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from Global Investing:
New frontiers to outpace emerging markets
Fund managers searching for yield are increasing exposure to frontier markets (FM) as a diversification from emerging markets (EM), as the latter have been offering negative relative returns since January, according to MSCI data.
Barings Asset Management said on Monday it plans to launch a frontier markets fund in coming weeks, with a projected 70 percent exposure to frontier markets such as Nigeria, Saudi Arabia, the UAE, Sri Lanka and Ukraine.
Emerging markets indices posted relative negative returns compared to developed and frontier markets in the first quarter, index compiler MSCI's 2013 quarterly survey showed. The main emerging benchmark returned a negative 2.14 percent for the quarter, with the BRIC index also posting a loss, though a better performance of Latin American markets offered some promising signs with a 0.48 percent increase.
Southeast Asia posted the top returns, with double-digit figures from the MSCI Philippines Index of 17.87 percent growth and Indonesia returning 13.19 percent. That was a stark contrast to the Brazil, Russia, India, China and Korean indices, which delivered negative Q1 results.
from Photographers Blog:
Meet pistol-packing Judge Jimmy
Manila, Philippines
By Romeo Ranoco
Traditionally, Filipinos are gun lovers, particularly in the southern Philippines, where almost every household keeps a rifle or a pistol at home. I know someone who said "I can let go of my wife, but I can't live without my Armalite". Thus, I got excited when I was asked to do a gun culture picture story, focusing on a pistol-packing judge who helps train fellow magistrates and lawyers at a target range.
FULL FOCUS GALLERY: ARMED JUSTICE
When one talks about a pistol-packing judge, one person immediately comes to my mind, a legendary former police officer who traded his blue uniform for a black robe. Jaime “Jimmy” Santiago is a celebrity in his own right. The presiding judge of branch 3 of Manila’s Regional Trial Court, Jimmy was a police officer a quarter of a century ago. He rose to celebrity status when as a commander of the Special Weapons and Tactics (SWAT) unit in the Philippine capital city Manila, he rescued several victims and “neutralized” a total of six gunmen in several separate hostage-taking incidents. His exploits were eventually made into a full-length movie, entitled “SPO4 Santiago, Sharpshooter”.
from Full Focus:
Armed justice
Jaime 'Jimmy' Santiago, a former police officer who headed a special weapons and tactics (SWAT) unit, now a lower court judges in Manila, favours arming Filipino judges to protect themselves from disgruntled litigants who can't accept decisions and criminal syndicates whose members were sent to jail. There had been cases of shootings inside courtrooms. Photographer Bobby Ranoco spent time with Judge Jimmy inside his courtroom and at a firing range. Read Bobby's personal account here.
from Breakingviews:
Philippines has an unhealthy upgrade obsession
By Andy Mukherjee
(The author is a Reuters Breakingviews columnist. The opinions expressed are his own)
The Philippines is on an unhealthy low-debt diet. Manila’s obsessive pursuit of a one-notch ratings upgrade, which would grant the sovereign investment-grade status, could have unwanted side effects.
from Breakingviews:
Southeast Asia is wrong to neglect inflation risk
By Andy Mukherjee
(The author is a Reuters Breakingviews columnist. The opinions expressed are his own)
Inflation in the Philippines reached a five-month high in February; prices rose the most in 20 months in Indonesia. Yet, there is no word from the central banks of Southeast Asia’s fast-growing nations on when they are likely to raise interest rates. While their coyness to signal policy tightening is understandable, it is nevertheless a mistake.
from Photographers Blog:
An endangered priesthood
Tagaytay city, Philippines
By Erik de Castro
I woke at dawn to the sound of a bell ringing and Gregorian Chant music at the Saint Augustine Minor Seminary compound on Mindoro island in the central Philippines. It was still dark as dozens of seminarians in the first phase of a 12-year journey to priesthood walked towards a chapel for their morning prayers and a mass.
I walked to the same chapel 41 years ago and left after more than two years in the seminary.
from Breakingviews:
Southeast Asia’s growth could lead to credit curbs
By Andy Mukherjee
(The author is a Reuters Breakingviews columnist. The opinions expressed are his own)
Southeast Asia’s heady debt-fuelled growth is beginning to resemble the unsustainable mid-1990s boom. But authorities are shy to raise interest rates as doing so could attract more overseas capital, stoking inflation and financial instability. Direct curbs on credit and capital flows may prove more attractive.
from Photographers Blog:
Front line female Marines
Ternate, Philippines
By Romeo Ranoco
Long before U.S. President Barack Obama allowed female soldiers to be deployed for combat duties, the Philippines has been doing exactly that for several years, in particular among those in the Marines.
I was excited to photograph some of the women during a military exercise at a Marine base south of the capital Manila. This was not the first time that I had taken pictures of female soldiers during training exercises, but I volunteered again because this time I would be documenting new recruits.
from Global Investing:
Emerging policy-One cut, two steady
What a varied bunch emerging markets have become. At last week's monetary policy meetings, we saw one rate rise (Serbia) and differing messages from the rest. Mexico turned dovish while hitherto dovish Brazilian central bank finally mentioned the inflation problem. Russia meanwhile kept markets guessing, signalling it could either raise rates next month or cut them.
This week, a cut looks likely in Turkey while South Africa and the Philippines will almost certainly keep interest rates steady.
from Photographers Blog:
The cycle of poverty and pregnancy
By Erik de Castro
It was a few minutes before 6 a.m. when I arrived at the dwelling of Liza Cabiya-an, 39, and her 14 children. Liza was pouring coffee on a plate of rice as her five small children, including her youngest 11-month-old baby, huddled on the floor around her waiting to be served their breakfast. On a good day, Liza says breakfast would be pan de sal, or the classic Filipino salt bread, which they dip into hot instant coffee.
While the small children have their breakfast, Liza’s nine other children were still asleep, shoulder-to-shoulder, in a room of approximately 9-square meters.
