Long-time Chief Executive Officer Ben Silbermann of Pinterest would step down, handing over the reins of the social media platform to Google...

Stock Market

Google executive to take over as a new CEO of Pinterest

Top accounting firm Ernst & Young has been slammed with a record $100 million fine from the US government...

Stock Market

Accounting firm gets 100 million fine for faulty regulations

The Indian rupee slipped into a fresh low today and extended losses against the US dollar.

Forex

The rupee tumbled to a new low against the dollar in the midst of an increase in crude oil price

Wall Street saw a sharp fall at its closing in a broad sell-off. Consumers' worries over recession have sparked up...

Stock Market

Wall Street Lose Balance after recession strikes growth fear among consumers’

Soaring inflation may be pushing the US economy into a deep recession. Last week's 0.75% interest rate hike by the Federal Reserve...

Stock Market

Inflation ringing the recession bell - Mohammed Shaheen

Stock Markets

11 May 2022

J.P. Morgan drops Philippines to bottom of Investment Preference list after May 9 polls

The Index Today

The giant American financial services, J.P. Morgan dropped the Philippines to the bottom of an investment list with its Southeast Asian peers in a new report released during Monday’s presidential elections, which saw Ferdinand “Bongbong” Marcos Jr., the namesake son of the late dictator, headed for a landslide win.

According to the inquirer news, J.P. Morgan never mentioned Marcos’ name in the May 9 report that flagged rising risks from high public debt and surging inflation – factors it said would slow economic growth and hurt corporate profits.

Detailing its “new order of preference in Asean”, J.P Morgan ranked the Philippines behind its neighboring country, Vietnam, Singapore, Thailand and Malaysia.

It also advised investors to lessen their exposure to local stocks given its view to “downgrade the Philippines to underweight.”

J.P. Morgan said in the report, which was shared by clients to media outlets on Tuesday morning, “We recommend selling into a possible post-election hope rally.”


©Photo: Reuters

Clay pottery with table linens