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Adamson, Fil-Nation Select forge NBTC Division 1 finals clash
And then there were two......»»
NBA: Denver back on top as Porter shines in Miami win
Michael Porter Jr. scored 25 points as reigning NBA champions the Denver Nuggets defeated the Miami Heat 100-88 on Wednesday to reclaim top spot in the Western Conference standings. A low-scoring clash between last year’s NBA Finals rivals saw Denver lead for most of the first half before the Heat edge ahead with a third-quarter.....»»
Inoue, Ancajas size each other up ahead of title clash
Reigning WBA bantamweight champion Takuma Inoue wore his poker face in Thursday’s final press conference and said the nicest things about his Filipino challenger Jerwin Ancajas......»»
Looking ahead versus looking behind
Most of my clients did very well last year and are so bullish they see this year as another good one. A few clients of mine did not hit targets, and as they enter the new year, they are still fighting off the feeling of disappointment they had. Though this is business, there is another term for it, and it is called “life!”.....»»
SEC affirms role as business and investor champion as it approaches 88th year
Following a record performance in 2023, the Securities and Exchange Commission (SEC) is heading toward the new year with optimism and vigor to help advance the national government’s vision of robust economic growth in the years ahead......»»
Lakers ready for business after historic NBA Cup win
The champagne was flowing after LeBron James and Anthony Davis inspired the Los Angeles Lakers to the first-ever NBA Cup crown, but the celebrations were shortlived with the season’s main goal still ahead. “We made history,” James said after he and Davis led the Lakers in a dominant 123-109 victory over tournament darlings Indiana in.....»»
Tech titan Amazon sees profit climb as cloud promises boon
Online retail colossus Amazon on Thursday said profit surged in the recently ended quarter on growing sales and more efficient deliveries, with its cloud business promising even better days ahead. The e-commerce colossus said it made a profit of $9.9 billion on sales that tallied $143.1 billion in the recently ended quarter, with more than half its operating income made from Amazon Web Services (AWS) cloud unit. Google parent Alphabet and computing colossus Microsoft this week reported rising quarterly profits, playing up demand for cloud computing enhanced with artificial intelligence. Investors, though, had hoped for better performance from Google Cloud causing the company's shares to slip. While Amazon Web Services (AWS) grew 12 percent when compared to the same quarter a year earlier, the unit's growth lagged that of rival cloud businesses operated by Microsoft and Google. "I remain very optimistic about AWS," Amazon chief executive Andy Jassy said on an earnings call. "There's a lot more there for us; then you look at the very substantial, gigantic new generative AI opportunity, which I believe will be tens of billions of dollars in revenue for AWS over the next several years." Amazon just weeks ago said it would invest up to $4 billion in AI firm Anthropic. The success of OpenAI's ChatGPT, a chatbot released last year that can generate poems, essays, and other works with just a short prompt, has led to billions being invested in the field. Anthropic agreed to use Amazon's chips to develop its next models and to use AWS for "mission-critical workloads." Amazon has already announced it aimed to soup up its Alexa voice assistant with generative AI, which the firm said would allow users to have smoother conversations. Retail rebound Amazon earnings "soared past expectations" in the quarter, according to Insider Intelligence analyst Zak Stambor. "We had a strong third quarter as our cost to serve and speed of delivery in our stores business took another step forward," Jassy said, adding its ad business grew "robustly" and AWS cloud computing business "continued to stabilize." "The retail giant's slowdown last year appears to be in the rearview mirror as it has embarked on significant cost-cutting throughout this year and sharpened its focus on key growth areas, such as its high-margin online marketplace and advertising," Stambor said. A top US antitrust regulator sued Amazon in September, accusing the online retail behemoth of running an illegal monopoly by strong-arming sellers and stifling potential rivals. "Our complaint lays out how Amazon has used a set of punitive and coercive tactics to unlawfully maintain its monopolies," said Federal Trade Commission Chair Lina Khan. Robots and drones Amazon said Thursday it will hire 250,000 full-time, part-time, and seasonal employees in the United States to handle shopping demand in the months ahead. Amazon said last week that it will expand drone delivery of certain purchases to a third US state as well as to Britain and Italy by the end of 2024. The US firm has installed a new robotics system in one of its Texas logistics centers, featuring technology like automated vehicles, mechanical arms, and computer vision technology. Amazon already uses 750,000 robots in its warehouses to speed up deliveries. "The better they get at delivery, the more it continues to grow the e-commerce market overall and Amazon's place within that market," said Insider Intelligence analyst Andrew Lipsman. But increased productivity via robots won't fix underlying Amazon worker issues, critics say. Amazon early this year eliminated some 27,000 jobs in a move it said at the time was necessary, after years of sustained hiring. Ads shine Advertising continues to be "a major bright spot" for Amazon and it has started using generative artificial intelligence to help sellers create "eye-catching" ads in its online marketplace, analyst Stambor said. Insider Intelligence expects Amazon's US advertising business to bring in nearly $34 billion this year a major leap from before the COVID-19 pandemic. The post Tech titan Amazon sees profit climb as cloud promises boon appeared first on Daily Tribune......»»
New U.S. speaker rallies support for Israel
The United States House of Representatives is back in business with the newly-elected Republican speaker, Mike Johnson, introducing a resolution supporting Israel in its war with Palestinian terrorist group Hamas. The resolution passed with support from all but nine Democrats and just one Republican dissenter. The first successful act of Johnson signals a stable leadership despite being the least experienced speaker in the post Civil War era, having never chaired a committee or held a senior leadership role. “We all know that the world is in turmoil — but a strong America is good for the entire world,” Johnson told lawmakers after his election on Wednesday that ended the paralysis of Congress. Biden congratulated the new speaker and vowed to work with him, adding that the US now needed “to move swiftly to address our national security needs and to avoid a shutdown.” Ahead of the filing of the Israel resolution, the Louisiana congressman said in his acceptance speech that the bill is overdue as America’s “greatest ally in the Middle East is under attack.” The little-known ally of Donald Trump who spearheaded legal efforts to overturn the 2020 election won the unanimous support of his party to replace Kevin McCarthy who was ousted in a right-wing coup on 3 October. The post New U.S. speaker rallies support for Israel appeared first on Daily Tribune......»»
Meta quarterly profit jumps but it sees volatility in ad market
Meta on Wednesday reported that its quarterly profit more than doubled from last year's figure as it looks ahead at a volatile ad market and lawsuits accusing it of profiting from "children's pain." "Meta earnings looked pretty good," said independent tech analyst Rob Enderle. "They have clearly cut back on the bleeding surrounding their metaverse efforts and the company appears to be on a more even keel right now." The tech giant said it made a profit of $11.6 billion as ad revenue climbed 23 percent to $34 billion when compared to the same period a year earlier. "We had a good quarter for our community and business," said Meta chief executive Mark Zuckerberg. The number of people using Facebook monthly rose slightly to 3.05 billion in a year-over-year comparison while monthly active users of Meta's "family" of apps was 3.96 billion a 7 percent increase from the same quarter in 2022, the company reported. Meta said it had trimmed costs, with layoffs and other belt-tightening measures started last year providing "greater efficiency." Meta had suffered a rough 2022 amid a souring economic climate and Apple's data privacy changes, which allowed users to block ad targeting, the pillar of Meta's business. Meta's vow of austerity on spending brought an unprecedented round of cost-cutting that saw the company lay off tens of thousands of workers since last November. Meta shares, which closed the formal trading day down, fell more than three percent further in after-hours trades to $289.50. Chief financial officer Susan Li said during an earnings call that Meta is seeing "volatility" in an ad market that started to soften when the conflict between Israel and Hamas began. "It's hard for us to attribute demand softness directly to any specific geopolitical event," Li said. "We have seen broader demand softness follow other regional conflicts in the past, such as in the Ukraine war, so this is something that we're continuing to monitor." Lawsuit peril Analyst Enderle maintained that Meta is at risk from lawsuits poised to damage its image and its wallet. Dozens of US states this week accused Meta of profiting "from children's pain," damaging their mental health and misleading people about the safety of its platforms. "In seeking to maximize its financial gains, Meta has repeatedly misled the public about the substantial dangers of its Social Media Platforms," argued a joint lawsuit filed in federal court in California. The states accused Meta of exploiting young users by creating a business model designed to maximize time they spend on the platform despite harm to their health. In total more than 40 states are suing Meta, though some opted to file in local courts rather than join in the federal case. Meta said the states were singling it out unfairly instead of working with social media companies to develop universal standards for the whole industry. "This landmark lawsuit could herald a seismic shift in how social media platforms approach product features and user engagement," said Insider Intelligence principal analyst Jeremy Goldman. "That said, even as tech stocks face uncertainty, Meta's consistent performance cements its leadership in the digital realm." Meanwhile, the European Union is seeking details on measures Meta has taken to stop the spread of "illegal content and disinformation" in light of the conflict between Israel and Hamas. The AI race The tech giant is putting artificial intelligence into digital assistants and smart glasses as it seeks to gain lost ground in the AI race. "I'm proud of the work our teams have done to advance AI and mixed reality with the launch of Quest 3, Ray-Ban Meta smart glasses, and our AI studio," Zuckerberg said in the earnings release. The second-generation Meta Ray-Ban smart glasses made in a partnership with EssilorLuxottica have a starting price of $299. "Smart glasses are the ideal form factor for you to let AI assistants see what you're seeing and hear what you're hearing," Zuckerberg said. Meta has taken a more cautious approach than its rivals Microsoft, OpenAI, and Google to push out AI products, prioritizing small steps and making its in-house models available to developers and researchers. "The majority of the world's population will have their first experience of generative artificial intelligence with us," Meta chief technology officer Andrew "Boz" Bosworth told AFP in a recent interview. Meta recently unveiled AI-infused chatbots with personalities, along with tools for creating images or written content using spoken prompts. The post Meta quarterly profit jumps but it sees volatility in ad market appeared first on Daily Tribune......»»
Lenovo considers Phl top regional mart
Even if neighboring countries in Southeast Asia have the advantage of using advances in technology ahead, the Philippines remains an integral market according to an official of Lenovo. Lenovo, a Chinese multinational technology company specializing in designing, manufacturing, and marketing gadgets, software, business solutions, and related services, sees strong demand for its products in the Philippines. “The only question is how the consumers get the technology. The pandemic has even made the demand in the Philippines surge because of the digital transformation, unlike pre-pandemic where everyone is scrambling,” according to Gian Carlo Nogales, a representative of the Infrastructure Solutions Services Sales of Lenovo Philippines “Right now, because of the transformation, growth is very evident. In other words, investments, including Lenovo technologies are still in demand in the market,” Nogales said at the sidelines of the VST ECS CXO Tech Summit at the Dusit Thani in Mactan Cebu. “In terms of devices, the Philippines is actually doing well,” he added. Last August, the company said that over the next three years, Lenovo is committing a further $1 billion in investment for artificial intelligence that will focus on providing AI devices, AI-ready, and AI-optimized computing infrastructure, and embedded AI-generated content into the intelligent solutions of vertical industries to help customers improve their productivity. Lenovo in September 2023 has unveiled new cutting-edge technology tools and essentials tailored to empower the dynamic, evolving needs of today’s business end-users. It said that the new monitor, software, and accessories are not only designed to boost the capabilities of remote and hybrid workforces but also address significant challenges faced by businesses in the digitalization trend. The post Lenovo considers Phl top regional mart appeared first on Daily Tribune......»»
Ginggay Hontiveros-Malvar: Scaling the realms of social responsibility
There is something quite riveting about Ana Margarita “Ginggay” Hontiveros-Malvar. Her gaze direct, her rhetoric fluid, she shares stories of immersing in conflict areas, of being in Leyte post-“Yolanda” and in Marawi post-violence, and within the same conversation, of her corporate hat within the “power, banking, food, land and infrastructure sectors.” Not so much as a vein mars her refined features. If not for those eyes, which reveal a depth of thought and feeling, hers would likely be a face some might take as just another classic beauty. Then again, her relationship with similarly strong-minded women cannot be discounted. She says, from the get-go, that she would rather not talk about herself or her sisters (Risa, the senator, and Pia, the broadcast news personality). Unlike them, she took the private route, but now unwittingly finds herself in the limelight. The Aboitiz Group, for which she handles a vital role, has many exciting things to share, Ginggay says. Smiling, she proceeds to rattle off some of these pillars — in education (“to create future leaders” who are solutions-oriented), in climate action and in enterprise and jobs. “For over 35 years, we’ve delivered probably over 5,000 CSR (corporate social responsibility) projects, spread over all the business units all over the Philippines. We’ve partnered with something like 600,000 individuals and organizations and we’ve invested the amount of P5.1 billion in all these different programs. We’re trying now to reevaluate what it is that’s next for Aboitiz Foundation, and then how we can serve our stakeholders better, and what are some of the things that we want to scale. Maybe to create a bigger impact in the country, help the country more, I think is what we want to do.” In the pipeline toward this goal of creating a bigger impact on development, Aboitiz Foundation is seeking more collaboration — “more conversations between organizations that are doing a lot of work already here in the country, and probably having a stronger voice and then putting that voice out there,” she enthuses. Clearly, Ginggay is in her element in the world she inhabits — at the heart of an “old legacy conglomerate,” her words, that now sees the need to transform along with the climactic times. “I lead a department called Reputation Management. We cover brands, media, corporate communications, sustainability — the ESG (environmental, social and governance) journey for the Aboitiz Group. We provide strategy, direction, governance and then very recently, just this year, we have our CSR arm which is called Aboitiz Foundation. It was recently also placed under us. Because at the end of the day, Aboitiz Foundation is like the big ‘S’ in our ESG — it’s really all about the social impact, the social good that we want to continue,” Ginggay tells the DAILY TRIBUNE in an interview on Pairfect. Ginggay is currently vice president for Reputation Management and Sustainability at Aboitiz Equity Ventures Inc., a holding company of the Aboitiz Group. For the Aboitiz Foundation, meanwhile, she works to help “scale its impactful programs for systemic change.” The mother of two is also communications lead for the Philippines’ Private Sector Advisory Council and team leader for APEC Business Advisory Council, which are areas where the visionary leader, Aboitiz Group chief executive officer Sabin Aboitiz, holds key roles. Grateful her children are adults now, Ginggay keeps her nurturing side on overdrive with her current responsibilities. “Aboitiz is a group,” she emphasizes. “And as a family of organizations, our priority has always been about people. That’s always been our passion, whether it’s the well-being of our own employees or the well-being of communities where we have our businesses. It’s really always been about people. “We don’t feel it’s right that a business does well and then the community that it’s in doesn’t. It cannot be like that — it has to go hand in hand. So, we’ve always been like that. Very people-centric. I think what we’re trying to change now in our transformation or evolution is to see how can we use more of technology and innovation and balance it with our people-centric approach. So maybe we can be a little bit faster, be better, be more data-driven in the kinds of things that we’re doing,” she says. And has her heart always been in this kind of work — one she freely admits is demanding and sometimes even emotion-driven? “My dad was pretty laidback. And he usually let us do what we want to do as long as you know, like, please do well in school, and things like that,” Ginggay recalls. “My mom was very attentive to us and she just wanted to make sure that aside from doing well in studies, you also had to do well in something else. And then, very ingrained, I think, in our DNA, I think as a family also, is that aspect of service, whether it’s public service, or you know, just service in general — whether it’s to your community or to your family, or your immediate set of, I suppose, stakeholders. So, it’s almost been like part of my DNA or something like that, or probably my character as well.” With so much on her plate, and a daily grind that consists of steering various teams to ensure the conglomerate is moving toward its goals smoothly, Ginggay makes sure she takes time — even just 30 minutes a day, she says — disconnecting from it all and connecting with herself. “Our days are very fast — they are jam-packed with schedules, meetings, a lot of stakeholder engagement activities,” she says. “There’s a lot of collaboration also that goes on between our team and the rest of the business units in the Aboitiz Group, and then a lot of meetings as well with the board just to check in on directions and things like that. It’s very fast-paced. It’s very demanding. It takes a lot of time and I think a lot of commitment… and this is what I see from all our team leaders and team members — people are really passionate about what they do. I think that’s important.” For Ginggay, certainly, such passion is necessary to lead the company toward its goals including “delivering on communications and brand that are integral to the transformation of the group into the Philippines’ first techglomerate.” Techglomerate, she explains, “is a dream in Aboitiz Group, something that we have really been working hard on for the past few years. We kind of coined the term from ‘technology’ and ‘conglomerate,’ putting it together — and it is really about trying to be more technologically advanced but we also want to incubate exciting businesses which are more in the techspace or, say, data science. To incubate all these new companies and hopefully lead in certain industries… and I think at the end of the day we realized we have a much greater responsibility to the country.” And what’s next? “We realized that to stay ahead, we also need to transform… and I suppose that transformation should happen first and foremost at the level of the person. We’re also really focused on building a new kind of culture for the Aboitiz Group, still very much rooted in our core values of responsibility, innovation, teamwork, integrity. But now, probably trying to imbibe more of the behaviors like being more entrepreneurial, trying to be more articulate, being better storytellers, being more open to new things, being more data-driven in our decisions, you know, and a lot of other things that we’re trying to do in terms of helping to develop this new culture.” In her capacity as first vice president at Aboitiz, as well as in her other roles — senior adviser for Agripreneurship at Go Negosyo, for example — Ginggay keeps her “eye on the prize” no matter what challenges come along. This “multi-disciplined, results-oriented and multi-awarded leader,” as she is described in the Women of the Future, may prefer to keep herself below the radar, but Ginggay Hontiveros-Malvar will certainly not stay unnoticed. The post Ginggay Hontiveros-Malvar: Scaling the realms of social responsibility appeared first on Daily Tribune......»»
Brownlee formula
The issue surrounding Justin Brownlee is a major blackeye to Philippine basketball. It is yet another heartbreaker for Filipinos, who were hoping and praying to see the national team reassert its dominance in the international arena. For the longest time, the Filipinos had struggled internationally. In the Asian Games, for instance, the Philippines emerged victorious in its first four editions — 1951 in New Delhi, 1954 in Manila, 1958 in Tokyo, and 1962 in Jakarta before suffering a string of frustrating finishes. The closest we got to the gold medal was in 1990 when the Basketball Association of the Philippines tasked the Philippine Basketball Association with assembling a team that would reclaim our Asian glory. It was a tall order at the time as the Philippines was coming off a bitter setback at the hands of Malaysia in the 1989 Southeast Asian Games in Kuala Lumpur. The BAP knew that only an Asian crown would soothe the pain of a nation craving revenge. But it didn’t happen. Coached by Robert “Sonny” Jaworski, the team bannered by Allan Caidic, Benjie Paras, Ramon Fernandez, Samboy Lim, and Chito Loyzaga surrendered to powerhouse China featuring Shan Tao and Ma Jian in the gold medal match. Eight years later, Tim Cone was given the marching orders to assemble another star-studded squad to represent the country in the Bangkok Asian Games in 1998. But like Jaworski, his bitter coaching nemesis at the time, Cone was also unsuccessful as his Centennial Team had to settle for bronze behind China and South Korea. In the next edition in Busan in 2002, hopes were high. Despite a sudden coaching change after American mentor Ron Jacobs suffered a stroke in the final stretch of preparations, Jong Uichico was still able to form a solid team that had a mix of Filipino-foreign stars like Asi Taulava, Eric Menk, and Rudy Hatfield, as well as homegrown stars like Olsen Racela, Kenneth Duremdes, and Danny Ildefonso. But fate wrote a cruel script. The Philippines was ahead, 68-66, in the final 23.9 seconds of the semifinal clash against South Korea. A victory would have sent the Filipinos to the gold medal match against China, while a setback would relegate them to a battle for bronze against Kazakhstan. Racela was at the charity stripe for a chance to ice the game and seal the victory. But he missed both free shots. In a shocking — and heartbreaking — turn of events, Korean gunner Lee Sang Min buried a long three-pointer off a broken play at the buzzer that sent the host country to the finals. The players were crushed while a river of tears flowed through the streets of Manila as the entire country couldn’t believe how merciless the basketball gods could be. Since then, Philippine basketball has been reduced to a mere footnote in Asian basketball. We bombed out of the medal podium in Doha in 2006 and Guangzhou in 2010. We even suffered international embarrassment when head coach Chot Reyes instructed naturalized player Marcus Douthit to shoot at our own basket in Incheon in 2014. In 2018, a legitimate National Basketball Association campaigner, Jordan Clarkson, came along and was billed as the hero who would save Philippine basketball. But he was unsuccessful. The Filipinos’ string of misfortunes continued as Gilas Pilipinas settled for fifth place. Then here came Brownlee, tapped to see action as a naturalized player in the Hangzhou Asian Games. The 35-year-old American was tasked to power a team already familiar to him — guys he had been playing with for more than five years. The coach — Cone — had been his mentor since he arrived in Manila in 2016 and led Barangay Ginebra San Miguel to six PBA titles while winning three Best Import honors. There was no honeymoon period to speak of. He hit the ground running. The result was impressive as Brownlee dropped 36 points to lead Gilas Pilipinas to a razor-thin 84-83 win over Iran in the quarterfinals, before dropping back-to-back three-point bombs in their miraculous 77-76 victory over host China in the semifinals. The Filipinos won their first gold medal in 61 years following a 70-60 victory over Jordan in the final, but an asterisk was attached to the victory after Brownlee tested positive for Carboxy-THC, a banned substance linked to the use of cannabis. At this point, it is unknown whether Brownlee will contest the findings or how long his possible suspension will be. What is clear is that Brownlee made a tremendous impact on Philippine basketball as he proved that the best way to win an international title is to field a naturalized player who is very familiar with the Filipinos’ style of play. Brownlee may not be as exciting and flashy as Clarkson or as tall as Douthit and Blatche, but he knows Philippine basketball like the back of his hand. It’s time for the Samahang Basketbol ng Pilipinas to create more Justin Brownlees by recruiting young foreign players who are willing to stay in the country for a longer period — not just to earn and play as imports in the PBA — but to win the hearts and minds of these basketball-crazy Filipinos. Brownlee’s professional career is in great peril, and we may not see him don the Gilas or Ginebra jerseys again. But we should always remember his most significant contribution to Philippine basketball. Nope, it wasn’t the incredible play he delivered against China or how he stood his ground against Rondae Hollis-Jefferson and the powerful Jordanians that led to the country’s first Asian Games title in 61 years. His most important contribution was the idea that to gain international success, the federation must recruit a naturalized player not based on skills, height, or popularity but on his love, respect, and dedication to the country he wishes to represent. The post Brownlee formula appeared first on Daily Tribune......»»
Shun mass protests in Egypt
Filipinos in Egypt have been advised to avoid joining any protests following the mass demonstrations, denouncing the bombing of a hospital in the Gaza Strip that reportedly killed at least 500 civilians. In an advisory, the Philippine Embassy in Egypt cautioned Filipinos against joining the random demonstrations and planned mass actions. “The Philippine Embassy in Cairo advises everyone to exercise caution, keep away from mass congregations, and stay home unless necessary,” it said. According to the Department of Foreign Affairs, there are 1,990 Filipinos in Egypt. Egyptians took to the streets to express their anger over the bombing of the Al-Ahli Baptist Hospital in Gaza, which left hundreds of Palestinians dead. In one of the demonstrations, a Palestinian flag was raised while an Israeli flag was burned. The demonstrations came after Egypt’s President Abdel-Fattah el-Sissi called on Egyptians to express solidarity with the Palestinians amid the Israel-Hamas war. This developed as top diplomats of the Association of Southeast Asian Nations on Friday denounced the ongoing war in the Middle East. End bloodshed In a statement, the foreign ministers of the 10-member regional bloc called for an immediate end to the bloodshed. “We strongly condemn the acts of violence which have led to the deaths and injuries of civilians, including ASEAN nationals,” the foreign ministers said. “We urge the immediate end of violence to avoid further human casualties and call for the full respect of international humanitarian law,” it added. Israel and the Palestinian militant group Hamas are engaged in armed conflict following the surprise attack launched by the terror group on Israel last 7 October. The attack by Hamas has left more than 1,400 dead, most of them massacred on the first day of the assault. Meanwhile, the widespread airstrikes on the Gaza Strip have reportedly left at least 3,478 dead. ASEAN also called on “all parties to create safe, rapid and unimpeded passages of human corridors.” Last week, Israel imposed a 24-hour deadline for 1.1 million civilians to evacuate northern Gaza ahead of its ground offensive in the Palestinian territory. Since then, millions of civilians, including foreign nationals, have scrambled to move from northern Gaza to southern Gaza in hopes of exiting the war-torn territory. The bulk of civilians are swarming to the Rafah border in an attempt to enter Egypt despite the border remaining closed and the restricted availability of food, water and electricity. Two-state solution Meanwhile, ASEAN reaffirmed its support for a “negotiated two-state solution that allows Israelis and Palestinians to live side-by-side in peace and security consistent with relevant United Nations Security Council resolutions.” “This will be the only viable path to resolving the root cause of the conflict,” it said. The regional bloc also called on the “international community to support the peace process in order to ensure long-lasting peace and stability in the region.” “We have issued our respective national statements on the escalation of armed conflicts in the Middle East,” it said. On Wednesday, the Philippines, one of the founding members of ASEAN, expressed its “profound sadness” over the bombing of a hospital in the Gaza Strip, which reportedly killed at least 500 civilians. Israel and Hamas denied being behind the attack and blamed each other for the bombing. The Philippines said all parties should “do their utmost to protect civilians in times of war and armed conflict.” “We support efforts of the United Nations to provide humanitarian relief in the conflict areas,” it said. According to the Department of Foreign Affairs, there are 135 Filipinos in the Hamas-controlled Gaza. Deep concern In Riyadh, Saudi Arabia, where President Ferdinand Marcos Jr. is attending the ASEAN-Gulf Cooperation Council Summit, the Chief Executive expressed deep concern over the rising number of victims and the safety of those affected by the conflict. In his intervention during the 1st ASEAN-GCC Summit here on Friday, Marcos said, “All parties (should) exert their utmost efforts to de-escalate the situation, stop all violence, and engage in dialogue and diplomacy.” He called on the members of the GCC and ASEAN to work together to promote peace, security, and stability in the South China Sea and the Arabian Sea. Marcos also underscored the importance of cooperation between member countries of the two regional groups to ensure their continued prosperity. “As the two regional organizations located astride the major sea gates and vital corridors of the world’s commerce and communications, it is imperative that we work together to promote peace, security, and stability in both our regions, the South China Sea and the Arabian Sea, grounded on the rules-based international order to ensure the stability and prosperity of our countries and the rest of the world,” Marcos said. “Peace and stability are indispensable to ensuring continued prosperity in our respective regions and the world,” he added. The six GCC member countries are Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates, while the 10 ASEAN member countries are Brunei, Burma, Cambodia, Indonesia, Laos, Malaysia, the Philippines, Singapore, Thailand and Vietnam. President Marcos attended the ASEAN-GCC Summit, where he discussed business opportunities in the Philippines and urged investors to invest in the Maharlika Investment Fund, among other significant opportunities in the Philippines. The post Shun mass protests in Egypt appeared first on Daily Tribune......»»
Business confidence up among Japan’s big manufacturers
Confidence among Japan's largest manufacturers rose as business conditions improved for the second-straight quarter, a key survey showed Monday. The Bank of Japan's closely watched quarterly Tankan survey is considered the broadest indicator of how Japanese businesses are faring. It reports the difference between the percentage of firms that are upbeat and those that see conditions as unfavorable. A positive figure means more businesses feel optimistic than pessimistic. Among major manufacturers, business confidence rose to plus nine from plus five three months earlier, the survey showed. The headline figure -- the highest level since June last year -- came after the first improvement in seven quarters in July, and beat market expectations of plus six. Optimism also grew among non-manufacturers, from plus 23 to plus 27, which was the sixth-straight quarterly improvement and the highest level since November 1991 and against market expectations of plus 24. Positive figures in the survey are "driven by a strong automotive industry buoyed by the resolution of the semiconductor supply shortage that has plagued the industry this year," Hiroyuki Ueno, senior economist at Sumitomo Mitsui Trust Asset Management (SuMi TRUST), said ahead of the survey's release. "In the non-manufacturing sector, the continued boom in inbound travel is supporting business confidence," he said. Analysts have said the BoJ's latest survey is among the key data affecting the central bank's policy decisions. The post Business confidence up among Japan’s big manufacturers appeared first on Daily Tribune......»»
Indonesia bans goods transactions on social media platforms
Indonesia has banned goods transactions on social media platforms in a new regulation, its trade minister said Wednesday, as Jakarta aims to rein in direct sales on major platforms it says are harming millions of small businesses. Calls had grown in recent months for a regulation governing social media and e-commerce, with offline sellers seeing their livelihoods threatened by the sale of cheaper products on TikTok Shop and other platforms. Indonesia is one of the world's biggest markets for TikTok Shop and was the first to pilot the app's e-commerce arm. "Now, e-commerce cannot become social media. It is separated," Trade Minister Zulkifli Hasan told a news conference in the capital, Jakarta, adding that the trade regulation came into force on Tuesday. Hasan said social commerce platforms would have a week to comply with the new rule. "Any government would protect local small businesses," he said, describing the regulation as a way to ensure "equality in business competition". The regulation means social commerce companies are now "prohibited to facilitate payment transactions in its electronic system", according to the regulation document seen by AFP. "Social commerce can place ads like TV, but it mustn't be transactional. (They) can't open shop, can't directly sell," Hasan said, without mentioning TikTok by name. Companies that did not comply would be warned first and would finally have their license to do business in Indonesia revoked, he said. Laws in the archipelago nation did not cover direct transactions through social media platforms such as TikTok, Facebook or Instagram before the new regulation. The new regulation is yet another setback for TikTok, which has faced intense scrutiny in the United States and other nations in recent months over users' data security and the company's alleged ties to Beijing. "Other countries are banning, we don't, we're regulating," Hasan said. Indonesia is now the first country in the region to act against the platform's growing popularity in social media commerce. The ministerial-level regulation -- an amendment to a trade regulation issued in 2020 -- did not need approval by lawmakers. TikTok Indonesia said the company was "deeply concerned" about the policy, which would impact millions of sellers and creators using TikTok Shop. "We respect local laws and regulations and will be pursuing a constructive path forward," it said in a statement. Meta -- which owns Facebook and Instagram -- did not respond to a request for comment. 'Markets are quiet' Hasan appeared to confirm the companies would have to choose between separate social media and e-commerce licences. "It's clear... there are no permits for social commerce. If (they) want social commerce, please, only for promotion and ads. If (they) want to sell, there are e-commerce (permits)." The regulation also sets a minimum price of $100 for certain foreign goods bought from Indonesian sellers on e-commerce platforms, according to the regulation document seen by AFP. Some offline sellers at the Tanah Abang market in Jakarta applauded the government's decision. "The government should... dare to innovate given the current situation, where markets are quiet like this," said Stevanie Ahua, a 60-year-old wholesale denim jeans seller. She said her revenue had dropped by 60 percent in recent months as buyers turned to online shops. Others such as 29-year-old cookie baker Panji Made Agung in Bali said he was disappointed by the ban. "For sellers like me, TikTok can be used for soft selling. We can become influencers and sellers at the same time," he said. Experts said the transaction ban would hit the coffers of social media platforms such as TikTok, which takes a commission from every sale. "They will definitely incur losses," said Tauhid Ahmad, executive director of the Jakarta-based Institute for Development of Economics and Finance. Indonesia's e-commerce market is dominated by platforms such as Tokopedia, Shopee and Lazada but TikTok Shop gained a significant market share since launching in 2021. Indonesia, with 125 million users, is TikTok's second-largest global market after the United States, according to company figures. TikTok's chief executive Shou Zi Chew visited Jakarta in June, pledging to pour billions of dollars into Southeast Asia in the years ahead. The post Indonesia bans goods transactions on social media platforms appeared first on Daily Tribune......»»
JPMorgan Chase to pay $75 mn to settle Epstein-linked sex trafficking suit
JPMorgan Chase announced Tuesday that it will pay $75 million to settle a US Virgin Islands' (USVI) lawsuit that accused the bank of facilitating Jeffrey Epstein's sex trafficking ring. The big US bank, which previously reached a $290 million settlement with Epstein's victims, also announced an agreement with former JPMorgan executive Jes Staley for an undisclosed sum. These cases together resolve the bank's remaining litigation over its embarrassing long-running association with the late Epstein. The agreement with the USVI came a few weeks ahead of a scheduled trial in New York that likely would have bruised both sides. While the USVI accused JPMorgan of turning a "blind eye" to Epstein's conduct due to profit concerns, the bank levied essentially the same charge against USVI, saying the government helped Epstein obtain visas that allowed him to bring victims to the island. The settlement, which must be approved by a US court, includes $30 million to support USVI charitable organizations, $25 million to enhance USVI law enforcement to combat human trafficking and $20 million in attorneys' fees. JPMorgan did not admit liability as part of the settlement, but the "firm deeply regrets any association with this man, and would never have continued doing business with him if it believed he was using the bank in any way to commit his heinous crimes," the bank said in a statement. "JPMorgan believes this settlement is in the best interest of all parties," the bank said. The USVI had originally sought $190 million in damages for the bank's role in enabling Epstein's sex crimes, including in the Virgin Islands, where he had a residence. The USVI said JPMorgan "knowingly, negligently, and unlawfully provided and pulled the levers through which recruiters and victims were paid and was indispensable to the operation and concealment of the Epstein trafficking enterprise," according the original complaint. Bank hits back The bank hit back forcefully, saying in a May legal filing that the USVI government was "complicit in the crimes of Jeffrey Epstein." Under a "quid pro quo" relationship with top USVI officials, Epstein "gave them advice, influence, and favors," JPMorgan said in the filing. "In exchange, they shielded and even rewarded him... looking the other way when he walked through USVI airports accompanied by girls and young women." US Virgin Islands Attorney General Ariel Smith said Tuesday the agreement would prevent human trafficking in the future. "This settlement is an historic victory for survivors and for state enforcement, and it should sound the alarm on Wall Street about banks' responsibilities under the law to detect and prevent human trafficking," Smith said. "We are proud to have stood alongside the survivors throughout this litigation, and this settlement reflects our continued commitment to them," Smith said. The USVI press release listed a number of "substantial commitments" by JPMorgan to combat human trafficking, including informing law enforcement of perpetrators and terminating customers' accounts if there is credible evidence of wrongdoing. But a JPMorgan spokesperson said the bank has not changed or fortified its policies due to the accord. "There are no new commitments. Our controls, compliance, risk, and other functions are always improving, and we are continually investing to become even better," said JPMorgan's Trish Wexler. "We have always worked closely with law enforcement to help combat human trafficking, and we will continue to look for ways to invest in advancing this important mission." The post JPMorgan Chase to pay $75 mn to settle Epstein-linked sex trafficking suit appeared first on Daily Tribune......»»
Trump committed fraud by inflating value of assets — judge
Donald Trump and his sons Eric and Don Jr. committed fraud by inflating the value of the real estate and financial assets of the Trump Organization for years, a New York judge ruled on Tuesday. The ruling by Judge Arthur Engoron is a setback for the former president ahead of a trial in the civil case due to begin on Monday. New York State Attorney General Letitia James has accused Trump and his two eldest sons of business fraud for allegedly submitting "grossly inflated" numbers to banks and insurers. The lawsuit asserts that they lied to tax collectors, lenders, and insurers for years in a scheme that routinely misstated the value of the organization's properties to enrich themselves. Trump's lawyers had asked the judge to throw out the case ahead of the trial by granting what is known as a summary judgment in his favor. James had also asked for a summary judgment, however, asking that Trump be found liable ahead of the trial and the judge sided with the attorney general. James is seeking $250 million in penalties and the removal of Trump and his sons from the management of the family real estate firm, the Trump Organization. James claims that Trump and associates submitted "grossly inflated" numbers to banks and insurers each year between 2011 and 2021 "to secure and maintain loans and insurance on more favorable terms." They allegedly fraudulently overvalued the net worth of Trump company assets by billions of dollars, resulting in "hundreds of millions of dollars in ill-gotten savings and profits." James has alleged that the overvaluation of Trump's assets was between $1.9 billion and $3.6 billion per year. Trump, the frontrunner for the 2024 Republican presidential nomination, has denounced the case as a "witch hunt," calling James, who is a Democrat and Black, "racist." In January, the Trump Organization was fined $1.6 million by a New York judge in a criminal tax and financial fraud case. The 77-year-old twice-impeached Trump also faces federal criminal charges for the mishandling of classified documents and conspiracy charges for trying to overturn the 2020 election results. He also faces state charges for alleged hush money payments in New York and for pressuring state officials to overturn Joe Biden's 2020 presidential election victory in Georgia. Trump was also found liable in a civil trial in May for sexually abusing a one-time magazine columnist in 1996 and for defaming her in comments made last year. The post Trump committed fraud by inflating value of assets — judge appeared first on Daily Tribune......»»
Firms urged expanding in India
Entrepreneurs are encouraged to expand business in India, which has rapidly grown into the second-most populous country in the world and its sixth largest economy. “In India, income distribution is evolving as affluence rises. Affluence will be much more widespread by 2025,” Bijaykumar Pandey, Marketing and International Sales Manager at Innovek Asia Co. Ltd, Thailand, said in a webinar organized by the ASEAN Access MATCH. Pandey said significant increases in the number of digitally influenced and online shoppers will result in more than tenfold growth in digitally influenced retail and online retail spending. Selling online “Selling products in online marketplaces lets you reach customers all over the country,” he said. Pandey said food and grocery will be a significant segment comprising 60 percent of the total Indian retail market in 2024. This is followed by apparel, mobile and telecom, food services, jewelry, consumer electronic, pharmacy and others, he added. “India’s smartphone market fell by 1 percent in (the) Q2 (second quarter of) 2023. However, vendors are balancing their inventory levels ahead of the upcoming festive season,” Pandey said. He also cited the increase in the production of white goods, including refrigerators, air conditioners and washing and laundry machines. Economic powerhouse Pandey further said India is an economic powerhouse with combined gross domestic product valued for top 5 ranking of the world. It also has a youthful workforce and customer base with a population approaching over 50 percent of world population and median age below 30, he said. “(India is) not a homogenous market,” he added. “(Its) intra-regional trade is expected to remain resilient.” The post Firms urged expanding in India appeared first on Daily Tribune......»»
Zelensky in Canada to shore up support
After getting military support from United States President Joe Biden, Ukraine leader Volodymyr Zelensky turns to Canada for more assistance in the war against Russia. Zelensky is scheduled for a Friday meeting with Canadian Prime Minister Justin Trudeau, who said that “Canada remains unwavering in our support to the people of Ukraine” ahead of the Ukrainian leader’s arrival in Ottawa on Thursday. Zelensky will also address Canada’s parliament before he and Trudeau head to Toronto for meetings with business leaders and members of the Ukrainian-Canadian community, the Canadian government said. Canada is home to the world’s second-largest Ukrainian diaspora after Russia, with about 1.36 million people of Ukrainian origin living there, according to government data. Canada’s $8.9 billion in aid to Ukraine has included more than $1.8 billion in military aid, including Leopard 2 tanks, air defense and artillery systems, anti-tank weapons, drones and other equipment. It has also trained more than 36,000 Ukrainian soldiers. Earlier, Biden said the first US M1 Abrams tanks will arrive in Ukraine “next week,” boosting Kyiv’s forces as they battle Russian troops in a slow-moving counteroffensive. WITH AFP The post Zelensky in Canada to shore up support appeared first on Daily Tribune......»»
Starbucks opens $220 million plant outside Shanghai
US coffee behemoth Starbucks opened a $220 million development outside Shanghai on Tuesday, a sign established multinationals are still looking to China for growth despite its faltering post-Covid recovery. A survey released Tuesday by the American Chamber of Commerce in Shanghai reported optimism among US businesses in China was at a "record low", mainly blaming the sluggish economy and Washington-Beijing tensions. But Starbucks' "Coffee Innovation Park", which includes a roasting plant and distribution center, is the largest investment the company has made in any such project outside the United States, a news release said Tuesday. "Starbucks' best days are ahead in China," a spokesperson for the company told AFP by email when asked to comment on business sentiment in the country. "As Starbucks' largest and fastest-growing international market, we will continue to deepen our investment and reinforce our unwavering long-term commitment to the China market," CEO Laxman Narasimhan was quoted as saying in the release. Narasimhan visited China in May, when he met the mayor of Shanghai, according to state media. His trip took place as other CEOs of major multinational companies flocked to the world's second-largest economy to shore up business support post-Covid -- including Apple, Tesla, JP Morgan, and General Motors. Starbucks declined to give further details on the visit when asked. The company has more than 6,500 coffee shops in more than 250 Chinese cities and says that a new store opens in the country every nine hours. The new Coffee Innovation Park has been built to serve the company's China stores exclusively, the company said, with some beans used coming from southern Yunnan province. The post Starbucks opens $220 million plant outside Shanghai appeared first on Daily Tribune......»»