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Bankman-Fried to testify at his US crypto trial
Sam Bankman-Fried, founder of the collapsed cryptocurrency exchange FTX, plans to make another high-stakes gamble and testify in his defense on Thursday at his criminal fraud trial. Bankman-Fried's decision to take the stand comes after three weeks of devastating testimony for the 31-year-old known as SBF, who has been accused of stealing billions of dollars from clients. His lawyer, Mark Cohen, told Judge Lewis Kaplan he expected Bankman-Fried's testimony to last for four or five hours. He is expected to begin around 2:00 p.m. (1800 GMT). Prosecutors were wrapping up their case on Thursday and handing it over to the defense, which said it plans to call four witnesses, including Bankman-Fried. Bankman-Fried, once one of the most respected figures in crypto, has been charged with seven counts of fraud, embezzlement, and criminal conspiracy. If convicted, he could face a de facto life sentence of more than 100 years in prison. The Massachusetts Institute of Technology graduate had, in just a few years, turned his FTX platform into the world's second-biggest crypto exchange -- making him a tech-world billionaire wunderkind. But his empire began to crumble last November when a news report pointed to unhealthy ties between FTX and Alameda Research, Bankman-Fried's personally owned trading company. Amid growing revelations, major investors pulled their money out of FTX, sinking it swiftly into bankruptcy. Some $8.7 billion was still unaccounted for after the dust settled, according to the receiver appointed to manage the liquidation. Bankman-Fried has denied taking other people's money, blaming former colleagues for the situation. But key witnesses in recent weeks, all former FTX or Alameda employees, refuted his account. Supported by internal documents compiled by the prosecution, they said he was behind the breaches and did not lose sight of the financial situation of FTX and Alameda. Ex-girlfriend offers evidence Among those taking the stand was Caroline Ellison, Bankman-Fried's former business partner and girlfriend. She offered conclusive evidence against him and delivered details on his management, saying he was involved in all major decisions. Ellison, a Stanford University mathematics graduate, was appointed by Bankman-Fried in 2021 to head Alameda, whose activities were largely financed by money from customers of FTX without their knowledge. She has pleaded guilty to fraud charges and agreed to cooperate with the prosecution, as have two other close associates of Bankman-Fried. Bankman-Fried's decision to testify in his defense is unusual in a country where criminal defendants generally decline to do so because they have to face cross-examination and run the risk of incriminating themselves. Hollywood producer Harvey Weinstein, comedian Bill Cosby, singer R. Kelly, and drug trafficker Joaquin "El Chapo" Guzman were among high-profile defendants who declined to testify at their recent trials. A Cornell University study of hundreds of trials published in 2009 found that 77 percent of defendants who chose to testify were convicted while 72 percent of those who declined to take the stand were found guilty. The post Bankman-Fried to testify at his US crypto trial appeared first on Daily Tribune......»»
Crypto crackdown intensifies on Hamas finance
Cryptocurrency has become the latest front in the conflict between Israel and Hamas, analysts say. Israeli and US authorities have intensified their financial hunt into Hamas in recent days as they track illicit funds via digital currencies. Ari Redbord, global policy head at crypto tracking specialist TRM Labs, said there is now less crypto transfer activity on pro-Hamas support networks as a result. "We are seeing a lot less activity in some respects since the war began," Redbord told AFP. This is "primarily because Israel has been very aggressive and successful in taking down these fundraising efforts", he added. Israel has bombed Gaza in response to an unprecedented cross-border attack by Hamas militants who, while firing a massive rocket barrage, killed more than 1,400 people and took 222 hostages on 7 October, according to Israeli authorities. Israeli strikes have now killed more than 6,500 people in Gaza, according to the Hamas-run health ministry. Shadowy world Cryptocurrency is regarded as a speedy way to move cash that is unregulated by any central bank and is less traceable than a traditional bank transfer. The shadowy world of digital units, based on decentralized blockchain technology, has gained notoriety for illicit transactions due to its under-the-radar appeal. Two weeks ago, Israeli police revealed they had located and frozen accounts linked to Hamas that sought "to solicit donations on social networks" via Binance, the world's biggest cryptocurrency exchange. A Binance spokeswoman said it "follows internationally recognized sanctions rules, blocking the small number of accounts linked to illicit funds". Redbord, formerly a senior US government adviser, said Hamas had adopted crypto from 2019 at the latest, to seek funding via the Telegram messaging network and even on its own website. Hamas decided in April that it would no longer accept cash via Bitcoin due to increased global surveillance of the world's biggest digital unit. Crypto fundraising is now operated via a network of Hamas-linked support groups. TRM Labs has closely monitored virtual crypto wallets linked to such support groups since the start of the war. And it has concluded that much smaller amounts of cash than usual are being moved. Two weeks after the attacks, support group Gaza Now received less than $6,000 in one of its crypto wallets, Redbord noted. That compared with $800,000 in total since the wallet's creation in August 2021. Meanwhile, authorities are well aware that digital assets are a minor part of a complex funding picture. The US State Department estimates that Iran funnels $100 million per year to Palestinian groups including Hamas. 'Small piece of puzzle' "Cryptocurrency is a very small piece of a larger financing puzzle for Hamas," said Redbord. "They are looking to Iran; they're... imposing taxes on the Palestinians; they have a network of charities and a diaspora of supporters who are sending donations not in cryptocurrencies." "But crypto does play a role," he said. Digital currencies still represent a significant revenue stream for Hamas and other allied groups. Crypto addresses identified by Israel as being linked to Hamas received about $41 million between August 2020 and July 2023, according to Israeli analytics and software firm BitOK. Other crypto addresses linked to Islamic Jihad received in excess of $154 million between October 2022 and September 2023, with some still active, it adds. Some players in the sector simply turn a blind eye. "Some cryptoasset businesses are intentionally or unwittingly allowing misuse of the crypto ecosystem," said Joby Carpenter, an expert on the industry. "This trend is magnified where exchanges are based in lightly or unregulated jurisdictions," he told AFP. The post Crypto crackdown intensifies on Hamas finance appeared first on Daily Tribune......»»
Gourd guy
Briton Peter Glazebrook should be the undisputed heavyweight champion in vegetable gardening. The Nottinghamshire, England resident holds the Guinness World Record titles for the heaviest potato at 4.98 kilograms, the heaviest cauliflower at 27.48 kg, and the heaviest aubergine at 3.362 kg. The 79-year-old has been participating in a local contest for giant vegetables, the Canna UK National Giant Vegetables Championship, at the Malvern Autumn Show. He holds more than 17 records in the contest, The Independent reported. In the 23 to 25 September contest, Glazebrook won in five categories. He produced the longest cucumber at 1.069 meters, the heaviest aubergine at 2.77 kg, the heaviest onion at 7.3 kg, the heaviest cantaloupe melon at 11.43 kg, the three heaviest onions at 20.4 kg, and the heaviest pepper at 0.75 kg. Glazebrook has many clones. Some vegetable growers beat him in other categories of the competition. Outside the United Kingdom, there are even more giant vegetable growers, and Travis Gienger is among them. Gienger won at the Half Moon Bay Pumpkin Festival in California last 9 October to take home the $30,000 grand prize. In its 50th year, the contest pits growers of mega-gourds from all over North America against each other to see who can produce the biggest berry. In the recent contest, Gienger, from Minnesota, pipped his nearest rival by a hefty 113.4 kg to walk away with this year’s title. Contest organizers said he also notched a new world record in the process, besting an Italian effort from 2021 that tipped the scales at a relatively svelte 1,226 kg. Gienger’s enormous pumpkin weighed in at an improbable 1,247 kg. That is the same weight as a hippopotamus. WITH AFP The post Gourd guy appeared first on Daily Tribune......»»
Britney Spears set to hit bestseller list with tell-all memoir
Two years after escaping her father's guardianship, Britney Spears recounts her years as a superstar who became a victim of her success in a highly anticipated memoir being published on Tuesday. One revelation from "The Woman in Me" has already made headlines: Spears saying she felt pressured into having an abortion while dating fellow popstar Justin Timberlake between 1999 and 2002. "If it had been left up to me alone, I never would have done it," she writes. "It's one of the most agonizing things I have ever experienced in my life." The publishers have kept a tight lid on most of the contents -- unsurprising since Simon & Schuster reportedly paid more than 15 million dollars for the rights. It was not a risky bet, however -- the book is already topping the pre-sale chart at Amazon US. It is being released on Tuesday in around 20 countries and 10 languages. "Reliving everything has been exciting, heart-wrenching, and emotional, to say the least," Spears told People magazine. The emotional turmoil means the 41-year-old singer has only recorded a small section for the audiobook, leaving the rest to actress Michelle Williams. "There are so many hard things to read in the news about my book," she wrote on her Instagram this week. "Then I woke up this morning and said it's all relative... nothing really matters at this point." Up and down Spears came from a very humble background and found early fame on "The Mickey Mouse Club" alongside other future stars Ryan Gosling and Christina Aguilera. At 16, she became one of the most famous women on the planet with 1998's iconic "...Baby One More Time", which sold 10 million copies to become one of the biggest hits of all time. Eight more albums followed, often selling in the millions, including "Oops!...I Did it Again" and "In the Zone", combined with spectacular world tours. Growing up in the media glare, relentlessly sexualized by her marketing from a young age, Spears lost her footing in 2007. A highly public breakdown in which she shaved her head and was filmed attacking a paparazzi's car led to her father, Jamie Spears, taking legal control over her life. It meant he controlled her finances, career decisions, and even whether she could see her children or marry -- which Spears described as tantamount to "abuse". Her fans organized a campaign -- #FreeBritney -- aided by media investigations that finally led a court to remove her father as guardian in September 2021. She apparently no longer speaks to her family. Her life has hardly been smooth sailing since then -- her marriage to model Sam Asghari ended in August after just 14 months. But Spears at least looks set to add a number one bestselling book to her list of artistic accomplishments. The post Britney Spears set to hit bestseller list with tell-all memoir appeared first on Daily Tribune......»»
Millions of children affected by climate disasters – UNICEF
The United Nations Children’s Fund warned on Thursday that weather disasters brought on by climate change caused 43.1 million child displacements between 2016 and 2021 and criticized the lack of attention given to the victims. Co-Author Laura Healy told American for Prosperity, or AFP, that the data only indicated the “tip of the iceberg,” with many more possibly affected, in comprehensive research on the subject that included the heartbreaking stories of some children affected. Khalid Abdul Azim, a child from Sudan, recalls his terrible experience in a flooded village that can only be reached by boat. "We moved our belongings to the highway, where we lived for weeks," he said. In 2017, sisters Mia and Maia Bravo watched flames engulf their trailer in California from the back of the family minivan. "I was afraid, in shock," Maia said. Statistics on internal displacements caused by climate disasters generally do not account for the victim’s age. The Internal Displacement Monitoring Center, a non-governmental organization, and UNICEF collaborated to analyze the data and uncover the hidden toll for children. Four types of climate disaster (floods, storms, droughts, and wildfire) has led to 43.1 million child displacements in 44 countries in which frequency of the said disasters has increased during global warming, the report says. Ninety-five percent of those displacements were caused by floods and storms. “It’s equivalent of about 20,000 child displacements every day,” Healy lamented on AFP highlighting how the afflicted children are then at risk of suffering other traumas, such as being torn away from their parents or being the prey of child traffickers. As one child may be uprooted more than once, the numbers reflect the number of displacements rather than the number of children affected. The number of displaced people as a result of drought is “radically underreported,” according to Healy because they are less abrupt and hence harder to measure. This is just the tip of the iceberg based on the available data that we have," she said. "The reality is with the impacts of climate change, or better tracking of displacement when it comes to slow onset events, that the number of children who are uprooted from their homes is going to be much greater." Healy added. UNICEF Report Reveals Alarming Predictions for Child Displacements Due to Climate Events In a recently released UNICEF report, startling forecasts have been unveiled for specific climate-related events. According to the report, the next three decades could witness a staggering 96 million child displacements due to flooding caused by overflowing rivers. Additionally, cyclonic winds are projected to force 10.3 million child displacements, while storm surges may result in 7.2 million displacements. It's worth noting that these estimates do not factor in preventive evacuation measures, raising concerns about the potential scale of displacement. UNICEF's Executive Director, Catherine Russell, emphasized the profound impact on those compelled to flee, including the fear of an uncertain return, disruptions to education, and the possibility of further relocations. Russell stressed that while migration may save lives, it also brings significant upheaval and challenges. "As the impacts of climate change escalate, so too will climate-driven movement. We have the tools and knowledge to respond to this escalating challenge for children, but we are acting far too slowly." She added. At the COP28 climate summit in Dubai in November and December, UNICEF urged world leaders to take up the climate issue. According to Healy, children, particularly those who have already been compelled to move must be prepared “to live in a climate change world”. While the effects of climate change are spreading across large portions of the planet, the UNICEF report highlights some of the most susceptible nations. The biggest number of displaced people (almost 23 million in six years) occurred in China, India, and the Philippines because of their massive populations, strategic positions, and precautionary evacuation measures. However, in proportional terms, Africa and small island states are most at risk; in Dominica, 76 percent of all children were uprooted between 2016 and 2021. More than 30 percent of the said amount went to Saint Martin and Cuba. The post Millions of children affected by climate disasters – UNICEF appeared first on Daily Tribune......»»
Global apparel retailer marks 5th year in Phl
Uniqlo marks the fifth anniversary of its Global Flagship Store in the Philippines with fun-filled activities for the public from 13 to 26 October. Since its opening in 2018, the Uniqlo Manila Global Flagship Store has brought customers exciting things over the years. As part of the brand’s appreciation for being part of Filipinos’ daily lives, Uniqlo offers customers an even better shopping experience. Embrace the future Uniqlo Manila’s fifth anniversary theme is “Elevated Store. Elevated Essentials. Embrace the Future.” Bringing the concept to life is Uniqlo’s partnership with five young and distinguished individuals who have achieved global recognition in their respective fields. Each partner represents one of the brand’s biggest item lines which all hold innovative functionality at its core. Food and lifestyle content creator Erwan Heussaff, recognized by the prestigious James Beard Media Awards last June, joins the group for AIRism. Groundbreaking director Martika Escobar, the first Philippine director to win an award at the Sundance Film Festival, represents Heattech. Modeling for the AirSense line-up is entrepreneur Gio Visitacion, owner of the Good Cup Coffee Company and 2020 Philippine Brewers Cup champion. Southeast Asian Games Medalist and Guinness World Record holder Kaizen Dela Serna for UV Protection products. Award-winning singer and actress, popstar royalty Sarah Geronimo for Bra Tops. Coffee experience Uniqlo Coffee, on the second floor of its Flagship Store, brings Filipinos the brand’s cafe-style offerings that first opened in 2021 at the renewed Uniqlo Global Flagship Store in Ginza (Tokyo, Japan). Highlighting the brand’s commitment to being one with the community, the coffee drinks will be made with locally sourced, high quality coffee beans from Mt. Apo. It will feature goods and pastries that mix Filipino and Japanese flavors. As part of its commitment to sustainability, Uniqlo is also set to bring to Manila its Re.Uniqlo Studio, where customers will get to enjoy repair services on their pre-loved Uniqlo items, bringing new life to their favorite LifeWear pieces. Lastly, Uniqlo refreshes its UTme! line-up, collaborating with local artists from all over the country to bring customers unique designs they can customize on t-shirts and tote bags. The artists include Gianne Encarnacion and Ross Du of Metro Manila, Johanna Velasco and Myka Arnado of Cebu, and Kajo Baldisimo of Davao. Muralist Glendford Lumbao also joins in to contribute a piece to be displayed at the new experience areas on the second floor of the Flagship Store. From 13 to 31 October, customers can expect freebies and promos exclusive to the flagship store. Visit www.uniqlo.com/ph/en/. The post Global apparel retailer marks 5th year in Phl appeared first on Daily Tribune......»»
Budgetary leverage
By passing a financing bill at the last minute, the United States Congress avoided a federal government shutdown this week. However, the Biden administration’s top priorities, including defense financing for Ukraine, were left out of the final package. For countries like the Philippines, which has cozied up anew to Uncle Sam, this is cause for concern because America has practically left Ukraine high and dry without the full backing it needs to defend itself against Russia. Okay, so Biden said they “will not walk out of Ukraine.” Still, without funding, that’s just lip service. Having perfected the art of emotional suasion at one end of the pole and brinkmanship on the other, we would not be surprised if Ukraine President Volodymyr Zelensky would tell Biden: “Show us the money.” Sacrificing Ukraine casts doubt on America’s dependability as a coalition partner and ally, even as it stakes a claim to a long tradition of backing democracies in their fight for independence. The Philippines should take note. In the US, it’s clear that whatever the executive branch pledges, the US Congress can always override or, as made apparent again now, starve of funding. That’s the power of holding the purse string that could certainly affect America the mighty’s projection of power. From propping up South Vietnam with billions of dollars in war materiel only to leave Saigon in a huff — with choppers flying off the rooftop of the US Embassy in a hasty, humiliating retreat in 1975 — to giving substantial aid to Israel and Middle Eastern countries, the US has not stopped its posturing as the “policeman of the world.” As in Vietnam and Afghanistan, where in the latter it also abruptly pulled out its forces, thereby allowing the Taliban to retake the country in 2021, the US, for all its fire-and-brimstone statements at the start of the Ukraine-Russia war, may have turned its back on its legal and moral responsibility to aid Kyiv. As an adversarial state under madman Vladimir Putin, Russia has been destabilizing international norms, and Ukraine, by fighting back, has been sending the strong message that autocratic governments cannot make the globe their playground. By not including money for Ukraine’s defense in the 2024 spending bill, the US has lost the chance to demonstrate its dedication to the defense of democracy. But such are the vagaries of the budgeting process in the United States and, of course, the Philippines, with the latter’s form of government and jurisprudence loosely patterned after America’s. In the US, government shutdowns have happened before and will happen again when the legislature and the executive branches are unable to reach an agreement on priorities and lawmakers do not enact a budget in a timely manner. The budget can also be wielded as a political baton with which to make the executive branch more malleable. An example would be the 2013 shutdown in an attempt to defund the Affordable Care Act. Frequent disagreements on spending priorities between the two parties in the US Congress have led to stalemates, with neither side willing to pass the budget unless their demands were met. Budget delays had caused negative effects on the economy and public services. Some may argue that past shutdowns of the US federal government would show the Philippines has a more mature budgetary system in place, as a failure to pass the budget for a new fiscal year only results in a reenacted budget. But the problems associated with a reenacted budget abound. There’s the delayed implementation of new programs and projects. This, as a reenacted budget only allows for the funding of existing programs and projects. A reenacted budget also limits government flexibility to respond to changing needs. For example, if the economy experiences a downturn, the government may need to increase spending on social programs or infrastructure projects. However, this is not possible under a reenacted budget. But probably the biggest risk associated with a reenacted budget would be corruption, as it can give the executive branch more leeway or elbow room to fund projects while reallocating “savings” from projects that had been funded previously. In the shadow of budgetary bludgeoning and political brinkmanship, the recent passage of the US funding bill left Ukraine’s defense hanging by a thread, a stark reminder of the capriciousness of budgeting processes in both the United States and the Philippines, where legislative complexities often take precedence over strategic imperatives. The budget’s power to shape policy and dictate priorities, as seen in the Philippines with past reenacted budgets, illustrates the pitfalls of wielding fiscal levers as political weapons. In both nations, the budgeting process, while designed to reflect the will of the people, is susceptible to political posturing, causing disruptions and imperiling the very ideals of democracy it should be upholding. The post Budgetary leverage appeared first on Daily Tribune......»»
Think tank: SMGPH faces liquidity crunch
The declining profitability of San Miguel Corporation’s energy unit San Miguel Global Power Holdings Corp. has affected the capability of the company to meet near-term financial obligations, according to a report of the Institute for Energy Economics and Financial Analysis, or IEEFA. Local groups held a forum on Wednesday ahead of the 133rd anniversary of the Adian conglomerate that focused on the “losing strategy” of maintaining its dependence imported fossil fuel with its planned shift from traditional coal to liquefied natural gas, or LNG. Think tank Center for Energy, Ecology and Development indicated during the event that SMGPH is implementing “a losing strategy that is having devastating consequences on shareholders and investors, energy consumers, and the environment.” “While SMC is pursuing the country’s further dependence on fossil fuel, it is also losing on the actual energy transition development. SMC had lost in the race to secure new permits for renewable energy capacity, which will be built in the next two to three years,” Gerry Arances, CEED executive director, said. Sam Reynolds, author of an Institute for Energy Economics and Financial Analysis, or IEEFA, report titled San Miguel Global Power: Fossil fuel-oriented growth strategy raises financial red flags, said the article detailed the financial issues SMC faces because of its reliance on coal and gas. IEEFA is a Detroit-based advisory group for energy industry strategies. He warned the company’s overexposure to volatile fossil fuel prices could sink its financial health and that “SMGPH’s overreliance on fossil fuels has weakened its financial health — moving from coal to LNG is not going to solve the fundamental problem of overexposure to fossil fuel prices.” SMGPH debts are falling due between 2024 and 2026, according to the study. The company’s financial position would likely remain inadequate to address the callable perpetual securities, amounting to $3.4 billion (P193 billion). “SMGPH could face a double-edged sword. On one hand, the need to redeem perpetual securities demands additional capital or funding. On the other, opting not to exercise the call option subjects the company to additional financial costs, further straining its financial position,” according to IEEFA. No contract to back up projects “This is especially true when you consider the company’s lack of contracts for its existing and proposed LNG facilities,” he added. SMC’s status as one of the country’s biggest conglomerates entails that the company should be among those leading the transition away from fossil fuels, Reynolds added. Reynolds also doubts the company will be able to fulfill the 2050 net zero commitment it unveiled earlier this year. “Unless there is a major, material pivot within the company to transition to renewables and phase out its fossil fuel expansion plans, the company is going to have very little chance of achieving its 2050 net zero target. Without a strategic, material, immediate pivot, that goal is simply unrealistic,” he said. Liquidity crunch possible As a result of SMGPH’s declining profitability, IEEFA’s analysis indicated that its ability to cover near-term financial commitments in the form of debt, interest and capital distribution for perpetual securities may have worsened considerably. This points to an overall liquidity crunch, which could translate to a longer-term funding shortfall if not carefully managed. IEEFA indicated that its view “aligns with conclusions from Bloomberg Intelligence, which stated that the company may need $900 million (P51 billion) by the end of this year to meet its financial commitments. “SMGPH’s funding constraints also depend on its ability to extend P21 billion worth of short-term loans. There is also a possibility of obtaining local funding due to its connection to parent company SMC,” IEEFA indicated. Its financial SMGPH’s perpetual securities come with a notable feature: a step-up interest mechanism. If the call option on the security is not exercised, the interest rate increases by a certain percentage each year. SMGPH has strategically tapped into the issuance of bonds and loans to fund its expansion plans, increasing its total debt. Total equity has also grown, driven largely by the company’s issuance of perpetual securities. The paper added that a broader assessment, beyond operating cash flows, reveals a rising liquidity risk for SMGPH. It measured the SMGPH’s cash flow from operations (CFO)-to-current liabilities ratio, the results of which pointed a “concerning trend.” The ratio has been on a downward trajectory since 2019. In 2022, the CFO-to-current liabilities ratio plummeted to an all-time low of -0.12, indicating insufficient cash flow to cover short-term liabilities. The same ratio remained weak in the first half. Its ratio in 2022 was 1.00, down from 1.43 in 2021, meaning the company has exactly one dollar of current assets for every dollar of current liabilities. “In essence, the company holds a relatively tight margin of assets available to cover its immediate financial obligations. Meanwhile, the accounts receivable turnover ratio stood at 3.15, marking its lowest value since 2016.” The post Think tank: SMGPH faces liquidity crunch appeared first on Daily Tribune......»»
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......»»
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. "This trade regulation has been in force (since yesterday)," Trade Minister Zulkifli Hasan told a news conference in the capital Jakarta. He said social commerce platforms would have a week to comply with the new rule. "Any government would protect local small businesses," he said, saying the regulation was passed to ensure "equality in business competition". The regulation means social media firms will not be able to conduct direct transactions but only promote products on their platforms. "Social commerce can place ads like TV, but it mustn't be transactional. (They) can't open shop, can't directly sell," he said, without mentioning TikTok by name. 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 one of the world's biggest markets for TikTok Shop and was the first to pilot the app's e-commerce arm. But 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. Chinese technology giant and TikTok owner ByteDance and TikTok Indonesia did not respond immediately to a request for comment Wednesday. But a TikTok Indonesia spokesperson told AFP on Monday the ban would harm as many as six million local sellers who market their products on the platform. Meta -- which owns Facebook and Instagram -- did not respond to a request for comment. 'Markets are quiet' How the ban will work exactly remains unclear but experts said it could mean social media firms would have to obtain a separate approval for their e-commerce arms. "It could be that their license will be rearranged," said Tauhid Ahmad, executive director of the Jakarta-based Institute for Development of Economics and Finance. Offline sellers at 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 like 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. 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 coming years. The post Indonesia bans goods transactions on social media platforms appeared first on Daily Tribune......»»
‘Regulate them’: Hard-up Indonesia traders urge TikTok sales ban
As clothing seller Hendri Tanjung struggles to hawk his tunics to Indonesian buyers outside his market shop, he says customers are turning to cheaper versions on TikTok, pummeling his income. The 35-year-old sells his wares at Tanah Abang, Southeast Asia's largest textile market, where sellers are desperately calling out to passersby. The market in the capital Jakarta is less crowded than usual, with some outlets shuttered, as many of its thousands of merchants selling products made in factories or by tailors and weavers complain about the impact of TikTok's booming e-commerce arm on their business. "We want the government to close TikTok Shop, or at least regulate them. I feel bad for my employees," said Tanjung. Indonesians spent more money on the Chinese-owned app than anywhere else in the region over the past year, as TikTok Shop rapidly gained a substantial regional market share and millions of sellers since its 2021 launch. But government ministers in Southeast Asia's biggest economy have threatened to ban the app outright because of its impact on local sellers, including those at Tanah Abang who rely on offline buyers. Tanjung said a tunic he sells at 60,000 rupiah ($3.90), can be found for 40,000 rupiah on TikTok Shop, undercutting his business. "I don't know where they source their products to sell at such low prices. Ours are our own products and we cannot sell them at that price," he said. After a daily revenue drop of more than 80 percent from 30 million rupiah ($1,948) to five million ($324) in recent months, he was forced to lay off five of his 30 employees. Laws in the archipelago nation do not cover transactions through social media platforms such as TikTok, Facebook or Instagram. But President Joko Widodo said new regulation on social media transactions could come as early as Tuesday. The draft regulation, expected to be presented soon after Widodo said Monday it was "being finalized in the trade ministry", will aim to curb what Jakarta says are monopolistic practices. Level playing field Experts say such regulation would create a level playing field for local businesses. "The key is to regulate social commerce to be on par with e-commerce and traditional offline retailers," said Nailul Huda, a researcher at the Institute for Development of Economics and Finance. "The government should enhance protection for local products by tightening regulations on imported goods and offering disincentives for imports." TikTok has criticized calls for a ban, saying it would harm Indonesian merchants and consumers. "Close to two million local businesses in Indonesia use TikTok to grow and thrive through social commerce," Anggini Setiawan, TikTok Indonesia's head of communications, told AFP earlier this month. Indonesia is TikTok's second-largest market, with 125 million users, according to company figures. It is owned by Chinese tech giant ByteDance. The country represented 42 percent of TikTok's $4.4 billion regional gross merchandise value last year, according to Singapore-based consultancy Momentum Works. TikTok's chief executive Shou Zi Chew visited Jakarta in June, pledging to pour billions of dollars into Southeast Asia in the coming years. But the market sellers want TikTok's rise restricted. Atinah, a 21-year-old who sells clothing, said she could no longer hope for high weekend sales at her shop at Tanah Abang, which used to bring in around 10 million rupiah per day. "We are happy if the government can regulate TikTok Shop since now we can only make around three million rupiah on weekends," said Atinah, who like many Indonesians goes by one name. "Buyers always compare the prices here with what they see on TikTok Shop." The post ‘Regulate them’: Hard-up Indonesia traders urge TikTok sales ban appeared first on Daily Tribune......»»
The Advantage of Adopting the Right Digital Tools for your Business
Amid the uncertainty in customer behaviors and trends from the crisis, this much is clear: updating the business for a digital-first world, led by purpose, is now a must for almost every company. To do so, they must determine where new business value exists in the new normal, what digital business models will capture it, and which tools and behaviors will support the adaptability and resilience that these models require. On this section, we talked to the creators behind the award-winning platform made for businesses like yours. The Digital Advantage Companies need an understanding of 3rd Platform technologies to capitalize on improved decision-making and to deliver enhanced, customized experiences to stakeholders. The rapid acceleration of 3rd Platform technology adoption means that corporates need to actively be looking for ways to improve their operational efficiency and customer service, otherwise, they will be in danger of falling too far behind digitally-native competitors to ever catch up. Efficiency Past recessions show that controlling costs by improving operational efficiency—a task for which digital solutions are perfectly suited for—is more effective in sustaining businesses through financial turbulence than traditional cost-cutting measures alone. The biggest efficiency play is automation. Streamlining operations and automating manual processes result in greater speed, less waste and more focus on revenue-generating activities. The economics of automation is simple: the same work is performed faster and with fewer mistakes, while human capital resources can be redeployed to higher-value tasks or to fill critical gaps. Convenience Company bank accounts are available in any device, the only things you need are internet connection and a few taps on the screen. This brings about an increase in customer satisfaction as they are able to constantly keep track of their account balances and manage the information on their personal profile (i.e. add new mailing address, e-mails, telephone numbers, etc.). In addition to this, there is no need to go to the bank to get checks as they can be instantly sent via email. 24/7 Reliability Online banking services are available 24/7 all year round, even on weekends. There is no need to line up and wait for the bank to open in order to conduct certain operations. This is a huge advantage that comes with digital solutions Security With all the recent news about data breaches, you might be wondering about the security of mobile and online banking. Security is top priority for banks when choosing whether or not to offer online banking. All banks use “Pentagon-grade” encryption technology and sophisticated firewalls. Mandatory security upgrades are required by bank regulators, so you can be confident that keeping your information secure is one of your bank’s utmost priorities. As digital transactions increase and productivity grow, companies must take proactive steps to protect their data privacy and security and adopt models that give them governance over their data. Today’s Platform Driven Solutions Self-service account management, bills payment and electronic fund transfers are considered the basic banking functions that each business should have. Account management allows viewing of account balances and transaction history without going to the bank. All these were made easy and accessible, by just logging into UnionBank’s The Portal app. Bills Payment, on the other hand, gives businesses access to a large list of billers. They can pay their water, electricity, telco, and other utilities online. BIR ePayment is also available, allowing users to pay taxes online. If the company is an accounting firm, they can also pay for their client’s taxes on The Portal app. Electronic fund transfers save companies time and reduce their risk exposure. Just upload the batch crediting file on the platform and it automatically disburses it to their recipients. Clients can also set up their recipients in UnionBank Business Banking so they receive email and SMS notifications every time they are credited. All these are made possible without stepping inside a branch. Batch Electronic Funds Transfer is also now made available for UnionBank Transfers and PESONet. This enables the streamlining of bulk account to account transfers to another UnionBank account or to other bank accounts. This has highlighted the ease and convenience of going digital to corporate clients versus processing transactions through the traditional way of banking over-the-counter or paying via cheques. Going beyond the basic functions of a normal digital banking tool, The Portal’s self-enrollment feature allows businesses to conveniently self-enroll their nominated accounts and users through the simple enrollment steps. Once completed, access to The Portal is granted and clients may enjoy the convenience of processing their funds transfer instructions online. In addition, there is an option to initiate the enrollment of the beneficiary accounts individually or in bulk. This can be essential for clients that need a payee maintenance feature to ensure that the initiated transactions are only credited to enrolled account. With the convenient, hassle-free and straight-through processing in The Portal, businesses can easily push fund transfers in the comfort of their own homes or offices. This pandemic serves as a widespread test case for the effectiveness of these digital solutions, many of which will be permanent fixtures and lead to long-term changes for many businesses. Organizations that embrace digital solutions have greater resiliency in the face of adversity and are way ahead of the competition, which will enable them to recover faster and pivot from playing defense to chasing growth. While many believe it is too idealistic to have a good workplace culture and excellent compensation, many jobseekers significantly consider these two factors when applying for a job, according to two studies. The 2021 Employee Experience Survey by Willis Towers Watson reported that 89 percent of respondents believe a positive employee experience is a crucial driver of engagement, while a 2023 survey from the online recruitment platform JobStreet found that 53 percent of Filipino job seekers would like to know the salary range offered while still in the recruitment process. Aside from great benefits and compensation, employees in the IT industry pointed out that a good work culture and environment, as well as training programs, are the top priorities of job seekers. Vanessa Liwanag, business development director at Yondu, acknowledged the company’s role in her growth, “Yondu has helped me develop my leadership, decision-making, and communication skills through its effective leadership training programs. The company also helped me grow personally because of its hybrid setup. This allows me to have a work-life balance. I can still care for my family and health while contributing to the organization.” Leather, who specializes in securing networks from vulnerabilities, noted that training programs are essential as trends continuously evolve. IT professionals need to keep up in order to be efficient. Steph, a software solutions engineer, echoed this, adding that since the industry is highly competitive and fast-paced, getting equipped with the right skills and knowledge is essential. Grace, a malware researcher, said that one advantage in the IT field is that since it’s a broad industry, there is always much to learn and room for improvement. Yondu, an IT solutions company wholly owned by Globe, offers all these benefits and compensation, a good working environment, and training programs to Yondudes, a nickname for its employees. Competitive pay and benefits are OK for Yondu as the company ensures this through regularly benchmarking market data and best practices. There are also tailor-fitted rewards programs according to talent segments. Yondu also ensures its employees remain competitive and well-equipped by industry standards through various training, reskilling, and upskilling programs to hone their skills in the constantly changing tech industry. Despite the fast-paced sector continuously evolving, Yondu still values work-life balance and provides programs to support Yondudes’ well-being further. “What sets Yondu apart from other organizations is its genuine focus on understanding and supporting its employees,” said Javen Babac, lead application support specialist at Yondu. “The company recognizes that employees perform their best when they feel valued and supported, and this philosophy sets Yondu apart by fostering a positive and inclusive work environment. The organization’s commitment to understanding its employees and providing the necessary resources demonstrates its dedication to employee well-being and sets a strong foundation for professional growth and job satisfaction.” The post The Advantage of Adopting the Right Digital Tools for your Business appeared first on Daily Tribune......»»
DonBelle’s first primetime series ‘Can’t Buy Me Love’ opens this October
The much-anticipated debut of the New Gen phenomenal love team of Donny Pangilinan and Belle Mariano (“DonBelle”) in their very first primetime series is just around the corner. The teaser for their show Can’t Buy Me Love, opening this October, has set the hearts of fans aflutter. In the one-minute clip, Mariano’s character Caroline, a Chinese-Filipino born into a very wealthy and traditional family, meets Pangilinan’s character Bingo, a diligent man whose aim is to provide for his underprivileged family. “This October, magbibida na sa kanilang unang primetime series ang New Gen Phenomenal Love Team,” the video teaser announced. Following their successful team-up in Star Cinema’s romantic comedy film An Inconvenient Love, which paved the way for the film outfit’s comeback to theaters after the pandemic, Mariano and Pangilinan’s next series, Can’t Buy Me Love, represents the latest professional milestone for the love duo. Mae Cruz Alviar is directing the TV series, which Mariano described as “always been a dream of mine. Growing up, I used to watch primetime series, and to be able to do one with Direk Mae and him (Donny), grabe! I am so excited. I cannot wait.” Alviar, in turn, has been all praises for her stars. “They want to make this work even more,” she said. “Napaka-hardworking na couple nila, na love team (They are a very hardworking couple, their loveteam). And, together I know that they will go very, very far.” DonBelle earned their “phenomenal” moniker in 2021, their breakout year as a record-breaking pair when their collaboration in the iWantTFC limited series He’s Into Her and the digital release of their debut movie Love Is Color Blind took the digital entertainment industry by storm. Love Is Color Blind became the highest-grossing movie and the biggest digital premiere on KTX.ph. The post DonBelle’s first primetime series ‘Can’t Buy Me Love’ opens this October appeared first on Daily Tribune......»»
‘All Star’ Smash Mouth frontman Steve Harwell dies at 56
Steve Harwell, the former lead vocalist of the American rock band Smash Mouth, has passed away at age 56. His manager, Robert Hayes, announced in a statement that Harwell died “peacefully and comfortably” at his home in Boise, Idaho, surrounded by his family and friends. He died of acute liver failure on 4 September. A day before his death, it was announced that Harwell was receiving hospice care for final-stage chronic liver failure and only had a few days to live. Harwell’s musical career began when he played in a rap group called F.O.S (Freedom of Speech). Later on, Smash Mouth was formed along with drummer Kevin Coleman, whom he met in 1990, guitarist Greg Camp and bassist Paul De Lisle. Rock music While largely performing rock music during their earlier years, record labels saw the group’s potential after a demo of their song “Nervous in the Alley” was played at a local radio station. After signing with Interscope Records, they released their debut album, Fush Yu Mang, in 1997. A ska, reggae, pup-punk album that includes their first major hit, “Walkin’ on the Sun,” which has a distinctive, psychedelic soul and soul-funk music style. Their sophomore album, Astro Lounge, became a global success and one of their most critically acclaimed albums. It included the band’s biggest single, “All Star,” which was frequently featured in films like Inspector Gadget (1999), Mystery Men (1999), Digimon: The Movie (200), Rat Race (2001) and Shrek (2001). “All Star” also earned its first Grammy nomination for Best Pop Performance by a Duo or Group with Vocals. The Grammy-nominated rock band released five more studio albums in the following years: Smash Mouth (2001), Get the Picture? (2003), The Gift of Rock (2005), Summer Girl (2006) and Magic (2012). Amid his band’s skyrocketing popularity, Harwell’s son, Presley, died in 2001 from acute lymphocytic leukemia. His son was only six months old. Health issues The former rock singer had been battling numerous health issues. In 2013, he was diagnosed with cardiomyopathy, a heart condition that can lead to heart failure; and acute Wernicke encephalopathy, a neurological disease that impairs speech, memory and muscle coordination. The “All Star” singer also struggled with alcoholism throughout his adult life. Harwell announced his retirement from the band in 2021 over ongoing physical and mental health issues. With the band’s iconic ‘90s legacy and Harwell’s unique music influence, the rock singer lived a “100-percent full-throttle life. Burning brightly across the universe before burning out,” said Hayes. Smash Mouth’s official Instagram account paid tribute to Harwell: “Steve Harwell was a true American Original. A larger-than-life character who shot up into the sky like a Roman candle. Steve should be remembered for his unwavering focus and impassioned determination to reach the heights of pop stardom.” The post ‘All Star’ Smash Mouth frontman Steve Harwell dies at 56 appeared first on Daily Tribune......»»
South African rhino farm, world’s largest, bought by NGO
The largest rhino farm in the world, which is home to 2,000 animals and located in South Africa, has been bought by the NGO African Parks, the organization said Monday. Home to nearly 80 percent of the world's rhinoceroses, South Africa is a poaching hotspot, driven by demand from Asia, where horns are used in traditional medicine for their supposed therapeutic effect. The government said 448 of the rare animals were killed across the country last year, only three fewer than in 2021 despite increased protection at national parks such as the renowned Kruger. "African Parks has stepped in as the new owner of the world's largest private captive rhino breeding operation," the conservation NGO said in the statement. The NGO will take over the 7,800 hectare "Platinum Rhino" site in the North West province, which it says currently is home to 15 percent of the world's remaining wild population of southern white rhino. The rhino farm was previously owned by 81-year-old South African conservationist John Hume, who auctioned the property earlier this year. Although he said he was looking for a "billionaire" to take it over, African Parks said that no offers were received, leaving the rhinos at "great risk of poaching". The NGO said it received from the South Africa government. Hume told AFP in an interview before the sale that through the years he had lavished around $150 million on his massive philanthropic project to save the world's second largest land mammal. Security and surveillance was the farm's biggest cost, he said. African Parks, which manages 22 protected areas across the continent, says it plans to return 2,000 southern white rhino to the wild over the next 10 years. The species was hunted to near extinction in the late 19th century but gradually recovered thanks to decades of protection and breeding efforts. The post South African rhino farm, world’s largest, bought by NGO appeared first on Daily Tribune......»»
Digitizing a must — Concepcion
Honing and making micro, small and medium enterprises fully engrossed with digitization is now a must for every country in the ASEAN Region to fully realize the expanding opportunities presented by digital transformation, according to ASEAN-Business Advisory Council Philippines chairperson Joey Concepcion. “The power of digitalization is there; we just have to use it. It’s time that we really focus on the objective of greater prosperity, especially for those at the bottom of the pyramid, using whatever tools we have,” Concepcion said during a panel discussion on ASEAN’s Digital Powerhouse at the Nexus of Connectivity and Transformation in Jakarta, Indonesia on Sunday. “We must enable MSMEs to use digitalization to their advantage. Digital growth is seen to boost cross-border e-commerce by providing MSMEs with access to new markets and is hoped to promote financial inclusion to underserved populations,” he added. Further, Concepcion noted that although the rapid growth of digital adoption in the ASEAN bodes well for the region’s economies, its growth must be inclusive, with MSMEs being crucial to sustainable growth, to fully realize the expanding opportunities presented by digital transformation. “All of these tools are important to uplift the lives of our people. That’s why we are here: how do we solve big problems, especially for those who are at the bottom of the pyramid,” he said, pointing out that four of the 10 countries in the ASEAN have nearly a fifth of their populations still living in poverty. Region’s biggest tech players The session gathered some of the region’s biggest technology players, as well as key stakeholders from leading multinational companies, global financial institutions, and government organizations. The session delved into the development of strategic policies — including financial technology, e-trade, and cross-border trade facilitation. “The power of digital has to be used. The crisis pushed people to use these tools and this is one of the reasons we in the ASEAN BAC Philippines proposed to sign an MoU with each ASEAN country to focus on sectors that will bring development, specifically agriculture and MSMEs,” he said. He also pointed out that digitalization will stand to benefit even the one-man businesses — also known as nanopreneurs — who now have a better chance at succeeding because they have access to marketing tools and digital payment solutions. “We are the big brothers. Unless we embrace the MSMEs in our value chain this is going to take a long time. That is our mission as ASEAN BAC heads, to see to it that greater prosperity is achieved,” he said. Private sector feedback The ASEAN BAC was organized to provide private sector feedback and guidance to boost ASEAN’s efforts towards economic integration. It was said in the discussion that ASEAN has emerged as the world’s fastest-growing Internet market, with a 40 percent annual growth in the value of e-commerce between 2016 and 2021. Further, it is set to become the world’s fastest-growing digital market driven by a growing consumer market and the rapid adoption of social commerce platforms by its population. “This growth must be inclusive to unlock the benefits. It must be used to enable MSMEs,” he said. Phl case cited Concepcion cited the Philippines case as an example of how digital technology has helped MSMEs compete with big corporations and gave birth to a thriving digital economy that was further hastened by the pandemic lockdowns. Aside from Concepcion, other speakers in the session were Sam Myers, deputy trade commissioner for Asia Pacific (Southeast Asia) at the UK Department for Business and Trade; Haslina Taib, CEO of Dynamic Technologies; Yuem Kuan Moon, CEO of Singtel; and Kok Ping Soon, CEO of Singapore Business Federation. Bank of Indonesia Governor Dr. Perry Warijjyo, Temasek Holdings CEO Dilhan Pillay Sandrasegara; and Japan External Trade Organization Chairman Ishiguro Norihiko delivered keynote remarks, while ASEAN-BAC Indonesia Policy Manager for Digital Transformation Yohanes Lukiman gave a policy presentation. The post Digitizing a must — Concepcion appeared first on Daily Tribune......»»
Chinese carmakers confront European industry at Munich show
Chinese manufacturers will be out in force at next week's IAA auto show, one of the industry's biggest, revving their new electric models on the turf of German carmakers, which have been lagging in the e-mobility race. Elon Musk's Tesla, usually a hold-out from such events, will also make an appearance at the show in Munich, joining the jostle to steal the spotlight from Europe's biggest brands. The industry fair, which opens Tuesday with a speech from Chancellor Olaf Scholz, comes with clouds gathering for the automotive sector in Europe and in particular, Germany. While suffocating supply chain problems have eased from the pandemic years, European auto giants are struggling to cope with increased energy costs in the wake of the Russian invasion of Ukraine last year. Although sales in the European Union have steadily improved over the last 12 months, they remain around 20 percent below their pre-coronavirus levels as inflation and higher interest rates dampen appetite for new vehicles. At the same time, European manufacturers are facing increasingly stiff competition from Chinese carmakers which are touting their vehicles at far lower prices. Local upstarts have captured an increasingly large part of the prized Chinese market and are threatening to dominate the growing trade in electric vehicles. Chinese groups were starting "their assault on Europe with the IAA", said industry analyst Ferdinand Dudenhoeffer from the Center Automotive Research in Germany. "The IAA 2023 maps out a new automobile world in Europe. Competition will be tougher. After the Chinese battery factories, their automobile makers are coming," he said, calling it a "turning point" for the industry. In all, 41 percent of exhibitors at the industry fair have their headquarters in China, including brands such as BYD and Leapmotor which will hope to steal the spotlight from German giants Volkswagen, BMW, and Mercedes-Benz. Contrary to the Asian onslaught, participation from other European makers is muted. Opel will be US-European conglomerate Stellantis's lone ambassador in Munich, while Renault is showcasing only its eponymous marque at the show. In contrast, Musk's Tesla was slowly falling in line with traditional manufacturers as "the brand that doesn't do marketing begins to do exactly that" with its first appearance at the IAA, said independent analyst Matthias Schmidt. - Petrol protest - Over the week, around 700,000 visitors are expected to attend the show, split between exhibition halls and the city center. The move away from combustion engines to electric vehicles -- and the bigger climate question -- will take center stage inside and outside the exhibition halls. As carmakers roll out their latest offerings, climate groups have vowed protests at the fair, including "civil disobedience" aimed at disrupting the IAA. The last edition of the show in 2021 was already troubled by small-scale protests. This time around, some 1,500 people are expected at a camp in a suburban Munich park promoting a "revolution in mobility". Car manufacturers were "destroying the lives of countless people worldwide with their growth imperative", one of the climate groups said ahead of the fair. Automotive groups have not helped their case recently by recording massive profits on the back of strong inflation. Manufacturers -- particularly those at the high end of the market -- have been able to benefit from rising prices to boost their margins. A growing climate consciousness movement is increasingly pitting environmental activists against carmakers. Mindful of society's changing views on automobiles, the IAA upped sticks from Frankfurt to Munich in 2021 and restyled itself as a festival for all forms of "mobility" -- bringing bikes and scooters into the fold. As well as cleaning up its image, the move was an attempt to reinvigorate traditional motor shows. The marquee events have struggled to attract manufacturers, who are doubtful that they create enough publicity to be worth the bother. In 2022, the Paris Motor Show saw visitor numbers dwindle, as it was cut in length from two weeks to one. Many big European names, such as Volkswagen, BMW, and Ferrari were absent from the French fair, to which Chinese carmakers like BYD by contrast turned up. The post Chinese carmakers confront European industry at Munich show appeared first on Daily Tribune......»»
Elon Musk lifts political ad ban at rebranded Twitter
Elon Musk on Tuesday lifted a ban on political ads put in place at Twitter to thwart misinformation before the billionaire bought the platform now called X. Welcoming back potentially misleading political messages at X came less than a week after former president Donald Trump posted there for the first time since January 2021. Trump posted his police mugshot after his arrest in Georgia, signaling his return to a platform that was his favorite bullhorn during his years in the White House. It was his first post since several days after the insurrection at the US Capitol that saw an enraged mob of his supporters attempt to block Joe Biden's certification as president. The then-Twitter permanently suspended Trump after the 6 January riot, ruling he had violated the platform's policy on glorifying violence as he pressed his false claims that the election was stolen from him. Musk, who bought the platform last year, reinstated the former president in November 2022, but Trump stayed away, choosing to reach his followers on his own platform, Truth Social, albeit with a much smaller audience. X said in a blog post that allowing political ads, starting in the United States, was "building on our commitment to free expression." X policies prohibit the promotion of false or misleading information, including bogus claims intended to undermine confidence in an election, the blog contended. Trump's recent mug shot post came with a caption reading "Election interference." A judge on Monday set March 4, 2024, for Trump's election subversion conspiracy trial -- placing one of the biggest criminal cases in American history at the height of the next White House race. X said it is expanding its safety and elections teams to focus on combating manipulation of the platform and will provide an online center where political ads can be reviewed. Musk slashed staffing after buying Twitter, raising concerns about its ability to moderate content and reliably function. X said it is updating its Civic Integrity Policy for safeguarding elections to tackle content meant to intimidate or deceive voters while aligning with Musk's philosophy of letting people say what they want. "X shouldn't determine the truthfulness of disputed information," the platform said in the blog post. "Rather, we should empower our users to express their opinions and openly debate during elections, in line with our commitment to protecting freedom of expression." The post Elon Musk lifts political ad ban at rebranded Twitter appeared first on Daily Tribune......»»
Elon Musk lifts political ad ban at rebranded Twitter
Elon Musk on Tuesday lifted a ban on political ads put in place at Twitter to thwart misinformation before the billionaire bought the platform now called X. Welcoming back potentially misleading political messages at X came less than a week after former president Donald Trump posted there for the first time since January 2021. Trump posted his police mugshot after his arrest in Georgia, signaling his return to a platform that was his favorite bullhorn during his years in the White House. It was his first post since several days after the insurrection at the US Capitol that saw an enraged mob of his supporters attempt to block Joe Biden's certification as president. The then-Twitter permanently suspended Trump after the 6 January riot, ruling he had violated the platform's policy on glorifying violence as he pressed his false claims that the election was stolen from him. Musk, who bought the platform last year, reinstated the former president in November 2022, but Trump stayed away, choosing to reach his followers on his own platform, Truth Social, albeit with a much smaller audience. X said in a blog post that allowing political ads, starting in the United States, was "building on our commitment to free expression." X policies prohibit the promotion of false or misleading information, including bogus claims intended to undermine confidence in an election, the blog contended. Trump's recent mug shot post came with a caption reading "Election interference." A judge on Monday set 4 March 2024 for Trump's election subversion conspiracy trial -- placing one of the biggest criminal cases in American history at the height of the next White House race. X said it is expanding its safety and elections teams to focus on combating manipulation of the platform and will provide an online center where political ads can be reviewed. Musk slashed staffing after buying Twitter, raising concerns about its ability to moderate content and reliably function. X said it is updating its Civic Integrity Policy for safeguarding elections to tackle content meant to intimidate or deceive voters while aligning with Musk's philosophy of letting people say what they want. "X shouldn't determine the truthfulness of disputed information," the platform said in the blog post. "Rather, we should empower our users to express their opinions and openly debate during elections, in line with our commitment to protecting freedom of expression." The post Elon Musk lifts political ad ban at rebranded Twitter appeared first on Daily Tribune......»»
Acai craze: Threat for the Amazon?
ABAETETUBA, Brazil (AFP) — Working in the sweltering heat of the Brazilian Amazon, Jose Diogo scales a tree and harvests a cluster of blackberries: Acai, the trendy “superfood” reshaping the world’s biggest rainforest — for better and worse. Diogo, 41, who lives in a poor, remote community founded by escaped slaves, is a world away from the upscale supermarket aisles of New York or Tokyo, where berries like these are sold in sorbets, smoothies, juices, powders and pills, popularized by the likes of Gwyneth Paltrow and Meghan Markle. But he has a front-row seat of the changes the acai craze is bringing to the Brazilian Amazon. Since acai rose to international fame in the 2000s, touted for its rich nutritional and antioxidant properties, it has unleashed an economic boom for traditional farmers in the Amazon region, and been lauded as a way to bring “green development” to the rainforest without destroying it. But experts say it is also threatening the Amazon’s biodiversity, as single-crop fields of acai palms become increasingly common. Diogo, who lives in the village of Igarape Sao Joao, in the northern state of Para, is building himself a brick house thanks to the money he has made from acai. “Things get a lot better for us every harvest season,” he says, scraping the small berries into a large basket. He can fill 25 such baskets on a good day, bringing home between 300 and 625 reais ($60 to $128), he says. The berries are brought by boat to Belem, the state capital, where sweating workers carry huge loads of them to market to be sold as quickly as possible, before the fragile fruit goes bad. Long eaten by Indigenous groups, acai is a culinary mainstay in northeastern Brazil, eaten with manioc flour or used to accompany fish and other dishes. Its deep-purple pulp shot to popularity across Brazil over the past two decades, often drunk as juice or made into a sweetened sorbet and served with fruit and granola. From there, acai went on to win fans worldwide, from the United States to Europe, Australia and Japan, where it can sell for around $5 per bowl to upwards of $20 for a 100-gram packet of organic acai powder. Brazilian exports of acai and its derivatives surged from 60 kilograms in 1999 to more than 15,000 tons in 2021. Para, the source of 90 percent of Brazil’s acai, produced almost 1.4 million tons of it in 2021, worth more than $1 billion for the state’s economy. But studies show the expansion of acai palms in the Amazon is causing a loss of biodiversity in some regions by replacing other species. “Leave nature to its own devices, and you get 50 or maybe 100 acai plants per hectare,” says biologist Madson Freitas of the Museu Goeldi research institute in Belem. The post Acai craze: Threat for the Amazon? appeared first on Daily Tribune......»»