Philippines Q1 GDP grows 5.4% y/y, below expectations
MANILA, May 8 (Reuters) - The Philippine economy (PHGDP=ECI), opens new tab grew by an annual 5.4% in the first quarter of 2025 from a year earlier, official data showed on Thursday, a similar pace to the previous quarter's 5.3% expansion.
Economists in a Reuters poll had expected growth of 5.7%.
On a seasonally adjusted basis, the economy grew 1.2% quarter-on-quarter , below the median forecast of 1.6% in a Reuters poll of economists.
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Reuters
an hour ago
- Reuters
Energy majors lock onto Southeast Asia in race for more gas for AI power demand
KUALA LUMPUR, June 18 (Reuters) - Energy majors are pouring money into gas exploration and production in Malaysia and Indonesia to meet rising power demand from growing populations and a proliferation of data centres in the region. The wave of investments come as European majors pivot back to more profitable conventional fuels as countries embark on different energy transition paths, while Southeast Asian governments want more affordable local gas supplies to drive economic growth and improve energy security. At the Energy Asia conference in Kuala Lumpur this week, Shell (SHEL.L), opens new tab committed to increasing its investments in Malaysia by 9 billion ringgit ($2.12 billion) over the next two to three years, Malaysian Prime Minister Anwar Ibrahim said on Tuesday. "Just between now and 2035, gas production in Southeast Asia is expected to drop by around 20% ... and that needs to be backfilled," Shell CEO Wael Sawan told the conference. "And the most viable backfill is, of course, LNG because the infrastructure is already gas based." On Monday, French major TotalEnergies ( opens new tab acquired further stakes in Malaysian gas assets from state energy firm Petronas ( opens new tab. "This is where the population is growing I would say. So this is where we need more energy," CEO Patrick Pouyanne said. Italian major Eni ( opens new tab and Petronas are pressing ahead with a planned joint venture to develop gas assets in Indonesia and Malaysia with a deal expected to be signed by the end of this year. Japan's top explorer Inpex has returned to Malaysia and is working on exploring resources in six blocks offshore Sarawak and Sabah, on top of developing Indonesia's Abadi LNG project, CEO Takayuki Ueda told Reuters. "The demand for natural gas, especially LNG, will actually be increasing over a longer time after 2040, maybe up to 2050," he said. "Given the current, very uncertain and unpredictable geopolitical situation, one of the strategies that we are now taking is local production for local consumption," he added. ConocoPhillips (COP.N), opens new tab CEO Ryan Lance told local media that the U.S. major plans to invest in Sabah after it dropped the WL4-00 project in Sarawak. Natural gas or LNG is seen as the fuel for the region to replace coal and reduce emissions, while gas-fired power plants can also provide a stable power source for data centres. Petronas CEO Tengku Muhammad Taufik Tengku Aziz said the firm is working to serve a surge in power demand from data centres which is expected to more than double to 945 terawatt hours globally by 2030. "The entire energy systems at our disposal are now working to serve this surge in demand," he said. S&P Global vice chairman Daniel Yergin said gas now has a much bigger profile than it did a couple years ago. "Countries are not going to be able to generate the electricity they need for growth and for data centres without a bigger role for natural gas," he added.
Times
2 hours ago
- Times
From compliance to control: mastering AI and data sovereignty
With top-tier infrastructure and strong policies ready, UK businesses must fast-track sovereign AI and data strategies to secure control, fuel innovation and stay competitive on the world stage The global economy is entering an unprecedented phase of transformation, driven by the rapid rise of data and artificial intelligence. According to a report by Forrester, by 2028 the global digital economy will reach a staggering $16.5tn (£12.2tn), making it the third-largest economy on the planet, behind only the US and China. Meanwhile, the International Monetary Fund (IMF) forecasts that AI alone will drive 7% of global GDP growth over the next five years, more than double the expected growth rate of 3.4% for the broader economy. This shift is a fundamental reordering of economic priorities and competitive advantage. The critical question for every organisation is clear: where will your growth come from in this new data-driven world? 'Data and AI are no longer optional tools or experimental technology, they have become the cornerstone of economic growth and the decisive edge in global competition', says Kevin Dallas, CEO of EDB, a leading enterprise data and AI platform provider. Despite this urgency, EDB's global research, involving over 2,000 executives across North America, EMEA and APJ, reveals that only 23% of enterprises are actively building their own sovereign AI and data platforms. These pioneers are pulling ahead — investing in sovereignty, observability and AI readiness to build platforms for autonomous, real-time decision-making. At the heart of this movement is sovereignty: the ability to exercise full control over AI and data assets without sacrificing agility or compliance. It's a comprehensive approach that covers access, visibility and the ability to use AI and data when needed most. 'Data and AI sovereignty isn't about hiding behind a firewall or retreating from global collaboration,' Dallas explains. 'It's about freedom — the freedom to choose your AI models, to keep data compliant with evolving regulations and to deploy capabilities across clouds, borders and teams without compromise.' According to EDB's research, 97% of enterprise leaders see becoming their own AI and data platform as mission-critical, yet only 63% understand that sovereignty is essential to achieve it. Without it, organisations risk agility without control, leading to fragmentation and lost opportunities. 'Building an AI and data platform isn't simply about technology procurement, it means bringing every tool, model and dataset into one secure, extensible environment where they can operate seamlessly together,' Dallas points out. The foundational technology enabling this is evolving. Solutions like Postgres offer a single architecture capable of handling structured and unstructured data, supporting transactional, analytical and AI workloads alike. This versatility is essential as enterprises move from experimentation to scaling production AI. Those already leading the way have begun building what Dallas calls 'agentic AI factories.' These are internal AI ecosystems designed to deliver hyper-personalised services and autonomous outcomes across multiple business domains. According to EDB's research, the 13% of organisations investing heavily in such systems report nearly three times the expected ROI compared to peers. In highly regulated industries — financial services, healthcare, defence and public sector — the pressure to scale agentic AI securely is intense. 'A sovereign platform that is hybrid by design makes this possible. It gives organisations the flexibility to run AI where their data resides — be it on-premises, across multiple clouds, or at the edge — while maintaining full observability and control over the entire data estate,' says Dallas. This approach safeguards sensitive information and ensures regulatory compliance without stifling innovation. Currently, just under one in four enterprises globally understand this urgency. But projections show that, within three years, half of all organisations will recognise sovereignty and AI readiness as mission-critical. This is a short window — one that demands swift strategic action. Success will require hybrid deployments that tightly couple data and AI, ensuring both are secure in motion and at rest. AI systems must be flexible, safe and production-ready. And, importantly, the underlying platforms must be open and extensible — not confined by proprietary technologies or legacy constraints. 'This is about more than competitive advantage,' Dallas stresses. 'It's about national and economic resilience. The UK has the talent, infrastructure and policy momentum. What it needs now is the commercial will to turn that potential into real platforms and capabilities.' For UK businesses, the risks of delay are clear. Falling behind in sovereignty and AI readiness threatens exclusion from emerging value chains, regulatory fines and a loss of customer trust. As sovereignty becomes a key differentiator, companies relying heavily on third-party platforms could risk reputational damage and diminished investor confidence. The UK's National AI Strategy has laid important groundwork — committing to secure, explainable and trustworthy AI ecosystems. Investments in computing infrastructure, including the AI Research Resource and Isambard-AI supercomputer, are among Europe's most significant. But government efforts can only pave the way; enterprises must take the wheel. 'Government can build the roads, but businesses have to drive the cars,' Dallas remarks. 'That means embedding sovereign AI and data governance into your core digital strategy, investing in talent and committing to platform ownership from day one.' Deploying AI responsibly is not simply about capability but accountability. Sovereign AI ensures compliance, aligns with business goals and allows organisations to innovate with confidence and transparency. Ultimately, sovereignty is not about isolation. It can enable global interoperability, adaptability and resilience, equipping organisations to compete confidently in a complex, evolving regulatory landscape. From GDPR in Europe to data localisation in Asia and cloud compliance in the US, the ability to adjust systems dynamically is critical. 'Flexibility built on control is the new foundation,' Dallas concludes. 'With the right platform architecture, organisations don't have to choose between openness and control — they can have both.' The competition for influence in the global AI economy is intensifying. Sovereign readiness will determine who captures the most value as digital transformation accelerates. 'There is a narrow window for the UK to assert itself,' Dallas warns. 'Every day counts. Those who transform intent into execution today will lead the next thirty years of growth.' The question now is whether UK enterprises are ready to make data and AI sovereignty their strategy before the window closes. To learn more, please visit
The Independent
2 hours ago
- The Independent
UK inflation higher than forecast in May amid rising food prices
UK inflation was higher than expected in May as rising food prices offset a drop in air fares and transport costs, new official figures show. The rate of Consumer Prices Index (CPI) inflation fell to 3.4% in May from 3.5% in April, the Office for National Statistics (ONS) said. However, the ONS said that an error in vehicle tax data collected meant April's CPI rate should have been 3.4% – but that it was not revising the official figure. Most economists were expecting the CPI rate to come in at 3.3% for May as price rises cooled following a raft of bill increases the previous month, that pushed inflation to the highest level in more than a year. ONS acting chief economist Richard Heys said: 'A variety of counteracting price movements meant inflation was little changed in May. 'Air fares fell this month, compared with a large rise at the same time last year, as the timing of Easter and school holidays affected pricing. Meanwhile, motor fuel costs also saw a drop. 'These were partially offset by rising food prices, particularly items such as chocolates and meat products. The cost of furniture and household goods, including fridge freezers and vacuum cleaners, also increased.'
