year. Inflation, while lower than the 8.7% recorded in February, was a relatively high 8.3% y-o-y in March as a result of high food prices. The Central Bank raised the reserve requirement ratio by 50 basis points to 16% to slow lending growth and curb inflationary pressures. China's foreign reserves increased 40% y-o-y in the first quarter of 2008 to US$1.7 trillion in part due to trade and foreign direct investment (FDI) inflows. Domestic stock markets experienced significant volatility in March which eventually led the government to implement measures such as cutting the stamp duty on stock transactions to 0.1% from 0.3%, to support stock prices. In an effort to expand regional trade relations, China signed a free trade agreement (FTA) with New Zealand, its first such agreement with a developed country. Subsequently, China and Australia also agreed to resume negotiations for a FTA. China also called for the normalization of cross-strait trade ties with Taiwan as it signaled greater willingness to hold talks with the island's incoming government. In South Korea, GDP increased 5.7% y-o-y in the first quarter of 2008, higher than 2007's 4.9% growth, mainly due to higher exports. Growth, however, slowed down on a q-o-q basis, as lower domestic demand led private consumption growth to reach a three-year low of 3.6%. The government maintained its GDP growth forecast of 6% for 2008, despite expectations of slower global growth this year. Inflation maintained an uptrend with the CPI increasing 3.9% in March, higher than the Central Bank's 3.5% target for the fourth consecutive month. This led the Bank to leave interest rates unchanged at 5%. Pledged FDI into South Korea rose 70% y-o-y to US$2.7 billion as planned investments in the services sector rose significantly. Actual FDI inflows totaled US$7.7 billion in 2007. Foreign exchange reserves reached a new high of US$264.3 billion in March. Politically, President Lee Myung-bak's conservative Grand National Party (GNP) won a majority in the National Assembly. This should enable the president to work towards fulfilling his goals of higher economic growth and foreign investment.
Latin America
The Mexican government lowered its 2008 GDP growth forecast to 2.8% y-o-y from 3.7% mainly due to expectations of slower growth in the US economy. However, thus far, Finance Minister Carstens stressed that no major negative impact was seen on the economy as a result of the slowdown in the US. The Central Bank left its benchmark interest rate unchanged at 7.5% due to growth and inflation concerns. Inflation rose to 4.2% in March from 3.7% in February, remaining just within the Bank's target range of 4.0% to 4.25%. In the area of trade, export growth outpaced imports leading the country to record a trade surplus of US$636 million in March, its first surplus in more than two years. Exports rose 15.7% y-o-y mainly due to higher oil exports while imports were up 10.8% y-o-y. Domestic demand also strengthened with retail sales increasing 6.1% y-o-y in February, compared to 3.9% in January. Industrial output growth also accelerated to 5.4% y-o-y in February from 3.1% in January. International ratings agency, Standard & Poor's raised Brazil's long-term foreign currency sovereign credit rating from "BB+" to the investment grade of "BBB"- due to the country's improved growth prospects and fiscal management policies. Fitch and Moody's currently rate the country at one level below investment grade status. The market reacted positively with the stock market jumping 6% on April 30, the day of the announcement. Retail sales in Brazil rose 12.2% y-o-y in February as growth in wages, employment and consumer credit continued to drive consumer demand. The trade sector, however, did not fare as well. The trade surplus shrank to US$1 billion in March from US$3.3 billion a year earlier as exports declined 2.1% y-o-y to US$12.6 billion. Imports, on the other hand, continued to increase, albeit at a much slower rate. Imports were up 21.6% y-o-y, compared to February's 64.8% y-o-y growth. After 18 interest rates cuts totaling 850 basis points, the Central Bank embarked upon a tightening policy by raising its key interest rate by 50 basis points as inflation reached a twoyear high of 4.7% in March. The government plans to use a part of the frozen US$11.4 billion budget expenditure for this year to implement measures to stimulate the country's business and industrial sectors and boost economic growth.
Africa
In South Africa, the Central Bank raised its benchmark interest rate by 50 basis points to 11.5% due to inflationary pressures. Inflation continued to exceed the government's 3% to 6% target range with March CPIX (consumer prices excluding interest rates on mortgage interest payments) increasing 10.1% y-o-y. Major culprits included higher food and fuel prices. In the area of trade, both exports and imports recorded robust growth. Exports were up 25.6% y-o-y while imports jumped 31.6% y-o-y, resulting in a trade deficit of US$760 million. High metal prices and growing materials demand could continue to support export growth. Manufacturing output growth increased to 3.5% y-o-y in February, from 1.2% in January.
Europe
Government estimates put Russia's first quarter GDP growth at 8.0% y-o-y, in line with the 8.1% growth for all of 2007. This led the government to revise its 2008 growth forecast to 7.6% from 7.1%. Key drivers included robust investment and consumption growth. Investment in fixed assets increased 20.2% y-o-y in March while retail sales were up 16.5% y-o-y. Trade also recorded strong growth in the first quarter of 2008. Exports surged 50.7% y-o-y while imports jumped 41.9% y-o-y. Inflation remained high with consumer prices increasing 13.3% y-o-y. The Central bank subsequently raised its benchmark interest rate by 25 basis points to 6.5% to curb inflation. Politically, President Vladimir formally agreed to becoming the leader of the ruling United Russia party and its nomination for the position of prime minister next month. Given the party's majority in the Duma, Putin's appointment is assured. Consumer prices in Turkey rose 9.2% y-o-y in March, exceeding the Central Bank's target, mainly due to higher food prices. While the Bank left its policy interest rate unchanged at 15.25% in April, it signaled a tightening bias due to uncertainties in global financial markets. International ratings agency, Standard & Poor's revised its outlook on the country's credit rating from stable to negative due to increased political uncertainty. In politics, the parliament approved the pension reform legislation. The reform is expected to generate savings which could eliminate the deficit in the pension system in the medium term. Additionally, the International Monetary Fund (IMF) and Turkish government reached an agreement on a package of policies that should enable the completion of the final review of Turkey's stand-by agreement with the IMF in May. The completion of the review would also result in the disbursement of funds totaling US$3.7 billion to the government.
Feature of the Month: Q&A on Emerging Markets with Mark Mobius
To what extend will a recession in the US hurt emerging markets. Are there countries or sectors, which are strong enough to develop independently?
While there has been much talk about emerging markets decoupling from the US market, we do not believe a complete decoupling is possible because the world has become so interdependent. There is no question that the relationships between nations are growing because world trade and travel has been growing. But while the U.S. is still the largest economy and most influential, its influence has gradually diminished as other economies continue to grow at much faster rates. This has especially been the case in the emerging market countries where we are seeing new centers of economic wealth and growth. China, Russia, Brazil and India are clear examples. Also, note the very low correlation between local stock markets and the actual economy. The local Chinese exchanges have been extremely volatile of late, but the impact on Chinese growth seems to be close to zero. Chinese consumer spending remains strong and the economy is still recording double-digit economic growth.
What are the key trends in emerging markets at the moment?
Some of the fastest growing nations in the world today are the BRIC (Brazil, Russia, India and China) countries. The Chinese and Indian consumers are the world's new consumers and they along with consumers in Brazil, Russia, Turkey, the United Arab Emirates, Egypt, Mexico, Poland and many other emerging markets are becoming an important force in world consumption. Emerging markets remain attractive because they offer superior growth opportunities at historically low risk levels due to factors such as, but not limited to: privatization and deregulation of key industries; appropriate fiscal and monetary policies; stable political environments; improving corporate governance; enhancement of competitiveness through removal of subsidies and reduction of trade barriers; increasing productivity thanks to a young and increasingly well-trained labor force; and a huge domestic consumer base.
Which countries do you currently favor?
We continue to find at least some value stocks in most markets. Our portfolios currently have significant exposures to China, India, South Korea, Russia, Brazil, South Africa and Turkey. China is a well-known growth story. We expect growth to remain robust, albeit at a slower pace than we are seeing now. India continues to be a key centre for manufacturing and services, particularly in the pharmaceuticals and software sectors. The Brazilian economy has recorded strong current account surpluses, supported by record trade surpluses due to the high volume and prices of commodity exports. Russia remains an attractive investment destination due to its strong macroeconomic environment and huge supply of natural resources. Export growth coupled with a recovery in consumer expenditure in South Korea should support growth. Turkey is one of the cheapest emerging market countries at the moment with a P/E of just 8x; we believe that the medium term political risks have already been discounted. South African companies are rich in commodities and minerals, which are essential to the global economy.
Which sectors do you currently favor?
While we continue to follow our bottom-up investment strategy, our funds have significant exposures to the energy, materials and consumer sectors. Consumerism remains a major investment theme with higher emerging market population incomes resulting in greater demand for products and services. Energy stocks should continue to benefit from greater revenues and earnings as a result of high oil prices and greater global energy demand. Growing demand for raw materials in emerging markets, especially markets such as China and India as well as high commodity prices should support corporate earnings in these companies.
Do the recent market corrections make this a good time to invest in the markets?
I always say that the best time to buy is when you have the money since there are always bargains available. Bear markets tend to be much shorter in duration than bull markets and bear markets go down by a smaller percentage than bull market increases. This is why one must invest with a longterm view. Emerging markets provide investors with an attractive investment destination. In fact, the recent corrections in emerging markets have provided investors with attractive entry prices. We believe that investors should have exposure to a range of markets and sectors to lower their portfolio risk via diversification. The recent subprime issues in the US have showed us that developed markets are no longer as safe as perceived to be. And that emerging markets have risen to the limelight in recent years. Emerging markets are now seen to be "safer havens" as many major markets have built up foreign reserves and are growing at much strong rates than their developed counterparts.
What should be the ideal weighting of EM in a portfolio?
About 10% to 20%, depending on one's risk appetite, age and investment horizon. One simply needs to put short-term volatility into perspective, and achieve a sense of balance in one's investment portfolios depending on one's risk tolerance. One positive outcome of the recent turbulence is that investors have discovered the need to match their risk tolerance with their investment objectives and the time horizon over which they want to achieve those objectives. We believe that investors should have exposure to a range of markets and sectors to lower their portfolio risk via diversification.
source: dollardex
Overview
Bargain hunters for oversold, undervalued stocks led emerging markets to recover in April with fund flows into the asset class turning positive. Asian markets were among the best performers with China and India recording double-digit returns. The Chinese market benefited from a strong positive signal from the government who reduced the trading stamp duty from 0.3% to 0.1% as well as strong earnings in the banking sector. In addition to high commodity prices and continued foreign interest, stronger domestic currencies also led to higher returns in Latin America. While Brazil outperformed its regional peers, Mexico recorded a decline due to concerns of slower growth in the country's largest trade partner, the US. An investment grade rating by Standard and Poor's Rating agency further drove the Brazilian market. In Europe, the MSCI Turkey index ended the month up 15% in US$ terms after a 24% decline in March. While volatility is expected to continue in the short-term due to political uncertainties, the attractive valuations and long-term prospects of the Turkish market leads us to maintain a positive long-term view on the market. Russia continued to benefit from strong macroeconomic data and high commodity prices while the Hungarian market also recorded positive returns. The South African market outperformed its emerging market peers due continued global demand for raw materials and a stronger Rand.
Regional Update
Asia
China's economy grew 10.6% y-o-y in the first quarter of 2008, compared to the revised 11.9% for all of 2007. The slowdown was mainly due to slower export growth and heavy snowstorms in the earlier part of the year. Inflation, while lower than the 8.7% recorded in February, was a relatively high 8.3% y-o-y in March as a result of high food prices. The Central Bank raised the reserve requirement ratio by 50 basis points to 16% to slow lending growth and curb inflationary pressures. China's foreign reserves increased 40% y-o-y in the first quarter of 2008 to US$1.7 trillion in part due to trade and foreign direct investment (FDI) inflows. Domestic stock markets experienced significant volatility in March which eventually led the government to implement measures such as cutting the stamp duty on stock transactions to 0.1% from 0.3%, to support stock prices. In an effort to expand regional trade relations, China signed a free trade agreement (FTA) with New Zealand, its first such agreement with a developed country. Subsequently, China and Australia also agreed to resume negotiations for a FTA. China also called for the normalization of cross-strait trade ties with Taiwan as it signaled greater willingness to hold talks with the island's incoming government. In South Korea, GDP increased 5.7% y-o-y in the first quarter of 2008, higher than 2007's 4.9% growth, mainly due to higher exports. Growth, however, slowed down on a q-o-q basis, as lower domestic demand led private consumption growth to reach a three-year low of 3.6%. The government maintained its GDP growth forecast of 6% for 2008, despite expectations of slower global growth this year. Inflation maintained an uptrend with the CPI increasing 3.9% in March, higher than the Central Bank's 3.5% target for the fourth consecutive month. This led the Bank to leave interest rates unchanged at 5%. Pledged FDI into South Korea rose 70% y-o-y to US$2.7 billion as planned investments in the services sector rose significantly. Actual FDI inflows totaled US$7.7 billion in 2007. Foreign exchange reserves reached a new high of US$264.3 billion in March. Politically, President Lee Myung-bak's conservative Grand National Party (GNP) won a majority in the National Assembly. This should enable the president to work towards fulfilling his goals of higher economic growth and foreign investment.
Latin America
The Mexican government lowered its 2008 GDP growth forecast to 2.8% y-o-y from 3.7% mainly due to expectations of slower growth in the US economy. However, thus far, Finance Minister Carstens stressed that no major negative impact was seen on the economy as a result of the slowdown in the US. The Central Bank left its benchmark interest rate unchanged at 7.5% due to growth and inflation concerns. Inflation rose to 4.2% in March from 3.7% in February, remaining just within the Bank's target range of 4.0% to 4.25%. In the area of trade, export growth outpaced imports leading the country to record a trade surplus of US$636 million in March, its first surplus in more than two years. Exports rose 15.7% y-o-y mainly due to higher oil exports while imports were up 10.8% y-o-y. Domestic demand also strengthened with retail sales increasing 6.1% y-o-y in February, compared to 3.9% in January. Industrial output growth also accelerated to 5.4% y-o-y in February from 3.1% in January. International ratings agency, Standard & Poor's raised Brazil's long-term foreign currency sovereign credit rating from "BB+" to the investment grade of "BBB"- due to the country's improved growth prospects and fiscal management policies. Fitch and Moody's currently rate the country at one level below investment grade status. The market reacted positively with the stock market jumping 6% on April 30, the day of the announcement. Retail sales in Brazil rose 12.2% y-o-y in February as growth in wages, employment and consumer credit continued to drive consumer demand. The trade sector, however, did not fare as well. The trade surplus shrank to US$1 billion in March from US$3.3 billion a year earlier as exports declined 2.1% y-o-y to US$12.6 billion. Imports, on the other hand, continued to increase, albeit at a much slower rate. Imports were up 21.6% y-o-y, compared to February's 64.8% y-o-y growth. After 18 interest rates cuts totaling 850 basis points, the Central Bank embarked upon a tightening policy by raising its key interest rate by 50 basis points as inflation reached a twoyear high of 4.7% in March. The government plans to use a part of the frozen US$11.4 billion budget expenditure for this year to implement measures to stimulate the country's business and industrial sectors and boost economic growth.
Africa
In South Africa, the Central Bank raised its benchmark interest rate by 50 basis points to 11.5% due to inflationary pressures. Inflation continued to exceed the government's 3% to 6% target range with March CPIX (consumer prices excluding interest rates on mortgage interest payments) increasing 10.1% y-o-y. Major culprits included higher food and fuel prices. In the area of trade, both exports and imports recorded robust growth. Exports were up 25.6% y-o-y while imports jumped 31.6% y-o-y, resulting in a trade deficit of US$760 million. High metal prices and growing materials demand could continue to support export growth. Manufacturing output growth increased to 3.5% y-o-y in February, from 1.2% in January.
Europe
Government estimates put Russia's first quarter GDP growth at 8.0% y-o-y, in line with the 8.1% growth for all of 2007. This led the government to revise its 2008 growth forecast to 7.6% from 7.1%. Key drivers included robust investment and consumption growth. Investment in fixed assets increased 20.2% y-o-y in March while retail sales were up 16.5% y-o-y. Trade also recorded strong growth in the first quarter of 2008. Exports surged 50.7% y-o-y while imports jumped 41.9% y-o-y. Inflation remained high with consumer prices increasing 13.3% y-o-y. The Central bank subsequently raised its benchmark interest rate by 25 basis points to 6.5% to curb inflation. Politically, President Vladimir formally agreed to becoming the leader of the ruling United Russia party and its nomination for the position of prime minister next month. Given the party's majority in the Duma, Putin's appointment is assured. Consumer prices in Turkey rose 9.2% y-o-y in March, exceeding the Central Bank's target, mainly due to higher food prices. While the Bank left its policy interest rate unchanged at 15.25% in April, it signaled a tightening bias due to uncertainties in global financial markets. International ratings agency, Standard & Poor's revised its outlook on the country's credit rating from stable to negative due to increased political uncertainty. In politics, the parliament approved the pension reform legislation. The reform is expected to generate savings which could eliminate the deficit in the pension system in the medium term. Additionally, the International Monetary Fund (IMF) and Turkish government reached an agreement on a package of policies that should enable the completion of the final review of Turkey's stand-by agreement with the IMF in May. The completion of the review would also result in the disbursement of funds totaling US$3.7 billion to the government.
Feature of the Month: Q&A on Emerging Markets with Mark Mobius
To what extend will a recession in the US hurt emerging markets. Are there countries or sectors, which are strong enough to develop independently?
While there has been much talk about emerging markets decoupling from the US market, we do not believe a complete decoupling is possible because the world has become so interdependent. There is no question that the relationships between nations are growing because world trade and travel has been growing. But while the U.S. is still the largest economy and most influential, its influence has gradually diminished as other economies continue to grow at much faster rates. This has especially been the case in the emerging market countries where we are seeing new centers of economic wealth and growth. China, Russia, Brazil and India are clear examples. Also, note the very low correlation between local stock markets and the actual economy. The local Chinese exchanges have been extremely volatile of late, but the impact on Chinese growth seems to be close to zero. Chinese consumer spending remains strong and the economy is still recording double-digit economic growth.
What are the key trends in emerging markets at the moment?
Some of the fastest growing nations in the world today are the BRIC (Brazil, Russia, India and China) countries. The Chinese and Indian consumers are the world's new consumers and they along with consumers in Brazil, Russia, Turkey, the United Arab Emirates, Egypt, Mexico, Poland and many other emerging markets are becoming an important force in world consumption. Emerging markets remain attractive because they offer superior growth opportunities at historically low risk levels due to factors such as, but not limited to: privatization and deregulation of key industries; appropriate fiscal and monetary policies; stable political environments; improving corporate governance; enhancement of competitiveness through removal of subsidies and reduction of trade barriers; increasing productivity thanks to a young and increasingly well-trained labor force; and a huge domestic consumer base.
Which countries do you currently favor?
We continue to find at least some value stocks in most markets. Our portfolios currently have significant exposures to China, India, South Korea, Russia, Brazil, South Africa and Turkey. China is a well-known growth story. We expect growth to remain robust, albeit at a slower pace than we are seeing now. India continues to be a key centre for manufacturing and services, particularly in the pharmaceuticals and software sectors. The Brazilian economy has recorded strong current account surpluses, supported by record trade surpluses due to the high volume and prices of commodity exports. Russia remains an attractive investment destination due to its strong macroeconomic environment and huge supply of natural resources. Export growth coupled with a recovery in consumer expenditure in South Korea should support growth. Turkey is one of the cheapest emerging market countries at the moment with a P/E of just 8x; we believe that the medium term political risks have already been discounted. South African companies are rich in commodities and minerals, which are essential to the global economy.
Which sectors do you currently favor?
While we continue to follow our bottom-up investment strategy, our funds have significant exposures to the energy, materials and consumer sectors. Consumerism remains a major investment theme with higher emerging market population incomes resulting in greater demand for products and services. Energy stocks should continue to benefit from greater revenues and earnings as a result of high oil prices and greater global energy demand. Growing demand for raw materials in emerging markets, especially markets such as China and India as well as high commodity prices should support corporate earnings in these companies.
Do the recent market corrections make this a good time to invest in the markets?
I always say that the best time to buy is when you have the money since there are always bargains available. Bear markets tend to be much shorter in duration than bull markets and bear markets go down by a smaller percentage than bull market increases. This is why one must invest with a longterm view. Emerging markets provide investors with an attractive investment destination. In fact, the recent corrections in emerging markets have provided investors with attractive entry prices. We believe that investors should have exposure to a range of markets and sectors to lower their portfolio risk via diversification. The recent subprime issues in the US have showed us that developed markets are no longer as safe as perceived to be. And that emerging markets have risen to the limelight in recent years. Emerging markets are now seen to be "safer havens" as many major markets have built up foreign reserves and are growing at much strong rates than their developed counterparts.
What should be the ideal weighting of EM in a portfolio?
About 10% to 20%, depending on one's risk appetite, age and investment horizon. One simply needs to put short-term volatility into perspective, and achieve a sense of balance in one's investment portfolios depending on one's risk tolerance. One positive outcome of the recent turbulence is that investors have discovered the need to match their risk tolerance with their investment objectives and the time horizon over which they want to achieve those objectives. We believe that investors should have exposure to a range of markets and sectors to lower their portfolio risk via diversification.
source: dollardex
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