tyb
Philippines plunges into recession as economy shrinks 16.5% in Q2
The Philippine economy shrank 16.5% in the second quarter, the country's statistics agency reported on Thursday, pulling the plug on what was one of Southeast Asia's fastest-growing economies before the pandemic and throwing the nation into a technical recession. The April-June figure covers economic activity during the peak of the initial lockdown, which was imposed in mid-March before being eased in June. A Reuters poll had forecast a contraction of 9.0% for the quarter.
The economy contracted 0.7% in the quarter ended March, the first negative growth in two decades. The government revised it down on Wednesday from a previously announced 0.2%, suggesting that the fallout from the pandemic was deeper than initially estimated. The Philippines despite its longer and stricter lockdown compared with its neighbors is still grappling with surging infections, which totaled 115,980 on Wednesday, the second-highest in Southeast Asia after Indonesia.
This has forced President Rodrigo Duterte to reimpose stricter lockdown measures in Metro Manila and outlying provinces from Aug. 4 to Aug. 18, tempering hopes for a strong recovery in the third quarter. Strict community quarantine restrictions crippled business and trade. April's jobless rate ballooned to a record 17.7%, equivalent to 7.3 million people, according to the Philippine Statistics Authority.
https://asia.nikkei.com/Economy/Philippines-plunges-into-recession-as-economy-shrinks-16.5-in-Q2
Fortive Corporation sold by BoD member Steven M. Rales: $251.11m-Aug 3-5
Fortive Corporation is a diversified group organized around 2 areas of activity:
-
manufacturing of industrial components and technical equipment (55.3% of net sales): remote fuel management solutions for distribution and payment security, industrial robots, medical devices and automated precision control applications, diagnostic equipment, tire service equipment, etc. for the manufacturing, medical and transport sectors;
-
manufacturing of professional measuring tools and instruments (44.7%): connected or offline management software solutions for industrial, electrical and sanitary infrastructure operation, tools, modules and solutions for product manufacturing, sensors and measuring systems.
At the end of 2018, the group operated 100 production sites, mainly located in the United States (58). Net sales are distributed geographically as follows: the United States (54.9%), China (8.8%), Germany (3.6%) and other (32.7%). Number of employees : 25 000 people.
https://www.marketscreener.com/FORTIVE-CORPORATION-28859043/company/
Steven M. Rales has served on Fortive’s Board of Directors since 2016. He is a co-founder of Danaher Corporation and has served as Chairman of the Board of Danaher since 1984. In addition, he has been a principal in a private business entity in the area of film production for more than the past five years. The strategic vision and leadership of Mr. Rales and his brother, Mitchell Rales, helped create the foundation of the Fortive Business System (FBS) and the Danaher Business System, and have guided the respective businesses down a path of consistent, profitable growth that continues today. In addition, as a result of the substantial ownership stake that Mr. Rales has in Fortive, he is well-positioned to understand, articulate and advocate for the rights and interests of Fortive’s shareholders.
Steven Rales and his brother Mitchell acquired a REIT in 1983 and merged it into their firm Danaher, named after a Montana creek. Over the years they acquired more than three dozen companies and turned Danaher into an industrial firm with $20 billion in revenues. In July 2016, the industrial conglomerate spun off some of its assets into a new company, Fortive Corporation. Danaher had $19.9 billion billion in sales in 2018: Rales serves as the chairman of the board at the company. In February 2019 Danaher announced that it will acquire GE's biopharma business for $21.4 billion in cash.
https://www.fortive.com/fortive-leadership-team
https://www.forbes.com/profile/steven-rales/#66a968ff403f
http://investors.danaher.com/board-of-directors?item=19
https://www.finviz.com/insidertrading.ashx?oc=1015013&tc=7&b=2