THE PHILIPPINES’ net external liability po si tion widened as of end-September, data from the Bangko Sentral ng Pilipinas (BSP) showed. The country’s international investment position (IIP) stood at a net external liability of $74.2 billion at the end of September, 33.3% bigger than the $55.7-billion net liability at the end of June. Year on year, the net external liability position was also 60.1% wider than $46.4 billion in the same period a year ago. The IIP is an indicator of the value and composition of a country’s financial assets and liabilities. It gauges an economy’s external exposure. “This development was driven by the 10.1% expansion in the country’s external financial liabilities, which outpaced the 4.8% growth in external financial assets,” the BSP said in a statement. Total outstanding external financial assets rose by 4.8% to $254.7 billion at the end of the third quarter from $243.1 billion in the previous quarter. Year on year, it jumped by 9.5%. “The country’s total stock of external financial assets expanded mainly on account of the country’s accumulation of reserve assets, which reached $112.7 billion as of end-September 2024 (or an increase of 7.1% from $105.2 billion),” the BSP said. The expansion in external financial assets was also driven by the growth in the residents’ net portfolio investments in foreign debt securities, which grew by 7.2% quarter on quarter to $33.7 billion from $31.4 billion. It also cited growth in net direct investments in debt instruments (3.3%) and equity capital of their foreign af f iliates (1.7%). Almost half or 46.2% of the external financial assets are reserve assets held by the BSP, equivalent to $117.8 billion. Other sectors accounted for 39.7% of the total or $101.1 billion during the same period while banks kept $35.8 billion (14.1%). Meanwhile, total external financial liabilities likewise climbed by 10.1% to $328.9 billion at end-September from $298.8 billion at end-June. It also jumped by 17.9% year on year. “The country’s total stock of external financial liabilities as of end-September 2024 rose, as most components registered an increase, led by foreign portfolio investment.” Net foreign portfolio investments grew by 18.7% to $104.4 billion during the period. The BSP said this was driven by the “notable increase in nonresidents’ outstanding investments in debt papers, particularly government securities and equity securities of local corporations.” “The high demand for the newly issued government securities at competitive pricing reflected continued investor confidence in the country’s economic resilience, despite global challenges.” “Meanwhile, nonresidents’ outstanding investments in equity securities rose due to upward valuation and additional inflows, mirroring the rise in the Philippine Stock Exchange index,” it added. Other sectors accounted for 58.7% or $193 billion of the country’s total external financial liabilities at the end of September. The rest were held by the National Government and banks, with financial liabilities worth $88.6 billion and $43.4 billion, respectively. The BSP held 1.2% of all external financial liabilities at $3.9 billion, which were mostly in the form of special drawing rights. — Luisa Maria Jacinta C. Jocson

Stocks jumped at Monday's open and bond yields retreated as markets welcomed President-elect Donald Trump's nomination of Scott Bessent to be his Treasury secretary. The Dow Jones Industrial Average closed at a new all-time high and the S&P 500 hit a new intraday high early in the opening session of a holiday-shortened week highlighted by a packed economic calendar. In a Friday evening post on Truth Social , Trump described Bessent, the former chief investment strategist of Soros Fund Management, as "one of the world's foremost international investors and geopolitical and economic strategists." The president-elect added, "Scott's story is that of the American Dream." Bessent is also the co-founder of Key Square Group, a macro-focused investment firm that specializes in analyzing economic, political and market conditions to trade across asset classes, including currencies and interest rates as well as commodities and stocks. Subscribe to Kiplinger’s Personal Finance Be a smarter, better informed investor. Sign up for Kiplinger’s Free E-Newsletters Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail. Profit and prosper with the best of expert advice - straight to your e-mail. Wall Street is positive about Bessent because of his success as an investor and for the moderating influence he is expected to exert within the Trump administration. In a November 15 op-ed for Fox News on the subject of Trump's primary tool of economic policy, Bessent writes, "The truth is that tariffs have a long and storied history as both a revenue-raising tool and a way of protecting strategically important industries in the U.S. President-elect Trump has added a third leg to the stool: tariffs as a negotiating tool with our trading partners." "The nomination of Scott Bessent to be U.S. Treasury Secretary has been a catalyst for lower bond yields, higher equity indices and a weaker dollar this morning," writes Kit Juckes , chief forex strategist at Societe Generale. The nomination is a palliative for investors "worried about the size of the U.S. budget deficit and the inflationary impact of tariffs. Whether he can help get the U.S. to 3% GDP growth and a 3% budget deficit time will tell, but for now, he has changed the market mood, if nothing else," Juckes concludes. The yield on the 10-year U.S. Treasury note declined by 15 basis points to 4.27%, while the yield on the 2-year dipped 10 basis points to 4.27%. The Dow backed off its intraday high but still closed at a record level, rising 1% to 44,736. The S&P 500 also slipped from its intraday high but held on for a 0.3% gain to 5,987. The Nasdaq Composite , meanwhile, edged up 0.3% to 19,054. Stocks on the move Earnings season is nearing an end, with 95% of the S&P 500 having reported so far. FactSet Senior Earnings Analyst John Butters notes that with numbers from 462 of the firms in the index, 75% have reported positive earnings per share (EPS) surprises and 61% have reported positive revenue surprises. "For Q3 2024," Butters writes, "the blended (year-over-year) earnings growth rate for the S&P 500 is 5.8%. If 5.8% is the actual growth rate for the quarter, it will mark the 5th straight quarter of year-over-year earnings growth for the index." Bath & Body Works ( BBWI ) was deleted from S&P 500 on October 1, but the stock surged 16.5% after the specialty retailer beat top- and bottom-line expectations for its third quarter and raised its full-year outlook. "Our strong results exceeded the high end of our net sales and earnings per diluted share guidance," said Bath & Body Works CEO Gina Boswell in a statement. "As a result, we are raising our full-year guidance to fully reflect this outperformance." Wall Street remains optimistic about BBWI. According to S&P Global Market Intelligence , the consensus recommendation is Buy, and the average 12-month price target for the consumer discretionary stock is $42.76. Even after Monday's strong showing that's about 20% upside. Macy's ( M ) stock, which was removed from the S&P 500 in April 2020, fell 2.3% after the retailer announced preliminary results for its third quarter, during which sales declined 2.4% year over year. Macy's also announced a delay in filing its quarterly statement with the Securities and Exchange Commission (SEC) after management "identified an issue related to delivery expenses in one of its accrual accounts." Macy's determined a single employee "intentionally made erroneous accounting accrual entries to hide approximately $132 to $154 million of cumulative delivery expenses." The big picture remains murky for the iconic retailer. "It has major disadvantages vs peers around price, product, and service," writes UBS Global Research analyst Jay Sole in a November 18 note. "We believe these dynamics should lead to continuous net losses. M's current stock price does not reflect long-term earnings-per-share challenges, in our view." Incoming data With third-quarter earnings season winding down, investors have a packed economic calendar to capture their attention this week. Note that markets will be closed on Thursday and will shut down early on Friday for the Thanksgiving holiday. Tuesday's releases include the S&P CoreLogic Case-Shiller Home Price Indices at 9 am Eastern time as well as a consumer confidence survey from The Conference Board and new home sales data from the Census Bureau at 10 am. The Federal Reserve will publish the minutes from the November FOMC meeting at 2 pm. And it's a particularly big Wednesday, with initial jobless claims coming in a day early because of the holiday on Thursday. We'll also see data on durable goods orders, retail and wholesale inventories, the U.S. trade balance and the second read on third-quarter GDP. The main event is the release of the Personal Consumption and Expenditures Price Index (PCE) series at 10 am. PCE is the Fed's preferred measure of inflation . "Based on the depth and breadth of the transitions in progress at this time in monetary policy, on Capitol Hill and in the change of Administration along with what appears to be a watershed period in technological innovation, some market participants can't help but wonder if they should be adjusting their portfolio exposures for a myriad of outcomes espoused by various market pundits with widely divergent views and opinions," writes John Stoltzfus of Oppenheimer Asset Management. "For one, while the pace of inflation appears to be slowing enabling the Fed to move towards more rate cuts in the months ahead," Stoltzfus observes, "the latest CPI numbers showed some inflation stickiness that has proved irksome to those with great expectations for more frequent and deeper interest rate cuts." According to the CME FedWatch tool, as of Monday afternoon, there is a 55.9% chance the Federal Open Market Committee cuts the target range for the federal funds rate by 25 basis points at its December 18 meeting. Related content Stock Picks That Billionaires Love Best Bond Funds to Buy Now Six Ways Trump Could Change Your Retirement

Elon Musk’s jets made 355 trips in 2024, including 31 to or from the Mar-a-Lago area

Emanuel Wallace, 27, from east London, is better known as Big Manny by his 1.9 million followers on TikTok, where he shares videos explaining various science experiments from his back garden while using Jamaican Patois phrases and London slang. In early December, Mr Wallace won the Education Creator of the Year award at the TikTok Awards ceremony, which he said is a “symbol that anything that you put your mind to you can achieve”. The content creator began making videos during the coronavirus pandemic when schools turned to online learning but has since expanded his teaching from videos to paper after releasing his debut book Science Is Lit in August. He believes his “unconventional” teaching methods help to make his content relatable for younger audiences by using slang deriving from his Jamaican and British heritage. “The language that I use, it’s a combination between Jamaican Patois and London slang because I have Jamaican heritage,” the TikToker, who holds a bachelors and masters degree in biomedical science, told the PA news agency. “That’s why in my videos sometimes I might say things like ‘Wagwan’ or ‘you dun know’. I just want to connect with the young people more, so I speak in the same way that they speak. “The words that I use, the way that I deliver the lesson as well, I would say that my method of teaching is quite unconventional. I speak in a way that is quite conversational.” Examples of his videos include lithium batteries catching fire after being sandwiched inside a raw chicken breast, as well as mixing gold with gallium to create blue gold, earning millions of views. Mr Wallace hopes his content will help make the science industry more diverse, saying “the scientists that I was taught about, none of them look like me”. “Now me being a scientist is showing young people that they can become one as well, regardless of the background that they come from, the upbringing that they’ve had,” he said. “I just want to make it seem more attainable and possible for them because if I can do it, and I come from the same place as you, there’s no reason why you can’t do it as well.” The TikToker has seen a shift in more young people turning to the app as a learning resource and feels short-form videos will soon become a part of the national curriculum in schools. “I’m seeing (young people) using that a lot more – social media as a resource for education – and I feel like in the future, it’s going to become more and more popular as well,” he said. “I get a lot of comments from students saying that my teacher showed my video in the classroom as a resource, so I feel like these short form videos are going to be integrated within the national curriculum at some point in the near future.” He also uses his platform to raise awareness of different social issues, which he said is “extremely important”. One of his videos highlighted an anti-knife campaign backed by actor Idris Elba, which earned more than 39 million views, while his clip about the banning of disposable vapes was viewed more than 4.6 million times. He said there is some pressure being a teacher with a large following online but hopes he can be a role model for young people. “I’m aware that I am in the public eye and there’s a lot of young people watching me,” he said. “Young people can be impressionable, so I make sure that I conduct myself appropriately, so that I can be a role model. “I always have the same message for young people, specifically. I tell them to stay curious. Always ask questions and look a little bit deeper into things.” His plans for 2025 include publishing a second Science Is Lit book and expanding his teaching to television where he soon hopes to create his own science show.WASHINGTON (AP) — Matt Gaetz withdrew Thursday as President-elect Donald Trump’s pick for attorney general amid continued fallout over a federal sex trafficking investigation that cast doubt on his ability to be confirmed as the nation's chief federal law enforcement officer. The announcement caps a turbulent eight-day period in which Trump sought to capitalize on his decisive election win to force Senate Republicans to accept provocative selections like Gaetz, who had been investigated by the Justice Department before being tapped last week to lead it. The decision could heighten scrutiny on other controversial Trump nominees, including Pentagon pick Pete Hegseth , who faces sexual assault allegations that he denies. “While the momentum was strong, it is clear that my confirmation was unfairly becoming a distraction to the critical work of the Trump/Vance Transition,” Gaetz, a Florida Republican who one day earlier met with senators in an effort to win their support, said in a statement. “There is no time to waste on a needlessly protracted Washington scuffle, thus I’ll be withdrawing my name from consideration to serve as Attorney General. Trump’s DOJ must be in place and ready on Day 1," he added. Trump, in a social media post, said: “I greatly appreciate the recent efforts of Matt Gaetz in seeking approval to be Attorney General. He was doing very well but, at the same time, did not want to be a distraction for the Administration, for which he has much respect. Matt has a wonderful future, and I look forward to watching all of the great things he will do!” He did not immediately announce a new selection. Last week, he named personal lawyers Todd Blanche, Emil Bove and D. John Sauer to senior roles in the department. Another possible contender, Matthew Whitaker, was announced Wednesday as the U.S. ambassador to NATO. The withdrawal, just a week after the pick was announced, averts what was shaping up to be a pitched confirmation fight that would have tested how far Senate Republicans were willing to go to support Trump’s Cabinet picks. The selection of the fierce Trump ally over well-regarded veteran lawyers whose names had circulated as possible contenders stirred concern for the Justice Department's independence at a time when Trump has openly threatened to seek retribution against political adversaries. It underscored the premium Trump places on personal loyalty and reflected the president-elect's desire to have a disruptor lead a Justice Department that for years investigated and ultimately indicted him. In the Senate, deeply skeptical lawmakers sought more information about Justice Department and congressional investigations into sex trafficking allegations involving underage girls, which Gaetz has denied. Meanwhile, Justice Department lawyers were taken aback by the pick of a partisan lawmaker with limited legal experience who has echoed Trump's claims of a weaponized criminal justice system. As Gaetz sought to lock down Senate support, concern over the sex trafficking allegations showed no signs of abating. In recent days, an attorney for two women said his clients told House Ethics Committee investigators that Gaetz paid them for sex on multiple occasions beginning in 2017, when Gaetz was a Florida congressman. One of the women testified she saw Gaetz having sex with a 17-year-old at a party in Florida in 2017, according to the attorney, Joel Leppard. Leppard has said that his client testified she didn’t think Gaetz knew the girl was underage, stopped their relationship when he found out and did not resume it until after she turned 18. The age of consent in Florida is 18. "They’re grateful for the opportunity to move forward with their lives,” Leppard said Thursday of his clients. “They’re hoping that this brings final closure for all the parties involved.” Gaetz has vehemently denied any wrongdoing. The Justice Department’s investigation ended last year with no charges against him. Gaetz’s political future is uncertain. He had abruptly resigned his congressional seat upon being selected as attorney general, a move seen as a way to shut down the ethics investigation into sexual misconduct allegations. He did win reelection in November for the new Congress, which convenes Jan. 3, 2025, but he said in his resignation letter last week that he did not intend to take the oath of office. There are plans for a special election in Florida for his seat. Republicans on the House Ethics Committee declined this week to release the panel's findings, over objections from Democrats in a split vote. But the committee did agree to finish its work and is scheduled to meet again Dec. 5 to discuss the matter. As word of Gaetz's decision spread across the Capitol, Republican senators seemed divided. Oklahoma Sen. Markwayne Mullin, who served with Gaetz in the House, called it a “positive move." Maine Sen. Susan Collins said Gaetz “put country first and I am pleased with his decision.” Others said they had hoped Gaetz could have overhauled the department. Florida Sen. Rick Scott, a close ally of Trump, said he was “disappointed. I like Matt and I think he would have changed the way DOJ is run.” Kentucky Sen. Rand Paul said he hopes Trump will pick someone “equally as tenacious and equally as committed to rooting out and eliminating bias and politicization at the DOJ.” Gaetz is not the only Trump pick facing congressional scrutiny over past allegations. A detailed investigative police report made public Wednesday shows that a woman told police that she was sexually assaulted in 2017 by Hegseth, the former Fox News host now tapped to lead the Pentagon, after he took her phone, blocked the door to a California hotel room and refused to let her leave. “The matter was fully investigated and I was completely cleared,” Hegseth told reporters Thursday at the Capitol, where he was meeting with senators to build support for his nomination. Associated Press writers Michelle L. Price, Lisa Mascaro, Mary Clare Jalonick and Adriana Gomez Licon contributed to this report.Irish civil servants compiled a list of “major leaks” they claimed originated from the Northern Ireland Office (NIO) and Special Branch officers in the region, records show. The confidential briefing note is part of the tranche of documents made public in the annual release of State papers from the Irish National Archives. An Irish Department of Foreign Affairs official focusing on justice and security created the list in October 2002. The document starts by referencing a 1999 interview given by George Mitchell, the chairman of the Good Friday Agreement negotiations, in which he claimed the British and Irish governments, as well as Northern Ireland’s political parties, had leaked information to manipulate public opinion. However, he further accused the NIO of attempting to sabotage the process by leaking information on British Government policy to the media. Mr Mitchell, a former US senator, is said to have expressed alarm and anger over the frequency of leaks from the NIO – saying they were uniquely “designed to undermine the policy of the British Government of which they were a part”. The Irish civil servant notes Mr Mitchell himself was subjected to an attempted “smear” when he first arrived in Northern Ireland, as newspaper articles falsely claimed his chief of staff Martha Pope had had a liaison with Sinn Fein representative Gerry Kelly with ulterior motives. Former US senator and chairman of the 1998 Good Friday Agreement negotiations, George Mitchell (Brian Lawless/PA) Next, the Department lists two “high-profile and damaging leaks issued from the NIO”. A so-called “gameplan” document was leaked in February 1998, showing papers had been prepared weeks before the Drumcree march on July 6, 1997. In the preceding years, there had been standoffs and clashes as nationalists opposed the procession of an Orange parade down Garvaghy Road in Portadown. The gameplan document showed then secretary of state for Northern Ireland Mo Mowlam, who was publicly expressing a desire for a negotiated solution to the 1997 parade, advocated “finding the lowest common denominator for getting some Orange feet on the Garvaghy Road”. In 1997, a large number of security forces were deployed to the area to allow the march to proceed. The incident sparked heightened tension and a wave of rioting. The document further describes the release of a document submitted by the NIO’s director of communications to the secretary of state as a “second major leak”. It claims a publicity strategy was released to the DUP in the aftermath of the Good Friday Agreement and showed how the UK Government would support a yes vote in a referendum following any talks agreement. In addition, it is claimed unionists used leaked sections of the Patten report on policing to invalidate its findings ahead of its publication in 1999. The report recommended the replacement of the Royal Ulster Constabulary with the Police Service of Northern Ireland, the changing of symbols, and a 50-50 recruitment policy for Catholics and Protestants. At the time, UUP leader David Trimble said the recommendations would lead to a corruption of policing in Northern Ireland. Chris Patten, chairman of the independent commission on policing, said some of the assertions were a “total fabrication” and designed to “muddy the waters” to create a difficult political atmosphere. Former Northern Ireland secretary Mo Mowlam (Kirsty Wigglesworth/PA) The author notes this incident, still under the heading “NIO leaks”, was believed by British officials to have emanated from the Irish side. The report turns to leaks of other origin, claiming “disgruntled Special Branch officers in Northern Ireland” were blamed by the British Government for a series of releases about the IRA which were designed to damage Sinn Fein in the 2001 general election in Northern Ireland. One senior Whitehall source was quoted in the Guardian as complaining that Special Branch was “leaking like a sieve” after details of an IRA intelligence database containing the names of leading Tories – described at the time as a “hit list” – was passed to the BBC in April 2002. The briefing note adds: “This was followed days later by a leak to The Sunday Telegraph which alleged that senior IRA commanders bought Russian special forces rifles in Moscow last year. “The newspaper said it was passed details by military intelligence in London.” The briefing note adds that other Special Branch leaks were associated with the Castlereagh break-in. The final incident in the document notes the Police Ombudsman’s Report on the Omagh bombing was also leaked to the press in December 2001. Then Northern Ireland secretary John Reid said at the time: “Leaks are never helpful and usually malicious – I will not be commenting on this report until I have seen the final version.” The reason for creating the list of leaks, which the Irish National Archives holds in a folder alongside briefing notes for ministers ahead of meetings with officials from the UK Government and NIO, is not outlined in the document itself. – This document is based on material in 2024/130/6.