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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......»»
UN chief convenes ‘no nonsense’ climate summit, without China or US
UN Secretary-General Antonio Guterres is set Wednesday to host a climate meeting marred at its outset by the absence of speakers from the world's top two emitters, China and the United States. Despite increasing extreme weather events and record-shattering global temperatures, greenhouse gas emissions continue to rise and fossil fuel companies reap handsome profits. Guterres has thus billed the "Climate Ambition Summit" as a "no nonsense" forum where leaders or cabinet ministers will announce specific actions that deliver on their commitments under the Paris Agreement. The bar for making the podium was set high, with the UN chief making clear that only leaders who had made concrete plans to achieve net-zero greenhouse emissions would be allowed to speak. After receiving more than 100 applications to take part, the UN finally released a list on Tuesday night of 41 speakers which did not include China, the United States, the United Kingdom, Japan or India. "Tomorrow, I will welcome credible first movers and doers to our Climate Ambition Summit," Guterres said Tuesday. Several major leaders didn't bother making the trip to New York for this year's UN General Assembly, including President Xi Jinping of China and Prime Minister Rishi Sunak from the United Kingdom, who said he was too busy. US President Joe Biden, who addressed the General Assembly on Tuesday, sent his climate envoy John Kerry to the meeting -- though Kerry won't be permitted to speak. "There's no doubt that the absence of so many leaders from the world's biggest economies and emitters will clearly have an impact on the outcomes of the summit," Alden Meyer of climate think tank E3G said. He blamed competing issues -- from the Ukraine conflict to US-China tensions and rising economic uncertainty. "But I think it's also the opposition in many of these countries from the fossil fuel industry and other powerful interests to the kind of transformational changes that are needed," said Meyer. Catherine Abreu, executive director of nonprofit Destination Zero, said it was "perhaps a good-news story that we see Biden not being given a speaking slot at the summit" because the United States is continuing to expand fossil fuel projects even as it makes historic investments in renewables. "I think about this as being a correction from past summits, where leaders have been given the opportunity to take credit for climate leadership on the global stage, while they continue to pursue plans to develop fossil fuels, and continue driving the climate crisis back at home," she added. While the United States won't take the rostrum, California will be represented by Governor Gavin Newsom. From Britain, London Mayor Sadiq Khan will also attend. Growing anger The event is the biggest climate summit in New York since 2019, when Greta Thunberg stunned the world with her "How Dare You" speech before the UN. Anger is building among climate activists, particularly younger people, who turned out in thousands last weekend for the "March to End Fossil Fuels" in New York. Observers are eager however to see what Canadian Prime Minister Justin Trudeau and European Union President Ursula von der Leyen say both on their own goals and on financing commitments for the developing world. The failure of advanced economies, responsible for the majority of historic emissions, to honor their promises to the worst affected lower-income nations has long been a sore point in climate talks. There are some bright spots, including the announcement that Colombia and Panama are joining a grouping called the Powering Past Coal Alliance -- particularly notable as Colombia is the world's sixth biggest coal exporter. Wednesday's summit comes weeks ahead of the COP28 climate talks in the United Arab Emirates, where goals include tripling renewable energy by 2030, and ending by 2050 the generation of fossil fuel energy that isn't "abated" by carbon capture technology. The post UN chief convenes ‘no nonsense’ climate summit, without China or US appeared first on Daily Tribune......»»
Colombia deadliest country for green activists in 2022
Environmental activist murders doubled in Colombia last year, making it the most dangerous country in the world for those trying to protect the planet, a watchdog said Tuesday. In its annual review, Global Witness named 177 land and environmental defenders who had been killed in 2022 -- from the Amazon to the Philippines and the Democratic Republic of Congo. Latin America again bore the brunt of the murders, including 39 killings across the vast Amazon rainforest, a vital carbon sink facing widespread destruction at a time when the world is grappling to curb climate change. The number of those killed has progressively decreased since a record 227 in 2020, however, "this does not mean that the situation has significantly improved," said Global Witness. "The worsening climate crisis and the ever-increasing demand for agricultural commodities, fuel, and minerals will only intensify the pressure on the environment -– and those who risk their lives to defend it," warned the London-based watchdog. While in 2021 most killings took place in Mexico, Colombia last year surged ahead with 60 deaths -- more than a third of all the murders globally. "This is almost double the number of killings compared to 2021 when 33 defenders lost their lives," said the report. Many of those targeted were Indigenous people, members of Afro-descendant communities, small-scale farmers, and environmental activists. At least five children, three of them Indigenous, were among the global tally. "Yet there is hope," said the NGO, praising efforts under new leftist President Gustavo Petro to boost protection for defenders -- a first in the country. Colombian sociologist and activist Nadia Umana, 35, fled her northern home after the murders of four colleagues, all of whom had been fighting for the return of rural lands taken over by paramilitaries. "Knowing that a colleague of yours was murdered is an indescribable pain," Umana told AFP in Bogota. Even the country's vice-president, Francia Marquez -- the 2018 winner of the prestigious Goldman environmental prize -- has faced multiple threats. In 2019, she survived an attack by gunmen who tried to kill her over her work defending her home region's water resources against mining companies. Mining, logging, farming According to Global Witness, almost 2,000 land and environmental defenders have been murdered over the past decade -- some 70 percent of them in Latin America. In Brazil, where British journalist Dom Philips and Indigenous expert Bruno Pereira were killed last year in the Amazon, a total of 34 land defenders were killed. Mexico, Honduras, and the Philippines also had high numbers. Global Witness said that while it was "difficult to identify" the exact drivers for the killings, 10 were found to be linked to agribusiness, eight to mining, and four to the logging industry. Aside from activists, state officials, demonstrators, park rangers, lawyers, and journalists are also among those who lost their lives. "All of them shared a commitment to defend their rights and keep the planet healthy. All of them paid for their courage and commitment with their lives," said the report. The post Colombia deadliest country for green activists in 2022 appeared first on Daily Tribune......»»
North Korean leader in Russia for Putin talks as US warns on arms deal
North Korean leader Kim Jong Un arrived in Russia on Tuesday ahead of a meeting with President Vladimir Putin that the United States has warned could see an arms deal to support Moscow's assault on Ukraine. Making a rare foreign trip and his first since the pandemic, Kim was seen stepping onto a red-carpeted train platform before meeting Natural Resources Minister Alexander Kozlov. Kim and Putin are expected to meet at an unspecified location in Russia's Far East later this week, the Kremlin has said. Putin is currently attending the Eastern Economic Forum in Vladivostok, the Pacific port city closest to the North Korean border, though there has been no indication that the internationally isolated pair would hold their talks there. Reporters granted access to the Russian leader at the forum refrained from asking Putin details of the visit but he told journalists he would soon travel to the Vostochny Cosmodrome, a Russian spaceport some 1,000 kilometres (620 miles) from Vladivostok. "I've got my programme there, and when I get there you'll know," he was quoted by Russian news agencies as saying. Kim received a VIP welcome from a military honor guard, with the national anthems of both countries playing, as he arrived in the Russian border town of Khasan Tuesday morning, the state-run KCNA news agency said. Kim told his Russian hosts that his visit was a "clear manifestation" of North Korea "prioritizing the strategic importance" of its ties with Russia, KCNA said. The agency did not specify when or where Kim would meet with Putin, saying only that after the arrival ceremony the North Korean leader "left for his destination." Experts say Moscow will likely seek artillery shells and antitank missiles from North Korea, which wants advanced satellite and nuclear-powered submarine technology in return. Siemon Wezeman, a senior researcher at the Stockholm International Peace Research Institute, said it was "entirely possible" North Korea had large stocks of ammunition that could be used by Russia. "Whether any deal is struck remains to be seen," he said. "We will not know for sure until there is hard evidence that Russia has used North Korean arms and ammunition on the battlefield in Ukraine," he added. The White House warned last week that North Korea would "pay a price" if it supplied Russia with weaponry for the conflict in Ukraine. Kremlin spokesman Dmitry Peskov said Putin and Kim would "cooperate on sensitive areas that should not be the subject of public disclosure and announcements". Steadfast allies Kim is travelling to Russia with his top military officials including Korean People's Army Marshal Pak Jong Chon and Munitions Industry Department Director Jo Chun Ryong, analysts said. This indicates a Putin-Kim summit "is likely to heavily focus on Russia and North Korea's possible military cooperation," Yang Moo-jin, president of the University of North Korean Studies in Seoul, told AFP. Moscow sent Defence Minister Sergei Shoigu to Pyongyang in July. He has recently mooted bilateral joint naval drills. Kim has been steadfast in his support for Moscow's assault on Ukraine, including, Washington says, supplying rockets and missiles. But both Moscow and Pyongyang have denied North Korea has or will supply arms to Russia, which has eaten into its vast stockpiles of munitions since it launched its Ukraine offensive early last year. Kim has not travelled outside North Korea since the start of the coronavirus pandemic. His last proper overseas trip was in 2019, also to Russia to meet Putin. 'Begging' for help "North Korea has the crude ammunition that Putin needs for his illegal war in Ukraine, while Moscow has submarine, ballistic, and satellite technologies that could help Pyongyang leapfrog engineering challenges it suffers under economic sanctions," said Leif-Eric Easley, a professor at Ewha University in Seoul. On Monday, the United States described Putin as desperate in seeking a meeting with Kim. "Having to travel across the length of his own country to meet with an international pariah to ask for assistance in a war that he expected to win in the opening month, I would characterize it as him begging for assistance," State Department spokesman Matthew Miller said. "I will remind both countries that any transfer of arms from North Korea to Russia would be in violation of multiple United Nations Security Council resolutions," he added. Washington has said Russia could use weapons from North Korea to attack Ukrainian food supplies and heating infrastructure heading into winter to "try to conquer territory that belongs to another sovereign nation". Andrei Lankov, a North Korea expert at Kookmin University in Seoul, told AFP that the upcoming meeting was part of Moscow's "gentle diplomatic blackmail" of Seoul because Russia did not want South Korea to supply weapons to Kyiv. Seoul is a major arms exporter and has sold tanks to Kyiv's ally Poland, but longstanding domestic policy bars it from selling weapons into active conflicts. "The major worry of the Russian government now is a possible shipment of the South Korean ammunition to Ukraine, not just one shipment but a lot of shipments," Lankov said. The post North Korean leader in Russia for Putin talks as US warns on arms deal appeared first on Daily Tribune......»»
Japanese man admits starting deadly anime studio fire: reports
A Japanese man reportedly angry that his ideas had been stolen admitted Tuesday to starting a fire that killed 36 people in an animation studio in 2019, local media said. The blaze that ripped through the studios of Kyoto Animation in July 2019 shocked the anime industry and its fans in Japan and around the world. "It's correct I've done" what is in the charges, Shinji Aoba said at the Kyoto District Court, according to the Jiji Press news agency. "I didn't think so many people would die and now I think I went too far," said the 45-year-old who appeared in a wheelchair. Aoba's lawyers however pleaded not guilty, citing mental incompetence, the reports said. Aoba, who nearly died from burns he himself sustained, faces five charges including murder, attempted murder, and arson, according to local prosecutors. He is accused of breaking into the studio's building, spreading gasoline around the ground floor, and setting it alight before reportedly shouting "drop dead". Many of those killed in the blaze were young staff, including a 21-year-old woman. More than 30 others were injured. Firefighters told reporters at the time that the incident was "unprecedented" and the mission to rescue victims and extinguish the fire was "extremely difficult". Aoba's motives were unclear but there have been claims that he accused the studio of stealing his work, which Kyoto Animation has denied. Its president Hideaki Hatta said he was "heartbroken for the employees who lost their lives and people who were close to them" ahead of the hearing, according to public broadcaster NHK. The charges were made after a psychiatric evaluation, local media said. More than 90 percent of Aoba's skin was burnt and a doctor who treated him told the Yomiuri newspaper this week that he required 12 operations. Aoba regained consciousness weeks later and apparently sobbed with relief after undergoing a procedure that restored his ability to speak. The doctor, Takahiro Ueda, said he was not allowed by police to talk about the incident, but he told Aoba that "taking someone's life is not acceptable for any reason". "I want him to explain everything at the court, and express sincere regret and apologize" to the victims and their families, the doctor said on Sunday. Kyoto Animation, known by its fans as KyoAni, is well known domestically and abroad for its role in producing popular TV anime series including "The Melancholy of Haruhi Suzumiya" and "K-ON!" While many animation studios are based in Tokyo, the firm reportedly felt strongly about remaining in the ancient western city of Kyoto. The post Japanese man admits starting deadly anime studio fire: reports appeared first on Daily Tribune......»»
Egypt activist Ahmed Douma freed after presidential pardon
Egyptian activist Ahmed Douma, a leading figure in the country's 2011 uprising who has spent the past decade behind bars, walked free from prison Saturday following a presidential pardon. Douma, now 37, was a leading activist in the 2011 uprising that toppled longtime president Hosni Mubarak. He was arrested in the sweeping crackdown that followed the army's 2013 ouster of Mohamed Morsi, the Islamist president elected after the uprising. "After 10 years in prison, I wish I could say that I am happy after being released, but I postpone any celebrations till all get freedom," Douma said after leaving Badr prison on Cairo's outskirts -- a facility that has been repeatedly criticized for its poor conditions. "I wish we can celebrate soon." Douma was originally sentenced to 25 years in prison in 2015 for clashing with security forces, but this was cut to 15 years in 2019. Later that year, Egypt's top appeals court upheld the reduced sentence, as well as a fine of six million Egyptian pounds ($372,000 at the time). In 2021, Douma published a collection of poems entitled "Curly", written while he was held in solitary confinement. The collection was displayed at that year's Cairo International Book Fair before being quickly pulled for "security reasons". In one of his poems from prison, Douma writes: "There's no time for depression, no opportunity for sadness, the flood is raging." Rising frustration Key activists from the revolution remain behind bars, including British-Egyptian pro-democracy blogger Alaa Abdel Fattah, who has spent the better part of the past decade in jail. After Morsi's overthrow, the authorities rounded up thousands of pro-democracy campaigners as well as Islamists in mass arrests that drew international condemnation. Rights activist Hossam Bahgat welcomed the pardon for Douma, but said the decision was made "without any transparency or understanding of why some people were selected and others ignored". Fellow activist Ziad el-Elaimi, who was released ahead of Egypt's hosting of the COP-27 climate summit last year, welcomed the news that Douma was finally free after having "nine and a half years of his life stolen". "The problem remains, however. Someone is using free men as hostages... People are frightened of expressing their opinions freely," he said. The president has pardoned numerous prominent figures over the past year, but critics have noted that more people have been arrested in the meantime. "President Abdel Fattah al-Sisi... has used his constitutional powers" to pardon several prisoners including Douma, said lawyer Tarek Elawady, a member of the presidential pardons committee. Since April last year, authorities have released 1,000 political prisoners, but detained almost 3,000 more, according to Egyptian rights monitors. In July, Sisi pardoned researcher Patrick Zaki a day after he received a three-year sentence, as well as rights lawyer Mohamed al-Baqer, who was arrested in 2019 while attending an interrogation of Abdel Fattah, his client at the time. According to Bahgat, founder of the Egyptian Initiative for Personal Rights, the authorities have "become well aware of rising frustration both domestically and internationally". But "the regime is showing no indication of moving towards ending the crisis of political prisoners in Egypt", Bahgat told AFP. The pardons come as Egypt conducts a so-called "national dialogue" meant to bring in an opposition that has been decimated during the decade of repression since Sisi came to power. The president announced on Wednesday he had received the first recommendations of this "dialogue", saying he had "passed them on to the competent authorities so that they can be applied within the framework granted by the legal and constitutional provisions". Next year, Egypt goes to the polls for a presidential election in which Sisi is widely expected to seek a new term. The post Egypt activist Ahmed Douma freed after presidential pardon appeared first on Daily Tribune......»»
Clarence Avant, ‘Godfather of Black Music,’ dies at 92
Clarence Avant, the entertainment executive who is counted among the music world's most impactful figures, died over the weekend, a statement from his family said Monday. He was 92 years old. Avant "passed away gently at home" in Los Angeles on Sunday, said his children Nicole and Alex Avant, as well as Nicole's husband, Netflix executive Ted Sarandos. "Through his revolutionary business leadership, Clarence became affectionately known as 'The Black Godfather' in the worlds of music, entertainment, politics, and sports," the statement said. "Clarence leaves behind a loving family and a sea of friends and associates that have changed the world and will continue to change the world for generations to come. The joy of his legacy eases the sorrow of our loss." Avant was born on 25 February 1931 in small-town North Carolina, the oldest of eight. After spending most of his childhood in North Carolina he moved to New Jersey as a teenager, getting his start in the music business as a club manager of Teddy P's Lounge in Newark. He later was mentored by the longtime Louis Armstrong manager Joe Glaser. He went on to become one of the most revered players in music and beyond, an advocate and mentor who pushed the boundaries for Black entertainers in an industry rife with racism. Avant helped establish Venture Records, the first joint effort between a Black-owned music company and a major record label, in this case, MGM. He later launched Sussex Records and signed the likes of Bill Withers. Avant worked at an array of other labels, produced films, and also brokered deals for Black athletes including baseball superstar Hank Aaron. "He's the perennial godfather of our business," Quincy Jones said in 2006, in an interview with Billboard. "Everyone in our business has been by Clarence's desk if they’re smart." 'True pioneer' Avant also consulted at Motown and worked with other top producers including Jimmy Jam and Terry Lewis as well as Babyface. He's been credited with burnishing the careers of countless artists, including Jones as well as Pharrell Williams, Snoop Dogg, and Whitney Houston. "Clarence Avant connects us all through his incredible impact since before I was born up until now. He's the godfather to so many of us -- and not just African Americans, most of the industry," Pharrell said in a statement in 2019, ahead of the release of the Netflix documentary "The Black Godfather." In 2021, Avant's wife of over 50 years, Jacqueline, was fatally shot at age 81, during a break-in of the couple's Beverly Hills home. Earlier that year Avant received special accolades from the Rock and Roll Hall of Fame. The Recording Academy has also bestowed a number of honors on him and in 2007 he received the Thurgood Marshall Lifetime Achievement Award from the NAACP. Tributes to Avant began pouring out upon news of his death, including from Jay-Z's company Roc Nation, which hailed him "a true pioneer" who "burst through doors and tore down ceilings, changing lives and providing opportunities for generations." "Clarence Avant isn't just the 'Godfather Of Black Music,' he is our cultural Godfather," the company said. Bill and Hillary Clinton, the former US president and secretary of state, said in a joint statement they were "saddened by the passing of our friend." "It was impossible to spend time with him and not come away feeling more positive and wanting to follow his example." The post Clarence Avant, ‘Godfather of Black Music,’ dies at 92 appeared first on Daily Tribune......»»
One giant step: Moon race hots up
Russia's plan to launch its lunar lander on Friday is the latest in an international push to return to the Moon that includes the world's top powers but also new players. Technology, science and politics are all essential factors in the Moon race. Here is the latest: China's great leap China is pursuing plans to send a crewed mission to the Moon by 2030 and plans to build a base there. The world's second-largest economy has invested billions of dollars in its military-run space program in a push to catch up with the United States and Russia. China was the third country to put humans in orbit in 2003 and Tiangong is the crown jewel of its space program, which has also landed rovers on Mars and the Moon. The unmanned Chang'e-4 rocket landed on the far side of the Moon in 2019, with another robot mission to the near side raising the Chinese flag there in 2020. That moonshot brought rock and soil samples back to Earth, the first time that has been done in more than four decades. NASA's Artemis NASA's Artemis 3 mission is set to return humans to the Moon in 2025 including its first woman and first non-white astronaut. Under the Artemis program, NASA is planning a series of missions of increasing complexity to return to the Moon and build a sustained presence in order to develop and test technologies for an eventual journey to Mars. The first, Artemis 1, flew an uncrewed spacecraft around the Moon in 2022. Artemis 2, planned for November 2024, will do the same with crew on board. NASA sees the Moon as a pit stop for missions to Mars and has done a deal with Finnish mobile firm Nokia to set up a 4G network there. However, NASA said this week that the Artemis 3 mission may not land humans on the Moon, depending on whether certain key elements, including the landing system developed by SpaceX, were ready. Elon Musk's firm won the contract for a landing system based on a version of its prototype Starship rocket, which remains far from ready. An orbital test flight of the uncrewed Starship ended in a dramatic explosion in April. Russia's Luna Russia's launch of Luna-25 on Friday will be its first to the Moon since 1976 and marks the beginning of Moscow's new lunar project. President Vladimir Putin is looking to strengthen space cooperation with China after ties with the West broke down following the start of Moscow's invasion of Ukraine in 2022. New players Recent technological progress has reduced the cost of missions and opened the way for new players in the public and private sector to get involved. India's latest space mission Chandrayaan-3 entered the Moon's orbit in August ahead of the country's second attempted lunar landing later this month. But getting to the Moon is not an easy task. Israeli non-profit SpaceIL launched its Beresheet lunar lander in 2019, but it crashed. And in April this year Japan's ispace was the latest company to try, and fail, at the historic bid to put a private lunar lander on the Moon. Two other US companies, Astrobotic and Intuitive Machines, are set to try later in the year. The post One giant step: Moon race hots up appeared first on Daily Tribune......»»
Razon’s Bloomberry bares H1 profit surge
After returning to profitability last year, Bloomberry Resorts Corp., the operator of Solaire Resort & Casino, still sustained its momentum even throughout the first half of the year. In a report on Wednesday, the publicly listed holdings firm reported a P6.4 billion consolidated net income during the period, a 160 percent surge from last year’s P2.5 billion. San the impact of a P356.6 million one time gain on sale from the disposition of an asset, the company noted that consolidated net income would have increased by 145 percent. “All our business segments continued to deliver growth that pushed consolidated net revenues, EBITDA, and net profit in the first half to levels exceeding that of the same period in 2019,” Enrique K. Razon Jr., Bloomberry Chairman and CEO said in the report. Solaire gaming revenue surges “We anticipate that the growth momentum we have so far seen will continue well into the next six months and in the years ahead,” he added. In terms of consolidated net revenues, Bloomberry posted P25.6 billion, which represented a 48 percent growth against P17.2 billion in the same period last year. At Solaire, total gross gaming revenue soared 41 percent to P31.2 billion annually — driven by the recovery in domestic mass table games and electronic gaming machines segments. Compared to the pre-pandemic figures in 2019, Solaire’s first-half GGR represented a 110 percent jump. The casino’s non-gaming revenues from its hotel, food, and retail segments reached P4 billion, up 51 percent. As of the end of June, Bloomberry logged a consolidated cash and cash equivalents balance of P44.9 billion. Total outstanding long-term debt was P98.1 billion, which represented the balance of the current and non-current portions of the amended P73.5 billion and P40.0 billion Syndicated Loan facilities. Meanwhile, the total equity attributable to equity holders of the parent company was P39.9 billion. The company has already drawn P18.2 billion from the P40 billion Syndicated Loan Facility, higher by P8.7 billion as the company drew from the facility in the second quarter to partially finance the construction of Solaire Resort North scheduled to launch by the first quarter of 2024. The post Razon’s Bloomberry bares H1 profit surge appeared first on Daily Tribune......»»
Sublime! ‘Barbie’ tops $1bn globally in first for solo woman director
Hollywood's pink wave has yet to crest as Warner Bros.' "Barbie" dominated for a third straight weekend in North American theaters, pushing the film's global haul past $1 billion in a first for a woman director, industry watcher Exhibitor Relations said Sunday. The Greta Gerwig-directed blockbuster, starring Margot Robbie as iconic doll Barbie and Ryan Gosling as boyfriend Ken, earned a projected $53 million for the Friday-through-Sunday period, for a domestic total of $459 million and a whopping $1.03 billion worldwide. Not only has "Barbie" thus become the first movie directed solely by a woman to pass the $1 billion mark, but it did so faster than any film -- including those directed by men -- in Warner Bros.' 100-year history, executives there said. The film, which earlier scored the biggest opening weekend of the year, "has captured the imagination of moviegoers around the world and the results are incredibly impressive," analyst Paul Dergarabedian of Comscore said. Universal's "Oppenheimer," the dark historical drama that has placed second to "Barbie" in their debut weeks, was bumped by Warner Bros. newcomer "Meg 2: The Trench," an action film featuring gargantuan prehistoric sharks. "Meg 2" pulled in $30 million for the weekend, while Christopher Nolan's "Oppenheimer" earned $28.7 million to push its global total to $552 million. That total made the story about the creation of the atomic bomb the all-time top-grossing World War II film, ahead of Nolan's own "Dunkirk" ($527 million) and Steven Spielberg’s "Saving Private Ryan" ($482 million), not adjusted for inflation, according to Hollywood Reporter. Fourth place for the weekend went to "Teenage Mutant Ninja Turtles: Mutant Mayhem," the latest in the franchise about a team of reptilian heroes in a half-shell. The Paramount animated comedy, featuring the voices of Jackie Chan and Post Malone, brought in $28 million. Disney released "Haunted Mansion" slid two spots to fifth, with the lavishly produced kid-centric film -- starring LaKeith Stanfield, Tiffany Haddish, and Owen Wilson -- earning $8.9 million. Holding its own in sixth was the independent "Sound of Freedom," from Santa Fe Films and Angel Studios, at $7 million. The low-budget action thriller has sparked controversy, with critics saying its story about child sex trafficking plays into Qanon conspiracy theories. All in all, it was an exceptional weekend for Hollywood, with the top four films all raking in $28 million or more. Not only did the top films come close to doubling the total from the same weekend last year, they surpassed the corresponding pre-pandemic weekend in 2019, analysts said. Ken might even have said -- a line Ryan Gosling reportedly ad-libbed during the filming of "Barbie" -- that the weekend was "Sublime!" Rounding out the top 10 were: "Mission: Impossible - Dead Reckoning Part 1" ($6.4 million) "Talk to Me" ($6.2 million) "Indiana Jones and the Dial of Destiny" ($1.5 million) "Elemental" ($1.2 million) The post Sublime! ‘Barbie’ tops $1bn globally in first for solo woman director appeared first on Daily Tribune......»»
Lula says ‘world must help’ Brazil save the Amazon
President Luiz Inacio Lula da Silva said Wednesday the "world must help" Brazil protect the Amazon, ahead of a summit next week on the world's biggest rainforest, a key buffer against climate change. "We know we have a responsibility to convince the world that investing is cheap if it's a matter of saving the rainforest," the veteran leftist told a breakfast meeting with AFP and other international media. "The world needs to help us preserve and develop the Amazon," he said, in response to a question on how to balance the need for economic development in the Amazon region with protecting the forest. Lula and leaders of other countries with territory in the sprawling Amazon are set to meet next week in the Brazilian city of Belem on developing policies to protect the rainforest, which is being badly damaged by deforestation. It will be the first meeting of the eight-member Amazon Cooperation Treaty Organization since 2009. Deforestation in Brazil's 60-percent share of the Amazon fell by 33.6 percent year-on-year from January to June, the first six months of Lula's term, according to official figures. The destruction of the rainforest had surged under his far-right predecessor, Jair Bolsonaro (2019-2022), who presided over an increase of more than 75 percent in annual deforestation versus the previous decade. Lula said he planned to work with other Amazon basin leaders to "share research on the region's biodiversity" and seek ways to enable people there to "work without destroying" the fragile ecosystem. Lula, 77, who previously led Brazil from 2003 to 2010, also reiterated his desire to help forge a peace deal for Ukraine. Both Russia and Ukraine "are in the 'I'm going to win' stage. Meanwhile, people are dying," he said. He also spoke in favor of expanding the BRICS group of emerging economies, formed by Brazil, Russia, India, China and South Africa. He said the group should discuss inviting new members at its upcoming summit in South Africa later this month, suggesting Saudi Arabia, the United Arab Emirates and Argentina as possibilities. The post Lula says ‘world must help’ Brazil save the Amazon appeared first on Daily Tribune......»»
Canada PM Trudeau and wife announce separation
Canadian Prime Minister Justin Trudeau announced Wednesday that he and his wife of 18 years, Sophie Gregoire-Trudeau, are separating. In a post on Instagram, the prime minister said "that after many meaningful and difficult conversations, we have made the decision to separate." A statement from his office added that the couple have signed "a legal separation agreement." It said the public can expect to continue seeing them and their three children together as "they remain a close family" and both parents will be a "constant presence in their children's lives." They asked for privacy ahead of a family vacation scheduled for next week. Trudeau and his wife, a former entertainment reporter, were childhood friends and reconnected in 2003 while co-hosting a charity ball. They soon started dating and married in 2005 in Montreal. They have three children together: Xavier, 15, Ella Grace, 14, and nine-year-old Hadrien. The separation is the first for a Canadian prime minister since Trudeau's late father Pierre Trudeau, who split from Margaret Trudeau in the late 1970s and eventually divorced in 1984 during his final months in office. Sunny days, heavy storms In his 2014 memoir "Common Ground," the younger Trudeau recalled that the "dark drama" at home and his parents' eventual divorce had been hard on him. His own breakup comes as Trudeau's ruling Liberals are struggling in the polls against the opposition Conservatives ahead of elections expected before the end of 2025. Trudeau announced last week a major shakeup in his cabinet with the stated goal of strengthening his economic team ahead of that looming campaign. This involved changing more than two-thirds of his political inner circle, with seven new recruits joining the cabinet and around 20 ministers reassigned to new roles. Sophie Gregoire, 48, had been a constant presence at her 51-year-old husband's side at political events over the past decade, as he took the party from third place to form a government in 2015, and through two more winning ballots in 2019 and 2021. But she has appeared in public less in recent years, at times lamenting the struggles of marriage, saying last year in a social media post that they had "navigated through sunny days, heavy storms and everything in between." Trudeau himself has also hinted at difficulties, writing in his memoir: "Our marriage isn't perfect, and we have had difficult ups and downs, yet Sophie remains my best friend, my partner, my love. We are honest with each other, even when it hurts." On their latest anniversary in May, Trudeau posted a photo online of the pair holding hands as they drove along a remote Canadian highway in a motor home, with the caption "Every mile of this journey together is an adventure. I love you Soph." The post Canada PM Trudeau and wife announce separation appeared first on Daily Tribune......»»
Huge mass in Lisbon ahead of pope’s arrival for ‘Catholic Woodstock’
A sea of flag-waving pilgrims from around the world packed a Lisbon park on Tuesday for an open-air Mass that kicked off a week-long jamboree of Catholic youth on the eve of the arrival of Pope Francis. Lisbon's patriarch, Cardinal Manuel Clemente, delivered the homily at the service held at the hillside Eduardo VII Park with sweeping views of the Portuguese capital and the Tagus River. "Lisbon welcomes you wholeheartedly," he told the crowd as pilgrims waved national flags in the air. Local authorities expect some 300,000 people to attend the opening Mass of World Youth Day, which is actually a week of religious, cultural, and festive events held every three years in a different city. Francis is set to arrive in Lisbon on Wednesday morning to join the event, which has been dubbed the "Catholic Woodstock". The 86-year-old pontiff is by Church standards the most liberal pope in decades and is very popular with young people. During his papacy, he has tried to create a more compassionate church, reaching out to the gay community and talking frankly to youngsters about abortion, divorce, and gender identity. "Pope Francis is open to young people," said Cristina Kelly, a 39-year-old who came from Brazil, just before the start of the Mass. "He called on us and we came. People need that today, for young people to be called to God," she told AFP. 'Recharge spiritual battery' In Portugal, the pope has a typically packed schedule for his five-day visit, despite having spent nine nights in hospital after undergoing hernia surgery in June. Francis, the first Latin American pope, is due to make 11 public pronouncements and hold numerous meetings, and on Saturday will visit the shrine of Fatima north of Lisbon. Church organizers expect one million faithful will attend the event's closing mass which will be delivered by the pope on Sunday at a waterside park on the outskirts of Lisbon. Images of the pope were on display on banners across the city as well as on screens on automatic bank machines along with the message: "I am with you". A Lisbon pastry shop is even selling cookies with the image of the smiling pontiff wearing a crucifix. "My goal is to recharge my spiritual battery because sometimes, as young people, we let it run low," Xochilt Cecilia Velis, a 24-year-old from El Salvador, told AFP in central Lisbon. World Youth Day is part of the Vatican's efforts to galvanize young Catholics at a time when secularism and disgust over clerical child sex abuse cause some faithful to abandon the Church. Meeting with abuse victims The gathering comes as the Portuguese Catholic Church is reckoning with its legacy of clerical sexual abuse. A report released in February by an independent commission determined that at least 4,815 children had been abused by clergy members in Portugal since 1950. The inquiry -- similar to audits elsewhere in Europe and the Americas -- concluded that the Church hierarchy "systematically" tried to conceal the abuse. Pope Francis is scheduled to meet privately with abuse victims during his visit but the date of the encounter or other details has not been released. Initially scheduled for August 2022, but postponed due to the coronavirus pandemic, the Lisbon World Youth Day is the 16th international edition of what has become the largest gathering of Catholics worldwide. Church organizers said there are pilgrims registered to take part in this year's event from every country in the world except the Maldives. A brainchild of the late Pope John Paul II, the event started in 1986. The current one is the fourth presided over by Pope Francis, who became head of the Catholic Church in 2013. The last three events took place in Rio de Janeiro, Brazil in 2013, in Krakow, Poland in 2016, and in Panama City, Panama in 2019. The post Huge mass in Lisbon ahead of pope’s arrival for ‘Catholic Woodstock’ appeared first on Daily Tribune......»»
‘Catholic Woodstock’ kicks off in Lisbon ahead of Pope arrival
The world's largest Catholic gathering, a week-long religious festival known as World Youth Day, kicks off in Lisbon on Tuesday, a day before Pope Francis arrives on his first foreign trip since recent surgery. Around 300,000 people are expected to attend the opening mass at 7:00 pm (1800 GMT) at the hillside Eduardo VII park, which offers sweeping views of the Portuguese capital and the Tagus river. The 86-year-old pontiff is set to arrive in Lisbon on Wednesday morning to celebrate World Youth Day, a week of religious, cultural and festive events held about every three years in a different city. He has a typically packed schedule for his five-day visit to Portugal, despite having spent nine nights in hospital after undergoing hernia surgery in June. Francis, the first Latin American pope, is due to make 11 public pronouncements and hold numerous meetings, and on Saturday will visit the shrine of Fatima north of Lisbon. Church organizers expect one million faithful will attend the event's closing mass held by the pope on Sunday at a waterside park on the outskirts of Lisbon. Images of the pope were on display on banners set up across the city as well as on screens on automatic bank machines along with the message: "I am with you". A Lisbon pastry shop is even selling cookies with the image of the smiling pontiff wearing a crucifix. "I think it is going to be amazing experience to be in the same spot as the pope," said Barbara Weisz, a 19-year-old student from the United States, part of a group of 37 youths who came from a San Diego parish. "It is a great feeling to be among so many young people who share your beliefs," she added as the group, who wore matching red t-shirts, gathered in the lobby of their hotel before going sightseeing before attending the opening mass. World Youth Day, which has been dubbed the "Catholic Woodstock", is part of the Vatican's efforts to galvanize young Catholics at a time when secularism and disgust over clerical child sex abuse cause some faithful to abandon the Church. In recent days groups of event volunteers, decked out in their distinctive yellow T-shirts, could be seen outside of churches in Lisbon to welcome pilgrims who have flocked to the city. "It is a special moment that you should experience at least once in your life," said Samuel Navarro, a 19-year-old student from Spain. - Meeting with abuse victims - Pope Francis is expected during his visit to meet privately with victims of sexual abuse by members of the Portuguese clergy. A report published in February by an independent commission found at least 4,815 children were sexually abused by clergy members -- mostly priests -- since 1950. The inquiry, based on testimony from over 500 victims, concluded that the Church hierarchy in Portugal "systematically" tried to conceal the abuse. "I know (the meeting) will take place... but I don't know where it will happen or how many people will take part," Lisbon's patriarch, Cardinal Manuel Clemente, told a news conference Monday. "There is a total commitment on the part of the Portuguese Church to settle this issue," he added. Around 16,000 members of law enforcement, civil protection and medical staff are being deployed for the pope's visit, officials said. Initially scheduled for August 2022, but postponed due to the coronavirus pandemic, the Lisbon World Youth Day is the 16th international edition of what has become the largest gathering of Catholics worldwide. The brainchild of late Pope John Paul II, this year's event is the fourth presided over by Pope Francis, who became head of the Catholic Church in 2013. The last three events took place in Rio de Janeiro, Brazil in 2013, Krakow, Poland in 2016 and Panama City, Panama in 2019. lf-tsc/ds/yad © Agence France-Presse The post ‘Catholic Woodstock’ kicks off in Lisbon ahead of Pope arrival appeared first on Daily Tribune......»»
Gov’t eyes MILF decommissioning completion ahead of 2025 BARMM parliament election
The government is targeting to complete the decommissioning of the remaining 1,301 Moro Islamic Liberation Front combatants ahead of the first-ever Bangsamoro Autonomous Region in Muslim Mindanao parliament election in 2025, with the third phase of the decommissioning process slated to begin on 3 August. This was announced by Presidential Adviser on Reconciliation, Peace, and Unity, Secretary Carlito Galvez Jr., during the 2023 post-State of the Nation Address or SoNA forum held in Pasay City on Wednesday late afternoon. “Actually it’s a way earlier because we are targeting to finish the decommissioning before the BARMM election 2025 along with parallel programs of the government for the former combatants,” Galvez told reporters in an interview. The peace adviser noted around 24,600 former MILF combatants have already been decommissioned since the Office of the Presidential Adviser on the Peace Reconciliation and Unity as well as Independent Decommissioning Body, began facilitating the first and second phases of the program. A total of 19,345 MILF combatants have availed of the first phase of decommissioning in 2015 and the second phase from 2019 to 2020. At least 5,500 MILF combatants underwent decommissioning until end-December of 2022. Galvez said the decommissioning program comes with the provision of emergency employment, social entrepreneurship projects, and skills development training to the former combatants. “It’s very critical that we build on the peace gains and ensure continuing progress in the BARMM,” he added. Under the decommissioning program, qualified family beneficiaries were also given a Bangsamoro Transitory Family Support Package amounting to P80,000 and P20,000 worth of Livelihood Settlement Grants. This program is part of the normalization track under the Bangsamoro Organic Law—which is designed for the peaceful reintegration of former combatants into their communities with several support packages provided by the concerned national agencies and local government units. The post Gov’t eyes MILF decommissioning completion ahead of 2025 BARMM parliament election appeared first on Daily Tribune......»»
‘Vigilance is key’: Al Shabaab threat rising in Kenya’s northeast
In Kenya's rural northeast, roadside bombs and beheadings that killed two dozen people last month appear to be part of a troubling escalation of violence by Al-Qaeda-linked Islamists, analysts say. A regional economic powerhouse and a popular tourist draw, Kenya has not suffered a high-profile jihadist attack since 2019, when 21 people lost their lives at a hotel and surrounding offices in Nairobi. The recent attacks have been small-scale and focused on minor targets, but have raised fears that Al-Shabaab jihadists, who have been blamed for the assaults, are turning their attention to Kenya as they suffer losses in their native Somalia. Estimated to have between 7,000 and 12,000 fighters, Al-Shabaab has in recent months faced a multi-pronged counterterrorism offensive by the Somali National Army and US-trained "lightning" commandos supported by clan militias known as "macawisley". The militants, who have waged war against the fragile government in Mogadishu for over 15 years, have recently carried out several attacks along Kenya's long and porous frontier with Somalia. Twenty-four people, including 15 security officers, were killed in six separate attacks last month alone. In one of the most grisly assaults claimed by the group, about 30 militants descended on two sparsely-populated villages in Kenya's coastal Lamu county on June 24 and killed five civilians, beheading some of them. One resident, Hassan Abdul, said that "women were locked in the houses and the men ordered out, where they were tied with ropes and butchered". The remote forested mainland is not normally a stopover for tourists visiting the nearby popular Indian Ocean island of Lamu, but the gruesome killings are a signal to Kenya, analysts say. The attacks are a way for "Al-Shabaab to say that despite being under pressure, they still have the firepower and are a force to be reckoned with," said Nicolas Delaunay, International Crisis Group director for East and Southern Africa. "It could also be a way of warning Kenya who has pledged to participate in the Somali government's offensive against the Al-Shabaab," he told AFP. Risk of regional spillover Kenya is no stranger to the long-running Islamist insurgency in Somalia and has been repeatedly targeted by Al-Shabaab since it sent troops into the country in 2011 as part of an African Union force. The militants appear to have been emboldened by the changes in Kenya's security leadership following the election of President William Ruto last August, said Roland Marchal, an Africa specialist at Sciences Po university in Paris. "There is relative disorganisation at the border," Marchal said, adding that Al-Shabaab was seizing the chance to take "revenge" against Kenya for deploying troops in rural central and southern Somalia where the militants remain entrenched. The violence has also threatened to spill into Ethiopia, as the militants try to make their presence felt in Africa's second most populous country. Addis Ababa said last month that it had foiled an attack by the jihadists in the border town of Dollo. Al-Shabaab fighters were chased out of Mogadishu in 2011 by an African Union mission which has been in Somalia since 2007. The militants have also lost some ground in the countryside after Somalia's President Hassan Sheikh Mohamud last year launched an "all-out war" against the group, describing the jihadists as "bedbugs". But while the gains of the Somali offensive have been significant, the "situation still remains very fragile," African Union Commission chair Moussa Faki Mahamat warned last weekend. Hassan Khannenje, director of The Horn International Institute for Strategic Studies in Nairobi, told AFP that Al-Shabaab was "on the back foot in Somalia". "There is a desire on their part to demonstrate continued relevance and resilience." 'Manifestation of desperation' A US official last month told AFP the recent cross-border attacks by Al-Shabaab were a "manifestation of desperation". But Kenya is taking no chances. A string of major attacks on the Westgate shopping centre in 2013, Garissa University two years later, and the Dusit hotel complex in 2019 left hundreds of Kenyans and foreigners dead. The East African nation earlier this month said it was delaying the planned reopening of its long-closed border with Somalia over the deadly attacks. The phased reopening would not go ahead as announced "until we conclusively deal with the recent spate of terror attacks and cross-border crime," Interior Minister Kithure Kindiki said. Analyst Khannenje said the wave of attacks "should serve as a warning" to Kenya. The post ‘Vigilance is key’: Al Shabaab threat rising in Kenya’s northeast appeared first on Daily Tribune......»»
Pandemic era over
The vicious coronavirus-2019 is considered defeated in the country after President Ferdinand “Bongbong” Marcos Jr. issued Proclamation 297 lifting the “state of public health emergency.” Malacañang on Saturday said the President issued the proclamation on Friday but it was made public through a statement released by the Presidential Communications Office only on Saturday. The proclamation states that “all prior orders, memoranda, and issuances that were effective only during the State of Public Health Emergency shall be deemed withdrawn, revoked or canceled and shall no longer be in effect.” The directive provides that all emergency use authorizations or EUA issued by the Food and Drug Administration on vaccines shall remain valid for one year from the date of the lifting of the State of Public Health Emergency “for the sole purpose of exhausting the remaining supply of vaccines.” Go pleads for health workers For his part, Senator Christopher Lawrence “Bong” Go said: “We respect the President’s decision to lift the state of public health emergency. We trust that it was arrived at after careful consideration of the present health issue and the need to finally open up the economy.” Go, nonetheless, said he was appealing to the government to release the remaining arrears due to healthcare workers, including Covid-19-related allowances and unpaid death benefits. The senator said the obligations should be fulfilled “with or without the state of public health Emergency.” Align with new normal Marcos’ order also enjoined all agencies to ensure that their policies, rules, and regulations shall take into consideration the lifting of the state of public health emergency and to amend existing or to promulgate new issuances, as may be appropriate. Former president Rodrigo Duterte issued Proclamation 922 declaring a State of Public Health Emergency all over the country in March 2020. Proclamation 922 also stated that the public health emergency would remain in force until lifted or withdrawn by the president. WHO sees downtrend The International Health Regulations Emergency Committee of the World Health Organization highlighted the decreasing trend in Covid-19 deaths last May. It also reported a decline in Covid-19-related hospitalizations and intensive care unit admissions, as well as the high levels of population immunity to SARS-CoV-2. WHO Director-General Tedros Adhanom Ghebreyesus concurred with the advice of the committee that Covid-19 was now an established and ongoing health issue, which no longer constituted a public health emergency of international concern. The WHO likewise advised a transition to the long-term management of Covid-19. Stay vigilant For Health Secretary Ted Herbosa, the pronouncement is a “positive step forward,” and he agreed that the conditions no longer warrant the continuance of the public health emergency status. “It is crucial to recognize that while the state of public health emergency is lifted, we must remain vigilant and proactive in our approach to health and safety,” he said. Herbosa likewise stressed the importance of maintaining health awareness and adhering to health protocols to protect one from potential health risks. IATF to disband The Department of Health said the Inter-Agency Task Force would convene for a final meeting to formally conclude the public health emergency. Herbosa gave the IATF a pat on the back for its “exemplary performance” and “unwavering commitment,” and so too the medical front liners who demonstrated resilience and heroism throughout the challenging period. “Their dedication to safeguarding public health had been instrumental in reaching this critical milestone,” he said. “Let us embrace this positive development with gratitude and determination, knowing that by working together we shall prevail against any challenges that may lie ahead,” he added. Covid cases on Friday brought the total infection caseload to 4,171,063, with 234 new cases. Active cases, however, dropped to 5,278 from 5,431, the lowest since 29 April 2023, while seven new deaths and 380 new recoveries were logged. @tribunephl_Lade @tribunephl_eao The post Pandemic era over appeared first on Daily Tribune......»»
Amazon invests $120 million in internet satellite facility
Amazon said Friday it will invest $120 million to build a satellite construction facility at NASA's Kennedy Space Center, as part of its plans to launch a space internet service to rival SpaceX's Starlink. The company founded by Jeff Bezos says its "Project Kuiper" will provide "fast, affordable broadband to unserved and underserved communities around the world," with a constellation of more than 3,200 satellites in low Earth orbit. "We have an ambitious plan to begin Project Kuiper's full-scale production launches and early customer pilots next year, and this new facility will play a critical role," said Steve Metayer, vice president of Kuiper Production Operations. The company has another production facility in Kirkland, Washington, where it will begin operations by the end of this year. The units will then be sent to Florida to carry out final preparations, and integrate them with rockets from Blue Origin -- also founded by Bezos -- and United Launch Alliance ahead of launch. Elon Musk's SpaceX launched the first batch of its more than 3,700 operational Starlink satellites in 2019 and is by far the biggest player. London-headquartered OneWeb is another early entrant in the emerging sector. But governments are also keen to join the rush. China plans to launch 13,000 satellites as part of its GuoWang constellation, while Canada's Telesat will add 300, and German start-up Rivada is eyeing 600. That will be in addition to the European Union's Iris project -- 170 satellites -- and the 300-500 satellites planned to be launched by the US military's Space Development Agency. The post Amazon invests $120 million in internet satellite facility appeared first on Daily Tribune......»»
US stocks rise, extending market rally
Wall Street stocks rose Monday, extending a market rally ahead of major earnings reports and economic releases this week. Major indices opened indecisively but picked up momentum over the day, adding to an equity upswing following last week's benign inflation data and better-than-expected earnings from JPMorgan Chase and other banks. The Dow Jones Industrial Average finished up 0.2 percent at 34,585.35. The broad-based S&P 500 added 0.4 percent at 4,522.79, while the tech-rich Nasdaq Composite Index jumped 0.9 percent to 14,244.95. This week's calendar includes results from Bank of America, Tesla, and Netflix. "The key to the stock market remains the mega-cap tech trade and many traders won't do any major positioning until we hear from Netflix and Tesla," said Oanda's Edward Moya. Among individual companies, Ford shares dropped 5.9 percent as it announced steep price cuts on its F-150 Lightning electric trucks. The automaker said an upgrade of its Michigan factory will enable it to triple the output of the pickup trucks beginning this fall. But shares of electric vehicle maker Tesla jumped 3.2 percent as it announced that it had produced its first Cybertruck at its huge plant near Austin, Texas. The space-age-like pickup has been eagerly anticipated since Chief Executive Elon Musk first unveiled a prototype in November 2019. The week's economic data releases include US retail sales and housing starts for June. The post US stocks rise, extending market rally appeared first on Daily Tribune......»»
ICC ruling coming on OSG appeal
The appeals chamber of the International Criminal Court or ICC will render its ruling on Tuesday, 18 July, on whether to stop or allow the investigation into the alleged drug war-related killings in the Philippines to continue. Specifically, the appeals chamber will rule on the appeal of Solicitor General Menardo Guevarra against a decision of the ICC Pre-Trial Chamber I authorizing the ICC prosecutor to go on with the probe. Guevarra had received flak from local legal luminaries for filing motions and appeals that “ran against and undermined” the position of the Duterte and Marcos administrations that the ICC had no jurisdiction over the Philippines. In filing the appeal, the Office of the Solicitor General recognized the ICC, several lawyers pointed out. Last March, Guevarra tried to defend the appeal he filed before the ICC Pre-Trial Chamber I, which the latter denied. Guevarra had said the ICC could conduct an investigation, whether or not the Philippine government cooperated with its probe. At the time, President Ferdinand Marcos Jr. said, “That ends all our involvement with the ICC.” “We don’t have a next move. The appeal has failed. And there’s, in our view, nothing more that we, in the government, can do,” he added. Guevarra, however, went ahead and elevated the Pre-Trial Chamber’s decision and denial of his appeal to the ICC Appeals Chamber. The appellate body will decide on that appeal next week. Strategy shift “When we filed our brief, we shifted our strategy and, instead of focusing on previous arguments about the sufficiency of our domestic investigation, we focused on the legal errors of the pre-trial chamber,” Guevarra said. The ICC prosecutor sought to investigate the alleged drug war killings during the time Duterte was mayor of Davao City and later as president, covering the period from November 2011 to March 2019. Marcos adopted Duterte’s position that the Philippines is a sovereign nation with a fully functioning justice system that the ICC should not encroach on. Duterte said he would not allow the ICC to catch him, stressing that he should be judged in the Philippines by Filipinos, and not by foreigners in a body (ICC) that was not even ratified by the country. The Philippines notified the ICC on 17 March 2018 of its withdrawal from the Rome Statute that created the ICC. The withdrawal took effect a year later, on 17 March 2019. In reaction, the ICC prosecutor maintained that it could still investigate the killings pre-dating the Philippines’ withdrawal from the Rome Statute. Four grounds Before the ICC appeals chamber, the OSG cited four grounds to reverse the Pre-Trial Chamber I’s original decision greenlighting the probe. First, the pre-trial chamber erred “in law in finding that the Court could exercise its jurisdiction on the basis that the Philippines was a State party “at the time of the alleged crimes’ and that the ‘ensuing obligations’ of the Rome Statute remained applicable notwithstanding the Philippines’ withdrawal from the Statute.” Second, the pre-trial chamber erred in finding that the Philippines’ domestic investigations were not genuine. The pre-trial chamber failed to take into account the impact of the ICC’s decision on the Philippines’ national security interest. Third, the chamber failed to consider the principle of complementarity, which states that the ICC could only intervene when national authorities were unwilling or unable to investigate and prosecute crimes. Fourth, the ICC had no jurisdiction to investigate the drug war killings because the Philippines had withdrawn from the Rome Statute in 2019. The ICC prosecutor, Karim Khan, argued that the ICC could investigate the drug war killings since they were committed while the Philippines was still a member of the Rome Statute. The post ICC ruling coming on OSG appeal appeared first on Daily Tribune......»»