Bargain travel buys - Pay less despite the slump in dollar

A little research goes a long way if you plan to fit in some shopping while travelling overseas, reports Chris Pritchard.

Cheaper hotels, shorter holidays, fewer restaurant splurges – Australia’s slumped dollar has made overseas travellers tighten their belts.

But there’s good news, too. Shopping in some holiday destinations remains a smile-inducing bargain, if you know where to look.

This is true even with the humbled Aussie dollar – either because other currencies have plunged in value as dramatically, as ours, or prices were so low anyway that even at current exchange rates they’re still cheap.

But, before you travel, remember to check what you’d pay in Australia for something similar.

Philippines
The Makati area’s glitzy malls have some of Manila’s best designer shopping at a fraction of what you’ll pay in Australia. However, much of the action has moved to the Mall of Asia – claimed to be Asia’s biggest – off Manila Bay’s Roxas Boulevard.

Find bargains at Greenhills Shopping Centre. It’s well worth a visit.

Philippine Airlines ( 1300 888 725) connects Australia to the Philippines.

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Asian markets tumble as fears grow over banking sector

HONG KONG, Jan 20, 2009 (AFP) - Markets in Asia tumbled Tuesday as investors followed European stocks in a downward spiral on renewed fears for the banking sector, while Toyota announced its first sales fall in a decade.

Tokyo dived 2.31 percent, Hong Kong almost 2.9 percent and Sydney 3.1 percent, while Seoul shed more than two percent, Taipei lost 2.84 percent and Singapore 1.35 percent.

Dealers' concerns the global financial crisis has a lot further to go were borne out on Monday when Royal Bank of Scotland announced it had lost up to 40 billion dollars last year, the biggest loss in British corporate history.

The news hit European stocks and sent the British pound plunging to a six-year low against the dollar.

The falls came despite a second multi-billion pound bank rescue package by London.

Toyota Tuesday released figures showing a four percent fall in global sales in 2008 due to slumping demand -- its first decline since 1998, according to a company spokeswoman.

It later announced it had appointed Akio Toyoda -- grandson of the company's founder -- to be the new president as part of a reshuffle of top management.

The falls showed that previous optimism over the inauguration of Barack Obama as US president later Tuesday had been virtually wiped out by the reality of the state of the world economy.

Meanwhile, the European Commission forecast the EU economy will shrink nearly two percent in 2009 as a recession sends unemployment and government deficits soaring.

However, despite the grim regional news, Shanghai reversed earlier losses and posted a 0.37 percent gain on continuing hopes for further government stimulus measures to boost the country's ailing industries.

TOKYO: Down 2.31 percent. The Nikkei-225 index dropped 191.06 points to 8,065.79. The broader Topix index of all first-section shares lost 12.70 points, or 1.55 percent, to 805.03.

The Nikkei index shed more than three percent in the morning but narrowed the losses in late trading on speculation that pension funds and other domestic investors were buying major automakers and other shares, dealers said.

Toyota shares rose 2.31 percent to end at 3,100 yen despite its weak sales data and a report that it was considering shedding a further 3,000 temporary workers to weather the industry slump.

Among other carmakers, Honda climbed 1.91 percent to 2,130 yen and Nissan edged up 0.92 percent to 327 yen.

Mizuho Financial Group plunged 6.17 percent to 228 yen while Mitsubishi UFJ Financial Group lost 2.90 percent to 502 yen.

HONG KONG: Down 2.9 percent. The Hang Seng Index closed 380.22 points lower at 12,959.77. Turnover was 39.58 billion Hong Kong dollars (5.07 billion US).

HSBC lost 7.7 percent to 57.50 dollars, adding to its six-day, 16.6 percent slump on persistent capital-raising concerns, despite a statement from the bank Monday denying speculation it is seeking support from the British government.

Losses on the main index were narrowed by China Mobile, which bucked the downtrend after it reported a strong increase in new users.

Foxconn International tumbled 7.3 percent to 2.79 dollars after it said its 2008 net profit would fall significantly due to the global economic downturn.

Citic Bank fell 2.1 percent to 2.75 dollars despite saying its 2008 net profit may rise 60 percent.

SYDNEY: Down 3.1 percent. The S&P/ASX 200 lost 112.7 points to end at 3,476.6 -- its lowest close since late November -- while the broader All Ordinaries dumped 106.0 points to end the day at 3,425.0.

Preliminary turnover was some 917 million shares worth 2.85 billion dollars (1.89 billion US).

Miners were all lower on lingering concerns about demand. Rio Tinto fell 6.3 percent to 37.99 dollars and BHP Billiton lost 4.7 percent to 28.95 dollars.

Santos was off 5.0 percent at 14.00 and Woodside Petroleum slipped 2.5 percent to 33.43.

The four major banks were all in the red. National Australia Bank was down 5.4 percent at 18.39, ANZ lost 5.1 percent to 13.70, Commonwealth Bank shares fell 3.9 percent to 26.35 and Westpac slumped 3.7 percent to 15.50 dollars.

SHANGHAI: Up 0.37 percent. The benchmark Shanghai Composite Index, which covers A and B shares, closed up 7.44 points to 1,994.11 on turnover of 55.6 billion yuan (8.1 billion dollars).

Investors were hunting for bargains amid expectations Beijing could announce an interest rate cut and other measures to support the economy before the release of major economic data, traders said.

Oil majors led the gainers with Sinopec closing up 1.4 percent to 7.91 yuan, while China Oilfield Services added 0.7 percent to 13.37 yuan.

Financial firms also climbed as institutional investors bought banking stocks amid expectations the sector will benefit from a gradual economic recovery and share purchases by China's sovereign wealth fund, analysts said.

Haitong Securities rose 9.1 percent to 11.56 yuan and Bank of Communications jumped 2.8 percent to 5.56 yuan.

TAIPEI: Down 2.84 percent. The weighted index fell 124.15 points to 4,242.61 on turnover of 45.72 billion Taiwan dollars (1.39 billion US), its lowest close since ending at 4,225.07 on December 5.

Financials were down 3.88 percent, semiconductors 3.34 percent lower and electronics off 2.64 percent.

Nanya Technology, the island's second-largest memory-chip producer, fell 4.1 percent to 5.62 Taiwan dollars.

First Financial dropped 5.0 percent to 14.15 and Cathay Financial lost 4.0 percent to 32.80.

Taiwan Semiconductor Manufacturing Co dropped 3.4 percent to 39.60, after the company said it would cut an undisclosed number of employees after an annual performance review.

United Microelectronics Corp fell 3.14 percent to 7.1.

SEOUL: Down 2.1 percent. The KOSPI ended down 23.84 points at 1,126.81. Volume was 314.95 million shares worth 3.73 trillion won (2.72 billion dollars).

Following losses by European peers, Shinhan Financial Group fell 4.7 percent to 28,200 won and KB Financial Group declined 5.3 percent to 33,700.

Samsung Electronics lost 2.3 percent to 464,000 won while LG Electronics slid 4.0 percent to 77,700.

KT Corp and KT Freetel outperformed the broader market following a local report that KT's board would decide on a merger between the two later Tuesday.

KT Freetel rose 2.1 percent to 29,050 won while KT ended 0.1 percent lower at 39,700.

SINGAPORE: Down 1.35 percent. The blue-chip Straits Times Index fell 23.62 points to 1,723.37 on volume of 847 million shares worth 719 million Singapore dollars (478 million US).

"Though there was some initial optimism ahead of the swearing in of the US president and Singapore's budget announcement on Thursday, the broader picture is that global economic fundamentals continue to deteriorate and recovery would be some time in coming," said NetResearch Asia, an equity research firm.

United Overseas Bank closed 30 cents lower at 11.60 and DBS eased three cents to 8.66.

CapitaLand dropped 11 cents to 2.69 and Keppel Land slid three cents to 1.51. Singapore Telecommunications gained three cents to 2.57 while Singapore Airlines added 16 cents to 11.36.

KUALA LUMPUR: Down 1.1 percent. The Kuala Lumpur Composite Index fell 9.91 points to close at 880.37.

Turnover was at 375.82 million shares valued at 439.12 million ringgit (122 million dollars).

Tenaga Nasional eased 1.7 percent to 5.95 ringgit, Bumiputra Commerce was down 2.4 percent at 6.20 and TMI lost 3.3 percent to 3.54.

On the upside, Bursa gained 0.9 percent to 5.35 ringgit, DK Leather rose 4.8 percent to 54.5 sen and CBIP added 1.7 percent to 1.75.

BANGKOK: Down 0.58 percent. The Stock Exchange of Thailand (SET) composite index lost 2.52 points to close at 433.19 points while the bluechip SET-50 index fell 1.77 points to 300.83.

Turnover was 2.27 billion shares worth 6.49 billion baht (185.73 million dollars).

Top energy firm PTT Plc shed 1.00 baht to close at 157.00 baht while its subsidiary PTT Exploration and Production lost 2.00 to 101.00.

Banpu fell 2.00 to 222.00.

Bangkok Bank added 0.50 to 68.00 and Kasikorn Bank edged up 0.50 to 44.50, while Thai Airways was down 0.15 to close at 6.40.

JAKARTA: Down 0.5 percent. The Jakarta Composite Index fell 6.54 points to 1,344.15 in thin volume.

Coal miner Bumi Resources slipped 1.9 percent to 490 rupiah and rival Indotambang Raya dropped 5.0 percent to 9,450.

Telkom gained 0.8 percent to 6,450 rupiah.

MANILA: Down 1.3 percent. The composite index fell 25.06 points to 1,897.93, while the all-shares index fell 0.2 percent to 1,227.73 points.

Volume turnover amounted to 667.7 million shares worth 1.01 billion pesos (21.4 million dollars).

Philippine Long Distance Telephone Co. fell 3.2 percent to 2,095 pesos.

The Manila Electric Co. was unchanged at 59.50 pesos.

San Miguel Corp. saw its A share remain unchanged at 40 pesos while its B shares remained at 42 pesos.

WELLINGTON: Down 1.40 percent. The NZX-50 index fell 38.49 points to close at 2,709.48 on turnover worth 89.5 million dollars (47.8 million US).

Contact Energy fell 69 cents to 6.66 dollars after announcing it expected underlying earnings for the current year to be cut by 20 to 23 percent.

Telecom rose eight cents to 2.42 dollars.

Fletcher Building fell five cents to 5.80 dollars and Fisher & Paykel Appliances dropped two cents to 1.30.

MUMBAI: Down 2.45 percent. The 30-share Sensex index fell 229.02 points to 9,100.55.

burs-dan/mtp

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An island getaway like in postcards, but affordable

An island getaway like in postcards, but affordable
by Tan Mae Lynn MUCH like most hidden gems, if you can find them, you'll be rewarded. This island paradise is small and not that easy to get to - you have to fly to Manila or Cebu, take another domestic flight in a 32-seater (or smaller) plane, hop onto a short 5-minute jeepney ride to a jetty to take a 15 to 20 minute boat ride to the island. But once you get there, you'll experience an island paradise like what you see in postcards. And most importantly, it's an affordable holiday in these lean times. A three-day package, including transfers, costs about $650. Located about an hour's flight from Manila or Cebu, Boracay is in the western Visayas. Shaped like a dog bone, the island is all of 7km long and 1km at its narrowest width. You can walk the entire length of the island. The main part of the island is, of course, White Beach (or Long Beach as the locals call it). Aptly named because of its powder white fine sand. White Beach stretches some 4km and is on the western side of the island. It faces the Sulu Sea and the crystal clear blue water makes it hard to resist a dip in the shallow sea. Boracay has been named one of the best beaches in the world. Only those who've visited the island can see and understand why. Apart from lazing under a palm tree, you can go on a short hiking trail. Hilly areas in the northern and southern parts of the island rise up to 100m above sea level. There are numerous intertwining trails, some leading through tropical jungles for hikers to explore. While you won't get any of the infamous Philippine-styled mega malls here, you can still find some souvenir shopping in Boracay. The Talippapa Market offers some bargains for the usual souvenirs, from trinkets and magnets to beach sarongs and beach hats. When night falls, you're in for another surprise. The entire stretch of beach turns into an alfresco bar and dining area. You'll find some 200 restaurants and snack bars around the island offering cuisine from local Filipino to French, Italian and even Middle Eastern. This just goes to show the diverse tourist crowd that throngs the island. Development A throbbing night scene comes alive with music and dancing into the wee hours. This island paradise is developing at such a fast pace you'd want to visit sooner rather than later. For such a small island, it houses about 350 beach resorts. They range from budget accommodation to luxury resorts. Before it was 'discovered' in the mid '70s, Boracay was unknown as a tourist destination. It was populated only by indigenous farmers and fishermen. Its location was known to few and only 'privileged' friends heard of the place through word-of-mouth. Within a span of 10 years, all that changed So head to Boracay for a quick weekend getaway. How to get to Boracay - Fly to Manila or Cebu. From Manila, take a 45-minute domestic flight to Caticlan where you can hop onto a boat to get to Boracay island (15 to 20 minutes). - Alternatively, you can fly to Kalibo (50 minutes) and then a 1 1/2-hour bus ride to Caticlan to catch a boat to Boracay. - From Cebu, fly to Caticlan to catch a boat to the island. This article was first published in The New Paper on Jan 16, 2009. Source

Art bargains in 2009?

By Alya Honasan
Philippine Daily Inquirer
First Posted 00:14:00 01/12/2009

Filed Under: Arts (general), Lifestyle & Leisure

WILL 2009 be a good time to put money in art? If you’ve got the money, it just might be, as hard times may force some collectors to put prized pieces on the market. “The economic meltdown is worldwide, and people are unloading,” notes Finale Art File’s Vita Sarenas. “If times are harder, many will unload the old masters, but they’re not going to sell the good ones first. If times get really hard and collectors really need the money, that’s when the better pieces will be sold, because they move faster. All the good ones will come out and will sell for lower than usual. That’s why it’s a bad time to sell. In good times, nobody will sell their good art.”

“Definitely, yes, it’s a good time to buy,” says tribal and colonial art dealer Floy Quintos, owner of the gallery Deus in Manila, in reference to tribal art pieces. “Especially in my trade, they’re all coming out, we’re buying more than we’re selling these days. Mahirap ang buhay. Sadly, the tribal lifestyle is going, it will not see the end of the century. These pieces wouldn’t be released into the market unless the owners died or didn’t value them anymore, maybe because they’re no longer animist or have turned Christian.” Then, there’s the reality of social strife, Quintos adds. “You have these betel nut boxes, gold bracelets and other things because of the war in Mindanao. A family may have decided to just migrate to Brunei, which is just a boat ride away, so they took down the torogan and sold the treasures. The material is becoming available because of the misfortunes of people.”

Art authority and aficionado Jaime Laya agrees: “It’s been happening, good things have been coming out of the baul, but it’s not a flood, even in paintings. You want good and cheap, and hopefully more of that will come out. I don’t know how many people will invest in art, though, because they will feel poor, but some collectors will take advantage of the situation if they really want a particular artist’s work, especially if it’s a bargain.” Times are not that hard just yet, Sarenas qualifies, because “prices are still high.” “For example, I have a client who’s selling an old, rare piece for P2.5 million. Buyers are bargaining for P1.5 million, but the seller doesn’t want to give in just yet,” she says.

No big deal

Sarenas notes that top collectors always have money, so a financial crisis may not be a big deal. “They’re more afraid to let go of money during political crises. Regular gallery hoppers are here every week. Recently, they’ve become more discerning though. It’s not just impulse buying.” “The rule of thumb in tribal art is still: You invest in what is published, acceptable, and studied, and that will put you in the top level with very few collectors who really won’t be affected by the crisis,” Quintos says. “There is a paucity of such Class-A pieces that these collectors—only about five of them—will already be fighting over.”

Laya clarifies that in the art world, there’s a difference between collectors and investors. “Real collectors don’t think in terms of investing—they buy something because they like it and everybody wants to pay low prices. Even in the best of times, collectors bargain. For average investors, art is not the first thing that comes to mind.” “Collectors never sell at giveaway prices,” agrees Sarenas. “Maybe they take off 50 percent at the most kung super gipit. But there are speculators who are in the business of buying and selling, and they can make 10 times their investment in two or three years.”

Of today’s buyers, half are speculators and half are collectors who want to collect artists in all their phases, Sarenas estimates. “Ideally, we should be selling to collectors, though there’s really nothing wrong with buying a piece and considering if it can be resold.” Still, as gallery owners, they would not allow prices to drop very drastically, says Sarenas. For examply, a 2x2-ft Ang Kiukok oil may go for between P650,000 and P900,000 these days. Finale would never sell for below P600,000. “We cannot destroy the market, but we cannot do anything if an owner sells for cheaper than that on their own.”

There are no such local speculators in tribal art, Quintos says. “Not everybody understands it, it’s not as noisy as the Sotheby auctions for paintings, and it demands a certain level of scholarship,” he says of the field. “Well, there are a few, but they will buy a P5,000 bulol and say it’s the same as the 6,000-euro bulol that was just bought in Sotheby’s. I’m sorry, but it’s very different. Internationally, though, there are a lot of speculators, for whom it’s really just business. As with every genre of art, only the top level is worth investing in, if you want to call it investment. There will always be run-of-the-mill pieces.” An excellent 22-in bulol was recently auctioned off for 6,000 euros, Quintos reveals; an important one was sold privately for 20,000 euros, about a million pesos.

Good signs

If you’re just starting a serious tribal art collection, Quintos says it may not be a good time to begin, but dealers and seasoned collectors may get lucky.

In terms of gaining such provenance for choice pieces, 2009 brings some good signs. “One of the major books on Cordillera tribal art by Eric Anderson, who has been doing a five-year study, is coming out next year, and Philippine tribal art will finally get the scholarship that it does not have.” Also, the renowned Musée quai Branly in Paris, which Quintos works closely with, is planning a major show of Philippine tribal art in 2010.

If you’ve got the money, Sarenas says it’s the young artists you should give it to. “Their prices will never go down, and they have nowhere to go but up, so buy now. They’re in demand, even in hard times. The trend is young artists all over the world, for both galleries and collectors.”

“More people are interested in young artists, because there are a lot of young collectors more interested in contemporary art,” says Laya. “Mahal na ang old masters. But basically I think the crisis will separate the men from the boys, so to speak. The good artists will never have a problem selling their works. It will be a matter of quality.”

On an encouraging note, Sarenas reveals that even the most sought-after contemporary artists can still be affordable—if you can get your hands on a piece. A painting by Geraldine Javier, who sells for at least a million pesos in outside auctions, can still be acquired locally for P200,000. There are about 100 people on the wait list for her works, and that’s just with Finale. “Remember, these kids don’t really paint to sell, they want to produce good art and be collected and shown,” Sarenas says, also referring to the next generation of artists like Paolo Vinluan, Bembol de la Cruz, Robert Langenegger, and others. “My advice is, if you don’t need the money, don’t sell your art. But if you have the money, buy young artists now, as it will only get better.”

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Philippine shares jump on follow-through buying

MANILA, Philippines- Philippine share prices on Friday ended the first week of the year's trading session positively, prompting analysts to call the performance as a "post-Holiday Santa Claus rally".

The benchmark 30-company Philippine Stock Exchange index rose 14.16 points or 0.7185 percent to 1,948.88 while the all-share index edged up 4.91 points or 0.3926 percent to 1,255.68.

Gainers led losers 49 to 27 while 47 stocks were unchanged.

All six sub-indices rose, led by Mining and Oil's 2.1429-percent climb and Services' 1.1686-percent jump. The other four sectors- Financials, Industrial, Holding Firms and Property- improved anywhere between 0.215 percent and 0.5084 percent.

Volume, however, was lower with 1.348 billion stocks worth P1.337 billion were traded.

Astro del Castillo, First Grade Holdings managing director, said there was follow-through buying on positive reviews of the Philippine economy.

Credit-watcher Fitch Ratings said that only "China, Philippines and Indonesia" were out of its negative watchlist.

"There's still some cautious follow-through buying on positive review on the Philippine economy. There's also some anticipation of a rate cut as inflation further slowed down, giving room for the Bangko Sentral ng Pilipinas to cut rates," del Castillo said.

He noted that several stocks are already ridiculously attractive, pushing investors to hunt for bargains.

For next week, the main index is seen to range between 1,950 and 2,000.

Telecommunications giant Philippine Long Distance Telephone Co., the top-traded stock for the day, surged P35 or 1.6204 percent to P2,195 while rival Globe Telecom Inc. leaped P20 or 2.439 percent to P840.

Bank of the Philippine Islands, one of the country's largest lenders, was flat at P40.

SM Investments Corp., the holding company of the Sy family and the Philippines' wealthiest, was steady at P199.

Ayala Corp., one of the county's largest business groups, rose P3 or 1.3575 percent to P224.
GMANews.TV

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