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UN chief convenes ‘no nonsense’ climate summit, without China or US
UN Secretary-General Antonio Guterres is set Wednesday to host a climate meeting marred at its outset by the absence of speakers from the world's top two emitters, China and the United States. Despite increasing extreme weather events and record-shattering global temperatures, greenhouse gas emissions continue to rise and fossil fuel companies reap handsome profits. Guterres has thus billed the "Climate Ambition Summit" as a "no nonsense" forum where leaders or cabinet ministers will announce specific actions that deliver on their commitments under the Paris Agreement. The bar for making the podium was set high, with the UN chief making clear that only leaders who had made concrete plans to achieve net-zero greenhouse emissions would be allowed to speak. After receiving more than 100 applications to take part, the UN finally released a list on Tuesday night of 41 speakers which did not include China, the United States, the United Kingdom, Japan or India. "Tomorrow, I will welcome credible first movers and doers to our Climate Ambition Summit," Guterres said Tuesday. Several major leaders didn't bother making the trip to New York for this year's UN General Assembly, including President Xi Jinping of China and Prime Minister Rishi Sunak from the United Kingdom, who said he was too busy. US President Joe Biden, who addressed the General Assembly on Tuesday, sent his climate envoy John Kerry to the meeting -- though Kerry won't be permitted to speak. "There's no doubt that the absence of so many leaders from the world's biggest economies and emitters will clearly have an impact on the outcomes of the summit," Alden Meyer of climate think tank E3G said. He blamed competing issues -- from the Ukraine conflict to US-China tensions and rising economic uncertainty. "But I think it's also the opposition in many of these countries from the fossil fuel industry and other powerful interests to the kind of transformational changes that are needed," said Meyer. Catherine Abreu, executive director of nonprofit Destination Zero, said it was "perhaps a good-news story that we see Biden not being given a speaking slot at the summit" because the United States is continuing to expand fossil fuel projects even as it makes historic investments in renewables. "I think about this as being a correction from past summits, where leaders have been given the opportunity to take credit for climate leadership on the global stage, while they continue to pursue plans to develop fossil fuels, and continue driving the climate crisis back at home," she added. While the United States won't take the rostrum, California will be represented by Governor Gavin Newsom. From Britain, London Mayor Sadiq Khan will also attend. Growing anger The event is the biggest climate summit in New York since 2019, when Greta Thunberg stunned the world with her "How Dare You" speech before the UN. Anger is building among climate activists, particularly younger people, who turned out in thousands last weekend for the "March to End Fossil Fuels" in New York. Observers are eager however to see what Canadian Prime Minister Justin Trudeau and European Union President Ursula von der Leyen say both on their own goals and on financing commitments for the developing world. The failure of advanced economies, responsible for the majority of historic emissions, to honor their promises to the worst affected lower-income nations has long been a sore point in climate talks. There are some bright spots, including the announcement that Colombia and Panama are joining a grouping called the Powering Past Coal Alliance -- particularly notable as Colombia is the world's sixth biggest coal exporter. Wednesday's summit comes weeks ahead of the COP28 climate talks in the United Arab Emirates, where goals include tripling renewable energy by 2030, and ending by 2050 the generation of fossil fuel energy that isn't "abated" by carbon capture technology. The post UN chief convenes ‘no nonsense’ climate summit, without China or US appeared first on Daily Tribune......»»
Biden leads US tech push in Vietnam
President Joe Biden and senior executives from top US tech firms including Google and Intel met Vietnamese business leaders Monday after the two countries agreed to deepen cooperation as Washington seeks to counter China's growing clout. Biden and Vietnam's ruling Communist Party chief -- the country's paramount leader -- struck a "comprehensive strategic partnership" as Washington pushes to boost its network of allies around Asia and the Pacific. The United States sees manufacturing dynamo Vietnam as an important part of its plan to decrease reliance on China for supplies of strategic resources, and the new pact includes agreements on semiconductors and rare earths. Executives from tech behemoth Google, chip makers Intel and GlobalFoundries, and aviation giant Boeing joined Biden and Secretary of State Antony Blinken for an "innovation and investment summit". They held talks with senior figures from a host of leading Vietnamese tech and manufacturing companies including electric car maker VinFast, internet firm VNG and digital wallet Momo. At the talks, Biden announced that flag-carrier Vietnam Airlines had agreed a $7.8-billion deal with Boeing to buy 50 medium-haul 737 airliners. Other deals announced include Microsoft developing a "generative AI-based solution tailored for Vietnam" and NVIDIA teaming up with local companies to deploy artificial intelligence in the cloud, automotive and healthcare sectors. Semiconductor security The new partnership includes an agreement on semiconductors, with the United States committing to help Vietnam develop its capabilities and expand production, including by funding workforce training. Tiny semiconductors are vital to modern life, found in every electronic device from children's toys and smartphones to electric cars and sophisticated weapon systems. Biden moved last month to restrict US investment in Chinese technology in sensitive areas including semiconductors, quantum computing and AI. With Washington looking to diversify and strengthen its supply chains after a series of shocks hit the global economy, it is increasingly looking to Vietnam, which has the world's second-largest deposits of rare earths -- another strategically vital resource -- after China. The White House highlighted US investment in chipmaking in Vietnam, pointing to a new $1.6 billion factory near Hanoi due to start operations soon. China difficulties Biden insisted Sunday that he did not want to "contain" China, but accused Beijing of seeking to change the rules of the international order. And in their joint statement, Biden and Trong launched a fresh broadside at Beijing in the sprawling, multi-state territorial row over the South China Sea. They warned against "threat or the use of force", days after the latest clash involving Chinese vessels, and insisted the competing claims to the strategic waterway must be settled under international norms. Beijing claims almost the entire sea, through which trillions of dollars in trade passes annually, and has ignored an international court ruling that its assertion has no legal basis. The president met Chinese Premier Li Qiang -- the country's number two leader -- on the sidelines of the G20 summit in Delhi on Sunday. Biden said the major economic problems Beijing was wrestling with would limit its scope for action, particularly on Taiwan -- which China regards as a renegade province. "China has a difficult economic problem right now for a whole range of reasons that relate to the international growth and lack thereof and the policies that China has followed," he said, pointing to high youth unemployment and real estate issues. "I don't think it's going to cause China to invade Taiwan. As a matter of fact, the opposite -- it probably doesn't have the same capacity that it had before." Vietnam has its own squabbles with Beijing, notably over the contested South China Sea. Hanoi's state media on Monday hailed the deal with former war foe the United States as "historic". Biden will end his visit by paying his respects at a memorial to his friend John McCain, the former US Senator shot down in Hanoi as a pilot during the Vietnam War. The post Biden leads US tech push in Vietnam appeared first on Daily Tribune......»»
China’s Huawei renews patent licensing deal with Ericsson
Chinese telecoms giant Huawei said Friday it had renewed a licensing agreement with Ericsson to use each other's technologies, in a rebuff to US warnings about the risk of espionage by Beijing. Huawei has been at the center of an intense technological rivalry between China and the United States, which suspects the company of spying for Beijing -- accusations Huawei denies. US sanctions on Huawei since 2019 have cut off the firm from global supply chains for American components and hobbled its smartphone arm, forcing it to pivot towards other forms of growth. Washington has also pressured its allies to ban the use of Huawei gear in their 5G telecoms networks, arguing that Beijing could use the equipment to spy on other countries' communications and data traffic. Despite those tensions, Huawei and Ericsson -- based in Stockholm -- have signed a "long-term" global agreement to license each other's patents, the Chinese company said in a statement Friday. The deal covers patents essential to 3G, 4G, and 5G cellular technologies as well as both companies' "respective sales of network infrastructure and consumer devices", Huawei said. The company's intellectual property chief, Alan Fan, said the agreement "demonstrates the commitment both parties have forged that intellectual property should be properly respected and protected". "Our commitment to sharing leading technological innovations will drive healthy, sustainable industry development and provide consumers with more robust products and services," he said. The previous agreement between Huawei and Ericsson was signed in 2016. Back then, Huawei was an insurgent force in the global technology sector with an eye on dethroning Apple and Samsung as the world's top sellers of smartphones. It briefly grabbed that title in 2020 but US sanctions have since clipped its wings and forced Huawei into a strategic refocus on software, connected devices, business computing, smart vehicles, and other sectors. Despite being sidelined from American technologies, Huawei could begin producing its own chips for 5G phones this year, according to media reports about which the company has refused to comment. The post China’s Huawei renews patent licensing deal with Ericsson appeared first on Daily Tribune......»»
Russia’s Luna-25 probe crashes on the Moon
Russia's first Moon mission in almost 50 years, the Luna-25 probe, has crashed on the Moon's surface after an unspecified incident during pre-landing maneuvers, the Russian space agency Roscosmos said Sunday. The crash comes almost a year and a half into Russia's Ukraine offensive that has seen Moscow isolated, with punishing sanctions that have affected its space industry. The failed mission comes as several companies and nations have entered a Moon race, and put a spotlight on the Russian space sector's troubles -- from corruption to lack of innovation and partnerships. Communication with Luna-25 was lost at 2:57 pm (1157 GMT) on Saturday, Roscosmos said. According to preliminary findings, the lander "has ceased to exist following a collision with the Moon's surface". "Measures taken on August 19 and 20 to locate the craft and make contact with it were unsuccessful," the space agency added. It said a ministerial investigation would be opened into the causes of the crash, without giving any indication of what technical problems might have occurred. With Luna-25, Moscow had hoped to build on the legacy of its Soviet-era Luna program, marking a return to independent Moon exploration in the face of financial troubles and corruption scandals at the program and growing isolation from the West. Valery Yegorov, a former researcher with Russia's space program who now lives in exile, said the crash would severely affect Roscosmos's future missions, with the next one not planned until 2028 or "even later". He suggested the probe's failure was linked to electronic problems, possibly resulting from Western sanctions on Moscow. The Luna-25 launch was postponed several times in the last five years, Yegorov said, "because of sanctions imposed on Russia in response to seizing Crimea". Research 'not a priority' "Science, fundamental research, some kind of humanistic ideas about space colonization, about revealing the secrets of the universe, are clearly not a priority right now," said Yegorov, who has denounced the Kremlin's Ukraine offensive. The 800-kilogram (1,760-pound) Luna-25 probe was to have made a soft landing on Monday on the Moon's south pole -- which would have been a historic first. Russia has not attempted to land on a celestial body since 1989, when the Soviet Union's Phobos 2 probe to explore the moons of Mars failed after an onboard computer malfunction. Roscosmos chief Yuri Borisov had said the venture would be "risky", telling President Vladimir Putin in June that the probability of it succeeding was "around 70 percent". Luna-25 had been successfully placed in the Moon's orbit on Wednesday after being launched from the Vostochny cosmodrome in the Russian Far East. Space race But on Saturday, Roscosmos said an "emergency" had been detected during a maneuver by the probe before its landing, preventing the operation from being carried out. Luna-25 had been expected to stay on the Moon for a year, collecting soil samples and looking for water -- an ingredient enthusiasts hope could be used to make rocket fuel for future launches and support potential colonies living there. Cameras installed on the lander had already taken shots of the lunar surface. Doubts had already emerged about Russia's long-running space cooperation with the West in the wake of its military campaign in Ukraine. While Russia has said it intends to use the International Space Station until 2028, the European Space Agency has dropped plans to co-operate with Moscow on Moon and Mars missions. Moscow last landed a probe -- Luna-24 -- on the Moon in 1976, before shifting away from lunar exploration in favor of missions to Venus and building the Mir space station. Landing Luna-25 successfully would have paved the way for further Russian missions to the Moon, at a time when India and China are launching their own probes and the United States returns to manned missions. India's competing space probe, Chandrayaan-3, entered the Moon's orbit earlier in August, also with the goal of landing on the south pole. Only Russia, the United States and China have previously achieved a controlled landing on the Moon. The post Russia’s Luna-25 probe crashes on the Moon appeared first on Daily Tribune......»»
Senators weigh in on Marcos’ Manila Bay reclamation suspension order
President Ferdinand Marcos Jr.'s latest directive halting reclamation works in Manila Bay gained mixed reactions from senators. In separate statements on Wednesday, lawmakers from the upper chamber expressed support for the recent directive on the Manila Bay reclamation activities which is linked to massive floodings in Metro Manila and nearby provinces. Senator Joseph Victor “JV” Ejercito, who earlier urged the Philippine Coast Guard and the Philippine Navy to inspect the Chinese vessels undertaking the reclamation in Manila Bay, backed the suspension order. “That is a very welcome development. I support the President’s decision 100 percent,” Ejercito said. Marcos ordered the suspension of all the reclamation projects in Manila Bay except one that he did not identify. Senator Risa Hontiveros also welcomed the chief executive’s suspension of reclamation projects in Manila Bay, particularly those handled by the China state-owned China Communications Construction Co. or CCCC. “We should not take risks with companies like the CCCC,” Hontiveros said in a separate statement. “The government should self-control on projects that destroy the environment. When there is a change in the natural resources, it will be difficult to fix,” she added. Earlier this month, the government of the United States, through its Embassy in the Philippines, expressed concerns over the “negative long-term and irreversible” impact on the environment of the ongoing reclamation projects in Manila Bay, particularly those linked to the CCCC. Of 32 ongoing reclamation projects in Manila Bay, China Communications Construction Co., or CCCC, is involved in two projects such as the Pasay Harbor City Reclamation Project and Manila Waterfront City Development Project. The CCCC is a firm that was added to the US Department of Commerce’s Entity List for its role in helping the Chinese military construct and militarize artificial islands in the South China Sea. “The company has also been cited by the World Bank and the Asian Development Bank for engaging in fraudulent business practices,” the embassy said. While many senators supported the President’s decision, Senator Robinhood “Robin” Padilla seems to be against the suspension of reclamation activities in Manila Bay. During the hearing of the Senate Committee on Public Works, where proposed measures including those on flood control projects were taken up, Padilla clarified that he is not against the reclamation activities in Manila Bay. “Reclamation is considered a sign of progress in a country. I am not against it,” he said. Citing many countries and territories such as The Netherlands, Singapore, Macau, Hong Kong, and Dubai that he visited which have reclamation projects, but are not marred by flooding, Padilla said the Department of Public Works and Highways must implement reclamation projects properly. “You in the DPWH should be aware that flooding has affected not just Bulacan but also Pampanga and Nueva Ecija, which are agricultural areas,” he said. “If flooding affects farmers and their produce, this will lead to importation, and our problems will never end,” he added. He continued: “We are all public servants. I repeat that I am not against reclamation, but I hope the problem of flooding can be solved.” The post Senators weigh in on Marcos’ Manila Bay reclamation suspension order appeared first on Daily Tribune......»»
Volkswagen takes stake in Chinese electric carmaker
German auto giant Volkswagen said Wednesday it would take a minority stake in Chinese electric vehicle manufacturer XPeng, as it looks to make up for lost ground in the key market. Volkswagen said it would invest $700 million (632 million euros) in the Chinese auto brand, acquiring a stake of just under five percent in the Chinese brand. Together, the two companies would develop two mid-sized VW-branded electric models to be rolled out on the Chinese market "in 2026", Volkswagen said. Volkswagen also said its premium Audi brand had signed a memorandum with the group's existing Chinese partner SAIC to expand their cooperation and work on new high-end electric vehicles. The local tie-ups were an "important building block" in German group's plans to produce vehicles in China for the Chinese market, VW's regional chief Ralf Brandstaetter said in a statement. China is Volkswagen's most important market, accounting for around 40 percent of the group's overall sales. But Volkswagen has fallen behind domestic competitors in China, losing its title as the best selling auto brand to BYD -- while it has fallen even further behind in the growing electric car market. With the deal, Volkswagen was "accelerating the expansion of our local electric portfolio", Brandstaetter said. CEO Oliver Blume has identified the Chinese market, along with North America, as key to growth for the Volkswagen. The German group was determined to remain "the most successful international car manufacturer in China", where it currently has a 14-15 percent market share, Blume said in June. The post Volkswagen takes stake in Chinese electric carmaker appeared first on Daily Tribune......»»
APAC energy leaders reaffirm commitment to sustainable power
In pursuing a sustainable energy future, the Technical Committee of the Association of Electricity Supply Industry of East Asia and the Western Pacific has once again convened to lay down plans to meet the evolving requirements of the new generation of consumers. The AESIEAP Technical Committee, in a recent conference, tackled innovative opportunities, particularly in the areas of smart grid and asset management, sustainable power generation, electric mobility, and standardization and adoption of next-generation technologies. Hosted by an AESIEAP Team Philippines coalition composed of Manila Electric Company, National Power Corporation, National Transmission Corporation, and National Grid Corporation of the Philippines, the conference was attended by key executives and technical officers from power and energy companies from China, Malaysia, Thailand, Singapore, Hong Kong, and Macau. AESIEAP Technical Committee chairman Ronnie L. Aperocho said the goal of the group was to lay the foundation for a low-carbon and green energy future, which will be the focus of this year's Conference on Electricity Power Supply Industry that will be held in China in October. The Department of Energy, meanwhile, called on the electricity supply industry to be sensitive to the needs of current and future customers while exploring new and efficient technologies and climate-proofing energy infrastructures. Given the need to diversify the country's energy mix, DOE Undersecretary Rowena Cristina Guevara reiterated the Philippine government's proactive efforts to prioritize the acceleration of renewable energy development towards a sustainable and low-carbon energy future. "Innovations, the ability to adopt new technologies, and adapt to new situations are the key characteristics of an electric supply industry that will survive until 2050 when we hit Net Zero," Guevara said. Aperocho, who also currently sits as Meralco's executive vice president and chief operating officer, also emphasized the importance of harnessing already existing technologies, such as unmanned aerial vehicles, advanced metering infrastructure, renewable energy integration and nuclear energy, to further elevate the electric power industry. "AESIEAP will continue to be a major driver and an influential coalition that would relentlessly prepare the industry, set standards and put in place enabling policies toward achieving a sustainable energy future," Aperocho concluded. Established in 1975, the AESIEAP is the largest organization of the power and energy industry in the Asia-Pacific region that aims to foster cooperation through the exchange of expertise and technology among electric power companies. The post APAC energy leaders reaffirm commitment to sustainable power appeared first on Daily Tribune......»»
Singapore state investor Temasek reports portfolio value drop
Singapore state investor Temasek said Tuesday its net portfolio value fell 5.2 percent in the last financial year due to volatility in global markets, and that it would be adopting a more cautious strategy. The company, whose global footprint extends well beyond the city-state, said its net holdings in the year ending in March were at Sg$382 billion ($287 billion), down from a record high Sg$403 billion in the previous year. Its one-year total shareholder return came in at negative 5.07 percent, weighed by higher interest rates resulting from tighter monetary policies to fight inflation. Its three-year total shareholder return, however, stood at 8.0 percent, while its 10-year return was at 6.0 percent and 20-year return at 9.0 percent. "We maintain a cautious investment stance and expect to invest at a moderated pace this financial year, given the challenging macroeconomic environment," said Temasek chief investment officer Rohit Sipahimalani. Temasek is ranked among the world's top 10 investors, with stakes in companies like Singapore Airlines and the city-state's biggest lender DBS Group. The company is mainly anchored in Asia, which accounts for 63 percent of its holdings, mostly in Singapore and China. Its portfolio ranges from transportation to financial services, telecommunications, real estate and life sciences. On Tuesday, Temasek also defended not taking tougher action against the team responsible for a failed investment in collapsed cryptocurrency exchange FTX. Temasek said in May it had slashed compensation for the team and senior management responsible for investing in FTX, which together with its sister trading house Alameda Research went bankrupt in November. FTX's implosion dissolved a virtual trading business that at one point had been valued at $32 billion, resulting in Temasek writing down its $275 million investment and launching an internal review. While the review found no misconduct, the investment team and senior management "took collective accountability and had their compensation reduced", Temasek said at that time. Temasek chief executive Dilhan Pillay said Tuesday the action taken by the firm was enough. "If we were to start to punish people beyond what we've done, who would want to be an investor?" he said. "When you do invest, you take risks. You take calculated, calibrated risks, and as long as you've done the work required to make the investment, the committee approves it and it goes forward," he added. "FTX was, I would say, an aberration." The post Singapore state investor Temasek reports portfolio value drop appeared first on Daily Tribune......»»
S& P: Factory output skids to 10-month low
Manufacturing growth slowed down at its slowest pace in 10 months in June due to weaker growth in output and new orders, data from S&P Global showed on Monday. The S&P Global Philippines Manufacturing Purchasing Managers Index or PMI slowed to 50.9 in June, down from 52.2 in May. It added that the pace of PMI’s growth lost momentum, indicating only a fractional rise in manufacturing output. According to S&P Global, the upward trend in manufacturing output recorded its lowest level since its continuous rise began in September 2022. While the latest reading remained higher than the threshold of 50, which distinguishes expansion from decline, S&P Global Market Intelligence economist Maryam Baluch said in an emailed commentary that the new data indicated similar signs of vulnerabilities observed during the entire duration of the pandemic. Pressures fade “With inflationary pressures fading and global economic uncertainties still a looming threat to growth, the central bank maintained their policy rate at 6.25 percent for the second successive policy meeting in June,” she said. In June, new orders, which support the argument for increasing factory production, experienced a slight growth but at a slower rate. The rise in production was drive by an improvement in demand from both domestic and international markets, as well as the addition of new clients. The decrease in output was attributed to the maintenance of a lean workforce in factories, with S&P Global highlighting that certain companies were actively reducing their labor force. With inflationary pressures fading and global economic uncertainties still a looming threat to growth, the central bank maintained their policy rate at 6.25 percent for the second successive policy meeting in June. China Banking Corp. chief economist Domini Velasquez said the decline in factory output can be attributed to a slowdown in economic activity throughout the Philippines. Velasquez clarified that as bottlenecks in the global supply chain alleviate, the local manufacturing sector will experience positive effects. The post S&P: Factory output skids to 10-month low appeared first on Daily Tribune......»»
Phl’s manufacturing growth slowest in 10 months: data
The country's manufacturing growth slowed down at its slowest pace in 10 months in June due to weaker growth in output and new orders, data from S&P Global showed on Monday. The S&P Global Philippines Manufacturing Purchasing Managers Index (PMI) slowed to 50.9 in June, down from 52.2 in May. It added that the pace of PMI's growth lost momentum, indicating only a fractional rise in manufacturing output. According to S&P Global, the upward trend in manufacturing output recorded its lowest level since its continuous rise began in September 2022. While the latest reading remained higher than the threshold of 50, which distinguishes expansion from decline, S&P Global Market Intelligence economist Maryam Baluch said in an emailed commentary that the new data indicated similar signs of vulnerabilities observed during the pandemic. "With inflationary pressures fading and global economic uncertainties still a looming threat to growth, the central bank maintained their policy rate at 6.25 percent for the second successive policy meeting in June," she said. In June, new orders, which support the argument for increasing factory production, experienced slight growth but at a slower rate. The rise in production was driven by an improvement in demand from both domestic and international markets, as well as the addition of new clients. The decrease in output was attributed to the maintenance of a lean workforce in factories, with S&P Global highlighting that certain companies were actively reducing their labor force. China Banking Corp. chief economist Domini Velasquez said the decline in factory output could be attributed to a slowdown in economic activity throughout the Philippines. Velasquez clarified that as bottlenecks in the global supply chain alleviate, the local manufacturing sector will experience positive effects. Additionally, the sector will also benefit from the combination of decreasing inflation and lower producer prices. "Moving forward, we expect the manufacturing sector to continue to expand modestly until we see improvement in Chinese and advanced economies' demand," Velasquez said. The post Phl’s manufacturing growth slowest in 10 months: data appeared first on Daily Tribune......»»
Biggest-ever airliner order marks first day of Paris Air Show
European aircraft maker Airbus got the Paris Air Show off to a soaring start on Monday with the announcement of the biggest-ever order for civil aircraft, as the French president joined a big crowd for the event's return after a four-year Covid hiatus. The 500-plane deal with low-cost Indian carrier IndiGo kicked off what organizers have billed as the "recovery airshow" after the coronavirus ravaged the sector and the biennial trade fair was canceled in 2021. Fighter jets and civilian aircraft streaked across the sky while suited and uniformed delegations, including Ukrainian military officials and President Emmanuel Macron, toured the stands. This year's airshow has a new focus on defence following Russia's invasion of Ukraine, as well as the industry's efforts to reduce its carbon footprint, with French President Emmanuel Macron arriving in a helicopter partly using sustainable aviation fuel. Macron called for "restraint" to protect the environment but said measures for aviation should be "reasonable" rather than "punitive", adding that the world shouldn't "give up on growth". Huge traffic jams around Le Bourget airport outside Paris were a testament to the interest in this year's show, as aircraft makers field hundreds of orders and airlines brace for a near-record number of passengers this year. The Ukraine conflict has also prompted countries to boost military spending, which could benefit aerospace defense firms. While Russia has been excluded from the event, Ukrainian military officials toured the huge exhibition space at Paris-Le Bourget airport, some taking photos of missiles on display. Passion for air hasn't disappeared Macron announced that Belgium is to be admitted as an observer to the French-German-Spanish Future Combat Air System program, which is seeking to develop the next generation of air combat technology. Macron, closing a ministerial conference on European air defense, called it a " major development". The FCAS is due to come into service by 2040 but has already suffered numerous delays. Also on the military front, Macron said that France, Estonia, Hungary, Belgium, and Cyprus are to jointly purchase Mistral short-range surface-to-air missiles. "This is a very fine example of sovereign cooperation between Europeans on a range that is entirely relevant and that was not sufficiently covered", the French leader said. There was star turns for the Rafale fighter made by France's Dassault and the American F-35 jet, with hundreds of visitors turning their phone cameras skyward and some plugging their ears against the deafening flypasts. Le Bourget offers a forum to announce deals with some 2,500 firms lining up to show off their latest planes, drones, helicopters and prototypes such as flying taxis. With 125,000 square meters (1,350,000 square feet) of exhibition space -- the equivalent of nearly 18 football pitches -- around 320,000 visitors are expected during the week-long event. "Passion for the air hasn't disappeared, that's good news," said Bertrand Godinot, easyJet's Netherlands and France director. Big deals Along with the Farnborough airshow in England, which takes place in even-numbered years, Le Bourget is a key sales event for the civil and defence industries. Airbus and rival Boeing compete fiercely in announcing orders for aircraft running into the billions of dollars. Monday's IndiGo-Airbus deal covers A320 family planes at a list price of $55 billion. Although closely held actual sale prices are usually lower, it marks the largest ever civil aviation order by volume, hailed by Airbus chief executive Guillaume Faury as "an enormous milestone". Airbus and Boeing are also battling to solidify supply chains as they increase production to meet growing demand. The United States has a strong presence with 425 exhibitors, while firms from 46 other nations are present. China, which lifted Covid restrictions only at the beginning of this year, is also represented. However, Beijing is not displaying its first homegrown medium-haul passenger jet, the C919, built to compete with the Airbus A320neo and Boeing 737 MAX. Flying taxis The airshow also hopes to open a window into the future as projects for flying taxis and other vertical take-off aircraft abound. Several prototypes will be on display as part of a "Paris Air Mobility" exhibition to showcase the latest innovations that developers hope will change how people travel. Macron arrived aboard Airbus' latest helicopter, the H160, in a flight fuelled with 30 percent sustainable aviation fuel before visiting the European group's stand where it laid out its net-zero-by-2050 plan. Macron had on Friday announced $2.2 billion to help develop technologies to reduce aircraft emissions. Air travel accounts for nearly three percent of global CO2 emissions but serves only a small minority of the world's population. With the industry targeting net zero emissions by mid-century, firms are turbocharging efforts to achieve it. The initial focus is on SAF, made from sources such as municipal waste and agricultural waste. But companies are also working to develop battery- and hydrogen-powered aircraft. The post Biggest-ever airliner order marks first day of Paris Air Show appeared first on Daily Tribune......»»
Foreign Direct Investments decline 30 percent
The country's foreign direct investments decreased in March 2023 due to challenges from external sources, causing uncertainty in the global economy. Latest data from the Bangko Sentral ng Pilipinas released on Tuesday showed that net inflows of FDIs in March amounted to $548 million, a 30.7 percent decline compared to the previous year. For the first quarter of 2023, FDI net inflows likewise declined by 19.6 percent to $2.0 billion from the $2.5 billion net inflows recorded in the comparable period last year. FDIs are investments that provide more stable and long-term commitments from foreign investors, resulting in job creation for the Filipino population. Equity capital placements during the month originated mostly from Singapore, Japan, and the United States. These were directed mainly to the manufacturing (27 percent); 2) information and communication (26 percent); 3) real estate industries; (23 percent), and others (25 percent). Data broken down, borrowing activity between multinational corporations and their local subsidiaries decreased by 37.2 percent to $389 million in March compared to the previous year. Equity capital placements also experienced a slight decline of 2.5 percent year-on-year, reaching $115 million during the same period. Additionally, reinvestment of earnings experienced a minor dip of 0.1 percent year-on-year, amounting to $65 million in March. China Banking Corp. chief economist Domini Velasquez attributed the country's gloomy FDI performance to a weak investment environment. “The EU has entered a technical recession already, which could affect companies’ interest in expanding. Likewise, conditions remain tight in export-driven economies such as Singapore,” she said in a Viber message. “Even if 2023 and the first half of 2024 will be driven by bleaker-than-expected investor sentiment, investment potential in the Philippines remain strong in the medium- to long-term,” Velasquez added. The decline in FDI comes as the Marcos administration has continued to travel abroad to attract more investments into the country. Malacañang in December said Marcos’ foreign visits in 2022 alone have generated $23.6-billion in investment pledges. He has since visited more countries including the United States where the Marcos administration reportedly secured $1.3-billion worth of pledges. The post Foreign Direct Investments decline 30 percent appeared first on Daily Tribune......»»
DAR vows securing farmers’ soft loans
The Department of Agrarian Reform has committed assistance to farmers by securing loans from banking institutions to elevate their lives and livelihoods, as anchored in the Kapatid Angat Lahat Agri Program with Private Sector Advisory Council-Jobs Sector Group Joey Concepcion in the lead. Conrado Estrella made this assurance during his meeting with Concepcion on Monday, along with other stakeholders in the agriculture sector. “We thank the Department of Agrarian Reform for expressing willingness to help our initiative to help our farmers scale up. Uplifting the lives of our small farmers is a daunting task. We need all hands-on deck to accomplish this, and we are glad that we have DAR Secretary Estrella’s commitment to extend a helping hand,” Concepcion said. During the meeting, Concepcion emphasized the need for small farmers to achieve scale, saying it would be hard for them to succeed without it. “Farmers cannot obtain a loan from banks that they can use to boost production and improve their lives because they cannot use their land as collateral under agrarian reform law,” he said. Farm clustering Among the recommendations by KALAP and the think tank group Foundation for Economic Freedom, represented by Dr. Fermin Adriano, is the implementation of farm clustering to boost productivity and help ensure food security. “Clustering does not mean consolidation of land ownership but merely the clustering of land for better production scheduling,” said Adriano, adding this process has already led to higher farm productivity in China, Vietnam, Laos and Cambodia, among others. “The process would enable the government to effectively provide assistance to farmers who are clustered because it will deal with groups rather than millions of individual small tillers,” he added. He said clustering would also pave the way for the use of modern farm machinery and technologies, thereby achieving economies of scale, and allowing the development of downstream industries like food processing activities, because of an adequate and reliable supply of raw materials. Improve access to government services On the other hand, he stressed that the process would also improve access to government services like extension, and credit for clustered farms. Farming will also be more attractive to private sector groups to invest in agriculture because of lesser transactions. To accelerate farm clustering, Adriano called for the immediate and proper implementation of the law condoning the debt of defaulting agrarian reform beneficiaries. “The implementing rules and regulations of the law must ensure that the administrative burden of transferring land ownership to farmer beneficiaries is not burdensome and allow beneficiaries to enter into a leasehold contract agreement with investors but ensure that land will not be converted to non-agricultural uses,” he said. Adriano also advocated for the promotion of agricultural joint-venture agreements between small landowners and agribusiness corporations. Estrella, for his part, expressed support for the proposal, saying the DAR can check within their network of beneficiaries. Big brother companies The DAR chief also lauded the KALAP’s big brother companies for their commitment to sharing their technology and best practices with the DAR and their willingness to become an assured market for the farmers. “I am happy that KALAP’s big brothers are willing to share their technology with DAR. We want to tap into the knowledge of the big brothers to better prepare the beneficiaries of agrarian reform so that the land will be utilized properly,” Estrella said, adding they can also help extend credit assistance to agrarian reform beneficiaries if needed. Meanwhile, National Irrigation Administration (NIA) Administrator Eddie Guillen said the private sector plays a huge role in the success of the agriculture sector. “Around 80 percent of the success of the agricultural sector depends on the private sector. If magsucceed ito sa mga agri reform beneficiaries, mas madaming makikinabang,” he said. Guillen also revealed that President Marcos wants to harmonize concerned agencies and their functions, instead of establishing a task force. President Marcos earlier ordered the geomapping of all agricultural lands in the country to establish soil maps for specific agricultural products to ensure increased yield and improve farmers’ income. The post DAR vows securing farmers’ soft loans appeared first on Daily Tribune......»»
BoI-approved investments total over P.5T as of May
Approved investments of the Board of Investments as of May 2023 are now more than half a trillion pesos, proving that the investment promotion agency is upbeat in bringing in investors to tame economic headwinds being faced by the country. Based on BoI records, the total value for 106 approved investments come to P532.268 billion as of 23 May 2023. The figure is more than 100 percent higher compared to the P205.734 billion BoI posted during the same period in 2022. Broken down, the BoI said P403.86 billion of the total approved investments are from foreign investors, while P128.41 billion are local investments. Mostly in renewable energy BoI said the approved investments are mostly in renewable energy; total approved investments are expected to provide more than 18,000 jobs for the Filipino workforce. “It (total investments approved) was driven by investments in renewable energy because of the shift in policy. You can see that, and it’s very clear when the President instructed and then the (Department of Energy) removed the ceiling for foreign equity participation in renewable energy,” BoI managing head, Assistant Secretary Ceferino Rodolfo said in an ambush interview. Pursuit of RE transition Earlier, Trade Secretary Fred Pascual maintained that the Philippine government is already in pursuit of the renewable energy transition. “The Philippines stands at the threshold of a significant transformation. Our geographical position puts us in an enviable position to harness the power of renewable energy. Renewable energy isn’t merely an option for us but a necessity. Thus, our government is ardently promoting using and developing renewable energy sources,” Pascual said during the Offshore Wind Conference on Thursday in Taguig City. The conference was organized by the China Energy Engineering Group Guangdong Electric Power Design Institute Co., Ltd., which gathered various government agencies and Philippine and Chinese companies to discuss the country’s plan and policies for developing renewable energy. The DTI Secretary emphasized that the Philippines’ abundant natural resources together with its long coastline and excellent wind resources are significant in the country’s pursuit of sustainable power generation. Priority As the energy demand in the country continues to rise, he said renewable energy remains one of the priority sectors of the Marcos Jr. administration. During President Ferdinand Marcos Jr.’s recent trip to Beijing, he encouraged Chinese and other foreign firms to invest in renewable energy projects in the Philippines. Last 21 May 2023, the President signed Executive Order 21, mandating the creation of a policy and administrative framework for the optimal development of offshore wind resources in the country. This includes the integration into the Energy Virtual One Stop Shop System of applicable permits required by relevant Permitting Agencies for offshore wind activities. The DoE also issued a circular allowing 100 percent foreign equity in renewable energy projects in the Philippines, which the trade chief considers a significant stride in the efforts to attract more investments in renewable energy. Chinese investors Pascual noted, “Chinese investors and businesses can rely on the country’s roadmap in offshore wind development. Launched in April 2022 and initiated by The World Bank Group in partnership with the DoE, the roadmap identified the country’s offshore wind potential, opportunities, and challenges, among others.” As of December 2022, the country has already awarded 190 onshore and offshore Wind Energy Service Contracts — with offshore contracts mainly in Luzon alongside Panay and Guimaras Strait. The post BoI-approved investments total over P.5T as of May appeared first on Daily Tribune......»»
Hong Kong launches retail-friendly rules for crypto exchanges
Hong Kong opened its arms to the virtual asset world on Thursday, launching new retail-friendly rules for the city's crypto exchanges. The Chinese finance hub is pivoting to embrace crypto despite high-profile failures in recent months, including the meltdown of trading platform FTX, which wiped out more than $1.5 trillion in the market. China has had a strict crypto ban since 2021, but in Hong Kong -- which operates on a separate legal framework -- trading has been allowed through unregulated, meaning individual investors use unlicensed platforms. The regulatory regime launched Thursday means that after a one-year transition period, all crypto exchanges in Hong Kong must be licensed, and will be able to take on retail clients. "(The sector) fundamentally is going to stay despite all the risks... These activities have to be allowed in a regulated way," the city's financial services and treasury chief Christopher Hui told AFP. The new rules have an emphasis on investor protection measures, like requiring exchanges to vet their clients and limit their risk exposure, as well as restricting trade to "large-cap" tokens such as bitcoin. Crypto exchange OKX -- founded in China but now based in Seychelles -- told AFP it was "committed to the Hong Kong market" and will apply for a license. "Hong Kong is making concrete strides and is building confidence among industry players," said Lennix Lai, OKX's global chief commercial officer. Regulators said they hope to move quickly to issue the first licenses. But a prominent activist investor in Hong Kong said Thursday the new policy lends credibility to a risky sector and endorses speculation. "Hong Kong has a history of jumping onto financial bandwagons just as the wheels are falling off," David Webb, a former investment banker, told AFP. The government may say the new crypto regime is similar to that of traditional finance, but Webb said the "analogy breaks down" as most crypto -- unlike stocks or futures on companies and commodities -- have no intrinsic value. "There's no reason why (the government) should encourage people to bet on someone else paying more for something that has no fundamental value," Webb said. Last year, the city said HK$1.7 billion ($217 million) was lost to crypto-related scams, which police attributed to criminals taking advantage of the public's lack of sector knowledge. The new rules ask exchanges to conduct a "holistic assessment" of a client's understanding of digital currencies before taking them on, but give no specifics. One company licensed under Hong Kong's previous regime tells its prospective clients to take a screenshot showing they have finished watching 13 instructional videos in a free online course. But they "DO NOT need to complete any programme assignments or take any tests", it wrote on its website. The post Hong Kong launches retail-friendly rules for crypto exchanges appeared first on Daily Tribune......»»
Expensive errand boy
When confronted in a recent forum about the misdeals in his term primarily the Joint Maritime Seismic Undertaking among three oil companies of West Philippine Sea claimants, former Philippine National Oil Co. president Eduardo Mañalac reasoned that he was just taking orders from the top. In his potshots against the landmark Malampaya deal, who is he now taking orders from? Mañalac came out of the woodwork in an obvious well-funded attempt to torpedo the extension of Service Contract 38 that will allow 15 years more for the Malampaya consortium to operate and explore the natural gas field, which has so far generated at least $10 billion in government revenue. Due to the priorities of its parent company, the former operator, Shell Philippines Exploration, did not infuse money in the search for new wells since 2017. The tripartite Joint Maritime Seismic Understanding or JSMU which Mañalac brokered and packaged would have allowed state-owned oil company China National Offshore Oil Corp. and government-operated PetroVietnam to survey for oil or gas deposits on a 142,886 square kilometer area in the West Philippine Sea inside the Philippines’ exclusive economic zone. During a forum on the West Philippine Sea dispute, Mañalac’s excuse for spearheading the deal that the Supreme Court found unconstitutional in a recent ruling was that it was part of the “government’s effort to acquire or reach energy independence for the people.” JMSU, he said, came at a time of “high dependence on imported petroleum and rising oil prices in 2004.” It was, he said, part of an “ambitious” five-point plan to reach energy independence. In short, Mañalac wanted the people to believe that he was merely following instructions. “It is not my idea. It is the idea of the government as part of its energy independence strategy,” he said. Since he is used to taking orders, the former PNOC chief must be making his move as part of a demolition campaign which should be a reprisal of his role in the previous regime when he was instrumental in the PNOC-Exploration Corp.’s withholding of its consent on the sale of the Spex shares. As a 10 percent partner in the consortium, the approvals of PNOC-EC were necessary for any sell-out of the partners in the energy project. The illegal JMSU has Mañalac as a signatory for the Philippines which makes him liable for the unconstitutional deal. JMSU, the former energy official insisted, did not allow exploration but “data gathering.” The deal isn’t a treaty but simply a “commercial and operative agreement between three national oil companies to jointly acquire seismic data.” Still, the SC did not share the appreciation of Mañalac on the deal. The Tribunal voted 12-2-1 in voiding the agreement. The SC debunked the argument of Mañalac as it ruled that the JSMU is unconstitutional for allowing wholly-owned foreign corporations to participate in the exploration of the country’s natural resources without observing the safeguards provided in Section 2, Article XII of the 1987 Constitution. The term “exploration” pertains to a search or discovery of something in both its ordinary or technical sense and the JMSU involves the exploration of the country’s natural resources, particularly petroleum, according to the ruling. “That the Parties designated the joint research as a ‘pre-exploration activity’ is of no moment,” the Court added. A Constitution offender’s motive would hardly be in line with the interest of the public such as in Mañalac’s case. The post Expensive errand boy appeared first on Daily Tribune......»»
Battery-powered planes soaring soon?
SHANGHAI (AFP) — China’s CATL said Wednesday it was working with partners to develop electric passenger planes as they unveiled a condensed matter battery it said was strong enough to power such an aircraft. The world’s biggest maker of batteries for electrical vehicles made the announcement at the Shanghai Auto Show and said it would also launch a version for cars that would go into mass production this year. “The launch of this cutting-edge technology breaks the limits that have long restricted the development of the battery sector and will open up a new scenario of electrification centering on a high level of safety and lightweight,” the company said in a news release. CATL did not specify its airline partners were but said it was practicing aviation-level standards and testing in accordance with industry requirements. “We believe that condensed batteries will have a positive and far-reaching impact on achieving carbon neutrality,” CATL’s chief scientist Wu Kai told a media conference. The company announced on Tuesday that its core operations would be carbon neutral by 2025, with the rest following in 2035. Its Yibin factory in the southwestern province of Sichuan was certified as the world’s first zero-carbon battery factory last year. “We think carbon neutrality is a good thing for the whole of human society,” a CATL specialist told AFP. The specialist said he thought other Chinese companies would soon follow suit and that China itself has pledged to reach peak carbon emissions by 2030 and carbon neutrality by 2060. China is by far the largest emitter, responsible for roughly a quarter of all current carbon pollution. The post Battery-powered planes soaring soon? appeared first on Daily Tribune......»»
Pentagon chief reaffirms support after latest China aggression in WPS
Austin emphasized US support for the Philippines in defending its sovereign rights and jurisdiction in a phone call with Defense Secretary Gilberto Teodoro on Wednesday. .....»»
‘Trade with China should continue’
The Philippines should continue to pursue stronger trade ties with China despite rising tensions in the West Philippine Sea, according to the Federation of Filipino-Chinese Chambers of Commerce and Industry Inc. and the Department of Trade and Industry......»»
US, UK accuse China of cyberespionage that hit millions of people
The aim of the global hacking operation was to 'repress critics of the Chinese regime, compromise government institutions, and steal trade secrets,' Deputy US Attorney General Lisa Monaco says.....»»