US Withdrew from UN Human Rights Council 19 June 2018- Who would protect YOU Criminals from Execution?

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1 Peter 2:13-17
13) Submit yourselves for the Lord’s sake to every human authority: whether to the emperor, as the supreme authority,
14) or to governors, who are sent by him to punish those who do wrong and to commend those who do right.
15) For it is God’s will that by doing good you should silence the ignorant talk of foolish people.
16) Live as free people, but do not use your freedom as a cover-up for evil; live as God’s slaves.
17) Show proper respect to everyone, love the family of believers, fear God, honor the emperor

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The US withdrew from the UN Human Rights Council on Tuesday, dealing a blow to human rights campaigners and efforts by US allies to keep Washington as a member.

The US made the decision after repeatedly failing to push through reforms. Secretary of state Mike Pompeo said the body was guilty of “shameless hypocrisy” that “enables human rights abuses by absolving wrongdoers through silence”.

Announcing the withdrawal, Nikki Haley, US ambassador to the UN, insisted the move was “not a retreat from human rights commitments” and that the US would “continue to lead” on human rights. Meanwhile US business leaders condemned the Trump administration’s policy of forcibly separating children from migrants crossing America’s southern border illegally.

Overnight on Wall Street, the S&P 500 index shed 0.4 per cent as basic materials, industrials and technology stocks slid after US President Donald Trump threatened to slap new tariffs on $200bn of Chinese imports.

In Asia-Pacific equities, futures tip the S&P/ASX 200 to rise 0.6 per cent when trading begins, while Tokyo’s Topix is set to open flat and Hong Kong’s Hang Seng is expected to climb 0.4 per cent.

Corporate earnings reports out today include Wang On Properties.

The economic calendar for Wednesday is a well-oiled machine (all times Hong Kong):

Read more in Financial Times 

Business World: $24-billion stock wipeout attracts top fund to the Philippines

Philippine Stock Exchange
THE PHILIPPINE Stock Exchange index has slumped around 18% from February to May. — PHILSTAR/KRIZ JOHN ROSALES

AFTER losing $24 billion in value from its January peak, Philippine stocks are ready for a comeback.

That’s according to Alan Richardson, an investment manager at Samsung Asset Management Co., whose fund has beaten 95% of peers over the past five years. The country’s benchmark equity index slumped about 18% from February to May and has finally reached a bottom, he said in an interview.

“It has already priced in all the negatives on capital markets caused by US liquidity tightening,” Mr. Richardson said. “Just mean reversion on getting less worse is enough to make 10% or more.”

Foreign outflows have reached almost $1 billion this year and the benchmark index has slipped 9.6% through yesterday’s close, making it the Asia’s worst performing stock market in 2018.

Mr. Richardson upgraded Philippine shares to overweight from underweight, two weeks after he did the same with Indonesian stocks. The Jakarta Composite Index has gained 1.9% since he went public with his bullish stance.

The Philippine Stock Exchange Index has rebounded 3.5% from a 14-month low on May 30. Analysts at Credit Suisse Group AG said the gauge has neared bottom in a report published June 7, but emphasized that “remaining headwinds should limit any bounce in shares,” citing slowing earnings growth, rising US bond yields and risks to headline inflation.

Still, Mr. Richardson thinks Philippines stocks will rally. He prefers local banks such as Bank of the Philippine Islands and Metropolitan Bank & Trust Co., as well as companies that have low valuations with the potential for earnings to recover like DMCI Holdings, Inc., GT Capital Holdings, Inc. and Semirara Mining and Power Corp.

“What is there not to be positive about? Growth is still 10%, markets have fallen on US liquidity tightening, which is not going to get any worse, and fundamentals haven’t been impacted,” he said. — Bloomberg

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