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NBA: Denver back on top as Porter shines in Miami win
Michael Porter Jr. scored 25 points as reigning NBA champions the Denver Nuggets defeated the Miami Heat 100-88 on Wednesday to reclaim top spot in the Western Conference standings. A low-scoring clash between last year’s NBA Finals rivals saw Denver lead for most of the first half before the Heat edge ahead with a third-quarter.....»»
Korea s K.H. Lee seeks happy days ahead of Farmers Insurance Open
Korean star K.H. Lee has gone back to his happy-go-lucky ways as he attempts to regain his place among the upper echelons on the PGA Tour and the world’s Top 50......»»
Stocks bounce back ahead of inflation data
Share prices recovered yesterday, more than making up for the losses on Wednesday, as investors become more convinced that last month’s inflation had eased to within the central bank’s target range.....»»
Stocks rebound on Wall St gains
Local stocks vaulted back to the 6,500 level yesterday as investors cheered Wall Street’s near record performance, although trading volume thinned ahead of the year-end window-dressing......»»
Cloudy year ahead for airlines
As the global demand for air travel surges, it appears safe to assume that airlines are on their way back to cruising altitude in 2024......»»
Tenorio makes PBA comeback after beating Big C
Barangay Ginebra's LA Tenorio will be making his long-awaited comeback to the Philippine Basketball Association (PBA) after successfully beating colon cancer. Tenorio, who underwent a six-month treatment in Singapore, is now in remission and ready to step back onto the court. The 39-year-old point guard expressed his excitement and high spirits ahead of his first game in 10 months. Despite acknowledging the challenge of readjusting to competitive basketball, Tenorio is determined to fit in seamlessly with his teammates. He also expressed his gratitude to his family, friends, management, coaches, and the entire sports community for their support during his recovery. Tenorio, known as the Iron Man for his impressive streak of 744 consecutive games in the PBA, had his streak interrupted due to a groin injury and subsequent cancer diagnosis. During his time away from the game, he served as an assistant coach for Gilas Pilipinas in the 19th China Asian Games, where the Philippines emerged victorious......»»
Malta hosts fresh round of Ukraine-backed peace talks
A third round of Ukrainian-backed peace talks opened in Malta Saturday with representatives from more than 60 countries but without Moscow, which denounced it as a "blatantly anti-Russian event". Ukrainian President Volodymyr Zelensky addressed the first of two days of closed-door talks among national security and policy advisors, which he hopes will drum up support for his 10-point plan to end the war. In a statement on social media afterward, he said 66 countries had taken part in the talks, proof that his plan "has gradually become global". It follows similar meetings in Jeddah and Copenhagen this summer, with the Ukrainians hoping to eventually hold a summit at the level of heads of state. "The meeting confirmed the broad interest and increasing support for the key elements of Ukraine's Peace Formula," an EU official said Saturday. Against the backdrop of the Hamas-Israel war, it also showed "that restoration of just peace is important beyond Ukraine -- it is about a global plea for respect of international law". Russian foreign ministry spokeswoman Maria Zakharova however has dismissed the Malta talks as a "blatantly anti-Russian event". They had "nothing to do with the search for a peaceful resolution", she said on Thursday. "Obviously such gatherings have absolutely no perspective, they are simply counterproductive." China absent Participants in Malta included the United States, the EU, and Britain, staunch supporters of Kyiv following Russia's February 2022 invasion. Turkey, which has offered itself as a mediator between Ukraine and Russia, was also represented, according to a list seen by AFP before the talks opened. So too were South Africa, Brazil, and India -- all members of the influential BRICS bloc, which also includes Russia. South Africa and India have not condemned Russia's invasion, while Brazil has refused to join Western nations in sending arms to Ukraine or imposing sanctions on Moscow. China, which insists it is neutral and refuses to criticize the invasion, did not attend, despite being present in Jeddah in August, according to the EU official. Organizers were hoping for a joint statement from the Malta summit after both previous meetings ended without a final declaration. Andriy Yermak, the head of Ukraine's presidential office, said on Telegram that the discussions on Saturday were "lively" and focused on five key areas, notably the issue of Ukraine's territorial integrity. Zelensky's peace plan calls for Russia to withdraw all its troops from Ukraine's internationally recognized borders, including from the territory of Crimea, which it annexed in 2014. Russia, which claimed last year to have annexed the four Ukrainian regions of Lugansk, Donetsk, Kherson, and Zaporizhzhia, has rejected any settlement that would involve giving up land. The Malta talks are also looking at nuclear security, notably the need to ensure the safety of the Zaporizhzhia nuclear power plant, and how to protect Ukraine's energy infrastructure as winter approaches. The issue of food security was also on the agenda, as Russia blocks grain exports from Ukraine; and humanitarian issues, including the release of prisoners and the return of Ukrainian children to taken to Russia. "Russia will have to give in to the international community. It will have to accept our common conditions," Yermak said. Both Russia and Ukraine are preparing for a grueling winter ahead, with Ukraine warning of renewed strikes on its energy infrastructure and Russia pushing back against Kyiv's counteroffensive. The post Malta hosts fresh round of Ukraine-backed peace talks appeared first on Daily Tribune......»»
New U.S. speaker rallies support for Israel
The United States House of Representatives is back in business with the newly-elected Republican speaker, Mike Johnson, introducing a resolution supporting Israel in its war with Palestinian terrorist group Hamas. The resolution passed with support from all but nine Democrats and just one Republican dissenter. The first successful act of Johnson signals a stable leadership despite being the least experienced speaker in the post Civil War era, having never chaired a committee or held a senior leadership role. “We all know that the world is in turmoil — but a strong America is good for the entire world,” Johnson told lawmakers after his election on Wednesday that ended the paralysis of Congress. Biden congratulated the new speaker and vowed to work with him, adding that the US now needed “to move swiftly to address our national security needs and to avoid a shutdown.” Ahead of the filing of the Israel resolution, the Louisiana congressman said in his acceptance speech that the bill is overdue as America’s “greatest ally in the Middle East is under attack.” The little-known ally of Donald Trump who spearheaded legal efforts to overturn the 2020 election won the unanimous support of his party to replace Kevin McCarthy who was ousted in a right-wing coup on 3 October. The post New U.S. speaker rallies support for Israel appeared first on Daily Tribune......»»
Error-prone AI chatbot dog leads Japan’s elderly astray
A cartoon canine AI chatbot designed to cheer up and inform lonely older residents of western Japan is in the doghouse after providing error-laden responses. Powered by generative artificial intelligence, "Dai-chan" was this year launched by Osaka authorities who called it the first of its kind in a country where one in 10 people is age 80 or older. But the chatbot, which features a Shiba Inu cartoon dog and answers in the Osaka dialect, has shown itself far from faithful to the truth. When a user asked about the World Expo planned in Osaka in 2025, the dog incorrectly responded that the event was cancelled. That answer gained public attention, with Japanese newspapers and broadcasters reporting on the dog who got the wrong end of the stick. "Dai-chan, you're good," one social media user joked. Despite slow progress and budget challenges, the world fair is still scheduled to go ahead. Among other incorrect answers, Dai-chan said the "G7 foreign ministers' meeting will be held on November 4" rather than the slated November 7-8. Asked by an AFP reporter if the mooted Sapporo Olympic Games will be pushed back, the bot dog said: "The Sapporo Olympics is postponed! It's not cancelled so I look forward to it!" Earlier this month, the Japanese Olympic Committee said Sapporo had given up its bid for the 2030 Winter Olympics as public support for hosting the games waned after a string of corruption scandals over the 2020 Tokyo Games. Asked about the decision, Dai-chan responded: "The Olympic Committee decided to postpone! It is a decision considering safety! Good job, the Olympic Committee!" The government has defended the chatbot. Its purpose "is to broaden communication base for elderly people and not to give correct answer every time, and users seem to be enjoying Dai-chan with an understanding of the limits of what generative AI can do," an Osaka official in charge of the project told AFP. "Dai-chan is designed as a talking dog that is 10 years old (in terms of human intelligence) tasked with preventing elderly residents from becoming isolated," Osaka governor Hirofumi Yoshimura told Japanese media. Asked by AFP for his reaction, Dai-chan said: "Yes, yes, I often make mistakes, but it's a bit hard that people report about it. But making mistakes is part of growth, isn't it?" The post Error-prone AI chatbot dog leads Japan’s elderly astray appeared first on Daily Tribune......»»
Meta quarterly profit jumps but it sees volatility in ad market
Meta on Wednesday reported that its quarterly profit more than doubled from last year's figure as it looks ahead at a volatile ad market and lawsuits accusing it of profiting from "children's pain." "Meta earnings looked pretty good," said independent tech analyst Rob Enderle. "They have clearly cut back on the bleeding surrounding their metaverse efforts and the company appears to be on a more even keel right now." The tech giant said it made a profit of $11.6 billion as ad revenue climbed 23 percent to $34 billion when compared to the same period a year earlier. "We had a good quarter for our community and business," said Meta chief executive Mark Zuckerberg. The number of people using Facebook monthly rose slightly to 3.05 billion in a year-over-year comparison while monthly active users of Meta's "family" of apps was 3.96 billion a 7 percent increase from the same quarter in 2022, the company reported. Meta said it had trimmed costs, with layoffs and other belt-tightening measures started last year providing "greater efficiency." Meta had suffered a rough 2022 amid a souring economic climate and Apple's data privacy changes, which allowed users to block ad targeting, the pillar of Meta's business. Meta's vow of austerity on spending brought an unprecedented round of cost-cutting that saw the company lay off tens of thousands of workers since last November. Meta shares, which closed the formal trading day down, fell more than three percent further in after-hours trades to $289.50. Chief financial officer Susan Li said during an earnings call that Meta is seeing "volatility" in an ad market that started to soften when the conflict between Israel and Hamas began. "It's hard for us to attribute demand softness directly to any specific geopolitical event," Li said. "We have seen broader demand softness follow other regional conflicts in the past, such as in the Ukraine war, so this is something that we're continuing to monitor." Lawsuit peril Analyst Enderle maintained that Meta is at risk from lawsuits poised to damage its image and its wallet. Dozens of US states this week accused Meta of profiting "from children's pain," damaging their mental health and misleading people about the safety of its platforms. "In seeking to maximize its financial gains, Meta has repeatedly misled the public about the substantial dangers of its Social Media Platforms," argued a joint lawsuit filed in federal court in California. The states accused Meta of exploiting young users by creating a business model designed to maximize time they spend on the platform despite harm to their health. In total more than 40 states are suing Meta, though some opted to file in local courts rather than join in the federal case. Meta said the states were singling it out unfairly instead of working with social media companies to develop universal standards for the whole industry. "This landmark lawsuit could herald a seismic shift in how social media platforms approach product features and user engagement," said Insider Intelligence principal analyst Jeremy Goldman. "That said, even as tech stocks face uncertainty, Meta's consistent performance cements its leadership in the digital realm." Meanwhile, the European Union is seeking details on measures Meta has taken to stop the spread of "illegal content and disinformation" in light of the conflict between Israel and Hamas. The AI race The tech giant is putting artificial intelligence into digital assistants and smart glasses as it seeks to gain lost ground in the AI race. "I'm proud of the work our teams have done to advance AI and mixed reality with the launch of Quest 3, Ray-Ban Meta smart glasses, and our AI studio," Zuckerberg said in the earnings release. The second-generation Meta Ray-Ban smart glasses made in a partnership with EssilorLuxottica have a starting price of $299. "Smart glasses are the ideal form factor for you to let AI assistants see what you're seeing and hear what you're hearing," Zuckerberg said. Meta has taken a more cautious approach than its rivals Microsoft, OpenAI, and Google to push out AI products, prioritizing small steps and making its in-house models available to developers and researchers. "The majority of the world's population will have their first experience of generative artificial intelligence with us," Meta chief technology officer Andrew "Boz" Bosworth told AFP in a recent interview. Meta recently unveiled AI-infused chatbots with personalities, along with tools for creating images or written content using spoken prompts. The post Meta quarterly profit jumps but it sees volatility in ad market appeared first on Daily Tribune......»»
Govt. to boost agri, fishery sectors
President Ferdinand Marcos Jr. on Wednesday underscored the need to address the systemic issues plaguing Philippine agriculture for years due to the longstanding neglect of this sector. During his speech at the 70th anniversary of the Federation of Free Farmers (FFF) in Quezon City, Marcos Jr said the welfare of farmers and fisherfolk has been forgotten for decades, dating back to the inception of agricultural reform during his father and namesake's tenure. "We have a significant amount of work ahead of us because we need to fix the entire agricultural system that has been neglected for a long time, perhaps since the start of agricultural reform, during (the late President Ferdinand Marcos Sr.'s) time," Marcos Jr. said. "Now, many changes have occurred, the world has changed, and it has revolved several times. Therefore, we need to examine the needs of our farmers and fishermen to improve their lives because we often hear that we need to increase our yield, improve our harvest, and our productivity," he added. The latest data from the Philippine Statistics Authority showed that agricultural production in the country decreased by 1.3 percent during the year's second quarter. The figures unveiled by the PSA showed that the production value in agriculture and fisheries, calculated at constant 2018 prices, totaled P427.69 billion, a decline from the P433.10 billion recorded during the same period the previous year. Minimum wages for agricultural laborers in the Philippines vary by region, ranging from P306 in the Bangsamoro Autonomous Region in Muslim Mindanao to P573 in the National Capital Region. These wage rates, determined by tripartite boards, differ based on the specific region. “But let's not forget that the livelihood of our farmers and fishermen should also be taken care of and improved because that is our goal for all our farmers and fishermen,” Marcos said. Marcos emphasized the pressing need for his administration to boost the agricultural sector, with more than P92 billion set aside for upcoming agri-fisheries projects next year. Additionally, the Department of Agriculture has allotted P4.73 billion to improve large-scale agriculture and fishery mechanization and modernization, aiming to decrease post-harvest losses and cost-effectively enhance farmers' yields. However, the President underlined the enormity of the task ahead and called upon the public for their support and collaboration. "So, this is a massive task. That's why we need your help because the government alone cannot do all of this. We need your diligence, we need your advice because you are the ones facing the problems in agriculture that we are going through now,” Marcos said. “Rest assured, your government is here to do everything in its power to assist our farmers in producing a bountiful harvest, catching enough fish for our fellow citizens, and selling these products at prices affordable to our people,” Marcos added. The post Govt. to boost agri, fishery sectors appeared first on Daily Tribune......»»
Quick look at the week ahead
We were supposed to start this week with a bang as the PSE’s long-awaited short-selling program was originally scheduled to go live today. That’s now pushed back to Tuesday, November 6. That basically leaves our domestic (PSE) calendar empty......»»
First relief convoy enters Gaza devastated by ‘nightmare’ war
The first aid trucks arrived in war-torn Gaza from Egypt on Saturday, bringing urgent humanitarian relief to the Hamas-controlled Palestinian enclave suffering what the UN chief labelled a "godawful nightmare". Israel has vowed to destroy Hamas after the Islamist militant group carried out the deadliest attack in the country's history on October 7. Hamas militants killed at least 1,400 people, mostly civilians who were shot, mutilated or burnt to death, and took more than 200 hostages, according to Israeli officials. Israel has retaliated with a relentless bombing campaign on Gaza that has killed more than 4,300 Palestinians, mainly civilians, according to the Hamas-run health ministry. An Israeli siege has cut food, water, electricity and fuel supplies to the densely populated and long-blockaded territory of 2.4 million people, sparking fears of a humanitarian catastrophe. AFP journalists on Saturday saw 20 trucks from the Egyptian Red Crescent, which is responsible for delivering aid from various UN agencies, pass through the Rafah border crossing from Egypt into Gaza. The crossing -- the only one into Gaza not controlled by Israel -- closed again after the trucks passed. The lorries had been waiting for days on the Egyptian side after Israel agreed to a request from its main ally the United States to allow aid to enter. UN chief Antonio Guterres warned Friday that the relief supplies were "the difference between life and death" for many Gazans, more than one million of whom have been displaced. "Much more" aid needs to be sent, he told a peace summit in Egypt on Saturday. US Secretary of State Antony Blinken welcomed the aid and urged "all parties" to keep the Rafah crossing open. But a Hamas spokesman said "even dozens" of such convoys could not meet Gaza's needs, especially as no fuel was being allowed in to help distribute the supplies to those in need. 'Reeling in pain' Tens of thousands of Israeli troops have deployed to the Gaza border ahead of an expected ground offensive that officials have pledged will begin "soon". As international tensions soar, Egyptian President Abdel Fattah al-Sisi was hosting a peace summit in Cairo on Saturday attended by regional and some Western leaders. "The time has come for action to end this godawful nightmare," Guterres told the summit, calling for a "humanitarian ceasefire". The region "is reeling in pain and one step from the precipice", he said. Guterres said "the grievances of the Palestinian people are legitimate and long" after "56 years of occupation with no end in sight". But he stressed that "nothing can justify the reprehensible assault by Hamas that terrorised Israeli civilians". "Those abhorrent attacks can never justify the collective punishment of the Palestinian people," he added. Egypt, historically a key mediator between Hamas and Israel, has urged "restraint" and the relaunch of the long-frozen peace process. But diplomatic efforts to end the violence have made little headway, without the participation of Israel and its enemy Iran, a supporter of Hamas and other armed groups. 'Sliver of hope' A full-blown Israeli ground offensive carries many risks, including to the hostages Hamas took and whose fate is shrouded in uncertainty. So the release of two Americans among the hostages -- mother and daughter Judith and Natalie Raanan -- offered a rare "sliver of hope", said Mirjana Spoljaric, president of the International Committee of the Red Cross. US President Joe Biden thanked Qatar, which hosts Hamas's political bureau, for its mediation in securing the release. He said he was working "around the clock" to win the return of other Americans being held. Natalie Raanan's half-brother Ben told the BBC he felt an "overwhelming sense of joy" at the release after "the most horrible of ordeals". Hamas said Egypt and Qatar had negotiated the release and that it was "working with all mediators to implement the movement's decision to close the civilian (hostage) file if appropriate security conditions allow". Traumatised families with loved ones missing in Gaza demanded more action. "We ask humanity to interfere and bring back all those young boys, young girls, mothers, babies," Assaf Shem Tov, whose nephew was abducted from a music festival where Hamas killed hundreds, said Friday. Devastation Almost half of Gaza's residents have been displaced, and at least 30 percent of all housing in the territory has been destroyed or damaged, the United Nations says. Thousands have taken refuge in a camp set up in the city of Khan Yunis in southern Gaza. Fadwa al-Najjar said she and her seven children walked for 10 hours to reach the camp, at some points breaking into a run as missiles struck around them. "We saw bodies and limbs torn off and we just started praying, thinking we were going to die," she told AFP. In Al-Zahra in central Gaza, Rami Abu Wazna was struggling to take in the destruction wreaked by Israeli missile strikes. "Even in my worst nightmares, I never thought this could be possible," he said. Israel's operation will take not "a day, nor a week, nor a month" and will result in "the end of Israel's responsibilities in the Gaza Strip", Defence Minister Yoav Gallant warned on Friday. Regional tensions flare In Gaza, retired general Omar Ashour said the destruction was "part of a clear plan for people to have no place left to live". "This will cause a second Nakba," he added, referring to the 760,000 Palestinians who were expelled from or fled their homes when Israel was created in 1948. The United States has moved two aircraft carriers into the eastern Mediterranean to deter Iran or Lebanon's Hezbollah, both Hamas allies, amid fears of a wider conflagration. Fire across Israel's border with Lebanon continued overnight, with one Israeli soldier killed, Israeli public radio said. The military said it hit Hezbollah targets after rocket and missile fire. Violence has also flared in the West Bank, where 84 Palestinians have been killed since October 7, according to the Palestinian health ministry. The post First relief convoy enters Gaza devastated by ‘nightmare’ war appeared first on Daily Tribune......»»
Brownlee formula
The issue surrounding Justin Brownlee is a major blackeye to Philippine basketball. It is yet another heartbreaker for Filipinos, who were hoping and praying to see the national team reassert its dominance in the international arena. For the longest time, the Filipinos had struggled internationally. In the Asian Games, for instance, the Philippines emerged victorious in its first four editions — 1951 in New Delhi, 1954 in Manila, 1958 in Tokyo, and 1962 in Jakarta before suffering a string of frustrating finishes. The closest we got to the gold medal was in 1990 when the Basketball Association of the Philippines tasked the Philippine Basketball Association with assembling a team that would reclaim our Asian glory. It was a tall order at the time as the Philippines was coming off a bitter setback at the hands of Malaysia in the 1989 Southeast Asian Games in Kuala Lumpur. The BAP knew that only an Asian crown would soothe the pain of a nation craving revenge. But it didn’t happen. Coached by Robert “Sonny” Jaworski, the team bannered by Allan Caidic, Benjie Paras, Ramon Fernandez, Samboy Lim, and Chito Loyzaga surrendered to powerhouse China featuring Shan Tao and Ma Jian in the gold medal match. Eight years later, Tim Cone was given the marching orders to assemble another star-studded squad to represent the country in the Bangkok Asian Games in 1998. But like Jaworski, his bitter coaching nemesis at the time, Cone was also unsuccessful as his Centennial Team had to settle for bronze behind China and South Korea. In the next edition in Busan in 2002, hopes were high. Despite a sudden coaching change after American mentor Ron Jacobs suffered a stroke in the final stretch of preparations, Jong Uichico was still able to form a solid team that had a mix of Filipino-foreign stars like Asi Taulava, Eric Menk, and Rudy Hatfield, as well as homegrown stars like Olsen Racela, Kenneth Duremdes, and Danny Ildefonso. But fate wrote a cruel script. The Philippines was ahead, 68-66, in the final 23.9 seconds of the semifinal clash against South Korea. A victory would have sent the Filipinos to the gold medal match against China, while a setback would relegate them to a battle for bronze against Kazakhstan. Racela was at the charity stripe for a chance to ice the game and seal the victory. But he missed both free shots. In a shocking — and heartbreaking — turn of events, Korean gunner Lee Sang Min buried a long three-pointer off a broken play at the buzzer that sent the host country to the finals. The players were crushed while a river of tears flowed through the streets of Manila as the entire country couldn’t believe how merciless the basketball gods could be. Since then, Philippine basketball has been reduced to a mere footnote in Asian basketball. We bombed out of the medal podium in Doha in 2006 and Guangzhou in 2010. We even suffered international embarrassment when head coach Chot Reyes instructed naturalized player Marcus Douthit to shoot at our own basket in Incheon in 2014. In 2018, a legitimate National Basketball Association campaigner, Jordan Clarkson, came along and was billed as the hero who would save Philippine basketball. But he was unsuccessful. The Filipinos’ string of misfortunes continued as Gilas Pilipinas settled for fifth place. Then here came Brownlee, tapped to see action as a naturalized player in the Hangzhou Asian Games. The 35-year-old American was tasked to power a team already familiar to him — guys he had been playing with for more than five years. The coach — Cone — had been his mentor since he arrived in Manila in 2016 and led Barangay Ginebra San Miguel to six PBA titles while winning three Best Import honors. There was no honeymoon period to speak of. He hit the ground running. The result was impressive as Brownlee dropped 36 points to lead Gilas Pilipinas to a razor-thin 84-83 win over Iran in the quarterfinals, before dropping back-to-back three-point bombs in their miraculous 77-76 victory over host China in the semifinals. The Filipinos won their first gold medal in 61 years following a 70-60 victory over Jordan in the final, but an asterisk was attached to the victory after Brownlee tested positive for Carboxy-THC, a banned substance linked to the use of cannabis. At this point, it is unknown whether Brownlee will contest the findings or how long his possible suspension will be. What is clear is that Brownlee made a tremendous impact on Philippine basketball as he proved that the best way to win an international title is to field a naturalized player who is very familiar with the Filipinos’ style of play. Brownlee may not be as exciting and flashy as Clarkson or as tall as Douthit and Blatche, but he knows Philippine basketball like the back of his hand. It’s time for the Samahang Basketbol ng Pilipinas to create more Justin Brownlees by recruiting young foreign players who are willing to stay in the country for a longer period — not just to earn and play as imports in the PBA — but to win the hearts and minds of these basketball-crazy Filipinos. Brownlee’s professional career is in great peril, and we may not see him don the Gilas or Ginebra jerseys again. But we should always remember his most significant contribution to Philippine basketball. Nope, it wasn’t the incredible play he delivered against China or how he stood his ground against Rondae Hollis-Jefferson and the powerful Jordanians that led to the country’s first Asian Games title in 61 years. His most important contribution was the idea that to gain international success, the federation must recruit a naturalized player not based on skills, height, or popularity but on his love, respect, and dedication to the country he wishes to represent. The post Brownlee formula appeared first on Daily Tribune......»»
Christiane Benner, first woman to lead Germany’s biggest union
Christiane Benner will become the first woman to lead Germany's biggest union when she takes the helm at IG Metall next week. But the milestone comes as the once mighty industrial sector battles a series of crises. Soaring energy costs due to Russia's war in Ukraine, high inflation, and weaker demand from key trade partner China have culminated in a manufacturing slump that has raised fears about Germany's future as an industrial powerhouse and export champion. Benner's appointment is set to be confirmed at an IG Metall congress on Monday. As she prepares to go to bat for IG Metall's more than two million members in sectors including the automotive, machine tool, and electrical industries, Benner is clear about her priorities. "The most important thing is keeping industry in Germany and Europe," she told AFP in an interview in her Frankfurt office. Asked why it took so long for IG Metall, founded in 1949, to install a woman at the top, Benner chuckled. "Ask the men!" smiled the bespectacled 55-year-old. Benner has been a member of IG Metall since her early 20s after starting work as a foreign-language secretary at a mechanical engineering firm. After taking time out to study sociology, she rose through the ranks at IG Metall and became the union's vice president in 2015. Eighty percent of IG Metall's members are men. Deindustrialization fears A work and study stint in the United States in the 1990s opened her eyes to the "weakness" of American unions, Benner recalled. The contrast with Germany was stark, where the model of co-determination gives labor representatives a significant say in workplace decisions. As Germany's most powerful trade union and the largest in Europe, Benner is well aware of IG Metall's influence. "We're strong," she said. IG Metall flexed its muscles last year and won an 8.5-percent wage increase over two years to help compensate for inflation, a benchmark deal covering around four million workers across several sectors. Even more daunting challenges lie ahead, as Germany's long-vaunted economic model is called into question and an end-of-year recession looms. Companies in Germany's energy-intensive industries are already weighing whether to shift production to cheaper shores, a problem compounded by the lure of US green subsidies through Washington's Inflation Reduction Act, Benner said. "We're seeing a creeping dismantling of industry and jobs," she warned. To prevent a dreaded "deindustrialization" of Europe's biggest economy, Benner is in favor of discounted electricity prices for industrial firms. The proposed subsidy has been a topic of fierce debate within Germany's coalition government in recent months. But Chancellor Olaf Scholz, who like Benner is a member of the center-left Social Democrats, has yet to back the idea, fearing it could slow the transition towards renewable energies. Retaining talent Adding to Germany's woes are long-running structural problems such as a shortage of skilled workers in an aging country, and foot-dragging on digitization. More than 2.6 million young adults in Germany under the age of 35 have no vocational qualification, despite a growing need for highly qualified employees as new technologies transform businesses. IG Metall was working hard to increase the number of apprenticeships and make on-the-job training more attractive, Benner said. Hoping to make heavy industry a more appealing career choice, Benner also advocates a better work-life balance and supports a four-day workweek for those who want it. She also wants to narrow the gender pay gap in a country where men still earn seven percent more than women doing the same job. But first up on her to-do list will be next month's wage negotiations with steel bosses. Benner will be pushing for a similar 8.5-percent salary bump for the sector and a reduction in working hours from 35 to 32 hours a week, without loss of pay. The post Christiane Benner, first woman to lead Germany’s biggest union appeared first on Daily Tribune......»»
Rolling Stones return with a little help from a Beatle
The Rolling Stones burst back to life on Friday with "Hackney Diamonds", their first album in 18 years, featuring megastar cameos from Elton John, Lady Gaga and even their old rival, Paul McCartney. Now in their seventh decade of making music together, the legendary British band is back with their 24th studio album. McCartney joins in for the first time, playing bass on the punky "Bite My Head Off". Back in their 1960s heyday, much was made of the rivalry between the Stones and the Beatles, but it was always more marketing than reality, with John Lennon singing on the Stones' "We Love You" in 1967. "Paul and I have always been friends," Stones frontman Mick Jagger, 80, told France 2 this week. McCartney's appearance was something of an accident, Keith Richards told Guitar Player magazine. "He happened to be around and dropped by," Richards said. "I don't even think he intended to play bass on a track, but once he was in there, I just said, 'Come on, you're in. You ain't leaving till you play.'" While McCartney and Elton John's contributions are somewhat hard to pick out, Lady Gaga and Stevie Wonder make more of an impact on "Sweet Sounds of Heaven", a blues-y ballad in the vein of classics such as "You Can't Always Get What You Want". 'Hackneyed duds' Reviews have been mostly polite rather than gushing. The Guardian gave it four stars, saying: "If this is the end, they're going out with a bang", while the LA Times called it "surprisingly spry, sparked by the deathless riffs". There has indeed been plenty of hype ahead of the release, with some saying it is their best piece of work since "Some Girls" in 1978. But others were deeply unimpressed by the sleek production from Andrew Watt, used to working with popstars like Justin Bieber and Dua Lipa. "Hackney Diamonds" is old London slang for "broken glass", but was used as a pun by Pitchfork, who called the album "a bunch of hackneyed duds, polished until the character has disappeared." No one is pretending it comes close to the legendary run between 1968 and 1972 that saw the release of "Beggars Banquet", "Let It Bleed", "Sticky Fingers" and "Exile on Main St." in quick succession. Nor does it head in any new directions. "The group seemed to concede years ago that, with such a legendary discography, new albums and attempts at new styles are almost superfluous," wrote Variety. "(But) if there's a better way to end the Rolling Stones 60-plus-year recording career, it's hard to imagine what it could be," it added. The post Rolling Stones return with a little help from a Beatle appeared first on Daily Tribune......»»
Filipinas bare 29-member Australia camp roster; Miclat back for Olympic qualifiers
The Philippine women’s national football team announced a 29-member squad for the Filipinas’ camp in Australia ahead of the 2nd round of Olympic qualifiers in Perth later this month......»»
Stocks down as BSP signals rate increase
Share prices pulled back yesterday on late selling as investors stayed on the sidelines ahead of the release of key economic data in the US, traders said......»»
Hundreds dead in Israel-Gaza war as Hezbollah launches attacks
Israeli Prime Minister Benjamin Netanyahu on Sunday warned of a "long and difficult" war, as fighting with Hamas left hundreds dead on both sides after a surprise attack on Israel by the Palestinian militant group. The conflict's bloodiest escalation in decades saw Hamas carry out a massive rocket barrage and ground, air and sea offensive Saturday that Israel's army said had killed more than 200 Israelis and wounded 1,000, while soldiers and civilians were taken hostage. Gaza officials said intense Israeli air strikes on the coastal enclave had brought the Palestinian death toll to at least 256, with nearly 1,788 wounded. As fighting raged Sunday, Lebanon's powerful Iran-backed Hezbollah movement said it had fired "large numbers of artillery shells and guided missiles" at Israeli positions in a contested border areas "in solidarity" with Hamas. Israel's army had earlier said it fired artillery on southern Lebanon in response to a shot from the area without identifying the attackers. "We are embarking on a long and difficult war that was forced on us by a murderous Hamas attack," Netanyahu said on X, formerly Twitter, early Sunday. "The first stage is ending at this time by the destruction of the vast majority of the enemy forces that infiltrated our territory," he added, pledging no "respite" until victory. Overnight Israel battered the Gaza Strip with air strikes as rockets from the blockaded Palestinians territory rained on Israel. Sunday morning gun still battles raged between Israeli forces and hundreds of Hamas fighters in multiple locations, including at the Sderot police station across the border from Gaza. Police and Israeli army special forces "neutralized 10 armed terrorists" who were holed up inside the station, a police statement said. The bloody air, sea and land attack launched Saturday by Hamas came half a century after the outbreak of the 1973 Arab-Israeli war, taking Israel and the world by surprise. As the UN Security Council called an emergency meeting for Sunday, President Joe Biden voiced "rock solid and unwavering" support for the US ally and warned "against any other party hostile to Israel seeking advantage in this situation". - Hostages and 'so many bodies' - The Israeli army said overnight its forces were still engaged in gun battles in a string of Israel locations, in an operation labelled "Swords of Iron", as reservists were being called up. Hamas earlier released images of several Israelis taken captive, and another army spokesman, Daniel Hagari, confirmed that soldiers and civilians had been kidnapped. "I can't give figures about them at the moment," he said late Saturday, adding there was also a "severe hostage situation" in the Negev desert communities of Beeri and Ofakim east of Gaza. According to Ynet Israeli news website "dozens of Israeli captives, including numerous women, children and elders, are believed to have been taken into the Gaza Strip". The fighting prompted Israel to cut off Gaza's electricity, fuel and goods supplies, Netanyahu said. The Islamist group started the multi-pronged attack around 6:30 am (0330 GMT) on Saturday with thousands of rockets aimed as far as Tel Aviv and Jerusalem, some bypassing the Iron Dome defense system and hitting buildings. Hamas fighters -- traveling in ground vehicles, motorized paragliders and boats -- breached Gaza's security barrier and attacked nearby Israeli towns and military posts, opening fire on residents and passersby. "Send help, please!" one Israeli woman sheltering with her two-year-old child pleaded as militants outside opened fire and tried to break into their safe room, Israeli media reported. Bodies were strewn on the streets of the Israeli town of Sderot near Gaza and inside cars, the windscreens shattered by a hail of bullets. "I saw many bodies, of terrorists and civilians," one man told AFP, standing beside covered corpses on a road near Gevim Kibbutz in southern Israel. "So many bodies, so many bodies." AFP journalists witnessed Palestinian armed men gather around a burning Israeli tank, and others driving a seized Israeli military Humvee vehicle back into Gaza, where they were met by cheering crowds. - 'Gates of hell' - Israeli army Major General Ghasan Alyan warned Hamas had "opened the gates of hell". An AFP journalist in Gaza saw clouds of dust from the remains of bombed residential towers which Gaza's interior ministry said contained 100 apartments. Israel's military said it had warned residents to evacuate before targeting the multi-story buildings used by Hamas. The escalation follows months of rising violence, mostly in the occupied West Bank, and tensions around Gaza's border and at contested holy sites in Jerusalem. Before Saturday, at least 247 Palestinians, 32 Israelis and two foreigners had been killed this year, including combatants and civilians, according to Israeli and Palestinian officials. Hamas labeled its attack "Operation Al-Aqsa Flood" and called on "resistance fighters in the West Bank" as well as in "Arab and Islamic nations" to join the battle. Its armed wing, the Ezzedine al-Qassam Brigades, claimed to have fired more than 5,000 rockets, while Hecht said Israel had counted more than 3,000 incoming rockets. Hamas chief Ismail Haniyeh said the group was on the "verge of a great victory", vowing to press ahead with "the battle to liberate our land and our prisoners languishing in occupation prisons must be completed". - 'Dangerous precipice' - Air raid sirens wailed across southern and central Israel, as well as in Jerusalem on Saturday, and there were major disruptions at Tel Aviv airport where many carriers canceled flights. Israel said schools would remain closed on Sunday which marks the start of the week. Hamas took control of Gaza in 2007, leading to Israel's crippling blockade of the impoverished enclave of 2.3 million people. Israel and Hamas have since fought several wars. The last major military exchange, in May, killed 34 Palestinians and one Israeli. Violence also erupted across the West Bank, including annexed east Jerusalem, with five Palestinians killed and 120 wounded in clashes with Israeli forces and settlers, Palestinian medical services said. Countries around the world condemned the wave of attacks by Hamas, which Israel, the United States and European Union consider a terrorist group. European Commission President Ursula von der Leyen called the attack "terrorism in its most despicable form". But Hamas drew support from other foes of Israel, with Iran's supreme leader declaring he was "proud". UN Middle East peace envoy Tor Wennesland warned of "a dangerous precipice" and called on all sides to "pull back from the brink". (Rosie Scammell with Adel Zaanoun in Gaza) az-rsc-jd/hkb © Agence France-Presse The post Hundreds dead in Israel-Gaza war as Hezbollah launches attacks 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......»»