We are sorry, the requested page does not exist
Losses to Philippine agriculture due to El Nino reach 31 mln USD
MANILA, March 20 (Xinhua) -- The El Nino dry spell and ensuring drought have caused over 1.75 billion pesos (roughly 31 million U.S. dollars) in damage to Philippine agriculture, a senior government official said Wednesday. This year's losses due to El Nino are still low compared to 2009 when the damage to agriculture reached 17 billion pesos (302 million dollars), Presidential Communications Office Assistant Se.....»»
Cebu Landmasters FY23 profit: P4.6-B (up 29%)
Cebu Landmasters [CLI 2.85 unch] [link] teased its FY23 performance at an analyst briefing where it revealed full-year net income of P4.6 billion (up 29%) and total revenues of P18.8 billion (up 20%)......»»
Sandigan upholds Dengvaxia raps vs Garin, 4 others
The Sandiganbayan has denied motions to dismiss filed by former health secretary Janette Garin and four former and incumbent officials over the allegedly anomalous P3.556-billion dengue mass vaccination program of the Aquino administration from 2010 to 2016......»»
Ex-DOH chief Garin posts bail in Dengvaxia case
Former health secretary and incumbent Iloilo 1st District Rep. Janette Garin posted bail yesterday in connection with the criminal charges she is facing before the Sandiganbayan over the allegedly anomalous P3.556-billion dengue mass vaccination program in 2016......»»
DMW to follow up on unpaid salaries of Saudi OFWs
Department of Migrant Workers Officer-in-Charge Hans Leo Cacdac said on Wednesday that they will continue following up on the settlement of the unpaid salaries of more than 10,000 overseas Filipino Workers in Saudi Arabia. In an interview, Cacdac said that the Ministry of Finance is on board to work on the financial concerns of the OFWs in Saudi Arabia. “From our talks with our own counterparts there…we were also informed that the Ministry of Finance is on board to take care of the financial matters because this would involve disbursement of funds,” Cacdac said. “It’s just hard to pin down a timeline at this point because the Saudi processes still continue. In principle, we respect the Saudi processes, and at the same time we’ll continue to persist in terms of coordination and follow-ups with the Saudi government,” he added. In November 2022, Saudi Crown Prince Mohammed bin Salman pledged to allocate about 2 billion riyals for the unpaid wages of 10,000 overseas Filipino workers employed by construction companies that filed for bankruptcy in 2015 and 2016. The DMW pledged in March to provide each worker with P10,000 in assistance while waiting for the Saudi Government to fulfill its promise. The DMW and the Department of Social Welfare and Development each contributed financial assistance for the OFWs. The post DMW to follow up on unpaid salaries of Saudi OFWs appeared first on Daily Tribune......»»
Beyonce ‘Renaissance’ film to hit theaters in December
Beyonce over the weekend wrapped her much-touted Renaissance World Tour, a 56-show performance epic promoting her lauded album that pays homage to dance and disco. And it's on to the next one for the 42-year-old megastar, with her latest project "Renaissance: A Film by Beyonce" now slated for release December 1. It's not the first time Beyonce has released elaborate visual companions to her music. She called both her 2013 self-titled album and 2016's "Lemonade" visual albums. She's also released concert films, documentaries, and 2019's "Homecoming," which chronicled her headliner sets at Coachella. But this time she's shifting away from DVD or streaming-only releases, opting for a theatrical release a la Taylor Swift, whose Eras Tour concert film is poised to rule the box office when it is released later this month. Based on surveys conducted by the company QuestionPro, by the time both Swift and Beyonce have finished their blockbuster tours, they're expected to have generated a combined $9 billion in economic activity just in North America. According to a statement from concert promoter Live Nation, Beyonce's global run earned $579 million. Beyonce's film tracks her artistic journey over the course of her tour and is also expected to include behind-the-scenes footage of her and her family, including husband Jay-Z and their three children. "When I am performing, I am nothing but free," Beyonce says in the trailer for her film. "My goal for this tour was to create a place where everyone is free, and no one is judged." The post Beyonce ‘Renaissance’ film to hit theaters in December appeared first on Daily Tribune......»»
Topacio: ‘President Arroyo has done no wrongdoing during her term’
The camp of Pampanga Rep. Gloria Macapagal-Arroyo deemed "baseless" the graft and malversation raps filed against the former president before the Ombudsman last week, accusing her of abuse of discretion over the disbursement of P38.807 billion in Malamapya funds during her presidency. Arroyo's legal counsel, Ferdinand Topacio, said that while they have yet to receive the copy of the complaint-- and learned about it through the news-- they have no doubt that the accusations will be disproven. "Suffice it to state that based on newspaper reports, the complainant admits that the funds concerned were used for public purposes," the lawyer said. "In accordance with settled legal principles, Pres. Arroyo has done no wrongdoing during her term, and we are confident that these charges will be proven false, in the same manner, that other accusations made before them have been shown to be baseless," he said. Topacio was referring to a 34-page complaint filed by National Association of Electricity Consumers for Reforms or NASECORE president Petronilo "Pete" Ilagan and Boses ng Konsyumer Alliance Inc. president Rogelio Reyes, suing Arroyo of 96 counts each of graft and malversation. The complainants cited irregularities in the utilization of Malampaya funds during Arroyo's incumbency, specifically the realigning of the revenues to finance government projects for which the funds were not intended. Arroyo was the Philippine president from 2001 to 2010. Ilagan and Reyes accused Arroyo of taking advantage of her post in allowing the use of P38.807 billion of Malampaya funds for purposes other than the avowed intention of Presidential Decree 910 and as highlighted by a 2017 special audit on the fund by the Commission on Audit. PD 910, signed in 1976, mandates that the profits from Malampaya remitted to the government should be used to finance energy resource development and exploration activities. However, it also stipulates that Malampaya earnings can also be used for "other purposes as directed by the President," which the complainants argued was abused by Arroyo. "Respondent Gloria Macapagal-Arroyo whimsically took the opportunity of the said law's inadequacy and deliberately twisted the interpretation of the said provision to mean that she, as President, had the discretion to use the Malampaya Fund for whatever purpose she deemed fit," the complainants said. Ilagan and Reyes heavily emphasized Arroyo's command to direct the Malampaya funds to agricultural and irrigation programs, disaster rehabilitation, transport projects, national security activities, and cash assistance to the transport sector under the Pantawid Pasada Program, which they claimed was entirely unrelated to energy development. "In short, the Malampaya fund became a discretionary fund of the Office of the President, and disbursements therefrom became subject of whims and caprice of the respondent without regard to the purpose and policy of Presidential Decree No. 910," the complainants said of Arroyo. In the meantime, Topacio expressed their intention to defer it to the justice system and thereafter present a counterargument against the charges in due time. Arroyo and three of her Cabinet secretaries were previously sued for plunder by the National Bureau of Investigation before the Ombudsman for purportedly stealing a P900-million Malampaya fund intended for the impoverished back-to-back typhoon victims in 2009. She was cleared of the charges in 2016 following then-Ombudsman Conchita Carpio Morales' verdict that the NBI "failed to prove" that they colluded in the illegal diversion of Malampaya fund. The post Topacio: ‘President Arroyo has done no wrongdoing during her term’ appeared first on Daily Tribune......»»
Better services seen after GCash acquires ECPay
Customers can expect better services from financial service provider Gcash after its parent firm Globe Fintech Innovations Inc. or Mynt acquired 77 percent of Globe Telecom Inc.'s stake in Electronic Commerce Payments Inc. or ECPay for P2.31 billion. In a stock report on Monday, Globe disclosed that ECPay’s minority stakeholder, Payment One, Inc., is also a party to the transaction — effectively making it a full acquisition of ECPay by Mynt. The deal is still subject to regulatory approvals but once it is closed, ECPay will have access to GCash's platform which would translate to easier and more seamless services for users. “Mynt’s digital savviness will spill over to ECPay, maximizing its previously untapped potential. GCash, on the other hand, can further differentiate itself from its competition as mobile wallets in various shapes and sizes continue to pop up," Globe’s Chief Finance Officer, Rizza Maniego-Eala said in the report. "With ECPay in Mynt’s capable hands, Globe can better steer its ventures and synergistically grow the entire Globe Group ecosystem,” she added. Meanwhile, for Globe President and CEO Ernest L. Cu, GCash's "aggressive expansion" presents a "perfect environment for strategic synergies with ECPay." "Mynt’s acquisition of ECPay will enable more efficient and effective sharing of each other’s strengths and resources, thus creating a seamless and upgraded experience for their customers," Cu said. Incorporated in 2001, ECPay is one of the leading electronic payment service providers in the country. It was acquired by Globe in 2019 to enhance its distribution network. The ECPay Platform enables merchant partners to process bill payments, electronic prepaid mobile phone top-up loading, electronic pins, e-wallet and cash card reloading, airline ticket payments, online shopping payments, and credit card payments in their various outlets. Aside from boosting payment services, GCash, through its subsidiary Fuse Lending Inc., is also improving its lending services to its end-users. The recently said it expects to disburse hundred million pesos more loans to Filipinos in need — a move that will uphold digital and financial inclusion nationwide. Since 2016, Fuse has disbursed P100 billion in loans and has helped over 3 million Filipinos achieve their dreams. The post Better services seen after GCash acquires ECPay appeared first on Daily Tribune......»»
‘Intel fund requests being abused’
A lawmaker said Monday the grant of confidential and intelligence funds under the national budget has become a trend that several government agencies have abused. Iloilo Rep. Janette Garin on Monday said there has been a noticeable increase in the allocation of confidential and intelligence funds in recent years granted to various agencies unrelated to national security or surveillance. “There are many who have joined the trend and abused it,” Garin said. “If you look at the historical data, the jump started in 2017, when the total confidential fund in 2016 was P720 million. In 2017, it jumped to P2.07 billion and by 2020, it more than doubled to P4.57 billion,” she said. The marathon deliberations on the proposed P5.768-trillion national budget for 2024 had led to intense debates in the House, particularly on the grant of multi-million-peso confidential funds to numerous civilian agencies, including the Office of the Vice President and the Department of Education. Last week, Marikina Rep. Stella Quimbo, the senior vice chair of the House appropriations panel, said that about 10 government agencies, including the OVP and DepEd, which Vice President Sara Duterte both heads, are expected to be affected by the House’s plan to realign the confidential funds to national security agencies. The realignment is being mulled amid China’s persistent assertiveness inside Philippine territory in the West Philippine Sea. Duterte sought P2.395 billion and P758.6 billion for the OVP and DepEd, respectively, in the proposed 2024 budget, including P500 million and P150 million, respectively, in confidential funds. The post ‘Intel fund requests being abused’ appeared first on Daily Tribune......»»
Sara Duterte’s P2.7B confidential expenses as Davao mayor should be probed—Castro
Davao City’s confidential expenses that ballooned to P2.697 billion during Vice President Sara Duterte’s stint as mayor should be probed by the Commission on Audit, a lawmaker said Monday. The call for investigation was prompted by the 2022 report of the CoA, which found that Davao City spent P2.697 billion on confidential expenses between 2016 to 2022, or an average of PP385.3 million per year over the preceding six years. Duterte served as the Davao City mayor from 2016 to 2022 before she assumed the VP post in July of last year. Based on CoA findings, Davao City incurred P144 million of confidential expenses in 2016, which was more than doubled to P293 million in 2017 and further climbed to P420 million in 2018. The city’s confidential fund expenses further grew to P460 million in 2019 and were maintained consistently for the subsequent years of 2020, 2021, and 2022. In an interview on Monday, ACT Teachers Partylist Rep. France Castro, who sought the CoA probe, stressed that the P2.697 billion totality of confidential expenses of Davao City in the previous six years “could have been utilized more effectively to benefit the education sector, specifically by providing much-needed support to teachers.” “We were shocked also [by] the report of the CoA. With this controversy of confidential funds, we are thinking of asking the CoA to investigate,” she said. “The CoA should file an audit observation memo and then ask them to explain maybe the misuse of funds and then file necessary legal action.” She added, “Imagine more than a million a day spent for the confidential funds in a city. I just wonder how it was spent and where it was spent. So, we want the CoA to review if the city government of Davao City led by Vice President Sara Duterte by then really followed the guidelines or the joint circular 2015-01.” The said joint circular outlined by CoA with the Departments of Budget and Management, National Defense, and of the Interior and Local Government, and Governance Commission for GOCCs, contains guidelines on the entitlement, release, use, reporting, and audit of confidential and intelligence funds that are in the General Appropriations Act. Daily Tribune has been asking for Duterte’s comment, but she remained mum on the issue. While Castro admitted that the local government units are entitled to confidential funds for peace and order maintenance, it was “ironic” that Duterte sought allocation of such funds given that she claimed Davao City was “very peaceful, disciplined, and well” during her tenure. "So why is it necessary to have an increasingly confidential fund?" the lawmaker stressed, noting such a fund should be used for other fruitful endeavors. "I remember the time the teachers of Davao City were asking for city allowance, but she did not grant it. Instead, she refused and even got mad with ACT (Alliance of Concerned Teachers) during that time," Castro pointed out. While none in the law limits the amount of confidential funds, the militant lawmaker pointed out that it should be rationalized. A proposed law aimed at imposing a cap and limit on confidential funds, streamlining the allocation of such that would promote transparency and accountability, is currently being crafted, according to Castro. It will be filed in Congress when the session resumes in November. The post Sara Duterte’s P2.7B confidential expenses as Davao mayor should be probed—Castro appeared first on Daily Tribune......»»
Think tank: SMGPH faces liquidity crunch
The declining profitability of San Miguel Corporation’s energy unit San Miguel Global Power Holdings Corp. has affected the capability of the company to meet near-term financial obligations, according to a report of the Institute for Energy Economics and Financial Analysis, or IEEFA. Local groups held a forum on Wednesday ahead of the 133rd anniversary of the Adian conglomerate that focused on the “losing strategy” of maintaining its dependence imported fossil fuel with its planned shift from traditional coal to liquefied natural gas, or LNG. Think tank Center for Energy, Ecology and Development indicated during the event that SMGPH is implementing “a losing strategy that is having devastating consequences on shareholders and investors, energy consumers, and the environment.” “While SMC is pursuing the country’s further dependence on fossil fuel, it is also losing on the actual energy transition development. SMC had lost in the race to secure new permits for renewable energy capacity, which will be built in the next two to three years,” Gerry Arances, CEED executive director, said. Sam Reynolds, author of an Institute for Energy Economics and Financial Analysis, or IEEFA, report titled San Miguel Global Power: Fossil fuel-oriented growth strategy raises financial red flags, said the article detailed the financial issues SMC faces because of its reliance on coal and gas. IEEFA is a Detroit-based advisory group for energy industry strategies. He warned the company’s overexposure to volatile fossil fuel prices could sink its financial health and that “SMGPH’s overreliance on fossil fuels has weakened its financial health — moving from coal to LNG is not going to solve the fundamental problem of overexposure to fossil fuel prices.” SMGPH debts are falling due between 2024 and 2026, according to the study. The company’s financial position would likely remain inadequate to address the callable perpetual securities, amounting to $3.4 billion (P193 billion). “SMGPH could face a double-edged sword. On one hand, the need to redeem perpetual securities demands additional capital or funding. On the other, opting not to exercise the call option subjects the company to additional financial costs, further straining its financial position,” according to IEEFA. No contract to back up projects “This is especially true when you consider the company’s lack of contracts for its existing and proposed LNG facilities,” he added. SMC’s status as one of the country’s biggest conglomerates entails that the company should be among those leading the transition away from fossil fuels, Reynolds added. Reynolds also doubts the company will be able to fulfill the 2050 net zero commitment it unveiled earlier this year. “Unless there is a major, material pivot within the company to transition to renewables and phase out its fossil fuel expansion plans, the company is going to have very little chance of achieving its 2050 net zero target. Without a strategic, material, immediate pivot, that goal is simply unrealistic,” he said. Liquidity crunch possible As a result of SMGPH’s declining profitability, IEEFA’s analysis indicated that its ability to cover near-term financial commitments in the form of debt, interest and capital distribution for perpetual securities may have worsened considerably. This points to an overall liquidity crunch, which could translate to a longer-term funding shortfall if not carefully managed. IEEFA indicated that its view “aligns with conclusions from Bloomberg Intelligence, which stated that the company may need $900 million (P51 billion) by the end of this year to meet its financial commitments. “SMGPH’s funding constraints also depend on its ability to extend P21 billion worth of short-term loans. There is also a possibility of obtaining local funding due to its connection to parent company SMC,” IEEFA indicated. Its financial SMGPH’s perpetual securities come with a notable feature: a step-up interest mechanism. If the call option on the security is not exercised, the interest rate increases by a certain percentage each year. SMGPH has strategically tapped into the issuance of bonds and loans to fund its expansion plans, increasing its total debt. Total equity has also grown, driven largely by the company’s issuance of perpetual securities. The paper added that a broader assessment, beyond operating cash flows, reveals a rising liquidity risk for SMGPH. It measured the SMGPH’s cash flow from operations (CFO)-to-current liabilities ratio, the results of which pointed a “concerning trend.” The ratio has been on a downward trajectory since 2019. In 2022, the CFO-to-current liabilities ratio plummeted to an all-time low of -0.12, indicating insufficient cash flow to cover short-term liabilities. The same ratio remained weak in the first half. Its ratio in 2022 was 1.00, down from 1.43 in 2021, meaning the company has exactly one dollar of current assets for every dollar of current liabilities. “In essence, the company holds a relatively tight margin of assets available to cover its immediate financial obligations. Meanwhile, the accounts receivable turnover ratio stood at 3.15, marking its lowest value since 2016.” The post Think tank: SMGPH faces liquidity crunch appeared first on Daily Tribune......»»
Sub bolsters Taiwan defense vs China
Taiwan unveiled its first domestically built submarine on Thursday to bolster the island’s defenses against China. President Tsai Ing-wen presided over the launch ceremony for the Hai Kun or “Narwhal” in English at CSBC Corporation's Kaohsiung shipyard, according to Taiwan News. Tsai performed the bottle-breaking ritual and named the submarine, which means “giant fish” in Chinese. National Security Council Secretary General Wellington Koo, American Institute in Taiwan Director Sandra Oudkirk, Defense Minister Chiu Kuo-cheng, Kaohsiung Mayor Chen Chi-mai and other dignitaries attended the ceremony, CNA reported. Strongly opposed by Beijing for her refusal to accept China’s authority over the island, Tsai launched a submarine program in 2016 with the aim of delivering a fleet of eight vessels. Construction on the first started in 2020 by CSBC Corporation, a company specializing in container ships and military vessels. Carrying a price tag of $1.5 billion, the submarine’s displacement weight is about 2,500 to 3,000 tons, with its combat systems and torpedoes sourced from the United States defense company Lockheed Martin. Ben Lewis, a US-based independent analyst who focuses on the Chinese military’s movements around the island, said the Taiwanese submarine can pose a threat to Chinese amphibious assault and troop transport capabilities. “They have practised extensively the use of civilian vessels to augment their existing troop delivery platforms, and a submarine could wreak havoc on vessels not designed for naval warfare,” Lewis said. The submarine will still need at least three years to become operational, Zivon Wang, a military analyst at Taipei-based think tank the Chinese Council of Advanced Policy Studies, said. “The launch... does not mean that Taiwan will become very powerful right away but it is a crucial element of Taiwan’s defense strategy and a part of our efforts to build deterrence capabilities,” Wang said. China’s state-run Global Times on Monday published an op-ed saying Taiwan’s submarine deployment plan to block the Chinese military was “daydreaming.” “The plan is just an illusion of the island attempting to resist reunification by force,” it said. The post Sub bolsters Taiwan defense vs China appeared first on Daily Tribune......»»
Phl can do without China — Bersamin
Executive Secretary Justice Lucas Bersamin on Thursday said that the Philippines can live without China despite their strong economic ties, adding that the country should avoid being dependent on its Asian neighbor. Nonetheless, Bersamin said in a recent TV interview that Philippine-China relations have many aspects, and that he is not in a position to talk about them because of his closeness with President Ferdinand Marcos Jr. “We are dealing with issues diplomatically. It is still possible for us to go with China, but about the economic viability of our relations or the economic dimensions if we were to go against China. You know, we can’t say that we are dependent on China,” Bersamin said. “China might be our trading partner or supplier, or it gives us some products that we may need, but we should not be too dependent on China. I don’t think China will even want us to be dependent because China knows that we have a multilateral approach,” Bersamin added. Bersamin’s statement comes as the Philippines is facing increasing pressure from China in the South China Sea. China has been militarizing islands and reefs in the disputed waters despite a 2016 ruling by the Permanent Court of Arbitration that invalidated its claims. He maintained that the Philippines has exclusive rights to the fisheries and natural resources in the West Philippine Sea, which China is claiming as part of its nine-dash line territory (recently expanded to 10-dash line) in the South China Sea. “That’s probably why China is acting like that. But beyond that, we do not want to have a conflict with China. We do not want to provoke a conflict with China because we can coexist with China,” Bersamin said. He refused to contrast the Marcos administration with the previous Duterte government, which was seen to be close to China. “I don’t want to compare,” he said. “We leave that to the Presidents to make those decisions, the directions that they take.” Latest data from the Philippine Statistics Authority showed that China has become the Philippines’ primary trade partner. As of May, total exports to the Philippines reached $6.44 billion, with China having 16.6 percent of the trade volume. The post Phl can do without China — Bersamin appeared first on Daily Tribune......»»
Bersamin: ‘Phl can live without China’
Executive Secretary Justice Lucas Bersamin on Thursday said that the Philippines can live without China and that it should avoid overdependence on its Asian neighbor despite the two countries' strong economic ties. In a recent interview with journalist Ka Tunying, he asked Bersamin whether the Philippines is dependent on China. He responded that the question has many aspects and that he is not in a position to speak about it because he is too close to President Ferdinand Marcos Jr. However, Bersamin did say that the Philippines is dealing with the issue of its relationship with China diplomatically. He also said that it is still possible for the Philippines to go with China but that the country should not be too dependent on its Asian neighbor. "We are dealing with (several) issues diplomatically. It is still possible for us to go with China, but about the economic viability of our relations or the economic dimensions if we were to go against China. You know, we can't say that we are dependent on China," Bersamin said. "China might be our trading partner or supplier, or it gives us some products that we may need, but we should not be too dependent on China. I don't think China will even want us to be dependent because China knows that we have a multilateral approach," Bersamin added. Bersamin's statement comes when the Philippines is facing increasing pressure from China in the South China Sea. China has been militarizing islands and reefs in the disputed waters despite a 2016 ruling by the Permanent Court of Arbitration that invalidated its claims. When asked if he thinks China needs the Philippines more than the Philippines needs China, Bersamin said that the Philippines has exclusive rights to the fisheries and natural resources in that area. "Perhaps China is acting this way because they know that in the eyes of other countries, we are the ones who should be recognized as having the exclusive right to own these fisheries and natural resources in that area," Bersamin said. "That's probably why China is acting like that. But beyond that, we do not want to have a conflict with China. We do not want to provoke a conflict with China because we can coexist with China." Ka Tunying, meanwhile, said that more countries are siding with the Philippines in the West Philippine Sea dispute because the current administration is being more transparent about what China is doing. "The biggest news today regarding China's aggression is that more countries are siding with us because this administration is becoming transparent about what China is doing in the WPS (West Philippine Sea). Did you notice that during the previous administration, they intentionally did not report what China was doing because we didn't want to upset China back then?" Ka Tunying asked Bersamin. Bersamin said that he was not paying much attention to the issue during the previous administration. Still, he said that he wants to avoid comparing the two administrations' foreign policy directions. "I don't want to compare," he said. "We leave that to the Presidents to make those decisions, the directions that they take," he added. Despite the dispute, the Philippines and China have maintained close economic ties. Latest data from the Philippine Statistics Authority showed that China has become the Philippines' primary trade partner, representing a significant portion of the nation's exports and serving as the leading provider of imported products. As of May, exports reached a total of $6.44 billion, with China carrying out 16.6 percent of total exports during the month. Import costs, meanwhile continued to surpass export receipts, hitting $10.84 billion during the month. China was also the country's biggest source of imported goods, supplying 24 percent of the country's total imports. The post Bersamin: ‘Phl can live without China’ appeared first on Daily Tribune......»»
Likely asteroid debris found upon opening of returned NASA probe
After a seven-year wait, NASA scientists on Tuesday finally pried open a space probe carrying the largest asteroid samples ever brought back to Earth, finding black debris. Researchers "found black dust and debris on the avionics deck of the Osiris-Rex science canister when the initial lid was removed today," the US space agency said, though without specifying whether they definitely belonged to the asteroid. Scientists are eagerly awaiting researching the bulk of the sample, which will require "intricate disassembly" of the probe. Osiris-Rex launched in 2016, landing on the asteroid Bennu and collected roughly nine ounces (250 grams) of dust from its rocky surface. Even that small amount, NASA has said, should "help us better understand the types of asteroids that could threaten Earth." It ended its 3.86-billion-mile (6.21-billion-kilometer) journey after touching down in the desert in the western state of Utah on Sunday, following a high-stakes, fiery descent through Earth's atmosphere. The residue on the avionics deck found Tuesday was likely a result of issues during the collection, which NASA said were eventually solved, allowing the secure transfer of the sample. The lid was opened in an airtight chamber at the Johnson Space Center in Houston, Texas. A news conference is scheduled for 11 October in which the bulk of the sample will be revealed to the public. The analysis of the asteroid, scientists believe, will help researchers better understand the formation of the solar system and how Earth became habitable. Most of the sample will be conserved for study by future generations. Roughly one-fourth will be immediately used in experiments, and a small amount will be sent to mission partners Japan and Canada. The post Likely asteroid debris found upon opening of returned NASA probe appeared first on Daily Tribune......»»
Major asteroid sample brought to Earth in NASA first
A seven-year space voyage came to its climactic end Sunday when a NASA capsule landed in the desert in the US state of Utah, carrying to Earth the largest asteroid samples ever collected. Scientists have high hopes for the sample, saying it will provide a better understanding of the formation of our solar system and how Earth became habitable. When they learned that the capsule's main parachute had deployed, "I literally broke into tears," the Osiris-Rex mission's principal investigator Dante Lauretta told a press conference. "That was the moment I knew we made it home... For me, the real science is just beginning." The 3.86-billion-mile (6.21-billion-kilometer) journey marked the United States' first sample return mission of its kind, the US space agency said in a post on X, formerly Twitter. NASA chief Bill Nelson hailed the mission and said the asteroid dust "will give scientists an extraordinary glimpse into the beginnings of our solar system." The Osiris-Rex probe's final, fiery descent through Earth's atmosphere was perilous, but NASA managed to engineer a soft landing at 8:52 am local time (1452 GMT), in the military's Utah Test and Training Range. Four years after its 2016 launch, the probe landed on the asteroid Bennu and collected what NASA estimated is roughly nine ounces (250 grams) of dust from its rocky surface. Even that small amount, NASA says, should "help us better understand the types of asteroids that could threaten Earth." The sample return "is really historic," NASA scientist Amy Simon told AFP. "This is going to be the biggest sample we've brought back since the Apollo moon rocks" were returned to Earth. Osiris-Rex released its capsule early Sunday from an altitude of more than 67,000 miles. The fiery passage through the atmosphere came only in the last 13 minutes, as the capsule hurtled downward at a speed of more than 27,000 miles per hour, with temperatures of up to 5,000 degrees Fahrenheit (2,760 degrees Celsius). NASA images showed the tire-sized capsule on the ground in a desert wash, with scientists approaching the device and taking readings. Eventually, they concluded the capsule was not breached, meaning its all-important air-tight seal remained intact, avoiding any contamination of the sample with desert sands. The team then lifted the capsule by helicopter to a nearby "clean room." Meanwhile, the probe that made the space journey fired its engines and shifted course away from Earth, NASA said, "on its way" for a date with another asteroid. Japanese samples On Monday, the sample heads to the Johnson Space Center in Houston for additional study, and NASA plans to announce its first results at a news conference 11 October. Roughly one-fourth of the sample will be immediately used in experiments, and a small amount will be sent to mission partners Japan and Canada. But most of it will be saved for future generations -- a "treasure for scientific analysis for years and years and years to come, to our kids and grandkids and people that haven't even been born yet," Lori Glaze, director of NASA's Planetary Sciences division, said. Japan had earlier given NASA a few grains from asteroid Ryugu, after bringing 0.2 ounces of dust to Earth in 2020 during the Hayabusa-2 mission. Ten years before, it had brought back a microscopic quantity from another asteroid. But the sample from Bennu is much larger, allowing for significantly more testing, Simon said. Earth's origin story Asteroids are composed of the original materials of the solar system, dating back some 4.5 billion years, and have remained relatively intact. They "can give us clues about how the solar system formed and evolved," said Osiris-Rex program executive Melissa Morris. "It's our own origin story." By striking Earth's surface, "we do believe asteroids and comets delivered organic material, potentially water, that helped life flourish here on Earth," Simon said. Scientists believe Bennu, about 500 meters (1,640 feet) in diameter, is rich in carbon -- a building block of life on Earth -- and contains water molecules locked in minerals. Bennu surprised scientists in 2020 when the probe, during its brief contact with the asteroid's surface, sank into the soil, revealing an unexpectedly low density, like a children's pool filled with plastic balls. Understanding its composition could come in handy, for there is a slight -- but non-zero -- chance (one in 2,700) that Bennu could collide catastrophically with Earth, though not until 2182. NASA last year successfully deviated the course of an asteroid by crashing a probe into it in a test, and it might at some point need to repeat that exercise -- but with much higher stakes. The post Major asteroid sample brought to Earth in NASA first appeared first on Daily Tribune......»»
UBS’s Credit Suisse takeover, ‘deal of the century’?
Did banking giant UBS make "the deal of the century" when it bought one of the world's biggest banks for a pittance as it teetered on the edge of the abyss? Switzerland's largest bank was in March strong-armed by Swiss authorities into a $3.25-billion takeover of Credit Suisse, to keep its closest domestic rival from going under. At the time, investors gasped at the risks UBS was taking on with the purchase. But by August, the bank said it would not need the billions in support offered by the Swiss government and central bank to offset any surprises that might pop up in its stricken rival's accounts. That must mean that Credit Suisse's situation was "much better than described in March", Thomas Aeschi, a member of parliament with the populist rightwing Swiss People's Party (SVP), wrote on X, formerly Twitter. UBS seemed to prove him right when it unveiled its second-quarter results on August 31. The bank posted a towering net profit of $29.2 billion for the three-month period, thanks to an exceptional gain due to the gulf between the amount paid for Credit Suisse and its book value. 'Godsend' "UBS has pulled off the deal of the century," Switzerland's Socialist Party said, maintaining the "rescue" was more of a "godsend", allowing it to snatch up a bank at a dramatically reduced rate. "If we had chosen another path, (like) a temporary or partial nationalization," said Samuel Bendahan, a Socialist MP and economics professor at the University of Lausanne, the Swiss state "would have taken on the risk, but those $29 billion would have gone to the population". Instead, the takeover has created "a monopolistic situation", he told AFP, warning that while this might strengthen UBS, it puts Switzerland in an extremely risky position if the new mega-bank were to one day face a crisis. Politicians are not the only ones taking issue with the takeover. Gisele Vlietstra, founder of the Swiss Investor Protection Association, told public broadcaster RTS that UBS's towering quarterly profit confirms that the "intrinsic value" of Credit Suisse was "far higher" than the purchase price. She said she hoped that the lawsuits brought by her association and others on behalf of thousands of Credit Suisse shareholders will help determine "the correct value" that they should be compensated. 'Nickel and dime' "UBS paid a nickel and dime" and "got rid of its main competitor" in one fell swoop, Carlo Lombardini, a lawyer and banking law professor at Lausanne University, told AFP. The coming restructuring will clearly carry risks, "but having paid just three billion, it can't go wrong", he said, slamming the option chosen by the Swiss authorities. Like UBS, Credit Suisse was listed among 30 international banks deemed too big to fail because of their importance in the global banking architecture. But the collapse of three US regional lenders in March left the firm looking like the next weakest link in the chain. The Swiss government feared Credit Suisse would have quickly defaulted and triggered a global crisis, shredding Switzerland's reputation for sound banking. But its chosen option for dealing with the issue was certainly a boon to UBS, which will now swell to manage $5 trillion of invested assets. Confidence 'evaporated' UBS chief Sergio Ermotti acknowledged in a recent interview with the SonntagsZeitung weekly that the bank had been "worried" about its competitor since 2016, and had among other things looked into the possibilities of buying it, for fear a foreign lender might snap it up. He acknowledged that Credit Suisse may have survived for a time if the central bank had injected more cash, "but it would not have been enough, since confidence had evaporated". Since the takeover announcement in March, UBS has seen its share price soar 31 percent. But the bank still faces significant challenges, Vontobel analyst Andreas Venditti told AFP. The $29 billion "is a huge one-off gain, but this is just accounting", he said, stressing that "the losses and costs will come later". The analyst, who a few months ago wondered in a note whether UBS had secured "the deal of the decade or a decade of headaches", stressed that "it's going to be a huge task". He said it would only become clear "whether it was worth it" after most of the restructuring is done three years down the line. Parts of the business are continuing to "produce huge losses", he said, warning "many things can still go wrong". Swissquote analyst Ipek Ozkardeskaya agreed, recalling that "UBS was forced" into the merger. Now it is up to the bank to "transform an 'obligation' to its advantage". The post UBS’s Credit Suisse takeover, ‘deal of the century’? appeared first on Daily Tribune......»»
New Cebu International Container Port seen
The Department of Transportation on Tuesday announced that the construction of the New Cebu International Container Port is expected to start within the third quarter of the year. According to DoTr Undersecretary Elmer Sarmiento, the project’s funder — Export-Import Bank of Korea — has granted the renewal of the loan of P10.45 billion, adding that the procurement for the project has been delayed by the coronavirus disease pandemic. Sarmiento said that the agency is hoping to award the civil works contract within the third quarter. The groundwork should have originally started in August 2022. The civil works was bid out in 2022 and won by a Korean firm. He added that the KEXIM has approved the proposed changes and DoTr is now awaiting the special allotment release order. Sarmiento explained that the project has two approaches — civil works which will be funded by official development assistance from KEXIM — and the purchase of quay cranes will be under public-private partnership. The NCICP will be built on a 25-hectare reclaimed area in Tayud, Consolacion, Cebu and will be connected to the mainland by a 300-meter offshore bridge. It will have a berthing facility with a 500-meter-long quay wall that can simultaneously accommodate two 2,000 twenty-foot equipment unit vessels, operating facilities and structures for containers such as a freight station and an inspection shed, an access road and bridge, and a dredged waterway and turning basin. It will be equipped with four quay cranes. A counterpart funding will be financed by Philippine government of P1.28 billion. In 2016, the NCICP was approved by NEDA Board and the signed loan agreement then with KEXIM pegged at $172.64 million. NCICP is seen as the long-term solution to growing volumes handled by the Cebu International Port in Cebu City. The post New Cebu International Container Port seen appeared first on Daily Tribune......»»
P7.43-B Covid meds wasted
While the government scrounges for funds to make healthcare and medicines accessible to all Filipinos, the Commission on Audit, or CoA, found that more than P7.43 billion worth of drugs, medicines, and vaccines were wasted after the Department of Health failed to distribute them in 2022. The DoH was then under Secretary Francisco Duque III, covering the period when the pandemic was on the wane. The Universal Health Care law took effect in 2019, but PhilHealth members still have to pay for more than half of their medical needs due to the lack of funds to implement the measure fully, according to state think tank Philippine Institute for Development Studies, or PIDS. “Despite modest improvements in health outcomes, inequities continue to exist due to unresolved challenges in access to healthcare,” according to PIDS. State auditors said the overstocking and the slow-moving inventory indicated “excessive spending” as the procured items exceeded the current requirements of the Centers for Health Development. “These deficiencies were also caused by a breakdown in the inventory/supply management system, such as inadequate procurement planning; laxity in creating adequate monitoring and reporting system; absence of periodic assessment of inventory movements; identified weakness in internal controls; acceptance of drugs and medicines not in accordance with the standard requirement pertaining to shelf life; and failure to formulate and take necessary corrective measures and poor distribution system,” CoA said. In the DoH’s annual report, state auditors discovered that the department had P7.43 billion worth of drugs, medicines, and vaccines that were expired, damaged, excessive, overstocked, understocked, slow-moving, undistributed, distributed late and accepted below 19 months before expiration. CoA attributed the enormous spoilage to deficient procurement planning, poor distribution and monitoring systems, and weaknesses in internal controls. Citing Section 2 of Presidential Decree 1445, the CoA said the DoH should have safeguarded the government resources against loss or wastage through illegal or improper disposition. Under DoH Administrative Order 2016-0008, medicines and drugs beyond their expiration date should be disposed of as these may be unsuitable for use, and there is no guarantee that the quality of the products is maintained. According to the World Health Organization, drugs do not become toxic or ineffective on expiry but may slowly deteriorate over time depending on the product, formulation and storage conditions. Some become toxic, but most simply lose their efficacy. Stale meds in NCR, Ilocos, Tacloban According to CoA, the National Capital Region and Ilocos and Tacloban regions had the highest recorded slow-moving medicines and drugs, totaling P5.6 billion. Expired vaccines were found at the Mariano Marcos Memorial Hospital & Medical Center or MMMMHMC (361 expired vials); Central Luzon (261,138 vials); Easter Visayas (1,671,878 doses); and Caraga (104,962 vials). DoH-Western Visayas had 5,551 vials nearing their expiration date and 6,425 at MMMHMC. Moreover, the CoA said the expirations could be attributed to various factors, including the reluctance of local government units and other implementing agencies to accept vaccines they doubted they would use up. The lack of cold room storage, low demand for vaccination, operational wastage/thawed but not used, and late deliveries from DoH, CoA said, all contributed to the expiry of vaccines. “Overall, the problem exposed an inability to safeguard, manage, and utilize health funds and resources economically and effectively,” CoA said. “Overstocked or slow-moving drugs and medicines are exposed to the risk of possible wastage due to the poor condition of the warehouses, and the maintenance of excessive supplies entails additional costs in terms of manpower and warehouse space, which could have benefited the government’s health programs for the poor,” it added. Nevertheless, the CoA directed the DoH to impose appropriate sanctions and to expedite the issuance and distribution of near-expiry vaccines to stave off future wastage of government funds. The DoH agreed to the CoA’s recommendations and informed auditors that it had initiated the necessary actions. Meanwhile, the Dr. Jose N. Rodriguez Memorial Hospital informed DoH that drugs, particularly Remdesivir, were fully utilized before their expiration date, and the FEFO (first to expire, first out) policy was implemented to avoid wastage of state resources. The post P7.43-B Covid meds wasted appeared first on Daily Tribune......»»
Cacdac to continue Ople’s projects
Newly appointed officer-in-charge of the Department of Migrant Workers, Hans Leo J. Cacdac, on Saturday said he will continue the programs that the late secretary Susan “Toots” Ople spearheaded in their department, and make sure that her vision for the DMW would be achieved. “Malaking gap… big shoes to fill ang kanyang iniwan,” Cacdac said in a radio interview. "She (Ople) set the direction that we will stand by and strengthen," Cacdac added. Cacdac was the department’s undersecretary for welfare and foreign employment before he was appointed DMW OIC. He also served as administrator of the Overseas Workers Welfare Administrator (OWWA) and the Philippine Overseas Employment Administration (POEA). Cacdac said the first task at hand is to defend the DMW’s proposed P15-billion budget at the Senate next week. He also plans to strengthen the P1.2-billion action fund for legal assistance to OFWs. “One of her (Ople) last public statements was that OFWs whose rights are violated will now be able to file cases and get justice," Cacdac said. Secretary Susan “Toots” Ople who died on 22 August 2023 also wanted a cancer fund established for migrant workers and for the digitalization within the agency to continue. In July, the DMW launched an app for OFW meant to streamline the processing of labor and overseas documents. Cacdac said the Saudi government has already formed a technical committee that would implement Saudi King Salman’s orders regarding OFWs with unpaid wages. The DMW has said that at least 10,000 OFWs who had worked for nine Saudi companies that declared bankruptcy following the economic crisis in 2015 would receive “full payment” of their pending wages. So far, Cacdac said, the Saudi government has assured them there is funding and resources for the payout. He added, though, that processing is still ongoing and that the Saudi government has not given a definite timeline on when the money will be released. “There is a challenge in determining who the claimants are and how the distribution will be done in coordination with the Philippine side,” he said. "Ople said last November that the Saudi government would “set aside two billion Riyals (or) about more than P30.2 billion to help our displaced workers,” Cacdac recalled. The funds will cover workers from Saudi OGer, MMG, the Bin Laden group, and other construction companies that declared bankruptcy in 2015 and in 2016, she said then. Ople, Cacdac said, wanted the DMW to feel like the home of overseas Filipino workers. The post Cacdac to continue Ople’s projects appeared first on Daily Tribune......»»