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China Alleges Evergrande in $78 Billion Fraud Scandal
The China Evergrande Group, one of the country’s largest developers, is currently embroiled in a financial scandal that has rocked the real estate industry. Allegations.....»»
Jollibee FY23 profit: P8.8-B (up 16%)
Jollibee posted an FY23 net income attributable of P8.8 billion, up 16% from its FY22 net income of P7.6 billion. Systemwide sales were up 16.3% to P345 billion, with the biggest growth coming from China (+21.9%), the Philippines (+17.6%) and EMEA (+16.0%)......»»
China Bank nets record P22 billion
Higher core business revenues boosted the net income of Sy-led China Banking Corp. by 15 percent to hit an all-time high of P22 billion in 2023......»»
Uncertainty looms over Davao-Samal Bridge project amid RoW hurdles
The construction of the Samal Island-Davao City Connector (SIDC), also known as the Davao-Samal Bridge project, has faced numerous setbacks due to right-of-way (ROW) acquisition challenges. The project was halted on January 3, 2024, due to issues with landowners near a pier in Lanang at Davao City, leading to delays in the project's implementation. While there have been conflicting statements regarding the project's status, the National Economic and Development Authority-Davao Region (Neda-Davao) aims to complete the detailed engineering plans for the substructure of the west land via dock once the Deed of Transfer Possession in Davao City is released. However, ROW issues continue to persist. Despite these challenges, the project is still considered a priority and is included in the Davao Region Development Plan (DRDP) for 2023–2028. The project is funded through China’s Official Development Assistance with an estimated budget of P23.04 billion, and negotiations with the Philippine government are ongoing with a target completion date in 2027. The uncertainty surrounding the project's timeline remains as ROW hurdles persist, impacting the much-anticipated toll-free four-lane concrete exodus bridge spanning a 3.98-kilometer distance......»»
China s defence budget could be far greater than declared
Beijing [China], December 18 (ANI): Everyone acknowledges that China's declared defence budget is lower than its real expenditure. The only question is how much, and it turns out it could be several times higher than what most think. When China announced its 2023 defence budget on March 5, the figure quoted by the government was CNY 1.5537 trillion (USD 224.59 billion). This represented a rise of 7.2 per cent compared to.....»»
China s defence budget could be far greater than declared
Beijing [China], December 18 (ANI): Everyone acknowledges that China's declared defence budget is lower than its real expenditure. The only question is how much, and it turns out it could be several times higher than what most think. When China announced its 2023 defence budget on March 5, the figure quoted by the government was CNY 1.5537 trillion (USD 224.59 billion). This represented a rise of 7.2 per cent compared to.....»»
Philippines generates $1.1 billion from China trade show
he Philippines has generated $1.1 billion worth of sales from its participation in a recently concluded trade show in China, according to the Center for International Trade Expositions and Missions, the export promotions arm of the Department of Trade and Industry......»»
Government told to stop borrowing from China
Think tank Infrawatch PH has asked the government to consider cancelling P159 billion worth of Chinese projects, mostly in transport, in light of Beijing’s aggression in the West Philippine Sea that endangers Filipino lives......»»
Cliffhanger
One of the challenges of operating a convenience store is theft by shoplifters. In the United States alone, the losses of small city retail stores were estimated at over $94 billion in 2021, Bloomberg reported. Washington State recorded the highest retail store losses from theft in the country, according to the National Retail Federation. Local stores have installed security cameras, motion sensors, and inventory control systems to help prevent shoplifting, an NRF survey showed. It remains to be seen if such high-tech security measures work, but location and size are definitely effective in discouraging shoplifters for one remote convenience store in China. The tiny wooden store at the Shiniuzhai Scenic Area in the Chinese province of Hunan is only two square meters. Opened in 2018, the store recently trended online after a popular military blogger with 889,400 followers posted on the popular Chinese social network Weibo a photo with the caption: “The most inconvenient convenience store,” CNN reported. Few customers are served by the store but not because of its limited offerings. It just so happens to be located along a route less traveled called via ferrata. The pathway for climbers consists of steel bars driven into the mountainside to serve as steps and metal anchors for fastening climbing ropes. In any case, the store is convenient for adventurers summiting the mountain, as they can get a water refill or buy a beverage for hydration while perched on the side of a vertical cliff. At the same time, the store looks inconvenient for its sole attendant as it hangs halfway to the top of the cliff, 120 meters from the ground, with its floor supported only by steel brackets bolted to the cliffside. Moreover, restocking requires the storekeeper to pull up supplies from the ground with a rope, according to Oddity Central. To others, inconvenient is an understatement for the store hanging from a cliff. Scary should be a more accurate description......»»
Chinabank’s 9-month net income reaches P16.2B
China Banking Corporation, also known as Chinabank, reported a net income of P16.2 billion for the first nine months of 2023, a 10% increase compared to the same period last year. The bank's strong performance was attributed to growth in core businesses and lower loan loss provisions. In the third quarter alone, Chinabank recorded profits of P5.4 billion, a 16% increase from the previous year. The bank's President and CEO, Romeo D. Uyan, Jr., credited the success to effective business strategies and efficient operations. Net interest income grew by 16% to P39.2 billion, while total credit provisions were reduced to P1.3 billion. Despite this, Chinabank maintained a better-than-industry non-performing loans (NPL) cover of 126%. Operating expenses increased by 14% to P20.5 billion, driven by manpower and inflation-related expenses. Chinabank remains the 4th largest private domestic bank with total assets of P1.4 trillion. Gross loans grew by 10% to P765 billion, with consumer loans experiencing a 19% expansion. The bank's NPL ratio remained manageable at 2.2%. Total deposits increased by 14%.....»»
China Bank profit hits P16.2 billion in 9 months
China Banking Corp. grew its earnings by 10.2 percent to P16.2 billion from January to September versus last year’s P14.7 billion on the back of robust growth from core businesses and lower loan loss provisions......»»
Philippines drops China loans for 2 projects
The Philippines continues to withdraw infrastructure ties with China after the government decided to drop Beijing for two more railway projects with a combined cost of nearly P200 billion......»»
More Filipinos now agri, biosystems engineers: DA
The Department of Agriculture is more hopeful for wider farm mechanization and livelier agribusiness industry in the country as more Filipinos have become agricultural and biosystems engineers or ABEs. In an email to the Daily Tribune, DA reported that 12,551 ABEs obtained their licenses this year, more than the 10,909 in 2021. The DA added 615 ABEs took their professional oath last 20 October. “They are not only responsible for the design of machinery and systems, but are also the pioneers of change, custodians of sustainability, and champions of modern, appropriate, and sustainable mechanization technologies and practices,” DA-Bureau of Agricultural and Fisheries Engineering Director Ariodear Rico said. Graduates from Central Bicol State University of Agriculture-Pili achieved a 100 percent passing rate, followed by the University of the Philippines-Los Baños with 92.86 percent in the ABE Licensure Examination in September. Rico said only 33.41 percent of the total 1,841 examinees passed. ABEs play vital role “The country not only needs agricultural facilities, but an adequate and competent workforce, in which ABE professionals, together with operators and technicians, play a vital role,” he said. Rico said the Marcos administration has created agricultural and fisheries development programs and trade partnerships to provide jobs to highly skilled ABEs and help ensure they stay in the country. He said on top of the list is the National Agricultural and Fishery Mechanization Program which aims to ease exchange of knowledge and drive more collaborations among engineers and the government by streamlining all mechanization policies and programs of local government units. Another is the Renewable Energy Program for Agriculture and Fishery Sector which Rico said aims to maximize the use of solar, wind, hydro, biomass and biogas energy. Through these programs, he said ABEs can further reap the economic and intellectual benefits from the Regional Comprehensive Economic Partnership Agreement or RCEP. Approved by the Senate in February, this trade deal among the ten members of the Association of Southeast Asian Nations, plus China, Japan, South Korea, Australia and New Zealand allows stronger intellectual property rights, zero to lower tariffs for Philippine exports, and more financing for small and medium businesses. ROI on farm mechanization A study by the Department of Science and Technology showed the return on investment of farm mechanization can grow by at least 238 percent. Despite this, the country has increased its mechanization level to just 2.679 horsepower per hectare (hp/ha) this year from 2.31 hp/ha. Meanwhile, global revenue from fish and seafood is projected to grow by 7 percent annually, according to global market researcher Statista. It adds China has earned the highest at $88 billion revenue this year. The post More Filipinos now agri, biosystems engineers: DA appeared first on Daily Tribune......»»
Subscription plan promises boosted replies at X, formerly Twitter
X on Friday unveiled a $16-a-month subscription plan allowing users who pay more to get the biggest boost for their replies posted at the platform formerly known as Twitter. The "Premium+" plan is ad-free and designed to provide "the largest reply boost" at X, the company said in a post. The plan builds on features offered in a Blue subscription plan costing $3 monthly and a Premium Plan priced at $8 monthly, according to X. Listed features of Premium+ include a blue tick next to names in profiles along with "a visible ID verification label," according to X. The platform recently started charging new users in New Zealand and the Philippines for basic features such as posting messages in a trial aimed at reducing spam. Musk has suggested charging all X users, but the idea was widely panned. Industry analysts said it would make X even less appealing to advertisers. Musk has made a number of controversial changes to the social media firm's management and product since he acquired Twitter a year ago for $44 billion. In the days after his purchase, Musk quickly fired many Twitter executives and took the publicly traded company private. He also laid off most of the San Francisco-based company's workers, cutting ranks to fewer than 1,500 from 8,000. In the months following his takeover, Musk gutted content moderation, restored accounts of previously banned extremists, and allowed users to purchase account verification, helping them profit from viral -- but often inaccurate -- posts. Musk defended such changes in the name of free speech. Over the past year, the platform's advertising business partially collapsed as marketers soured on X. Musk started charging for features once free at Twitter, such as blue tick marks originally intended as badges of authenticity, in an effort to make money from subscriptions. X is tinkering with video and audio calling at the platform formerly known as Twitter, according to a recent post by Musk. Musk in July rebranded Twitter as X, saying it would become an "everything app" inspired by China's WeChat that would allow users to socialize as well as handle their finances. The post Subscription plan promises boosted replies at X, formerly Twitter appeared first on Daily Tribune......»»
Chip maker Intel beats earnings expectations as it pursues rivals
US chip giant Intel on Thursday said it made more money than expected in the recently ended quarter as it continued to invest in a "geographically balanced" supply chain. Intel shares jumped more than 7 percent to $34.88 in after-market trades. "We delivered a standout third quarter, underscored by across-the-board progress on our process and product roadmaps; agreements with new foundry customers, and momentum as we bring AI everywhere," said Intel chief executive Pat Gelsinger. Intel reported revenue of $14.2 billion, which was 8 percent less than the amount seen in the same quarter a year earlier but ahead of forecasts. Net income tallied $300 million, compared with $1 billion profit in the same period in 2022, earnings figures showed. "Our results exceeded expectations," said Intel chief financial officer David Zinsner, who said earnings benefited from "expense discipline." Intel has been working to catch up with rivals, especially Nvidia, when it comes to powerful chips needed to handle the computing demands of artificial intelligence. Intel touted investments being made in chip production facilities with an aim of creating a "geographically balanced, secure, resilient supply chain." California-based Intel is seen as a key tool for the United States to reduce its dependence on major global producers, such as Taiwan's TSMC. Earlier this year, Intel announced it would spend $25 billion on a new plant in Israel, with Prime Minister Benjamin Netanyahu calling it the country's single largest foreign investment. The "agreement in principle" would see the semiconductor firm build the facility in the southern city of Kiryat Gat that would open by 2027 and operate at least until 2035, Israel's finance ministry said. Intel has been operating in Israel since the 1970s with development centers and a production site that employs some 12,000 people, the finance ministry said. In 2017, Intel acquired Israel-based Mobileye, which makes technology for automated driving systems in vehicles, for just over $15 billion. Gelsinger said Intel teams have kept operations going despite the war between Israel and Hamas. "Our utmost priority is the safety and welfare of our people in Israel and their families," Gelsinger said. "Despite all of these challenges, they're performing extremely well. I am praying for a swift return to peace." China Gelsinger said Intel was carefully studying updated rules in the United States that tighten curbs on exports of state-of-the-art AI chips to China. "We do believe that we'll have plenty of opportunity in China," Gelsinger said. "We are continuing to deploy our products there broadly, even as we comply and work with (the United States) around the regulations that they're putting in place." The new rules tighten measures from a year ago that banned the sale to China of microchips crucial to manufacturing powerful AI systems. Calls to further close the supply chain grew after the popularity of generative AI platform ChatGPT. When announcing the beefed-up curbs, US Commerce Secretary Gina Raimondo insisted they were intended to close loopholes and prevent China's development of AI for military use. "It's true that AI has the potential for huge societal benefit. But it also can do tremendous and profound harm if it's in the wrong hands and in the wrong militaries," she told US media. The rules will not affect chips used in consumer goods such as laptops, smartphones, and gaming consoles, though some will be subject to export licensing requirements. China has said it is "strongly dissatisfied" and "firmly opposes" the curbs. "The US continues to generalize the concept of national security, abuse export control measures, and implement unilateral bullying," the commerce ministry said in a statement. The post Chip maker Intel beats earnings expectations as it pursues rivals appeared first on Daily Tribune......»»
‘Time to explore ODAs from other countries’ Poe says after Chinese ODA withdrawal
Senator Grace Poe on Thursday expressed her belief that it is high time for the Philippines to look for alternative sources of funding from other countries for the proposed Mindanao Railway Project. According to Poe, who chairs the Senate Committee on Public Services, the country may pursue official development assistance from other countries following the Department of Transportation's move to drop China as a funding source for the P83-billion railway project in the southern Philippines. “It’s time to explore ODAs from other countries and seek available funding options from multilateral institutions and international assistance agencies that can deliver the goods,” she said in a statement. Poe noted that the withdrawal of the ODA from China for a railway project “should not derail the implementation of our infrastructure programs,” “In the past years, Chinese banks have also kept us in suspended animation with delays in our loan applications putting in limbo a number of government projects,” she said. “While appearing attractive, the loans are not exactly that benevolent as they come with hefty interest rates and other strings that could be detrimental to the country in the long term,” she added. She also suggested to the government to tap the private sector which she said “holds the potential of accelerating infrastructure development and bringing innovative and efficient services.” She issued the statement after Transportation Secretary Jaime Bautista confirmed that the Philippines is no longer loan financing from China for the first phase of the Mindanao Railway Project. The first phase of the railway project aims to reduce travel time between Tagum in Davao del Norte and Digos in Davao del Sur by one hour from the current 3.5 hours. Quoting Bautista, Senate President Juan Miguel “Migz” Zubiri said in August that the Philippine government would no longer engage Chinese state-owned companies for major infrastructure projects in the country. “I talked to Secretary Jimmy Bautista, he was at the Senate recently. We talked one-on-one. I told him: ‘Secretary, you are seeing what they are doing to your Coast Guard, right?’” he said “I told him not to give Chinese state-owned companies projects here in the Philippines such as trains. We have the North to South Railways…. Let us not give it to them. Let us give it to South Morea or Japan instead,” he added. He continued: “I was glad because Secretary Bautista said they would no longer Chinese state-owned companies for their trains, airports, and big-ticket items.” The construction of the Tagum-Davao-Digos segment of the Mindanao Railway Project was supposed to start in January 2019. The post ‘Time to explore ODAs from other countries’ Poe says after Chinese ODA withdrawal appeared first on Daily Tribune......»»
China spending plan buoys Asia stocks
Most Asian markets rose yesterday after China unveiled plans for $137 billion in extra debt to boost infrastructure spending, while oil extended losses on hopes that Israel will scale back its plans for a Gaza ground invasion......»»
China bolsters ‘patriotic education’ with new law
China has adopted a new law strengthening so-called patriotic education, state media said, the latest step in President Xi Jinping's drive to reassert the Communist Party's ideology in the country's classrooms. A crackdown on the highly lucrative world of for-profit private tutoring in 2021 was also seen as part of efforts to reassert ruling party control over the education system. The moves banned tutoring firms from hiring overseas teachers, with critics saying it was cutting off Chinese children from outside influences. The new law, which comes into effect on January 1 and was approved on Tuesday, will "strengthen patriotic education in the new era" and seek to impart a "patriotic spirit" in China's youth, according to state-run news agency Xinhua. A Xinhua commentary hailing the law's adoption by Beijing's top lawmaking body said that education had been "facing challenges" recently. "Some people are at a loss about what is patriotism," the commentary read. It attacked "the influences of some social thoughts, such as historical nihilism" -- a term often employed by Beijing's leadership to condemn accounts that run contrary to official rhetoric about the party. The law contains provisions already included in other legislation, the commentary said, including those banning "insulting the national flag and distorting or denying heroes' deeds and spirit". Zhao Leji, China's top lawmaker, said the law would help the country in "forging a mighty force" to build a "strong" nation, Xinhua reported. Education has long been used by the Communist Party to boost its legitimacy in the eyes of China's 1.4 billion people. Much of its narrative centers on its role in conquering absolute poverty and asserting China's position in a hostile international climate. But conspicuously absent are detailed discussions of the party's role in instigating China's bloody Cultural Revolution and Great Famine, in which millions died. The post China bolsters ‘patriotic education’ with new law appeared first on Daily Tribune......»»
The Israel-Hamas military balance
Israel has one of the best-resourced militaries in the world, heavily supported by Washington. In Hamas, it faces a highly trained armed group with powerful regional allies. With both sides poised for an Israeli ground offensive in the wake of the deadly attack on Israel by Hamas on 7 October, here is an overview of their military resources. Israel The Israel Defense Forces number 169,500, of which 126,000 are army, according to Britain's International Institute for Strategic Studies (IISS). On top of that, it has 400,000 reservists, of which 360,000 have been mobilized since the Hamas attack. Israel also has some of the most technologically advanced defenses in the world, including the "Iron Dome" anti-missile system. IISS says it has around 1,300 tanks and other armored vehicles, 345 fighter jets, and a vast arsenal of artillery, drones, and state-of-the-art submarines. Though not a declared nuclear state, Israel's nuclear weapons cache is an open secret and the Arms Control Association puts its number of warheads at 90. US ally Washington provides $3.8 billion per year to Israel in military aid under a 10-year agreement running until 2028. Defense Secretary Lloyd Austin said Sunday that he had activated deployment of a Terminal High Altitude Area Defense battery and additional Patriot battalions "throughout the region". He added that he had put "an additional number of forces on prepare-to-deploy orders ... to increase their readiness and ability to quickly respond as required." Washington had already delivered increased munitions to Israel and deployed two aircraft carriers to the eastern Mediterranean -- the USS Gerald Ford, the world's largest warship, and the USS Eisenhower -- to deter not just Hamas but also its allies Iran and the Lebanese Islamist movement Hezbollah. The US military on Tuesday ordered 2,000 personnel to prepare for deployment to the Middle East as a show of force. Hamas Hamas has a diverse arsenal built up over many years. Its armed forces, called the Ezzedine Al-Qassam Brigades, numbers 15,000 men according to IISS, though it notes that Arab media have put the figure at 40,000. They have heavy weapons obtained from across the Middle East -- particularly Iran, Syria, and Libya -- and have also sourced handguns and assault rifles from China and other regions. It also has a variety of locally made, improvised explosives and Western sources say enough drones, mines, anti-tank guided missiles, grenade launchers, and mortar shells to hold out for a long period, though precise figures are unavailable. The majority of its rockets are also locally manufactured and technologically rudimentary. Hezbollah There have already been exchanges across the border between Israel and Lebanon, where the Iran-backed Hezbollah is based. "Hezbollah can tie up IDF resources without having to fully commit to the fight, instead relying on occasional rocket or missile strikes to prevent the Israelis from growing complacent and forcing the IDF to commit manpower and materiel along the northern border," said the Soufan Center, a US think tank. In 2021, the group claimed to have 100,000 fighters. The Institute for National Security Studies, an Israeli think tank, says the number is half that. "Most Hezbollah militants are not full-time fighters but rather engage in militant activity as and when required by the group's commanders," according to Elliot Chapman of the British defense analysis firm Janes. Hezbollah mobilized 40,000 men at the outbreak of Syria's civil war, he noted. INSS says the group's arsenal counts 150,000 to 200,000 rockets and missiles, including "hundreds" of precision rockets. "Strategically, Hezbollah's rocket arsenal is the group's most significant capability for fighting Israel," Chapman said. Iran Since its Islamic revolution in 1979, Iran has made support for Palestinians one of the pillars of its ideology. Foreign Minister Hossein Amir-Abdollahian warned Sunday that "The region is like a powderkeg ... I warn the United States and its proxy (Israel) that if they do not immediately stop the crime against humanity and genocide in Gaza, anything is possible at any moment and the region will go out of control". Western analysts minimize the threat of Iran becoming directly involved and point rather to its support from Hamas, Hezbollah, and Huthi rebels in Yemen -- a so-called "axis of resistance" of Israel's enemies. Raz Zimmt, of INSS, said Iran currently had "no interest in Hezbollah engaging in an all-out war" that might threaten such a key "strategic asset". But he added that Tehran's hand could be forced by "an Israeli ground invasion, and especially Israeli military success, which will threaten the very survival of Hamas and/or its ability to maintain effective control over the Gaza Strip". The post The Israel-Hamas military balance appeared first on Daily Tribune......»»
India holds trial run for manned orbital mission
India on Saturday successfully launched the first unmanned trial run of its upcoming crewed orbital mission, in the latest milestone for its spacefaring ambitions. The Gaganyaan (“Skycraft”) mission is slated to send three astronauts into Earth’s orbit in 2025, an important yardstick of the Indian Space Research Organization’s technical capabilities. Saturday’s rocket tested the emergency escape system of its crew module, which separated from the thruster and made a soft sea landing about 10 minutes after the launch. “I am very happy to announce the successful accomplishment of the mission,” ISRO chief S. Somanath said afterwards. The lift-off was postponed for two hours after bad weather and a glitch in the engine. ISRO will conduct a series of 20 major tests, including carrying a robot to outer space, before the final manned mission takes place in 2025. Gaganyaan is the first mission of its kind for India and comes with an estimated price tag of $1.08 billion, according to ISRO. India plans to send astronauts beyond the reaches of Earth’s atmosphere for three days before they are brought safely back with a soft landing in Indian territorial waters. Prime Minister Narendra Modi has announced plans to send a man to the Moon by 2040 following a year of triumphs for India’s space program. In August, India became the fourth nation to land an unmanned craft on the Moon after Russia, the United States and China. The following month, India launched a probe to observe the outermost layers of the Sun from solar orbit. India’s space program has grown considerably in size and momentum since it first sent a probe to orbit the Moon in 2008, and it has steadily matched the achievements of established spacefaring powers at a fraction of their cost. India also plans a joint mission with Japan to send another probe to the Moon by 2025 and an orbital mission to Venus within the next two years. Experts say India can keep costs low by copying and adapting existing technology, and thanks to an abundance of highly skilled engineers who earn a fraction of their foreign counterparts’ wages. The post India holds trial run for manned orbital mission appeared first on Daily Tribune......»»