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Indian Coast Guard ship docks at Manila port amid tensions in South China Sea
Manila [Philippines], March 26 (ANI): Amid tensions in the South China Sea, the Indian Coast Guard ship, Samudra Paheredar docked at the Manila Bay in the Philippines as part of a broader initiative aimed at demonstrating ICG Marine Pollution Response capabilities, the Ministry of Defence (MoD) said in an official release on Tuesday. The ICG ship which arrived at the port on Monday, is on an overseas deployment to ASEAN c.....»»
Chinese sci-fi steps into the spotlight
Once effectively banned, Chinese science fiction has exploded into the mainstream, embraced by the government and public alike –- inviting scrutiny of a genre that has become known for its expanding diversity and relative freedom. Its new status was epitomized by this week's Worldcon, the world's oldest and most influential sci-fi gathering, which closed Sunday after taking place in China for the first time. Held in the gleaming new Chengdu Science Fiction Museum, the event's star was Liu Cixin, author of the international phenomenon "Three-Body" series and inspiration for the domestic blockbuster "Wandering Earth". But the wider science fiction fandom has become a rare space where diverse voices have flourished and a vast array of issues -- social, environmental, even sometimes political -- can be explored. "In its nature, part of sci-fi is talking about the present," award-winning author Chen Qiufan told AFP. "It takes advantage of talking about outer space, or being set in different times, but reflects the human condition right now." Chen's own novel "The Waste Tide" is set in a dystopian future in China, where migrant e-waste workers toil in hazardous conditions, exploited by corrupt conglomerates. He grew up near Guiyu, once one of the largest e-waste dumps in the world. Ecological destruction, urbanization, social inequality, gender, and corruption, to name just a few –- "these issues are intersectional and intertwined with each other", said Xi'an Jiaotong-Liverpool University's Liu Xi. Together, they "allow everyone to understand Chinese writers' exploration of Chinese society", she said. That can be rare to find in today's China, where the space for political and artistic expression has shrunk drastically over the last decade under President Xi Jinping. Spiritual pollution Historically, science fiction has had a turbulent relationship with Chinese authorities -– it effectively disappeared during the Cultural Revolution and then was banned as "spiritual pollution" in the 1980s. Though it returned, it remained relatively obscure. Writer Regina Kanyu Wang said it was only at university that she met other fans -- together they formed one of the smaller clubs on campus. Sci-fi was not taken seriously, and seen as something for children and young adults, Chen said. That had its advantages. "There was a lot of freedom... because nobody was reading science fiction, (authors) could just do whatever they wanted," the University of Zurich's Jessica Imbach told AFP. The global success of the "Three-Body" series changed everything, catapulting its epic themes of technological prowess and the fate of humanity into the public consciousness. "Whether you like science fiction or not, the social reality we are facing is becoming more and more like science fiction," said Yu Xuying from Hong Kong Metropolitan University. "We live in a high-tech era. And then your daily life is completely technological," she said. The pace of digital change in China, already fast, was accelerated by the Covid-19 pandemic. Cash has all but disappeared, and stringent health regulations further enhanced the state's significant surveillance capacity. The international interest spike in Chinese sci-fi is also related to real-world concerns, Chen believes. "I think there are different layers of reasons for the phenomenon," he said. "But a major one is the rising economic and technological power of China on the world stage." A good vehicle China's government has been happy to capitalize on all this. "At a national level, science fiction is a good vehicle for conveying the country's discourse on its science and technology strength," said Yu. It can also help "highlight the relationship between the Chinese dream (a Xi-era aspirational slogan) and science", she said. Authorities have put their money where their mouth is. The nebula-shaped Chengdu Science Fiction Museum, designed by the renowned Zaha Hadid Architects, was built at lightspeed in just a year to coincide with Worldcon. The event, historically fan-led and funded, this year was a "capitalistic initiative, coming top-down from the Chinese government", said Chen. "They want sci-fi to be the name card of the city, showing China's openness and inclusiveness to the world," he said. Government attention comes with potential risk. "The Three-Body Problem" has a different structure in English, with the narrative beginning with a violent Cultural Revolution scene. In the original Chinese, it was buried halfway through the book to make it less conspicuous, the translator Ken Liu was told. Liu told the New York Times in 2019 that increasingly, "it's gotten much harder for me to talk about the work of Chinese authors without... causing them trouble". Some works he has translated into English, deemed too sensitive, have never been published in Chinese at all. "If you're very marginal if you have low print numbers in China, then it's OK, you have more leeway. If you're doing a mega big-budget movie... it's much more complicated," said Imbach. "That's what's now also happening with science fiction," she said. "As it's becoming more mainstream, there is increased scrutiny." The post Chinese sci-fi steps into the spotlight appeared first on Daily Tribune......»»
‘Geopolitical tension’ a major threat to climate action: IEA chief
The International Energy Agency (IEA) said Monday that nations need to set aside "geopolitical tensions" and fight for greater international cooperation in order to advance the struggle against climate change. "The 1.5C target" agreed in Paris in 2015 is "still within reach" but it faces "many challenges" the energy watchdog's boss Fatih Birol told an international climate and energy gathering in Madrid ahead of COP28. Among the challenges, "the geopolitical fragmentation of the world" was "creating a key impediment for some of the steps we are hoping to take", he told the gathering of some 40 ministers and top global energy and environment leaders. Although levels of investment in "the technology area and in clean energy technologies" were "very strong", it is not enough, he said. "The lack of international cooperation is a major, major problem. We have to find a way to isolate these geopolitical tensions ... to focus on this issue of countries coming together," he said. The world's energy future will be at the heart of debates at the UN's COP28 climate summit in Dubai, a major oil producer, between November 30 and December 12. Spain's Ecology Minister Teresa Ribera admitted that talks at COP28 were likely to be "challenging" but said "multilateralism is the way to respond to the current challenges". "A global problem deserves a global response," she told delegates. 'Race against time' Global tensions have mounted in recent years notably due to Russia's invasion of Ukraine and the growing rivalry between the United States and China, hiking fears the climate crisis will be pushed down the geopolitical agenda. The crunch Dubai talks should enable the international community to make progress on the reduction of greenhouse gases and the clean energy transition. It will also be a chance to take stock of national commitments to meet the objectives of the Paris Agreement to keep global warming below 2C and if possible to 1.5C compared with pre-industrial levels -- a difficult task in light of current conditions. "The green transition process must pick up speed, we're in a race against time to tackle climate change," Ribera told a press conference, while adding there is "room for optimism" about COP28. The IEA says several conditions must be met for the Dubai conference to be considered a success. Key issues will be a tripling of investment in renewables and a funding mechanism for clean energy in developing countries. In November 2022, the COP27 summit hosted by Egypt wrapped up with a landmark deal on funding to help vulnerable countries but it made no progress on phasing out fossil fuels, which the IEA sees as urgent. "July and August" have been "perhaps the hottest in history, and it looks like 2023 will be the hottest year ever," Birol said with heatwaves, floods and wildfires soaring on all continents. The post ‘Geopolitical tension’ a major threat to climate action: IEA chief appeared first on Daily Tribune......»»
Former OTS chief lambasts cultural decay at airports
The former Office for Transportation Security chief lambasted the cultural decay in the airport security teams that allows negligent screeners to continue working there, this before he could begin an internal purge. Ma. O Ranada Aplasca, who resigned from his post over the airport screener caught on closed-circuit television swallowing $300 bills taken from an outbound Chinese national, said the problem with airport security is “more than systemic, it is cultural.” “There was the problem with ‘tanim-bala.’ Maybe the problems were not highlighted in the past because no one was caught. Based on our records, for the past several years, no one was dismissed in the OTS for violations of our disciplinary policies,” he said. Aplasca said when he was the director of the PNP Aviation Security Group, his initial task was to clear the country’s airports of the “tanim-bala” scheme, in which airport inspectors hid bullets in travelers’ luggage to extort money. “That tanim-bala was the first marching order to me by former President Duterte, and that’s where I felt his 100-percent support; that’s why, in less than one month, we were able to solve the problem,” he said. Aplasca said that before his resignation Tuesday, the OTS had initiated 68 cases against erring personnel, with at least 11 people dismissed. Found guilty Meanwhile, DoTr Secretary Jaime Bautista said the female Security Screening Officer and three other OTS screeners involved in the cash swallowing incident last 8 September were “found guilty of stealing.” Bautista said the guilty verdict was included in the investigation report handed to him by the OTS group of investigators, which included the CCTV footage that showed the lady scanner stuffing the money into her mouth at Terminal 1’s final security checkpoint at the Ninoy Aquino International Airport. The four SSO screeners face administrative and criminal cases. “The investigation showed that she was guilty and swallowed the money. However, what she said in an affidavit was that it was chocolates. But the investigators saw that she was guilty,” Bautista said in Filipino in an interview with the media after a Senate hearing on Tuesday. The CCTV footage showed that at around 8:20 p.m. on 8 September, a Chinese passenger, identified only as Mr. Cai, placed his shoulder bag on the inspection tray at the final security checkpoint. After trying to promote the gateway to potential foreign investors who may want to operate the NAIA, Bautista expressed frustration and dismay at the incident. He authorized the imposition of the maximum penalty on those found guilty to demonstrate the Department of Transportation’s determined push to rid the NAIA and attached agencies of scalawags. Aplasca submitted his courtesy resignation last Tuesday, 26 September, to President Ferdinand Marcos Jr. through DoTr Secretary Bautista after House Speaker Martin Romualdez told him to resign or the Speaker would personally block the budgets of the DoTr and OTS. Not enough Meanwhile, Senator Grace Poe said Wednesday the resignation of Aplasca would not be enough to stop the criminal activities at the country’s airports. “A resignation at the top does not clean up the ranks,” said Poe, who chairs the Senate Committee on Public Services. “More than ever, the Office of Transportation Security needs steady leadership to implement much-needed reforms,” she said. “There should be zero tolerance for criminal acts and unprofessional behavior,” she added. “While a witch hunt might put a syndicate on pause, the OTS urgently needs to review and tighten its security program,” she said. She continued: “Our airports should improve the physical layout of the security screening stations and provide proactive measures to prevent further incidents.” She also noted that the challenge now is to appoint someone with “immense political will to overhaul the agency and stop these incidents once and for all.” The senator stressed that the OTS must improve its hiring system and enforce ethics training. “Employees must undergo extensive background checks,” she said. “In the long-term, we should also look into providing better compensation and benefits to these employees so they would not be enticed to do this nonsense,” she added. The post Former OTS chief lambasts cultural decay at airports appeared first on Daily Tribune......»»
AboitizPower buys back shares amid PSE slump
Aboitiz Power Corp., or AboitizPower, purchased 11.407 million of its shares as part of its buy-back program as of the 19 September closing. The company said the move was needed to “create further shareholder value” as its current share price range fails to reflect the value of the company. As the shares are undervalued due to the poor state of the market, the buyback is expected to inspire investors to look at the real value of the shares. “Even with this stock buy-back program, there is no intention to delist from the PSE, but merely to reward our existing shareholders with a larger share of a brighter future,” the company said. The Philippine Stock Exchange or PSE, however, announced AboitizPower, the listed investment arm of the Aboitiz Group for energy-related ventures, will be dropped from the index of bellwether shares by next week. In a memorandum dated 20 September, PSE president Ramon Monzon confirmed AboitizPower’s removal from the index will be effective starting 26 September. This developed even after AboitizPower committed not to exit the index amid speculations that the company may opt to delist after its public float fell below the required threshold. Based on the new rules governing the PSE, all companies in the local bourse indices are required to maintain a minimum public float level of 20 percent. AboitizPower chief executive officer Emmanuel Rubio also conveyed that the company, which accounts for one out of every five megawatts or MW of installed capacity in the Philippines, is still in a strong position to create long-term shareholder value. “With a pipeline of about 1,000 MW of new renewable energy capacity, we are well on our way to contributing an additional 3,700 MW of clean electricity,” Rubio said. During the first half of the year, the company reported that it logged a P17.8-billion net income, 79 percent higher than the P10 billion recorded in the same period a year ago. During the second quarter alone, the company’s net income reached P10.3 billion, 46 percent higher than last year’s P7 billion. AboitizPower’s generation and retail supply businesses recorded earnings before interest, taxes, depreciation, and amortization or EBITDA of P30.2 billion during the first six months. The EBITDA, used to measure a company’s financial health and ability to generate cash, was 31 percent higher than the P23.1 billion recorded in the same period last year due to “fresh contributions” from GNPower Dinginin. From the start of the year until the end of June, AboitizPower said its capacity sold increased by 25 percent to 4,718 MW from 3,785 MW a year ago. The post AboitizPower buys back shares amid PSE slump appeared first on Daily Tribune......»»
Oil prices rise to 10 month-high on China reserve ratio cut
SINGAPORE – Oil prices rose to their highest level in 10 months on Friday, after China cut banks’ cash reserve requirements to boost its economic recovery, and on expectations that major global interest rate hike cycles were nearing their end. Brent crude rose 46 cents, or 0.5 percent, to $94.16 as of 0027 GMT, while.....»»
BBM, hoarders in test of wills over price cap
President Ferdinand Marcos Jr. left yesterday for Indonesia, but not before taking a potshot at smugglers and hoarders over the spiraling price of rice that necessitated his issuance of a price cap on the staple grain. Marcos in his departure speech said that even as he attends the 43rd Association of Southeast Asian Nations Summit, controlling the rice price surge will be top of mind. Early in his presidency, Marcos said he would work to bring down the price of rice to P20 a kilo, half of the P41 to P45 per kilo price ceiling he imposed via Executive Order 39, signed by Executive Secretary Lucas Bersamin, last Thursday. The President was adamant that there is no valid reason rice should be selling for upwards of P50 per kilo, considering that data from the Department of Agriculture showed that with the coming rice harvest and imports, there’ll be enough rice buffer stocks to last the year. “Based on our studies, the only reason for this is that there are smugglers and hoarders,” he said in Filipino. The price cap — P41 per kilo for regular-milled rice and P45/kilo for the well-milled variety — will be implemented starting today, 5 September. Rice retailers across the nation were one in saying that they could not possibly sell at below their purchase price despite the government’s threat to penalize violators of EO 39. Monitoring teams from the DA and the trade, local government and justice departments, along with those from local government units, will go around wet markets and supermarkets to ensure compliance with the price cap. Temporary measure Earlier, Marcos tried to assure traders and the public that the price ceiling would be temporary while waiting for local farmers to harvest their palay. “I need to explain that this is only temporary. It won’t last long. We are harvesting rice, we are harvesting rice here in the Philippines, [until] the season is over,” he stressed. “And so when the time comes, we’ll also have imported rice. It will come in at the same time [as the local harvest]. We will take it to the market, we will let rice retailers cap their own prices,” he added. The President said he will work with ASEAN leaders during the summit to address the various challenges facing the region, including the territorial irritants in the South China Sea (see related story). As the “epicenter of growth” in Asia, ASEAN-member countries can play a big role in ensuring food security, calling for climate justice, protecting migrant workers, and fully tapping the potential of digital economies. “We will foster cooperation with these countries in areas such as trade and investment, climate action, food security, clean energy, and maritime cooperation,” Marcos said, before boarding his plane with First Lady Liza Araneta-Marcos. Marcos said he will also take part in the ASEAN Plus 3 and East Asia summits where he will discuss developments in the South China Sea, the situation in Myanmar, and the Russia-Ukraine conflict. Welcomed “ASEAN has always been closely intertwined with Philippine foreign policy,” the President said. “My administration will continue to ensure that our constructive engagements with ASEAN, our dialogue partners, and stakeholders will serve our national interest and the wellbeing of the Filipino people.” The ASEAN Summit is the second to be held in Indonesia this year after the one held in Labuan Bajo last May. House lawmakers welcomed the rice price ceiling set to be enforced today but expressed reservations, including making it more “flexible” based on prevailing regional market conditions. Albay Rep. Joey Salceda said, “The situation will vary per region, so a national rice price ceiling should be made more responsive to local supply-demand dynamics.” Salceda emphasized that increasing domestic supply and diversifying importation sources like Pakistan and the United States should be the long-term solution. “We’ve seen this crisis before. We know how to deal with it. It mostly involves signaling to our world partners that we will not over-import so that they don’t anticipate and drive prices up,” Salceda said. Independent opposition lawmaker Edcel Lagman said that Marcos should have imposed the rice price cap when the commodity was being sold at P50 to P60 per kilo. Speaker Martin Romualdez on Monday declared that P2 billion sourced from this year’s budget will be earmarked to aid rice retailers who may be affected by the price cap. @tribunephl_Lade @tribunephl_eao The post BBM, hoarders in test of wills over price cap appeared first on Daily Tribune......»»
Marcos off to 43rd ASEAN Summit in Jakarta
President Ferdinand Marcos Jr. on Monday said that he will use the opportunity to advance the Philippines' priorities in the upcoming 43rd Association of Southeast Asian Nations or ASEAN Summit in Jakarta, Indonesia, and work with other member states to address the region's challenges. In his departure speech, Marcos highlighted the importance of ASEAN as an "epicenter of growth" and said that he would work to deepen the region's partnerships with other countries. “I will highlight our advocacies in promoting a rules-based international order, including in the South China Sea; strengthening food security; calling for climate justice; tapping the potential of the digital and creative economies; protecting migrant workers in crisis situations; as well as combatting trafficking in persons," Marcos said. "We will foster cooperation with these countries in areas such as trade and investment, climate action, food security, clean energy, and maritime cooperation," he added. He will also participate in the ASEAN Plus 3 and East Asia Summits, where he will discuss the developments in the South China Sea, the situation in Myanmar, and the conflict in Ukraine. "ASEAN has always been closely intertwined with Philippine foreign policy," Marcos said. "My administration will continue to ensure that our constructive engagements with ASEAN, our dialogue partners, and stakeholders, serve our national interest and the wellbeing of the Filipino people." The 43rd ASEAN Summit is the second ASEAN summit to be held in Indonesia this year. The first summit was held in Labuan Bajo last May. The upcoming 43rd summit is expected to be significantly larger compared to the previous 42nd summit. Representatives from ASEAN dialogue partners will meet in Jakarta for a series of summits throughout the week. The post Marcos off to 43rd ASEAN Summit in Jakarta appeared first on Daily Tribune......»»
Filipino homegrown hotel expands in Japan
Homegrown DoubleDragon Corporation’s Hotel 101 is setting the bar high with its expansion in Niseko Hokkaido, Japan, the first Filipino hotel chain to scale up its operations outside the country. Mang Inasal founder and DoubleDragon Corp. chairman Edgar Injap Sia II and co-chairman Tony Tan Caktiong led the groundbreaking of the 1.17-hectare Hotel101-Niseko with Niseko Mayor Kenya Katayama and Kutchan Hokkaido Mayor Kazushi Monji on 26 August. The ceremony also signaled the start of the construction of the 482-room property. Hotel 101–Niseko will be one of the most significant value hotels in Niseko, encompassing 482 signature HappyRooms offering comfort, convenience and accessibility to all types of travelers. The upcoming development sits on a sprawling 1.17-hectare property in Hokkaido Prefecture, Japan, and is expected to be patronized by Japanese travelers and foreign tourists. The extension of the Shinkansen bullet train to Niseko and Sapporo will further improve access to the region which is also reportedly in the running to host the 2030 Winter Olympics. [caption id="attachment_178438" align="aligncenter" width="1202"] Perspective of Hotel 101-Niseko Hokkaido, Japan.[/caption] Iwata Chizaki, Inc., one of the largest contractors in Japan and the same contractor who built the Chitose International Airport in Sapporo, Hokkaido Japan, will helm Hotel101-Niseko. Hotel 101 projects in Madrid, Spain and California, USA, will follow suit. By 2026, Hotel 101 Global targets to expand in United Kingdom, UAE, India, Thailand, Malaysia, Vietnam, Indonesia, Saudi Arabia, Singapore, Cambodia, Bangladesh, Mexico, South Korea, Australia, Canada, Switzerland, Turkey, Italy, Germany, France, and China. [caption id="attachment_178436" align="aligncenter" width="1024"] DoubleDragon Corporation and Hotel 101 Global Pte Ltd team led by DoubleDragon chairman Edgar Injap Sia II, DoubleDragon co-chairman Tony Tan Caktiong, Hotel 101 global chief executive officer Hannah Yulo-Luccini with the team members of the project contractor Iwata Chizaki Inc., team members of the construction manager EGW Asset Management and team members of the project master sales group H2 Christies. | PHOTOGRAPHS COURTESY OF DoubleDragon[/caption] DoubleDragon Corporation has accumulated a completed recurring income portfolio of over 1.2 million square meters in diversified hard assets in office leasing with its Jollibee Tower, DD Meridian Park complex, its string of CityMall community centers, its series of CentralHub industrial warehouse complexes, its series of Hotel 101 projects in the Philippines and overseas. As of 30 June, DoubleDragon’s total equity stands at P81.64 billion and total cash position stands at P6.54 billion. The company has recently been upgraded to the highest PhilRatings PRS Triple A Credit Rating. DoubleDragon targets listing its subsidiary Hotel 101 Global at the NASDAQ (US Stock Exchange) given that Hotel 101 Global is expected to ultimately derive over 95 percent of its revenues outside of the Philippines. The post Filipino homegrown hotel expands in Japan appeared first on Daily Tribune......»»
DD unit’s overseas expansion on high gear
Homegrown Hotel 101 has cranked up its expansion overseas through its landmark developments overseas including one in Japan. Parent DoubleDragon is targeting to list its subsidiary Hotel 101 Global at NASDAQ (US Stock Exchange). Eventually, Hotel 101 Global is expected to derive over 95 percent of its revenues outside of the Philippines. The first three overseas Hotel101 projects will be in Niseko Hokkaido, Japan; Madrid, Spain and California, USA. At Hokkaido, Japan, 26 August 2023, was a Filipino moment as the Mang Inasal founder and DoubleDragon Corp. chairperson Edgar Injap Sia II and Jollibee founder and DoubleDragon Corp. co-chairperson Tony Tan Caktiong met with Niseko Mayor Kenya Katayama and Kutchan Hokkaido Mayor Kazushi Monji. They led the groundbreaking of the 1.17-hectare property of Hotel 101 and started construction of the 482-room Hotel 101-Niseko project. Hotel 101 is the first Filipino hotel chain to expand overseas. The contractor of Hotel 101-Niseko is Iwata Chizaki Inc., one of the largest contractors in Japan, and the same contractor which built the Chitose International Airport in Saporro, Hokkaido Japan. The Niseko hotel project in Hokkaido, Japan is one of Hotel 101’s first three overseas projects, with the other two to be in Madrid, Spain and California USA. Niseko Hokkaido Japan is a world-class premier ski destination that remains popular year-round from its picturesque landscapes to its natural hot springs. The Singapore-registered Hotel101 Global Pte. Ltd. is the worldwide expansion subsidiary of DoubleDragon. These first three overseas sites will serve as bridge projects to jumpstart the transition of Hotel101 to transcend beyond these first three countries and become a global brand with a truly unique business concept that can be planted in over 100 countries. 25 countries by 2025 Target near term expansion roadmap for Hotel101 Global is to be in these first 25 countries by 2026, namely: Philippines, Japan, Spain, USA, United Kingdom, UAE, India, Thailand, Malaysia, Vietnam, Indonesia, Saudi Arabia, Singapore, Cambodia, Bangladesh, Mexico, South Korea, Australia, Canada, Switzerland, Turkey, Italy, Germany, France and China. DoubleDragon has accumulated a completed recurring income portfolio of over 1.2 million square meters in diversified hard assets in office leasing with its Jollibee Tower, DD Meridian Park complex, its string of CityMall community centers, CentralHub industrial warehouse complexes, its string of Hotel 101 projects in the Philippines and overseas. As of 30 June 2023, DoubleDragon’s total equity stands at P81.64 billion and total cash position stands at P6.54 billion. DoubleDragon has recently been upgraded to the highest PhilRatings PRS Triple A Credit Rating. The post DD unit’s overseas expansion on high gear appeared first on Daily Tribune......»»
Evergrande plunges as HK trading resumes
Shares in troubled Chinese property giant Evergrande plummeted nearly 80 percent in Hong Kong on Monday after the end of a 17-month trading suspension. The Philippine Stock Exchange Inc. is on holiday yesterday as the country marked National Heroes Day. The resumption of trading came after the company said in a filing on Friday that it had met guidelines set out by the bourse, including belatedly publishing its financial results and complying with other listing rules. Once China’s largest real estate firm, Evergrande defaulted in 2021 and is saddled with more than $300 billion in liabilities, becoming a symbol of the nationwide property crisis that many fear could spill over globally. 87% freefall Its shares plunged as much as 87 percent during morning trading, slashing its market value from a peak of more than $50 billion in 2017 to less than $600 million. It finished the day down 79.4 percent. The company on Sunday reported fresh losses for the first half of the year amounting to 33 billion yuan ($4.53 billion) — an improvement on the 66.4 billion yuan in losses reported in the same period last year. But its cash assets fell from $2 billion last year to $556 million, reflecting its dwindling liquidity. China’s property market “cooled down significantly” in the first six months of the year and saw new defaults in the sector, “further exacerbating the volatility in the market,” Evergrande said. “Based on the principles of respecting international restructuring practices and treating the rights and claims of all creditors in a fair and equitable manner, the Company steadily pushed forward the work related to the restructuring of its offshore debts,” the firm added. In March 2022, the Hong Kong stock exchange suspended trading in Evergrande shares after it failed to publish its 2021 financial results. Its earnings for 2021 and 2022 were published last month, showing a net loss of more than $113 billion over the two-year period. The company risked being delisted if its shares were suspended from trading for 18 months, according to Hong Kong stock exchange rules. Meetings delayed Evergrande was supposed to hold creditor meetings on Monday on its offshore debt restructuring proposal, but it announced in the afternoon the meetings were delayed — just hours before they were set to take place. The postponement of roughly one month will allow creditors to “consider, understand and evaluate” the plan, the company said in an exchange filing. The meetings will take place between 25 to 26 September, which the developer said was “in line” with the timetable creditors expected. Evergrande’s plan offers creditors a choice to swap their debt into new notes issued by the company and equities in two subsidiaries, Evergrande Property Services Group and Evergrande New Energy Vehicle Group. Earlier this month, the company filed for bankruptcy protection in the United States, a measure to safeguard its US assets during its restructuring. The post Evergrande plunges as HK trading resumes appeared first on Daily Tribune......»»
China developer Evergrande plunges as Hong Kong trading resumes
Shares in troubled Chinese property giant Evergrande plummeted nearly 80 percent in Hong Kong on Monday after the end of a 17-month trading suspension. The resumption of trading came after the company said in a filing on Friday that it had met guidelines set out by the bourse, including belatedly publishing its financial results and complying with other listing rules. Once China's largest real estate firm, Evergrande defaulted in 2021 and is saddled with more than $300 billion in liabilities, becoming a symbol of the nationwide property crisis that many fear could spill over globally. Its shares plunged as much as 87 percent during morning trading, slashing its market value from a peak of more than $50 billion in 2017 to less than $600 million. It finished the day down 79.4 percent. The company on Sunday reported fresh losses for the first half of the year amounting to 33 billion yuan ($4.53 billion) -- an improvement on the 66.4 billion yuan in losses reported in the same period last year. But its cash assets fell from $2 billion last year to $556 million, reflecting its dwindling liquidity. China's property market "cooled down significantly" in the first six months of the year and saw new defaults in the sector, "further exacerbating the volatility in the market", Evergrande said. "Based on the principles of respecting international restructuring practices and treating the rights and claims of all creditors in a fair and equitable manner, the Company steadily pushed forward the work related to the restructuring of its offshore debts," the firm added. In March 2022, the Hong Kong stock exchange suspended trading in Evergrande shares after it failed to publish its 2021 financial results. Its earnings for 2021 and 2022 were published last month, showing a net loss of more than $113 billion over the two-year period. The company risked being delisted if its shares were suspended from trading for 18 months, according to Hong Kong stock exchange rules. Creditor meetings delayed Evergrande was supposed to hold creditor meetings on Monday on its offshore debt restructuring proposal, but it announced in the afternoon the meetings were delayed -- just hours before they were set to take place. The postponement of roughly one month will allow creditors to "consider, understand and evaluate" the plan, the company said in an exchange filing. The meetings will take place between 25 and 26 September, which the developer said was "in line" with the timetable creditors expected. Evergrande's plan offers creditors a choice to swap their debt into new notes issued by the company and equities in two subsidiaries, Evergrande Property Services Group and Evergrande New Energy Vehicle Group. Earlier this month, the company filed for bankruptcy protection in the United States, a measure to safeguard its US assets during its restructuring. It is also fending off winding-up petitions in Hong Kong courts, with one case adjourning its hearing to October. China's real-estate sector has proven to be a stumbling block as the world's second-largest economy tries to break out of a post-Covid slump. Fellow Chinese property developer Country Garden now risks defaulting on its bond payments next month, with the company saying there are "major uncertainties in the redemption of corporate bonds". The post China developer Evergrande plunges as Hong Kong trading resumes appeared first on Daily Tribune......»»
Sandwich chain Subway nears deal to be bought for more than $9-B
The Subway sandwich chain is near a deal to be acquired for more than $9 billion in a transaction that could be announced as soon as Wednesday, a person familiar with the matter said. Bids for the sandwich chain were due Tuesday, the person said, with competing offers from Roark Capital and a consortium that includes private equity firms TDR and Sycamore. The winner is expected to be the high bid in an all-cash deal. Originally founded in 1965 as an Italian-style submarine sandwich shop, Subway today has nearly 37,000 restaurants in more than 100 countries. The fast-food chain announced in February it hired JPMorgan to advise it on a possible sale while saying it "remains committed to the future," according to a 14 February press release. A Subway spokesperson said Tuesday there would be no comment "until the transaction has been completed," according to an email to AFP. Atlanta-based Roark is well-known in the fast-food and prepared foods space, already owning Buffalo Wild Wings, Baskin-Robbins, and Seattle's Best Coffee, as well as other assets including Orange Theory gyms. Roark "has shown that it knows how to nurture restaurant brands and help them to grow, including through expansion," said Neil Saunders of GlobalData Retail. New York-based Sycamore and British firm TDR Capital also have investments in the consumer space. TDR declined to comment. Roark and Sycamore did not immediately respond to a request for comment. Subway was launched with a single sandwich shop in Connecticut by Fred DeLuca, who started with an initial $1,000 investment from family friend Peter Buck, as a way to pay his college tuition. The two men famously started the venture based only on a handshake. DeLuca died in 2015, while Buck passed away in 2021. In recent times, Subway executives have highlighted cost-cutting efforts to better compete with other restaurant chains, while focusing most growth efforts overseas. In June, Subway unveiled a franchising agreement to open some 4,000 restaurants in mainland China over the next 20 years. The post Sandwich chain Subway nears deal to be bought for more than $9-B appeared first on Daily Tribune......»»
Japan to decide Tuesday on Fukushima water release
The Japanese government will decide on Tuesday about the release of treated water from the crippled Fukushima nuclear plant into the sea, the government minister in charge said. Around 1.34 million tons of water, equivalent to more than 500 Olympic swimming pools, have accumulated since the Fukushima plant was knocked out by an earthquake and tsunami that killed 18,000 people in 2011. Plant operator TEPCO says that with around 1,000 steel tanks now full, space has run out and that it wants to gradually start discharging the water into the Pacific via a one-kilometer (half-a-mile) underwater pipe. "We would like to hold a meeting of the relevant ministers tomorrow (Tuesday) in order to make a decision on the commencement of the water release after confirming the status of efforts to ensure safety and to address reputational damage," Yasutoshi Nishimura, economy, trade and industry minister, told a news conference on Monday. "Relevant ministers will discuss and share information on what next steps should be taken, and based on these discussions, we would like to make a decision about the timing," he said. A TEPCO official said at a separate news conference that, once the government decision is taken, the release would begin "one to two days" later. The government had said it planned to begin releasing the water before the end of the summer. Diluted and filtered The water has collected in the past 12 years from water used to cool three melted-down reactors, combined with groundwater and rain at the site in northeast Japan. TEPCO says that it has been diluted and filtered to remove all radioactive substances except tritium, which is far below dangerous levels. The plan has been endorsed by the UN atomic watchdog, which said in July it would have a "negligible radiological impact on people and the environment". "Tritium has been released (by nuclear power plants) for decades with no evidential detrimental environmental or health effects," Tony Hooker, nuclear expert from the University of Adelaide, told AFP. Environmental pressure group Greenpeace says, however, that the filtration process is flawed and that an "immense" quantity of radioactive material will be dispersed into the sea over the coming decades. 'Sewer' Beijing has accused Tokyo of treating the ocean like a "sewer". China -- Japan's biggest market for seafood -- has banned food shipments from 10 Japanese prefectures and imposed radiation checks on imports from elsewhere. These time-consuming checks have already led to a 30-percent slump in Japanese seafood imports into China last month, Japanese and Chinese media reported, citing Chinese customs data. Hong Kong, an important market for Japanese seafood exports, has also threatened restrictions. Many in Japan's fisheries industry worry therefore that the discharge will do renewed massive damage to the reputation of Japanese seafood abroad. "Nothing about the water release is beneficial to us," third-generation fisherman Haruo Ono, 71, whose brother was killed in 2011, told AFP in Shinchimachi, 60 kilometers (40 miles) north of the nuclear plant. Prime Minister Fumio Kishida has promised a 30-billion-yen ($200-million) fund to compensate local fishermen for reputational damage. He said on Monday after meeting Masanobu Sakamoto, head of the national fisheries cooperative, that the government has "made every possible preparation to ensure the safety, prevent reputational damage and help keep people's livelihood afloat, and we have been offering explanations to that end". Japan has spent months trying to win over public opinion at home and abroad, with everything from livestreaming fish living in the treated water to efforts to counter online disinformation. Public concern also remains high in South Korea but its government, which has sought to thaw ties with Japan, said its review of the plan found it in line with international standards. The release of the treated water -- a maximum of 500,000 liters per day, TEPCO says -- is just one stage of the clean-up. The far more dangerous task remains of removing radioactive debris and highly dangerous nuclear fuel from the three reactors that went into meltdown. The post Japan to decide Tuesday on Fukushima water release appeared first on Daily Tribune......»»
Death toll in China’s Hebei floods rises to 29
The death toll from floods in northern China's Hebei province has risen to 29, state media reported Friday, after record-breaking rains pummelled the region in recent weeks. "As of August 10, 29 people have died due to disasters in Hebei Province, of which six were previously missing. There are still 16 missing," state broadcaster CCTV reported, citing authorities. Rescue efforts were still ongoing to find those missing, CCTV said. At least 33 people died in Beijing as a result of a severe rainstorm and floods that struck in late July, including two rescue workers, authorities said earlier this week. And more than a dozen people were killed in northeastern Jilin province after torrential rain last week. Streets in parts of Hebei, which borders the capital, were still caked in mud when AFP visited on Wednesday. Residents were scrambling to recover waterlogged belongings and clean up damaged homes. Millions of people have been hit by extreme weather events and prolonged heatwaves around the globe in recent weeks, events scientists say are being exacerbated by climate change. Beijing's 'moat' During a visit to affected communities last week, Hebei province party chief Ni Yuefeng said that the area could "reduce the pressure on Beijing's flood control" and serve as a "moat" for the capital. China's state media has hailed the government's efforts to mitigate damage from the inundations, with coverage focused on tales of mutual aid and selfless officials working tirelessly on rescue efforts. But a week after the waters first swelled, some villagers told AFP they did not receive adequate warning from the authorities about when the floods would come. The Chinese government on Wednesday said it would allocate one billion yuan ($139 million) to compensate residents in areas that had been inundated to control flood levels in downstream areas. The fund would pay for "damage to crops, animal and poultry farms, commercial forests, houses and agricultural machinery", according to the official Xinhua news agency. Insurance providers in Beijing are paying out at least 380 million yuan in claims for losses caused by the recent rains, according to Xinhua. Heavy rains are expected again over the weekend as tropical depression Khanun -- formerly a typhoon -- approaches China, with meteorologists warning of flood risks in mountainous areas of southwest China, including Sichuan province. At least seven people died in a flash flood southwest of Sichuan's capital Chengdu earlier this week, after an unexpected tide of water washed away a number of tourists on the Longxi River. The post Death toll in China’s Hebei floods rises to 29 appeared first on Daily Tribune......»»
Hardline Cambodian PM Hun Sen to step down after four decades
Cambodian Prime Minister Hun Sen, one of the world's longest-serving leaders, said Wednesday he will resign and hand power to his eldest son after almost four decades of hardline rule. The former Khmer Rouge cadre has run the kingdom since 1985, eliminating all opposition to his power, with opposition parties banned, challengers forced to flee and freedom of expression stifled. His Cambodian People's Party won a landslide victory in an election on Sunday with no meaningful opposition, taking 82 percent of the vote, paving the way for a dynastic succession to his eldest son that some critics have compared to North Korea. "I would like to ask for understanding from the people as I announce that I will not continue as prime minister," the 70-year-old said in a special broadcast on state television. Election authorities disqualified the only serious challenger, the Candlelight Party, on a technicality in advance of the election, and the CPP is expected to win all but five lower house seats. The government hailed the 84.6 percent voter turnout as evidence of the country's "democratic maturity" but Western powers including the United States and European Union condemned the poll as neither free nor fair. Hun Sen said Hun Manet, a 45-year-old four-star general, would take over as prime minister at the head of a new government on the evening of August 22. "I ask people to support Hun Manet who will be the new prime minister," he said. Chinese influence Hun Sen has trailed the handover to his son for a year and a half, and the 45-year-old played a leading role in campaigning for Sunday's vote. But the outgoing leader has made it clear that he still intends to wield influence, even after he steps down, scotching the notion the country could change direction. In his announcement on Wednesday, he said he would become president of the senate and act as head of state when the king is overseas. Under Hun Sen, Cambodia has tacked close to Beijing, benefiting from huge Chinese investment and infrastructure projects, including the redevelopment of a naval base that has alarmed Washington. China welcomed Sunday's election, with President Xi Jinping sending Hun Sen a personal message of congratulations. But the flood of Chinese money has brought problems, including a rash of casinos and online scam operations staffed by foreign workers, many trafficked and toiling in appalling conditions. Critics say his rule has also been marked by environmental destruction and entrenched graft. Cambodia ranks 150th out of 180 in Transparency International's corruption perception index. In Asia, only Myanmar and North Korea rank lower. Rights groups accuse Hun Sen of using the legal system to crush any opposition to his rule -- including critical activists and troublesome union leaders as well as politicians. Scores of opposition politicians have been convicted and jailed during his time in power and the law was changed ahead of Sunday's election to make it illegal to call for voters to spoil ballots. Five days before polling day, authorities banned exiled opposition figurehead Sam Rainsy from running for office for 25 years for urging people to void their ballot papers. Opposition leader Kem Sokha was in March convicted of treason and sentenced to 27 years in prison over an alleged plot to topple Hun Sen's government. He is currently serving his sentence under house arrest. The post Hardline Cambodian PM Hun Sen to step down after four decades appeared first on Daily Tribune......»»
POGO’s 2022 tax payment up 127% to P8.88-B
After the pandemic's economic recovery, tax and gaming officials in the country reported positive numbers for Philippine offshore gambling businesses even though the number of POGOs in the country is going down. Data from the Department of Finance (DOF) showed that tax payments made by POGOs to the Bureau of Internal Revenue (BIR) surged by 127 percent to P8.88 billion in 2022 from P3.91 billion in the previous year. POGO companies also paid P805.99 million in income taxes, P43.2 million in business taxes, P19.42 million in document tax stamps, and P9 million in other taxes. The big tax increase aligns with what Philippine Amusement and Gaming Corp. (PAGCOR) Chair and CEO Alejandro Tengco said. He said that gross gaming revenue from POGOs is expected to reach P24 billion by the end of 2023, which is more than double what it was the year before. PAGCOR is still optimistic about its prediction, even though the number of registered POGOs has steadily declined. As of 18 July, there were only 32 POGOs, down from 281 at the height of the pandemic in 2019. Tengco said that this year's goal would be easier to reach because PAGCOR is committed to eliminating illegal gaming operators and works well with law enforcement to do so. He also said that PAGCOR would use stricter monitoring methods and add new fees to make it easier for them to stop people from running illegal gaming sites. Since July, PAGCOR has put in place strict rules that make it easy to fine and punish POGO operators and service providers who are caught doing illegal things. "We shall undertake this painstaking process to weed out the unscrupulous companies and individuals using the Pagcor license for illegal activities, tainting the name of the whole industry and most especially the Philippines," Tengco said in a recent conference in Macau. As of 18 July 2023, PAGCOR has 32 active offshore gaming licenses and accredited 106 service providers, while it has canceled 46 POGO licenses and 228 service providers, including those in the special class of business process outsourcing. In March of this year, PAGCOR made the decision to terminate its consultancy contract with a company engaged in auditing the revenues and cash flows of POGOs, citing their failure to fulfill contractual obligations and alleged engagement in "unlawful acts." Meanwhile, Tengco said that PAGCOR has accredited gaming system service providers for a range of gaming categories, such as traditional Bingo, electronic Bingo, electronic (eCasino) Games, sports betting, and e-billiards. Furthermore, licensed brick-and-mortar casinos have been granted permission by PAGCOR to employ remote gaming platforms exclusively for their live casino games, specifically catering to registered casino players. As of 17 July 2023, PAGCOR has licensed a total of 20 gaming system service providers and has also authorized eight other online or remote gaming platforms. In the first semester of the year, the gross gaming revenues across the industry, as reported by PAGCOR, soared to P136.37 billion, a substantial increase of 48.7 percent compared to the P91.72 billion recorded in the previous year. Tengco expressed confidence that the Philippines will emerge as a more enticing gaming and entertainment hub for investors and guests in the region. He attributed it to the fine-tuning of regulatory policies. The post POGO’s 2022 tax payment up 127% to P8.88-B appeared first on Daily Tribune......»»
Funny old world: The week’s offbeat news
From a lion on the loose around Berlin to Indonesia's most controversial newlyweds... Your weekly roundup of offbeat stories from around the world. Bye, bye Bella It has been a dog of a week for man's best friend. Take Bella, the Mexican mongrel who survived two months adrift in the Pacific with her owner Australian sailor Timothy Shaddock. He said the pair survived "many, many, many bad days" on their storm-struck boat with only rainwater to drink and raw fish he caught to eat. But Bella, who shared his unrelenting sushi diet, kept his spirits up. "That dog is something else," he told reporters. "She is a lot braver than I am. She's amazing." So amazing in fact that Shaddock left the stray behind to return to Oz. Cue a growling kennel of consternation at the captain "abandoning" his shipmate. Walkies will never be the same The days of carefree pooping on the pavement could be over for French poodles after a hardline mayor introduced mandatory DNA testing to track dirty dogs. Robert Menard said he was forced to act after street cleaners counted 1,000 turds in the center of the southern town of Beziers. Police can now analyze doggy dejections to tail owners who fail to pick up after their pets. They will be made to pay 120 euros ($135) to clean up the mess. Just barking Two Indonesian dog owners who married their mutts in a lavish "wedding" in a Jakarta mall faced howls of disapproval. The pair shelled out 200 million rupiah ($13,350) -- more than 40 times the minimum monthly wage -- on the bash, in which they dressed their Alaskan Malamutes in traditional Javanese costumes. It didn't help that one of the women worked for President Joko Widodo, who has been lecturing the rich about not flaunting their cash as the country's wealth gap widens. "It's wasting money and defying God," one angry Twitter user wrote as the backlash grew. "Common sense has gone, trampled by the desire to show off." Bedroom Olympics With Paris being the "City of Love", you can see why some might worry how the cardboard beds the athletes will sleep on at next year's Olympics will stand up to the rigors of the planet's most high-performance physiques. But the beds' Japanese maker Motokuni Takaoka tried to prove that they can take "several people" at the same time by jumping up and down on one to calm claims that the singles were "anti-sex". "They can support several people on top", which is what can happen "when someone wins a medal", Airweave founder Takaoka said. Motivation Kyrgyz style It's summer holiday time in Kyrgyzstan, but heaven help any government minister who tries to kick back. "There shouldn't be a single minister lying on the beach in shorts and sunbathing. Don't let me see this," warned Kamchybek Tashiyev, the head of the Central Asian nation's feared GKNB security service. The spymaster, the iron fist of President Sadyr Japarov, has also outlawed lie-ins. He said he wanted to see ministers at their desks by 6:00 am. "We must work hard. We must not rest... If you become ministers, then work," he growled. How this has gone down around the cabinet table is not known. But the former Soviet republic has seen three revolutions and numerous political crises in less than two decades. Ich bin Lion Berliner To Berlin, where police feared a lioness was on the loose after a man filmed what appeared to be a big cat chasing a wild boar down a suburban street. Worried locals were urged to stay indoors, with one dog owner telling German media: "I have two little dachshunds. They are probably ideal lion food." Wild pigs are a menace around the German capital, with one famously filmed stealing a computer from a man sitting in a city park, with the chase going viral. Wags inevitably wondered if the boar had taken the lion's laptop. But police called off the hunt for the lion after 24 hours, saying the mystery beast was probably a boar. Berlin's dachshunds can finally breathe easy. The post Funny old world: The week’s offbeat news appeared first on Daily Tribune......»»
Celebrity chef Jereme Leung returns for‘Flavors of the Orient’
Over the years, the inventiveness of celebrity master chef Jereme Leung has garnered a loyal following. Modern Chinese food inspired by Chinese culinary traditions defines his cuisine and creativity is his game. [caption id="attachment_159822" align="aligncenter" width="2560"] Steamed Sea Garoupa withsun-dried ginger, red chili, black bean paste and superb chicken stock.[/caption] When you see him in his restaurants going around and speaking to the guests, take the opportunity to ask for his recommendations. With his innovative cooking, it would be a mistake not to try it. That’s why, it’s best to visit Conrad Manila for its Legendary Chef Series and experience a rare chance to meet the world-renowned chef and savor his exceptional culinary creations that will leave epicurean enthusiasts in awe and craving for more. The exclusive engagement, dubbed “Flavors of the Orient” and ongoing until 23 July at China Blue, presents a delicious set menu meticulously curated by Leung and his team led by chef Eng Yew Khor. The limited-time offering showcases a symphony of flavors, combining Cantonese culinary traditions and gastronomic innovation — a feat Leung has mastered from age 13 when he began his culinary career in Hong Kong. Leung is a culinary visionary who is known for conceptualizing Conrad Manila’s China Blue, that’s why it was named after him — China Blue by Jereme Leung. “Master chef Jereme Leung’s limited engagement at Conrad Manila brings a lot of excitement as he once again delights guests with his magical culinary touch on extraordinary dishes most fitting during this period of our Legendary Chefs Series,” says Conrad Manila general manager Fabio Berto. “We are certain that his exclusive new gastronomic repertoire will further heighten the culinary reputation of the already well-loved China Blue.” Oriental choices The culinary spectacle begins with an enticing appetizer featuring marinated lobster enriched with coriander lime jelly dressing and crispy bean curd sheet, accompanied by deep-fried kataifi seafood and otak otak with lemongrass. “The lobster roll’s dressing is very Southeast Asian,” says 52-year-old Leung, who arrived in Manila a few days ago to personally prepare the dishes for the limited lunch and dinner treat. “It’s not spicy but refreshing. The crispy sheet is bean curd, steamed and deep fried. When it’s hot and fresh, it’s super crispy and melts in your mouth.” The otak-otak, Leung explains, is a Malaysian fish cake wrapped in banana leaf. But, instead of fish, he substitutes it with cuttlefish and shrimp. The kataifi, on the other hand, is a pastry deep-fried on lemongrass skewer. The journey continues with a flavorful double-boiled merry fruit peach gum with sea cucumber, black chicken dumpling, dry moon clam Matsutake mushroom soup. “The soup is a special one,” says Leung. “The base is made of chicken and matsutake mushroom which is very intense in taste. I personally hand-carried the dried mushroom from Hunan.” Another special ingredient is the merry fruit from Guangdong Province. It is a medicinal fruit that has a nutty flavor that offers a strong, potent taste. Leung’s repertoire continues to impress with his main courses — the steamed sea garoupa garnished with sun-dried ginger, red chili, black bean paste and superior chicken stock; and the slow-cooked beef short ribs, coated in green pepper and barbecue sauce. “It’s a live fish that we clean, cover in salt and air dry in a temperature-controlled room for hours to remove its moisture and to make the flesh firmer,” explains Leung. “The braised beef is slow-cooked for several hours.” To accompany the main course, Leung offers black sesame fried rice with dry scallops, seafood, and spring onion egg white pearl. And, to complete the feast, a refreshing serving of hawthorn ice cream, Chinese sweet vinegar caramel, and the delightful touch of traditional onion pancake leave the palate with a lingering note of sweetness. Yes, each of Leung’s dishes has a unique quality and taste, a special touch to make it stand out. The food presentation does an excellent job of increasing one’s appetite. “The objective of the menu is to introduce some of the less common ingredients here,” shares Leung, who, as of this writing, is simultaneously opening five restaurants in China, Malaysia, Taiwan, and Macau. “But while they are less common in this country, they are common ingredients in different regions of China. It’s an interesting exchange of knowledge.” He adds: “My cuisine is about adapting ourselves based on what we see in the local market. While we retain our own recipes, we create dishes depending on the availability of the ingredients in the market. Our creation is not just out of the blue. It’s something that we think, try, and work on over and over again to make sure we please our diners.” For reservation on Conrad Manila’s Legendary Chefs Series, call 8833-9999, 0917-650 3591, or email MNLMB.FB @conradhotels.com. The post Celebrity chef Jereme Leung returns for‘Flavors of the Orient’ appeared first on Daily Tribune......»»
EV, smart cities boom spurring nickel demand
Nickel demand is expected to rise, driven by the shift to smart cities and clean energy, but additional investments are needed to help domestic producers, the Philippine Nickel Industry Association or PNIA said. PNIA said raw nickel ore is not only a critical component of electric vehicle batteries but is also processed to create stainless steel, which is used in the development of megacities and renewable energy technology. “Clean energy and smart cities cannot be realized without nickel as nickel has cross-cutting use in the development and manufacturing of various clean energy technologies, such as electric vehicles, solar panels, power grid systems, wind turbines, and new technologies, such as hydrogen-based energy,” PNIA president Dante Bravo said. The total value of investments in the global EV industry alone amounted to $300 billion and might even reach $1 trillion within five years, he said. Demand for nickel will mainly be driven by China, he said, adding that the rollout of an infrastructure investment plan in the country would further boost demand for stainless steel. Regional rivals Bravo, however, said to take advantage of this growing global demand, the Philippines needs to attract additional investments that would enable the exploration, processing, and further development of the country’s nickel reserves. The post EV, smart cities boom spurring nickel demand appeared first on Daily Tribune......»»