June 21, 2012 Edition

Japan, Korea, China and Taiwan will be the country’s top priorities insofar as economic ties are concerned. Over the next 3-5 years, focus will shift to these markets from the more traditional American, European, and Japanese markets, which the country depended on for the past 3 decades. Department of Trade and Industry Undersecretary Adrian Cristobal Jr said on Wednesday, June 20, Philippine trade attaches are doing the rounds in these East Asian countries to source markets for goods and investments. The priority countries were chosen because they have complementary goods and mutually beneficial industries that can be developed.

Read the full story on Rappler. 

Antonio Samaras of the New Democracy party became the fourth prime minister of Greece in 8 months at a brief ceremony held at the presidential palace Wednesday, June 20. His party forged a coalition with Socialists and the smaller Democratic Left, ending weeks of uncertainty. There were fears Greece would leave the eurozone and trigger a wider crisis in Europe. Greece has borne the brunt of a 5-year recession and its people have become resistant to austerity measures prescribed by the European Union and the International Monetary Fund. The austerity measures were in exchange for a bailout that included an EU-IMF package worth 110 billion euros in 2010 and another 130 billion euros this year. Greece’s 107-billion euro debt, held by private investors, had also been written off. Coalition leaders said they hope to extricate Greece from the painful terms of the bailout.

Read the full story on BBCNews. 

Optimistic economists from the University of Asia and the Pacific predict that full-year growth for 2012 may hit 6% to 7%, above government’s more conservative 5%-6% target. The second quarter may see growth accelerating to 7% because of high infrastructure spending, a recovery in agriculture, and strong consumption. The country grew by 6.4% in the first quarter, making it second best growth in Asia next only to China. Economist Dr Bernardo Villegas said he believes a 7%-10% growth rate is possible in the next 10 years. Election spending can boost GDP in the last quarter of 2012, on top of the usual flow of remittances from overseas Filipino workers. Dr Victor Abola predicted the investment environment will remain friendly while the local stock exchange will record a 25.8% increase compared to 2011. The two economists referred to themselves as the “prophets of boom.”

Read the full story on Rappler. 

Egypt’s Presidential Election Commission said the announcement of results of recently concluded presidential elections would be delayed. The runoff results between Ahmed Shafik, the last prime minister to serve under Mubarak, and Mohamed Morsi of the Muslim Brotherhood candidate remain uncertain as each claimed victory. They also claimed fraud. Whoever wins will be Egypt’s first democratically elected president, following ousted Egyptian leader Hosni Mubarak, whose 3-decade hold on power was ended by a popular uprising more than a year ago. At the same time, Mubarak was removed from life-support equipment but remains in critical condition. Earlier on Tuesday, June 19, the official Middle East News Agency reported that he was “clinically dead.” Military leaders denied it, however, creating confusion in an already politically tumultuous nation.

Read the full story on CNN. 

More details are available from the Wall Street Journal. 

Five judges convened by the World Boxing Organization (WBO) unanimously voted that Manny Pacquiao won over Timothy Bradley in the June 9 duel. WBO president Francisco “Paco” Valcarel told RingTV.com the judges scored 117-111, 117-111, 118-110, 116-112, and 115-113 all for Pacquiao. WBO rules however do not allow for an overturn of boxing results; all it can do is authorize a rematch. The Bradley-Pacquiao contract provides a clause for a rematch on November 10 but Pacquiao is said to be already considering a fight with Juan Manuel Marquez on that date in Mexico. The final word on a rematch will depend on the fighters and the promoters.

Read the full story on Rappler. 

More details are available from RingTV. 

As he turns 30 on Thursday, June 21, Prince William is set to receive a 10-million pound inheritance from the late Princess of Wales. Princess Diana left the bulk of her estate to her sons William and Harry aged 15 and 12 when she died in 1997. The executors of her estate however ruled that their inheritance would be handed over to them only when they turned 30. Diana left a net estate of close to 13-million pounds or about US20.41 million.  The figure has grown to about 20 million pounds through investment, and will be halved between Princes William and Harry.

Read the full story on Rappler. 

Filipino graphic designer Brian Montes has won one of the biggest book cover design contests ever held by 99designs, a leading global marketplace for online graphic design work. Montes won US$3,500 for a cover redesign contest involving the best-selling book, “The Purpose Driven Life” by Christian pastor Rick Warren. The book has sold more than 32 million copies worldwide. Two of Montes’ 5 entries made it to the final 5 book cover designs that were presented to Warren for final selection. The winning design adds brightly-colored leaves to what was a two-tone cover kept for the past decade.

Read the full story on Rappler. 

Watch it. There’s a connection between sleep disturbances and heavy use of cellphones and computers. Researchers from the Sahlgrenska Academy at the University of Gothenburg have found that “constant accessibility” for people who are always reaching for their phones caused more stress and symptoms of depression – not to mention sleeping problems for men. Researchers proposed that people unplug more to decrease risks of sleep problems and mental issues. “This means taking breaks, taking time to recover after intensive use, and putting limits on your availability,” one of the researchers said in a statement.

Read the full story on the HuffingtonPost. 

The latest Red List, which details threats to biodiversity, has been published by the International Union for Conservation of Nature (IUCN). Serving as a reminder to delegates attending the Rio+20 summit in Rio de Janeiro, Brazil, the Red List says that close to a third, or 19,817 of 63,837 plant and animal species around the globe face extinction. Of the species assessed, about 6% or 3,947 are “critically endangered.” Amphibious creatures like frogs, toads and newts are the most endangered, with 41% facing extinction. The latest report, according to the IUCN, is a “clarion call to world leaders gathering in Rio to secure the web of life.”

Read the full story on CNN. 

Mall magnate Henry Sy is the country’s richest again. He has held the top spot for 5 years in a row now. The 87-year-old magnate controls the SM group, which operates the country’s biggest retail business and bank in terms of assets. His estimated wealth is pegged at $9,100 as compared to $7,200 in 2011. Next to Sy, the second richest is Lucio Tan whose wealth amounts to $4,500. Port operator Enrique Razon, who now ranks No. 3, is the biggest gainer. He used to be No. 7 in 2011. Razon has a net worth of $3.6 billion, up from the previous $1.6 billion. There are now 15 billionaires in the country, as against only 11 in 2011.

Read the full story on Rappler. 

Other details are available from Forbes Magazine.