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BDO funds 28 green projects from P52.7 billion bond proceeds
Around 28 green projects benefitted from the first ASEAN sustainability bond issuance of BDO Unibank Inc. in January 2022, bolstering the bank’s sustainability commitment......»»
Musk says cage fight with Zuckerberg will be in Italy
Elon Musk said Friday that his much-hyped cage fight with Mark Zuckerberg would take place in Italy, as authorities there confirmed talks about hosting a "great charity event." While any showdown between the two tech titans has yet to be officially confirmed, Musk said on his X social media platform -- formerly known as Twitter -- that arrangements were advancing. "I spoke to the PM of Italy and Minister of Culture," Musk wrote, referring to Italian Prime Minister Giorgia Meloni. "They have agreed on an epic location." Meta chief Zuckerberg responded on his Threads social network, posting a photo of himself shirtless and pinning down an opponent in his "backyard octagon." A martial arts enthusiast who has taken part in jiujitsu competitions, Zuckerberg said, "I love this sport and I've been ready to fight since the day Elon challenged me." "If he ever agrees on an actual date, you'll hear it from me. Until then, please assume anything he says has not been agreed on." Italian Culture Minister Gennaro Sangiuliano confirmed speaking to Musk about "how to organize a great charity event evoking history" but said any match "will not be held in Rome." Musk apparently hopes the fight would take place in the ancient Colosseum, a UNESCO World Heritage site, posting about the idea in late June. In a statement, Sangiuliano said any event with Musk would raise "a huge sum, many millions of euros, (that) will be donated to two important Italian pediatric hospitals." "It will also be an opportunity to promote our history and our archaeological, artistic and cultural heritage on a global scale," he said. Musk meanwhile said "everything done will pay respect to the past and present of Italy" and that proceeds will "go to veterans." He said the cage match would be managed by foundations run by himself and Zuckerberg and not by UFC, the Las Vegas-based mixed martial arts promoter. UFC boss Dana White, still seeking participation in the event, told Mike Tyson's podcast this week that he believed the fight would generate $1 billion in revenue. Zuckerberg said in his Threads post that he would want to work with a professional organization such as the UFC to create a line-up that spotlights elite athletes in the sport. The two tech tycoons, who have occasionally jousted from afar, became direct competitors after Zuckerberg's Meta launched its Twitter-like Threads platform in early July. In a slightly frivolous aside, Musk later Friday posted a phrase in Latin that translates as "it is delightful to play the fool occasionally." Musk did not mention a date for the proposed fight, but said he may need to undergo "minor surgery" to resolve a "problem with my right shoulder blade rubbing against my ribs." "Recovery will only take a few months," he added. The world's richest person has a titanium plate holding two vertebrae together but said Friday it is currently "not an issue." The post Musk says cage fight with Zuckerberg will be in Italy appeared first on Daily Tribune......»»
Time for the Philippines to go nuclear
With the scorching heat of the sun still going on and the looming dry spell as a result of the El Niño phenomenon, more Filipinos are using electricity to beat the soaring temperature. Unfortunately, the supply of power cannot cope with the demand, so power outages have also become common. [caption id="attachment_167841" align="aligncenter" width="2560"] Many Filipinos are increasingly unable to afford power costs, with the cost of electricity in the country among the highest in Southeast Asia. | Photographs Courtesy Of The Philippine Nuclear Research Institute.[/caption] Many Filipinos are also increasingly unable to afford power costs. The cost of electricity in the country is among the highest in Southeast Asia, according to a paper penned for the Ateneo Center for Economic Research and Development. In the Philippines, the kilowatt per hour is $0.16. Compare that to Thailand and Indonesia ($0.10/kWh) and Malaysia ($0.05/kWh). At $0.18/kWh, only Singapore surpasses the country’s Philippines rates. About 50 percent of the country’s power generation comes from coal, with natural gas and renewables accounting for just over 20 percent and the rest coming from oil-fired boilers. The country’s electricity consumption is expected to triple by 2040 — from the 90.2 TWh (Terawatt-hour) in 2018 — due to the rapidly growing economy. It’s time for the Philippines to transition away from its reliance on coal. The adoption of nuclear power is the fastest option and would make electricity costs more affordable, according to the Philippine Nuclear Research Institute. PNRI Director Carlo A. Arcilla said including nuclear power in the country’s energy mix would be beneficial to consumers as it would bring down expensive electricity rates and provide a stable source of power. Gayle Certeza, convenor of Alpas Pinas, a group that educates and advocates for nuclear energy, agrees. “We believe that nuclear energy will positively impact the lives of Filipinos because it will mean lower electricity rates that will better allow for more savings,” she said in a Daily Tribune feature. During the presidency of Rodrigo R. Duterte, Executive Order 164 was signed to include nuclear power in the country’s energy mix. Under the policy, the country “shall ensure the peaceful use of nuclear technology anchored on critical tenets of public safety, national security, energy self-sufficiency, and environmental sustainability.” Energy security The Department of Science and Technology supported EO 164, saying: “Nuclear power is envisioned to bring down the cost of electricity and to contribute to energy security considering the various limitations now being encountered in the other sources which includes natural gas, geothermal, hydro and coal.” The DoST is a member of the Nuclear Energy Program Interagency Committee, tasked to study the adoption of a national position on nuclear power. Nuclear power is one of two major alternatives to fossil fuels; the other is renewable energy (solar power, wind power, hydroelectric, geothermal energy and biomass energy). “Renewables and nuclear can complement each other,” said Arcilla in an interview. “Wind and solar depend on the status of the weather, and they only a 30-percent capacity factor unless you have an expensive battery.” Solar energy also requires one hectare of land to produce one megawatt. “This will become more challenging since the Philippines is an archipelagic country,” Arcilla said. Nuclear, on the other hand, “is more of a baseload energy, meaning it is more reliable due to its continuous production of energy. It could provide backup for wind and solar.” Threats and risks Groups such as the World Nuclear Association, the International Atomic Energy Agency and Environmentalists for Nuclear Energy contend that nuclear power is a sustainable energy source that reduces carbon emissions. But opponents, such as Greenpeace International and Nuclear Information and Resource Service, warn that nuclear power poses many threats to people and the environment, including the problems of processing, transport and storage of radioactive nuclear waste, the risk of nuclear weapons proliferation and terrorism, as well as health risks and environmental damage from uranium mining. Because of these risks, Dr. Art Romero, a geoscientist at Lawrence Berkeley National Laboratory Berkeley, California, emphasizes the need to conduct due diligence, technical hazard studies and engineering and safety reviews. If the Philippines went nuclear, where would it put nuclear waste? “It is very challenging to manage nuclear waste as it will last up to 10,000 years,” acknowledged Arcilla. “We need to isolate them from the human environment.” Arcilla suggests deep borehole disposal. “In the Philippines, we have the capability to drill up to three kilometers. So what we can do is to go to an isolated island, drill up to one kilometer, then we plug in bentonite.” It’s not the first time the Philippines will go nuclear. The Bataan Nuclear Power Plant was built by Westinghouse during the time of Ferdinand Marcos at a cost of $2.2 billion, but it was mothballed in 1986 due to safety concerns and allegations of corruption, even before it could begin operations. During the administration of Gloria Macapagal-Arroyo, proponents wanted the BNPP rehabilitated. But the project was projected to cost a hefty $1 billion. In 2019, a public perception survey indicated that 79 percent of Filipinos supported the rehabilitation of the shelved BNPP. In addition, 65 percent approved the building of new nuclear power plants. Nuclear power is the second largest source of low-carbon electricity today. With almost 500 operating reactors globally, it provides 10 percent of global electricity supply. It’s time for a rapidly developing country like the Philippines to take a second look at this critical power supply option. The post Time for the Philippines to go nuclear appeared first on Daily Tribune......»»
PBBM agrees to host Forbes Asia Forum and Forbes Global CEO conference
President Ferdinand Marcos Jr. has approved the Philippines' hosting of the Forbes Asia Forum and the Forbes Global CEO Conference in the fourth quarter of 2024, Malacañang said on Friday. The Presidential Communications Office stated that the event aims to enhance the country's global visibility, potentially leading to increased foreign investments. The conferences will unite, tycoons, entrepreneurs, investors, and leaders from various regions to discuss significant global matters and forge new alliances. It will prominently feature an intimate conversation between a senior Forbes editor and the leader of the hosting nation. "I hope that we can feature that in this conference, and we can show the Philippines as it is now, as opposed to perhaps some of the ideas that people have had almost for a while," the Chief Executive said in his meeting with senior executives of Forbes Media LCC in Malacañan Palace last Thursday. The President emphasized that his government has promoted accelerating economic growth and attracting increased investments in several sectors, including digitalization, energy, connectivity, bureaucratic reforms, and infrastructure projects like road construction and school building initiatives. Additionally, he proudly highlighted the Filipino workforce as the nation's most valuable resource. "I have the Filipino workforce that, for me, is still going to be, it has been a blessing. You know we have the youngest workforce in the region. They're very well-trained English-speaking (workers)," Marcos said. The international conference this year, scheduled for September in Singapore, has invited Marcos to participate in a fireside chat with visiting executives. Meanwhile, the Forbes Asia Forum in Singapore will also showcase Forbes Asia's Best Under a Billion and Forbes Asia's 100 to Watch. The post PBBM agrees to host Forbes Asia Forum and Forbes Global CEO conference appeared first on Daily Tribune......»»
Biden and McCarthy to reconvene Tuesday for debt limit talks
President Joe Biden will reconvene crunch debt talks Tuesday with senior Republican leaders including House Speaker Kevin McCarthy in another attempt to avert a costly US default. The Treasury has warned that the US could run out of cash to pay its bills as soon as 1 June, leaving it unable to pay federal workers and triggering a likely surge in interest rates with a huge impact on businesses and mortgage holders. The talks have a lot of ground to cover, with the two parties still sharply divided on the terms under which they will agree to lift the government's borrowing cap to pay for existing spending commitments. Republicans continue to insist that Biden agrees to significant spending cuts in exchange for their support to raise the debt ceiling, while Democrats have been calling for a "clean" increase of the borrowing limit with no strings attached. They have accused Republicans of using extreme tactics to push their political agenda ahead of the so-called "X-date" -- the point at which the United States will be unable to meet its financial obligations. Treasury Secretary Janet Yellen has warned the X-date could come as early as June 1, while the nonpartisan Congressional Budget Office forecast on Friday an X-date of 15 June. Still far apart House, Senate, and White House negotiators met over the weekend in a bid to make progress ahead of the talks, US media reported. When asked Monday whether he was meeting with McCarthy the following day, Biden responded in the affirmative. But McCarthy signaled the two sides still had much to hammer out. "I still think we're far apart," he told reporters Monday at the US Capitol, adding that "it doesn't seem to me yet that they want a deal." "They're not talking anything serious," he went on. "It seems more like they want a default than a deal." Republicans, who regained control of the House in the midterm elections, are using their newfound political clout to demand deep cuts of roughly $130 billion from federal agencies and programs in exchange for their support, limiting spending in the 2024 fiscal year to 2022 levels. They also want to expedite domestic energy production projects, simplify the process for obtaining permits for pipelines and refineries, claw back unspent Covid relief funding, and impose work requirements for social programs. President Biden has rebuffed many of these proposals, accusing Republicans of "holding the economy hostage" to further their political objectives. Four days left Including Monday, there are just four days remaining when the House and Senate are both in session before 1 June. Some senators have acknowledged that they may have to cancel the Memorial Day recess beginning Thursday to get a deal finalized, although there is no official plan to do so. In recent days, Biden has suggested he may have to postpone a planned trip to Asia later this month if the two sides fail to reach agreement, but has stopped short of canceling his visit while the talks continue. As the X-date draws closer, Democrats in Congress have begun considering a range of alternatives, including using an arcane congressional procedure to bypass McCarthy. They've also contemplated asking Biden to invoke the 14th Amendment to raise the debt ceiling unilaterally -- a move opposed by Republicans. The legal argument for doing so hinges around language in the Civil War-era amendment stating that US sovereign debt "shall not be questioned," which some legal scholars believe would allow the Treasury to simply ignore the debt limit. But Biden has cautioned that the move would almost certainly be challenged in court, and has instead continued to call on Republicans to support a clean increase to the debt ceiling. Not doing so could cause a recession, which would be "catastrophic," Deputy Treasury Secretary Wally Adeyemo told CNN Sunday. "The United States of America has never defaulted on its debt -- and we can't," he said. The post Biden and McCarthy to reconvene Tuesday for debt limit talks appeared first on Daily Tribune......»»
Pentagon chief reaffirms support after latest China aggression in WPS
Austin emphasized US support for the Philippines in defending its sovereign rights and jurisdiction in a phone call with Defense Secretary Gilberto Teodoro on Wednesday. .....»»
Antipolo City throws support on Ajido
The Antipolo City government led by Mayor Casimiro “Jun” Ynares III will provide support to Antipolo-born swimmer Jamesray Mishael Ajido, who won the country’s lone gold medal in record-breaking fashion at the recent 11th Asian Age-Group Swimming Championships......»»
Milk tariff collections rise by 31% to P2.4 billion
Revenues raised by the government from various imported milk products jumped by 31 percent to P2.36 billion in 2023, the highest in at least eight years, from P1.8 billion in 2022......»»
Jollibee invests $28 million in beverage tech firm
Filipino-owned Asian food conglomerate Jollibee Foods Corp. is investing $28 million for a 10 percent stake in beverage technology company Botrista Inc. to support the growth of its coffee and tea business......»»
Sy family invests P5 billion in Megawide affiliate
The Sy family is once again playing a big brother role to a company led by businessman Edgar Saavedra, this time investing in Megawide’s affiliate renewable energy real estate investment trust......»»
Infrastructure projects get better loan terms from Japan
The Philippines has secured better financing terms for two big-ticket infrastructure projects funded by the Japanese government aimed at improving public transport and road connectivity......»»
Cebu topnotcher shares secret to success: Strong support system of family, friends
CEBU CITY, Philippines — A good support system of family and friends is Elijah Cabase’s secret to his placing 5th in the March 2024 Medical Technologists Licensure Examinations (MTLE). This 23-year-old University of Cebu-Banilad alumnus said that he was not even expecting to pass because he described himself as a confessed procrastinator — or one.....»»
Marian Rivera takes on projects that her children can watch
With her upcoming primetime show, “My Guardian Alien,” Marian Rivera has added sci-fi to the growing array of genres — from drama, fantasy, romance, and action to historical and comedy — that the Kapuso actress has successfully ventured into thus far......»»
Cebu Pacific books P8 billion profit in 2023
Low-cost carrier Cebu Pacific found itself landing on solid ground in 2023, as it booked a profit of nearly P8 billion on the back of a resurgent demand for air travel......»»
Mega Millions Jackpot Winner of $1.13 Billio
A lucky individual in Monmouth County, New Jersey struck gold this week by winning the $1 billion Mega Millions jackpot. The winning ticket was sold.....»»
India backs Philippines in dispute with China
New Delhi has drawn a strong response from Beijing after reiterating its support for Manila in a territorial dispute India has "firmly reiterated" its support for the Philippines and its "national sovereignty," as Manila remains locked in a territorial dispute with Beijing in the South China Sea. Ten.....»»
India backs Philippines in sea dispute with China
New Delhi has drawn a strong response from Beijing after reiterating its support for Manila in a territorial dispute India has "firmly reiterated" its support for the Philippines and its "national sovereignty," as Manila remains locked in a territorial dispute with Beijing in the South China Sea. Ten.....»»
JG Summit FY23 profit: P19.6-B (up 216%)
JG Summit, the Gokongwei Family’s diversified conglomerate, teased its FY23 financial results headlined by a 216% increase in the company’s net income to P19.6 billion......»»
Globe closed on an additional P1.16-B in tower sales
Globe Telecom, the Zobel Family’s telecommunications company, disclosed that it closed on the sale of another 91 cell towers to Frontier Towers to raise approximately P1.16 billion in cash......»»
NewJeans prepares for comeback with Japanese debut, teases world tour
K-pop girl group NewJeans is gearing up for a number of comeback projects this year, including a Japanese debut eyed to kick off a world tour......»»