We are sorry, the requested page does not exist
California governor presses China’s Xi on climate cooperation
California governor Gavin Newsom said he spoke with Chinese President Xi Jinping on climate cooperation at a meeting on Wednesday in Beijing, the latest in a string of visits to China by US politicians. The head of the US economic powerhouse state is on a week-long tour of China, which Newsom has said will focus on climate change. "We are not going to move needles on climate change unless the United States and China collaborate together," the governor, who has long been touted as a future presidential candidate, told reporters after meetings with Xi and Foreign Minister Wang Yi. China and the United States are the two biggest emitters of greenhouse gases. Newsom arrived in the southern semi-autonomous city of Hong Kong on Monday, where he held a talk on climate change. He then traveled to the neighboring city of Shenzhen, which has pioneered the use of renewable energy in public transport, touring an electric bus station. Newsom described his talks on Wednesday with Xi and Wang as "very productive". "Not only the MOUs in the last couple days but the fact that I'll be meeting with five governors tomorrow... engaging and advancing our collective efforts on low carbon green growth," Newsom told reporters, referring to memorandums of understanding signed with Chinese counterparts. Newsom said he also raised the issue of human rights with Wang and spoke with Chinese leaders about China's role in the fentanyl drug addiction crisis in the United States. Washington has imposed sanctions on China-based firms for producing and distributing chemicals used to make fentanyl, though Beijing has insisted the root of the opioid problem lies in the United States. "Governor Newsom's topics of discussion also included human rights violations and anti-democratic efforts in Hong Kong, Tibet, Xinjiang, and Taiwan, as well as David Lin, a California pastor who has been imprisoned in China since 2006," the governor's office said in a statement. String of visits Newsom's visit came amid a flurry of diplomacy between Beijing and Washington as the two sides seek to improve strained ties. Xi met with a group of US senators in Beijing earlier this month, including Senate Majority Leader Chuck Schumer, and Foreign Minister Wang will pay a rare visit to Washington this week. Wang will be returning from a visit in June to Beijing by Secretary of State Antony Blinken, who was the highest-ranking US official to travel to China since 2018. Blinken huddled for 11 hours with the top Chinese leadership including Xi. Diplomats say Wang will be expecting a similar meeting with President Joe Biden, who is in Washington this week. Biden, who last saw Xi last November on the sidelines of G20 talks in Bali, has invited the Chinese leader to travel next month to San Francisco where the United States will host an Asia-Pacific Economic Cooperation summit. Newsom on Wednesday said of Xi's potential visit that he was "very hopeful that he makes it". The post California governor presses China’s Xi on climate cooperation appeared first on Daily Tribune......»»
Oil prices jump as Hamas attack on Israel fuels supply fears
Oil prices rallied while the dollar and yen advanced Monday after Hamas launched a shock attack on Israel at the weekend, sparking fresh concerns about tensions in the Middle East. The crisis fanned concerns about supplies of crude from the region at a time when supply worries are already high owing to Saudi Arabia and Russia's output cuts. It has also renewed fears about the impact on inflation, with energy costs a key driver of spiking prices, giving a fresh headache to central banks as they try to ease up on interest rate hikes to avoid recessions. The surprise attack and Israel's declaration of war in response to it have left more than 1,000 dead and raised concerns that a potential broadening of the conflict could draw in the United States and Iran. "Key for markets is whether the conflict remains contained or spreads to involve other regions, particularly Saudi Arabia," said ANZ Group's Brian Martin and Daniel Hynes. "Initially at least, it seems markets will assume the situation will remain limited in scope, duration, and oil-price consequences. But higher volatility can be expected." Both main contracts surged more than five percent in early Asian business before easing back as the day wore on. However, SPI Asset Management's Stephen Innes warned: "Historical analysis suggests that oil prices tend to experience sustained gains after the Middle East crises. "Meanwhile, stocks tend to eventually recover and trend higher after an initial period of volatility. Safe-haven assets like gold and Treasurys, which initially see gains during such crises, tend to fade from their initial price spikes as the situation stabilizes. "But with Middle East analysts considering this to be a pivotal moment for Israel, the view looks incendiary in any current scenario." A decidedly risk-off mood also saw investors push into the safety of the dollar, which was up against the pound and euro, as well as the Australian and New Zealand dollars. The yen, considered one of the safest currencies, strengthened against the greenback, though it still remains locked around 11-month lows. Gold, another key haven, gained more than one percent. Equity markets were mixed, with Shanghai dropping on its first day back after a week-long holiday as investors continue to fret over the stuttering Chinese economy. There were also losses in Mumbai, Singapore, Manila, Bangkok and Wellington, though Hong Kong rose as it opened in the afternoon, having been closed in the morning owing to a typhoon. Sydney and Jakarta eked out gains. Tokyo was closed for a holiday. London edged up at the open while Paris and Frankfurt were lower. The tepid performance came despite a rally on Wall Street, where traders welcomed data showing a forecast-busting jump in new jobs but wage growth slowing. The "Goldilocks" figures -- neither too strong nor too weak -- lifted optimism the world's top economy can avoid a recession even as the Federal Reserve keeps rates elevated. Still, there are worries the bank will hike one more time before the end of the year, with officials determined to bring inflation to heel and keep it at their two percent target. Key figures around 0715 GMT West Texas Intermediate: UP 3.5 percent at $85.69 per barrel Brent North Sea crude: UP 3.1 percent at $87.23 per barrel Hong Kong - Hang Seng Index: UP 0.4 percent at 17,552.01 Shanghai - Composite: DOWN 0.4 percent at 3,096.92 (close) London - FTSE 100: UP 0.3 percent at 7,518.16 Tokyo - Nikkei 225: Closed for a holiday Euro/dollar: DOWN at $1.0540 from $1.0588 on Friday Pound/dollar: DOWN at $1.2195 from $1.2234 Dollar/yen: DOWN at 149.15 yen from 149.30 yen Euro/pound: DOWN at 86.49 pence from 86.52 pence New York - Dow: UP 0.9 percent at 33,407.58 (close) (Bloomberg News contributed to this story) The post Oil prices jump as Hamas attack on Israel fuels supply fears appeared first on Daily Tribune......»»
S. Korean migrant’s tale to open Asia’s biggest film festival
The world premiere of Jang Kun-jae's "Because I Hate Korea" will open Asia's largest film festival Wednesday night as it looks to rally from a year marked by scandal and budget cutbacks. The South Korean director's tale of a disillusioned young woman who relocates to New Zealand is among 209 official entries from 69 countries set to unspool at the Busan International Film Festival, which runs until 13 October. Eighty will be making their world premieres in the southern port city. This year's edition comes as organizers grapple with the fallout from former festival director Huh Moon-yung's resignation in May amid accusations of sexual misconduct. The scandal saw BIFF's 2023 budget reduced by about 10 percent as sponsors withdrew in the wake of the allegations, according to organizers. Kang Seung-ah, now serving as acting deputy director, acknowledged they had endured a "difficult phase" before assembling a lineup she said was "more substantial than ever before". Opening night director Jang, who noted he'd attended BIFF far more as an audience member than a filmmaker, told a late afternoon news conference he had sought to address serious questions with his film. "I believe it's necessary to pay attention to the fact that many young people are finding it difficult to navigate through Korean society. I started questioning whether our society is providing a fair and equitable foundation for young people to pursue their dreams," he told reporters after a preview screening. Based on the best-selling Chang Kang-myoung novel, "Because I Hate Korea" received support from BIFF's Asia Project Market back in 2016. South Korea has transformed itself into a cultural powerhouse since then thanks to the explosive success of the Oscar-winning "Parasite" and the Netflix series "Squid Game". "Many people are now showing great interest in Korean content such as K-pop, K-movies, and K-dramas. Living in such an era, they might develop a certain fantasy about South Korea, I think," Nam Dong-chul, the festival's acting interim director, told reporters. But "I thought it might be good to consider these views from the perspective of people living in Korea and especially the youth in South Korea", he said of the opening night choice. "They might have different thoughts and experiences." Frequent Bong Joon-ho collaborator Go Ah-sung, who delivered a memorable performance as the protagonist of "Because I Hate Korea", was unable to attend the festival due to a back injury. 'Dear Jinri' Despite Go's absence, the festival will still feature serious star power, with acclaimed Hong Kong actor Chow Yun Fat scheduled to receive the Asian Filmmaker of the Year award. Three of Chow's films -- "A Better Tomorrow" (1986), "Crouching Tiger, Hidden Dragon" (2000) and 2023's "One More Chance" -- will be screened in his honour. Other highly anticipated screenings include "Dear Jinri", a documentary that features late K-pop star Sulli's last and incomplete project. Sulli, born Choi Jin-ri, took her own life in 2019 after a long struggle with online bullying. The film includes her final media interview, which has not been disclosed previously. Korea's filmmaking diaspora will also be showcased with a special series of screenings that includes "Searching" (2018), starring John Cho, and director Celine Song's Sundance favorite "Past Lives". Netflix's highly anticipated "Yellow Door: 90s Lo-fi Film Club" will also have its world premiere at BIFF. The documentary spotlights South Korea's renowned cinephile generation of the 1990s, acclaimed "Parasite" director Bong among them. "The Movie Emperor", director Ning Hao's satirical take on the Chinese film industry starring Hong Kong actor Andy Lau, is set to close the festival. Ning's comedy "deftly captures the fine line between the film industries in Hong Kong and mainland China", as well as the "delicate relationship between Western film festivals and Asian filmmakers", according to the program notes. The post S. Korean migrant’s tale to open Asia’s biggest film festival appeared first on Daily Tribune......»»
World Bank chief vows to tackle ‘dysfunctionality’ at development lender
World Bank President Ajay Banga said Tuesday that he is working to reform "dysfunctionality" in the boardroom of the development lender, and pledged to refocus its mission to better address the challenges posed by climate change. The former Mastercard chief executive told the Council on Foreign Relations in New York that the bank should alter its current twin mandate of poverty alleviation and boosting shared prosperity to include climate change. "I think the twin goals have to change to being elimination of poverty, but on a livable planet, because of the intertwined nature of our crises," he said. He added that he was working to redefine the World Bank's business around what he called five key knowledge "verticals": people, prosperity, planet, infrastructure, and digital. Fixing the plumbing Banga, an Indian-born naturalized US citizen, was nominated to lead the World Bank earlier this year by President Joe Biden and began his new role in June. The bank has historically been led by an American, while the International Monetary Fund (IMF) has been run by a European -- a controversial arrangement that has existed since the two institutions were founded in the aftermath of the Second World War. Banga has already made a number of changes to the bank's management since taking over, setting up a new 15-person private sector advisory board, and pledging deeper cooperation with regional development banks to tackle shared challenges. On Tuesday, Banga vowed to "fix the plumbing" at the bank, which he said suffered from "dysfunctionality" in the boardroom. The World Bank's board is made up of 25 executive directors appointed by its 189 member countries, who must balance the interests of the development lender with those of the states they represent. "I want people to say when I’m gone that I left the bank working much better than when I got it, because then my successor will not have to deal with what I’m dealing with," he said. Climate change Proposals to reform the World Bank's balance sheet from countries including the US and Saudi Arabia could add as much as $125 billion in extra lending capacity if they come to pass, Banga told the audience in New York. This would be a significant increase for the development lender, which mobilized just over $100 billion in financing last year. Banga has previously called on the World Bank to collaborate more closely with the private sector to meet the enormous costs associated with climate change mitigation and adaptation. On Tuesday, Banga said the bank should carefully target where it wants to encourage private investment to help cap carbon emissions in order to have the biggest impact. "We need to focus on 10 countries where the growth of emissions will be so high if we don't change to renewables that all the work we do in the developed world to reduce the use of emission-heavy energy will be lost," he said, without naming them. These middle-income countries are states "where there is some hope for the private sector, both in terms of scalable models and the like, that renewable energy could make money," he added. In order to invite the private sector to participate, the World Bank should offer to manage some of the political risks associated with climate-related investments in these countries, along with the risk of currency fluctuations, Banga said. The World Bank group already has a political risk agency, but the foreign exchange risk is an issue that still needs to be resolved, he told the audience in New York. "That's the way to involve the private sector," he added. The post World Bank chief vows to tackle ‘dysfunctionality’ at development lender appeared first on Daily Tribune......»»
World Bank chief pledges to reform ‘dysfunctional’ development lender
World Bank President Ajay Banga said Tuesday that he is working to reform the "dysfunctional" development lender, and pledged to refocus its mission to better address the challenges posed by climate change. The former Mastercard chief executive told the Council on Foreign Relations in New York that the bank should alter its current twin mandate of poverty alleviation and boosting shared prosperity to include climate change. "I think the twin goals have to change to being elimination of poverty, but on a livable planet, because of the intertwined nature of our crises," he said. He added that he was working to redefine the World Bank's business around what he called five key "verticals": people, prosperity, planet, infrastructure and digital. Fixing the plumbing Banga, an Indian-born naturalized US citizen, was nominated to lead the World Bank earlier this year by President Joe Biden, and began his new role in June. The bank has historically been led by an American, while the IMF has been run by a European -- a controversial arrangement that has existed since the two institutions were founded in the aftermath of the second World War. Banga has already made a number of changes to the bank's management since taking over, setting up a new 15-person private sector advisory board, and pledging deeper cooperation with regional development banks to tackle shared challenges. On Tuesday, Banga vowed to "fix the plumbing" at the bank, which he called a "dysfunctional" institution. "I want people to say when I’m gone that I left the bank working much better than when I got it, because then my successor will not have to deal with what I’m dealing with," he said. Climate change Proposals to reform the World Bank's balance sheet from countries including the US and Saudi Arabia could add as much as $125 billion in extra lending capacity if they come to pass, Banga told the audience in New York. This would be a significant increase for the development lender, which mobilized just over $100 billion in financing last year. Banga has previously called on the World Bank to collaborate more closely with the private sector to meet the enormous costs associated with climate change mitigation and adaptation. On Tuesday, Banga said the bank should carefully target where it wants to encourage private investment to help cap carbon emissions in order to have the biggest impact. "We need to focus on 10 countries where the growth of emissions will be so high if we don't change to renewables that all the work we do in the developed world to reduce the use of emission-heavy energy will be lost," he said, without naming them. These middle-income countries are states "where there is some hope for the private sector, both in terms of scalable models and the like, that renewable energy could make money," he added. In order to invite the private sector to participate, the World Bank should offer to manage some of the political risks associated with climate-related investments in these countries, along with the risk of currency fluctuations, Banga said. The World Bank group already has a political risk agency, but the foreign exchange risk is an issue that still needs to be resolved, he told the audience in New York. "That's the way to involve the private sector," he added. The post World Bank chief pledges to reform ‘dysfunctional’ development lender appeared first on Daily Tribune......»»
The Advantage of Adopting the Right Digital Tools for your Business
Amid the uncertainty in customer behaviors and trends from the crisis, this much is clear: updating the business for a digital-first world, led by purpose, is now a must for almost every company. To do so, they must determine where new business value exists in the new normal, what digital business models will capture it, and which tools and behaviors will support the adaptability and resilience that these models require. On this section, we talked to the creators behind the award-winning platform made for businesses like yours. The Digital Advantage Companies need an understanding of 3rd Platform technologies to capitalize on improved decision-making and to deliver enhanced, customized experiences to stakeholders. The rapid acceleration of 3rd Platform technology adoption means that corporates need to actively be looking for ways to improve their operational efficiency and customer service, otherwise, they will be in danger of falling too far behind digitally-native competitors to ever catch up. Efficiency Past recessions show that controlling costs by improving operational efficiency—a task for which digital solutions are perfectly suited for—is more effective in sustaining businesses through financial turbulence than traditional cost-cutting measures alone. The biggest efficiency play is automation. Streamlining operations and automating manual processes result in greater speed, less waste and more focus on revenue-generating activities. The economics of automation is simple: the same work is performed faster and with fewer mistakes, while human capital resources can be redeployed to higher-value tasks or to fill critical gaps. Convenience Company bank accounts are available in any device, the only things you need are internet connection and a few taps on the screen. This brings about an increase in customer satisfaction as they are able to constantly keep track of their account balances and manage the information on their personal profile (i.e. add new mailing address, e-mails, telephone numbers, etc.). In addition to this, there is no need to go to the bank to get checks as they can be instantly sent via email. 24/7 Reliability Online banking services are available 24/7 all year round, even on weekends. There is no need to line up and wait for the bank to open in order to conduct certain operations. This is a huge advantage that comes with digital solutions Security With all the recent news about data breaches, you might be wondering about the security of mobile and online banking. Security is top priority for banks when choosing whether or not to offer online banking. All banks use “Pentagon-grade” encryption technology and sophisticated firewalls. Mandatory security upgrades are required by bank regulators, so you can be confident that keeping your information secure is one of your bank’s utmost priorities. As digital transactions increase and productivity grow, companies must take proactive steps to protect their data privacy and security and adopt models that give them governance over their data. Today’s Platform Driven Solutions Self-service account management, bills payment and electronic fund transfers are considered the basic banking functions that each business should have. Account management allows viewing of account balances and transaction history without going to the bank. All these were made easy and accessible, by just logging into UnionBank’s The Portal app. Bills Payment, on the other hand, gives businesses access to a large list of billers. They can pay their water, electricity, telco, and other utilities online. BIR ePayment is also available, allowing users to pay taxes online. If the company is an accounting firm, they can also pay for their client’s taxes on The Portal app. Electronic fund transfers save companies time and reduce their risk exposure. Just upload the batch crediting file on the platform and it automatically disburses it to their recipients. Clients can also set up their recipients in UnionBank Business Banking so they receive email and SMS notifications every time they are credited. All these are made possible without stepping inside a branch. Batch Electronic Funds Transfer is also now made available for UnionBank Transfers and PESONet. This enables the streamlining of bulk account to account transfers to another UnionBank account or to other bank accounts. This has highlighted the ease and convenience of going digital to corporate clients versus processing transactions through the traditional way of banking over-the-counter or paying via cheques. Going beyond the basic functions of a normal digital banking tool, The Portal’s self-enrollment feature allows businesses to conveniently self-enroll their nominated accounts and users through the simple enrollment steps. Once completed, access to The Portal is granted and clients may enjoy the convenience of processing their funds transfer instructions online. In addition, there is an option to initiate the enrollment of the beneficiary accounts individually or in bulk. This can be essential for clients that need a payee maintenance feature to ensure that the initiated transactions are only credited to enrolled account. With the convenient, hassle-free and straight-through processing in The Portal, businesses can easily push fund transfers in the comfort of their own homes or offices. This pandemic serves as a widespread test case for the effectiveness of these digital solutions, many of which will be permanent fixtures and lead to long-term changes for many businesses. Organizations that embrace digital solutions have greater resiliency in the face of adversity and are way ahead of the competition, which will enable them to recover faster and pivot from playing defense to chasing growth. While many believe it is too idealistic to have a good workplace culture and excellent compensation, many jobseekers significantly consider these two factors when applying for a job, according to two studies. The 2021 Employee Experience Survey by Willis Towers Watson reported that 89 percent of respondents believe a positive employee experience is a crucial driver of engagement, while a 2023 survey from the online recruitment platform JobStreet found that 53 percent of Filipino job seekers would like to know the salary range offered while still in the recruitment process. Aside from great benefits and compensation, employees in the IT industry pointed out that a good work culture and environment, as well as training programs, are the top priorities of job seekers. Vanessa Liwanag, business development director at Yondu, acknowledged the company’s role in her growth, “Yondu has helped me develop my leadership, decision-making, and communication skills through its effective leadership training programs. The company also helped me grow personally because of its hybrid setup. This allows me to have a work-life balance. I can still care for my family and health while contributing to the organization.” Leather, who specializes in securing networks from vulnerabilities, noted that training programs are essential as trends continuously evolve. IT professionals need to keep up in order to be efficient. Steph, a software solutions engineer, echoed this, adding that since the industry is highly competitive and fast-paced, getting equipped with the right skills and knowledge is essential. Grace, a malware researcher, said that one advantage in the IT field is that since it’s a broad industry, there is always much to learn and room for improvement. Yondu, an IT solutions company wholly owned by Globe, offers all these benefits and compensation, a good working environment, and training programs to Yondudes, a nickname for its employees. Competitive pay and benefits are OK for Yondu as the company ensures this through regularly benchmarking market data and best practices. There are also tailor-fitted rewards programs according to talent segments. Yondu also ensures its employees remain competitive and well-equipped by industry standards through various training, reskilling, and upskilling programs to hone their skills in the constantly changing tech industry. Despite the fast-paced sector continuously evolving, Yondu still values work-life balance and provides programs to support Yondudes’ well-being further. “What sets Yondu apart from other organizations is its genuine focus on understanding and supporting its employees,” said Javen Babac, lead application support specialist at Yondu. “The company recognizes that employees perform their best when they feel valued and supported, and this philosophy sets Yondu apart by fostering a positive and inclusive work environment. The organization’s commitment to understanding its employees and providing the necessary resources demonstrates its dedication to employee well-being and sets a strong foundation for professional growth and job satisfaction.” The post The Advantage of Adopting the Right Digital Tools for your Business appeared first on Daily Tribune......»»
UBS’s Credit Suisse takeover, ‘deal of the century’?
Did banking giant UBS make "the deal of the century" when it bought one of the world's biggest banks for a pittance as it teetered on the edge of the abyss? Switzerland's largest bank was in March strong-armed by Swiss authorities into a $3.25-billion takeover of Credit Suisse, to keep its closest domestic rival from going under. At the time, investors gasped at the risks UBS was taking on with the purchase. But by August, the bank said it would not need the billions in support offered by the Swiss government and central bank to offset any surprises that might pop up in its stricken rival's accounts. That must mean that Credit Suisse's situation was "much better than described in March", Thomas Aeschi, a member of parliament with the populist rightwing Swiss People's Party (SVP), wrote on X, formerly Twitter. UBS seemed to prove him right when it unveiled its second-quarter results on August 31. The bank posted a towering net profit of $29.2 billion for the three-month period, thanks to an exceptional gain due to the gulf between the amount paid for Credit Suisse and its book value. 'Godsend' "UBS has pulled off the deal of the century," Switzerland's Socialist Party said, maintaining the "rescue" was more of a "godsend", allowing it to snatch up a bank at a dramatically reduced rate. "If we had chosen another path, (like) a temporary or partial nationalization," said Samuel Bendahan, a Socialist MP and economics professor at the University of Lausanne, the Swiss state "would have taken on the risk, but those $29 billion would have gone to the population". Instead, the takeover has created "a monopolistic situation", he told AFP, warning that while this might strengthen UBS, it puts Switzerland in an extremely risky position if the new mega-bank were to one day face a crisis. Politicians are not the only ones taking issue with the takeover. Gisele Vlietstra, founder of the Swiss Investor Protection Association, told public broadcaster RTS that UBS's towering quarterly profit confirms that the "intrinsic value" of Credit Suisse was "far higher" than the purchase price. She said she hoped that the lawsuits brought by her association and others on behalf of thousands of Credit Suisse shareholders will help determine "the correct value" that they should be compensated. 'Nickel and dime' "UBS paid a nickel and dime" and "got rid of its main competitor" in one fell swoop, Carlo Lombardini, a lawyer and banking law professor at Lausanne University, told AFP. The coming restructuring will clearly carry risks, "but having paid just three billion, it can't go wrong", he said, slamming the option chosen by the Swiss authorities. Like UBS, Credit Suisse was listed among 30 international banks deemed too big to fail because of their importance in the global banking architecture. But the collapse of three US regional lenders in March left the firm looking like the next weakest link in the chain. The Swiss government feared Credit Suisse would have quickly defaulted and triggered a global crisis, shredding Switzerland's reputation for sound banking. But its chosen option for dealing with the issue was certainly a boon to UBS, which will now swell to manage $5 trillion of invested assets. Confidence 'evaporated' UBS chief Sergio Ermotti acknowledged in a recent interview with the SonntagsZeitung weekly that the bank had been "worried" about its competitor since 2016, and had among other things looked into the possibilities of buying it, for fear a foreign lender might snap it up. He acknowledged that Credit Suisse may have survived for a time if the central bank had injected more cash, "but it would not have been enough, since confidence had evaporated". Since the takeover announcement in March, UBS has seen its share price soar 31 percent. But the bank still faces significant challenges, Vontobel analyst Andreas Venditti told AFP. The $29 billion "is a huge one-off gain, but this is just accounting", he said, stressing that "the losses and costs will come later". The analyst, who a few months ago wondered in a note whether UBS had secured "the deal of the decade or a decade of headaches", stressed that "it's going to be a huge task". He said it would only become clear "whether it was worth it" after most of the restructuring is done three years down the line. Parts of the business are continuing to "produce huge losses", he said, warning "many things can still go wrong". Swissquote analyst Ipek Ozkardeskaya agreed, recalling that "UBS was forced" into the merger. Now it is up to the bank to "transform an 'obligation' to its advantage". The post UBS’s Credit Suisse takeover, ‘deal of the century’? appeared first on Daily Tribune......»»
PEZA secures P10.8B investments from Japan, signs MOU for automation of ICT systems
In conjunction with the visit of the members of the President’s Cabinet to improve economic ties with Japan, PEZA pursued a five-day outbound mission to Tokyo resulting in P10.8 billion in solid investment expansion commitments from PEZA-registered Japanese enterprises. Held from 28 August to 2 September 2023, PEZA participated in an investment forum organized by junca Global Holdings and a series of business-to-business meetings that capitalized on investment leads sought by PEZA, and those from Sumitomo Corporation and the First Philippines Industrial Park, Inc., one of PEZA’s leading developer-operators. PEZA also explored new strategic areas of collaboration with Kiraboshi Bank, one of the leading regional banks in Tokyo, and with the Organization for Small & Medium Enterprises and Regional Innovation JAPAN, a government agency under the Ministry of Economy, Trade and Industry in charge of supporting the needs of Japanese SMEs. Further, PEZA entered into a Memorandum of Understanding with NEOJAPAN that will allow PEZA to use NEOJAPAN’s desknet’s NEO and Appsuite, free of charge to PEZA until the end of 2023. In an investment promotion forum organized by junca Global Holdings on 29 August, Director General Tereso O. Panga highlighted Japan’s contribution to the Philippine economy, stating “Our top country investor, Japan, has a total of P766.550 billion investments from 1995 to June 2023 making up for the 27.37 percent of PEZA’s overall investments by country. This investment comes from 877 Japanese locators with 339,751 direct employments as of May 2023 and exports of $ 6.370 billion from January to May this year.” The said forum was attended by representatives from various industries, specifically from renewable energy/alternative fuel to water recycling, real estate, financial services, food processing, cosmetics manufacturing and distribution including research and development on sprayed stem cell therapy, and human resource training and management. Panga also reported that “2023 is proving to mark the significant rise of the semiconductor industry with several industry leaders proceeding with their expansion plans to address the projected demand in their products due to the rise of the electronic vehicle industry and steady technological advancements in the downsizing of gadgets and their parts.” “PEZA will make sure that the country will be poised to receive these investments as we have a small window to get the manufacturing of new high-tech products into the Philippines given the competitiveness of the industry,” he added. The mission allowed PEZA to secure P10.8 billion in investment commitments from Japanese companies, namely the Terumo Corporation (P1 billion), Taiyo Yuden (P1.6 billion), TDK Corporation (P7.2 billion) and Almex Technologies (P1 billion). Panga’s statement is further solidified by the P111.207 billion in investments already approved by the PEZA Board for the first nine months of 2023, and expansion announcements by some of PEZA’s biggest locators such as Knowles (Philippines) Electronics Corporation, Terumo, Wipro Philippines, Inc., and Isla Import Terminals, Inc. According to Panga, “Taiyo Yuden CO., LTD. has an investment plan to operate their business in Taiyo Yuden (Philippines), Inc. We are proud to have locators such as Taiyo Yuden grow inside PEZA’s ecosystem since 1989. The ongoing investment plan covers the calendar year 2023-2024, with the total investment amounting to P1.6 billion. This signifies a continued era of trust and confidence in the country’s investment facilitation climate.” The Metal Power Inductor is Taiyo Yuden’s newly patented product with cutting-edge technology. The Philippine facility is the first manufacturing site aside from the facilities in Japan. The new product is the world’s first multilayer-type metal power inductor with the latest multilayer technology and its unique metal material characteristics. On the other hand, the TDK Corporation, an electronics manufacturing company that uses leading magnetic technology will have its first expansion from 2023 to 2026 while its second expansion will begin in 2024. TDK’s new product is a bio-magnetic sensor for monitoring heartbeats. Promising investment leads are also in the pipeline such as the partnership with Kiraboshi Bank, LTD., As one of the largest regional banks in Tokyo, Japan, Kiraboshi Bank caters to a large network of enterprise clients including PEZA registration-eligible business enterprises. Meanwhile, talks with the SME Support JAPAN led to the possible inclusion of the Philippines in the conduct of CEO Business Meetings that will allow direct linkage between Japanese SMEs and PEZA RBEs. PEZA also considers the partnership as a promising prospect since the Philippines is in a position to address the human resource needs of Japanese SMEs that are looking to expand operations. According to SME Support Senior Director General Soma Hirohisa they are “looking forward to the possible partnership with PEZA to produce more success stories for Japanese SMEs, similar to those who setup manufacturing facility in the ecozones to export these products to Japan and other global markets.” On the other hand, Kaneko Cord Co., LTD. is a company engaged in various industries such as the production of electrical wires, cables, and the manufacture of medical tubes and caviar productions is interested in transferring its Japan-based operations to the Philippines. Kaneko representatives later lauded the productive meeting with PEZA, stating that the meeting “surely expedited the beginning of [their] business in the Philippines.” Meltec Corporation also have plans to expand their operations in the Philippines due to the country’s strategic location to its clients and the presence Filipinos workers with high-quality skills and positive attitude. On 1 September 2023, PEZA entered into an MOU with NEOJAPAN that will allow PEZA to use NEOJAPAN’s desknet’s NEO and Appsuite, free of charge to PEZA for a limited period. The use of these groupware solutions will allow PEZA to digitize, automate, and centralize most of its internal documents and processes under a secure IT environment. With this partnership, PEZA will be taking the lead in government administration, being one of the first Philippine government agencies to use the product as a standard operating office system. In Japan, desknet’s NEO is used by 40 percent of all Japanese LGUs, ministries such as the Ministry of Internal Affairs and Communication, universities such as The University of Tokyo, and large enterprises such as Toyota, Mitsubishi Motors, Mizuho, Pilot and Fujifilm. Represented by Panga and Corporate Center Senior Director Tsuneko Aoki, PEZA and NEOJAPAN inked the engagement geared toward exploring areas of collaboration and cooperation in developing, improving and automating the administrative processes of PEZA through the adoption of appropriate ICT systems. In Japan, desknet’s NEO is used by 40 percent of all Japanese LGUs, ministries such as the Ministry of Internal Affairs and Communication, universities such as The University of Tokyo, and large enterprises such as Toyota, Mitsubishi Motors, Mizuho, Pilot and Fujifilm. The MOU is also in compliance with Republic Act No. 10173 or the Data Privacy Act of 2012 and Confidentiality of Information. This is part of PEZA’s initiatives towards contributing to the goal of the Department of Trade and Industry of promoting digital transformation in the Philippines that is science, technology, and innovation-driven. The post PEZA secures P10.8B investments from Japan, signs MOU for automation of ICT systems appeared first on Daily Tribune......»»
A Chinaman’s chance
(Lest anyone take quick offense, let me say at the outset that I am not a racist. My use of the term is simply for purposes of this column and for context.) Before people became overly sensitive about perceived racist remarks, we used to say — when someone had only a remote chance of succeeding at something — “he doesn’t have a Chinaman’s chance.” I was reminded of that phrase recently when Huawei, one of China’s biggest phone companies, released two weeks ago the Mate 60 Pro, its latest flagship phone, without much fanfare. And never had such a quiet launch made so much noise around the globe. For a bit of context, during the Trump administration, an oppressive trade sanction was put in place by the United States against the selling of advanced microprocessors to Chinese companies, in order to prevent the Chinese from catching up with the US in 5G technology. Not only was the ban imposed on American manufacturers, but pressure was also brought to bear on chip makers in other countries allied with the US. The first to dutifully comply was Korean electronics giant Samsung, which must have regretted its decision, seeing as how it lost 60 percent of its sales almost overnight. For a while, Huawei was in a panic, as it halted the production of 5G phones when stockpiles of the banned chips ran out; for a while, it was reduced to selling mobile phones with obsolescent technology. But the Americans and their cronies did not count on the resilience of the Chinese people, a relentlessness that has helped its civilization survive after more than 2,000 years of foreign intervention. Forced to do without imported chips, Huawei focused all its efforts on developing a substitute. In a couple of years, its team of hundreds of technology experts, mathematicians, engineers, and metallurgists did the seemingly impossible: They created a 5G chip without any help from anyone. One could, therefore, not fault Huawei for releasing its 5G phone at the very same time that US Commerce Secretary Gina Raimondo was in Beijing on an official visit — as if to say, “In your face, America!” This Chinese triumph is but one of many instances where US attempts to undermine Chinese trade backfired big time on America. In 2011, China was banned by the US Congress from joining the Space Station program of NASA. China promptly built its own space station, the Tiangong, 10 years later. Sometime after, when America was developing the Global Positioning System, it also shut out China, which then launched its own satellites to power its own positioning system. The West also demonized China for being the “world’s biggest carbon polluter,” so its factories started working on lithium-ion batteries (90 percent of whose raw materials are mined in China) and now it dominates the electric car market worldwide. Using the status of the dollar as a world currency, the West imposed other trade sanctions on China, thus impelling it to put up its own version of the World Bank and organizing the BRICS countries that will no longer use the dollar as a medium of exchange. A total of 721 big Chinese companies were blacklisted from trading with US corporations; the Chinese started trading with most of the emerging economies and became the second largest economy in the world. It would appear that it still hasn’t sunk in with the American leaders that their days of global hegemony are long over. There is a new challenger on the scene whose government is more committed to making it stronger economically, militarily, and diplomatically. As the new generation of Americans struggles with questions of pronouns, transitioning, decriminalizing robbery and drug use, and legalizing abortion, the young people of China are concentrating on mastering math and technology, becoming part of a disciplined army, building their GDP, and making their society orderly and crime-free. If this keeps up, it will be America that will, ironically, not have a Chinaman’s chance to prevail. The post A Chinaman’s chance appeared first on Daily Tribune......»»
Gilas win over China stokes patriotic fervor
Senators were among the Filipinos who showed support for Gilas Pilipinas en route to its rousing 96-75 win over China in the FIBA World Cup at the Araneta Coliseum in Quezon City on Saturday night. Senate President Juan Miguel “Migz” Zubiri, Senate Majority Leader Joel Villanueva, and Senators Ronald “Bato” Dela Rosa and Christopher “Bong” Go was seen wearing matching black shirts with the print “West Ph Sea,” short for West Philippine Sea. “Congratulations Gilas Pilipinas! That’s the heart of the Filipino that you’ve shown fighting to the very end. I salute all the players, coaches, and fans because ‘our never-say-die attitude’ gave us the hope to score a victory in the FIBA World Cup,” Go, himself a prolific basketball player, said in Filipino. “While we were saddened by our not qualifying for the Olympics, Gilas did not disappoint the home crowd by showing a big potential for future competitions,” he added. He said the victory over a Chinese team boosts the morale of Filipinos amid the challenges the country is facing in the West Philippine Sea being claimed by Beijing as part of its territory. WPS ours! Asked about the WPS shirts he and the other senators wore during the game, Go said they were given to them to show their being one with the team and the country’s territorial sovereignty in the West Philippine Sea. “The West Philippine Sea is ours!” Go said. “This victory is also for all of us.” For Zubiri, the Philippines, even through basketball, was able to show it would not be bullied by China on the home court, seemingly referencing similarly gallant stands made by the Philippine Coast Guard and Navy in the WPS. “This was the most important game of all! For our pride and for our motherland, the Philippines,” Zubiri said. “We may not have won any of our games for the world championships, but this win was the sweetest of all.” Likewise, Villanueva described the Gilas Pilipinas’ victory over China as the country’s “best win.” Biggest game “Most important basketball game of the year! It feels like we won the championship! Yahoo!” he said. “Our Gilas Pilipinas fought well like each and every one of them knows the story of Ayungin, Recto Bank, Pag-asa Island, etc.” He added: “So proud of them! Everyone contributed! We saw a different Gilas Team; there’s fire in their eyes.” Zubiri explained that their matching shirts with the print “West Ph Sea” was their response to China’s new standard map which also included the exclusive economic zones of the Philippines. 10-dash line “They released a 10-dash line; we wore the T-shirt as a statement that the West Philippines Sea is ours. Mabuhay Gilas! Mabuhay ang Pilipinas!” he said. Meanwhile, Dela Rosa said they have worn the shirts to “awaken the patriotic spirit of our Gilas Pilipinas and motivate them to secure the victory which is symbolic for us Filipinos in light of the recent developments in the West Philippine Sea.” The post Gilas win over China stokes patriotic fervor appeared first on Daily Tribune......»»
BSP: More Filipinos now with basic deposit accounts
The Bangko Sentral ng Pilipinas on Friday said more Filipinos now have bank accounts as the country’s number of basic deposit accounts or BDAs surged by 170 percent to 21.9 million in the first quarter of this year, higher than the 8.1 million in the same period last year. Deposits under BDAs climbed to P27 billion in the first quarter, or 432 percent higher than the P5.1 billion in the same period a year ago. BDAs allow clients to open interest-earning savings accounts with required initial deposit of just P100 or less and have no minimum maintaining balance and dormancy fees. Opening these accounts also only requires basic identification documents. “Introduced by the BSP in 2018, the BDA aims to meet the needs of the unbanked and low-income sector for affordable and easy-to-open bank accounts,” a statement from the BSP said. Conversion of registered accounts The Bank said BDA growth was partly a result of the conversion of registered accounts under the Philippine Identification System or PhilSys into BDAs. This process created 7.5 million BDAs. “An initiative of the Philippine Statistics Authority and the Land Bank of the Philippines, the co-location strategy aims to onboard unbanked PhilSys registrants into the formal financial system after their biometrics capture at registration centers,” BSP explained. Another 4.3 million accounts from five banks that also started offering BDAs were added from January to March this year. Based on the first-quarter data by the BSP, there are already 158 traditional and digital banks offering BDAs. The BSP aims to expand the population of adult Filipinos with bank accounts from 51 percent last year to 70 percent this year. The post BSP: More Filipinos now with basic deposit accounts appeared first on Daily Tribune......»»
China snubs Canada as restrictions on tourism travel lifted
China — a major source of outbound tourists — has left Canada off a list of countries now approved for travel by tour groups, its embassy in Ottawa said Wednesday, due to anti-Beijing rattling by Ottawa. Last week Beijing lifted a Covid-era ban on group tours to dozens of countries including the United States, Germany, Japan, and Australia, but not Canada. Travel agents turn to the list of approved destinations when promoting and arranging foreign vacations for Chinese nationals. There are currently 138 countries on the list. The Chinese Embassy in Ottawa said in a statement that the reason behind the snub was "the Canadian side has repeatedly hyped up the so-called 'Chinese interference.'" It said "rampant and discriminatory anti-Asian acts and words are rising significantly in Canada" and "the Chinese government attaches great importance to protecting the safety and legitimate rights of overseas Chinese citizens and wishes they can travel in a safe and friendly environment." The United Nations tourism agency (UNWTO) says China grew to be the biggest tourism source market in the world prior to the pandemic. In 2019, Chinese tourists spent a collective US$255 billion on international travel. Group tours from China to Canada were first approved in 2010. In 2018, nearly 700,000 Chinese visitors came to Canada, spending an average of Can$2,600 (US$1,922) per visitor, or a total of Can$2 billion -- out of Can$22 billion spent collectively by all foreign travelers, according to a report by the Canada China Business Council. That same year, tit-for-tat arrests of a top Huawei executive in Vancouver on a US warrant and two Canadians living in China, accused of espionage, dealt a serious blow to bilateral relations. Ottawa accused Beijing of engaging in "hostage diplomacy," before a deal was eventually reached with US prosecutors that saw all three people released in 2021. China-Canada relations hit a new low this year amid accusations of Chinese meddling in Canadian elections and the attempted intimidation of MPs that led to the expulsion of a Chinese diplomat in May. Beijing responded by sending home a Canadian diplomat from Canada's consulate in Shanghai. Canadian government officials did not immediately reply to a request for comment. Janice Thomson, the head of tourism at Niagara Falls -- the top tourism destination in Canada -- said China's decision to leave Canada off its approved destinations list was "disappointing." She expressed hope that Canada would make it onto the list in a future round of country additions. The post China snubs Canada as restrictions on tourism travel lifted appeared first on Daily Tribune......»»
Norway’s sovereign wealth fund earned 131-B euros in first half of year
Oil producer Norway's sovereign wealth fund earned 131 billion euros in the first half of the year, the country's central bank said in a statement on Tuesday. The performance, lifted by the financial markets, represented a return of 10 percent and helped boost the fund's value to 15,299 billion kroner (1,332 billion euros) at the end of June. In six months, the fund has almost wiped out the huge 1,637 billion kroner loss incurred last year as a result of the war in Ukraine and the global economic downturn. Norway's sovereign wealth fund is the world's biggest, according to the Sovereign Wealth Fund Institute, just ahead of two Chinese funds. Fuelled by revenues from Norway's state-owned oil and gas companies, the fund is aimed at financing future spending in the generous welfare state. Since the start of the year, the vast fund has also benefited from the weakening of the krone, which has increased the value of assets held in dollars, euros, and other foreign currencies. Norges Bank had been set to publish its half-year results on Wednesday. It did not give a reason for publishing the results on Tuesday. The post Norway’s sovereign wealth fund earned 131-B euros in first half of year appeared first on Daily Tribune......»»
China stops releasing youth jobs data as economic figures disappoint
China said it would stop publishing data on its rising youth unemployment rate on Tuesday, as it released a raft of disappointing figures that stoked concerns over the state of the world's second largest economy. Shortly before the latest uninspiring indicators were published, the central bank cut a key interest rate in an effort to boost flagging growth. Tuesday's data added to a slew of disappointing figures in recent months reflecting a slump in China's post-Covid rebound, with joblessness among 16- to 24-year-olds hitting a record 21.3 percent in June. The country slipped into deflation for the first time in more than two years in July, due to waning consumption and flagging exports. The National Bureau of Statistics on Tuesday said it would no longer release age-group-specific unemployment data starting this month, citing the need to "further improve and optimise labour force survey statistics". "Starting from this August, the release of urban unemployment rates for youth and other age groups across the country will be suspended," bureau spokesman Fu Linghui said at a press conference. Overall, unemployment rose to 5.3 percent in July compared with 5.2 percent in June, the NBS said. As indicators of an economic slowdown have piled up, many experts have called for a large-scale recovery plan to boost activity. But for the time being, authorities are sticking to targeted measures and declarations of support for the private sector -- with little in the way of tangible steps. Slowing retail sales Tuesday's announcement that youth unemployment data would be suspended came as Beijing released a series of weak economic indicators for July. Retail sales, a key gauge of consumption, grew 2.5 percent year-on-year in July, the NBS said, down from 3.1 percent in June and falling short of analyst expectations. Industrial production grew 3.7 percent in July from a year ago, down from 4.4 percent in June. The suspension of youth jobs data "may further weaken global investors' confidence in China", Ting Lu, China economist at Nomura, said in a note. Chinese social media users on Tuesday were skeptical of officials' explanation for the move, with the topic receiving over 140 million views and tens of thousands of comments on the Weibo platform. "Can you solve the problem by gagging and blindfolding yourself?" asked one Beijing-based user in a post liked by more than 3,000 people. Chinese leaders have sought to boost domestic consumption in recent weeks, with the State Council last month releasing a 20-point plan to encourage citizens to spend more in sectors including vehicles, tourism and home appliances. The country's top brass has warned that the economy faces "new difficulties and challenges" as well as "hidden dangers in key areas". The recent data suggests China may struggle to achieve a five percent growth target set for the year. The economy grew just 0.8 percent between the first and second quarters of 2023, according to official figures. Rate cut In a surprise move, the central bank on Tuesday cut the medium-term lending facility rate -- the interest for one-year loans to financial institutions -- from 2.65 percent to 2.5 percent. A lower MLF rate reduces commercial banks' financing costs, in turn encouraging them to lend more and potentially boosting domestic consumption. "We believe the Chinese economy is faced with an imminent downward spiral with the worst yet to come, and the rate cut this morning will be of limited help," Lu of Nomura said. The Consumer Price Index, the main gauge of inflation, fell 0.3 percent in July, the National Bureau of Statistics said last week. China slipped into deflation in July for the first time in more than two years, after a short period of deflation at the end of 2020 due largely to a collapse in the price of pork, the most widely consumed meat in the country. While cheaper goods may appear beneficial for purchasing power, falling prices pose a threat to the broader economy as consumers tend to postpone purchases in the hopes of further reductions. A lack of demand then forces companies to reduce production, freeze hiring or lay off workers, and agree to new discounts to sell off their stocks -- dampening profitability even as costs remain the same. The post China stops releasing youth jobs data as economic figures disappoint appeared first on Daily Tribune......»»
UBS to pay $1.4-B to settle US fraud charges on subprime loans
UBS will pay $1.4 billion to settle US charges that it defrauded investors in the sale of mortgage-backed securities central to the 2008 financial crisis, the Justice Department announced Monday. The agreement resolves the last outstanding case brought by federal prosecutors against major banks in the wake of the financial calamity, an initiative which has garnered $36 billion in settlements from nearly 20 financial institutions, a Department of Justice (DOJ) press release said. In its civil case launched in 2018, the DOJ argued that UBS "knowingly made false and misleading statements" in connection with the sale of 40 residential mortgage-backed securities (RMBS) issued in 2006 and 2007. The DOJ had alleged that contrary to UBS representations, the giant Swiss bank "knew that significant numbers of the loans backing the RMBS did not comply with loan underwriting guidelines that were designed to assess borrowers' ability to repay." Ultimately the 40 RMBS "sustained substantial losses," the DOJ said. "With this resolution, UBS will pay for its conduct related to its underwriting and issuance of residential mortgage-backed securities," said Breon Peace, US Attorney for the Eastern District of New York. "The substantial civil penalty, in this case, serves as a warning to other players in the financial markets who seek to unlawfully profit through fraud that we will hold them accountable no matter how long it takes," he added. UBS characterized the case as a "legacy matter," adding in a statement that the funds have been provisioned for in earlier periods. The post UBS to pay $1.4-B to settle US fraud charges on subprime loans appeared first on Daily Tribune......»»
Malaysia’s Anwar thwarts opposition challenge in state polls
Malaysian Prime Minister Anwar Ibrahim's ruling coalition thwarted a challenge by an opposition alliance in state elections, official results showed Sunday, with analysts saying the win would buy him time to consolidate power in the largely Islamic Southeast Asian nation. Saturday's vote in six states had been the toughest political challenge yet to Anwar, who was appointed prime minister in November last year to head a unity government after an indecisive general election. The election of state assembly members does not affect Anwar's current two-thirds majority in parliament. It was, however, widely seen as a barometer of support for Anwar, including his push for a more inclusive society in which minority ethnicities could be allowed greater participation in the largely Malay Muslim nation, which also has large Chinese and Indian populations. Results released by the Election Commission showed that Anwar's Pakatan Harapan coalition retained three states: Selangor, Penang, and Negeri Sembilan. The opposition alliance Perikatan Nasional -- whose key member the PAS party aims to create a theocratic state in Malaysia -- kept its hold on Kedah, Terengganu, and Kelantan. Retaining Selangor, which hosts the country’s biggest port, and Penang, home to Malaysia’s thriving semiconductor industry, are prized wins for Anwar, analysts said. The ruling coalition, however, lost its two-thirds majority in Selangor, as the opposition made strong inroads. Perikatan is backed by the Malaysian Islamic Party, or PAS, whose strong performance in last year’s general elections had sparked ruling party concerns it could spring a surprise and flip one or two states to the opposition. "This is a decision of the people. We have to respect this decision," Anwar said of the results at a late-night press conference as he also appealed for unity after a divisive campaign. "The federal government remains strong after this poll and we will continue to promote a prosperous Malaysia," he added. Oh Ei Sun of the Pacific Research Center of Malaysia think tank said "it was a nail-biting win for Anwar after he thwarted the challenge from the powerful Islamic party PAS". Bridget Welsh, a Malaysia expert from the University of Nottingham, said retaining the three states was a "victory for Anwar" as "he had gone into this campaign defensively". "It was in many ways a stress reliever for Anwar not to be confronted with any major political shifts that could alter the status quo," said Mustafa Izzuddin, a political analyst with consultancy Solaris Strategies Singapore. But the outcome was also a disappointment in that "his coalition did not make much significant inroads" at the polls, he told AFP. Anwar "has more than enough time" before the 2027 general elections "to shore up support including the complex political bargaining that may need to happen within the coalition", according to Mustafa. No guarantee James Chin, a Malaysia expert at the University of Tasmania in Australia, had warned earlier Saturday of "dire" consequences if Anwar lost even a single state, including shifting allegiances that could have threatened his future as prime minister. Anwar became prime minister last November after a long struggle as an opposition leader. His party had won the most seats in the general election but fell short of the outright majority needed to form a government. That forced him into an alliance with former foes in the United Malays National Organisation to secure a two-thirds parliamentary majority and approval from Malaysia's king to form a "unity government". The coalition has so far held together in a country that had seen three leadership turnovers in as many years after scandal-tainted Najib Razak was voted out as prime minister in 2018 over massive corruption at state fund 1MDB. But Oh, the analyst, said Anwar "must remain vigilant" even as he pushes for reforms. "There is no guarantee that his government will stay until the next general elections," he said. The post Malaysia’s Anwar thwarts opposition challenge in state polls appeared first on Daily Tribune......»»
DENR, UNDP other countries commits to Circular Economy through EPR
The Philippines produces 163 million plastic sachet packets, 48 million shopping bags and 45 million thin-film bags daily. Thirty-three percent of these are disposed of in landfills and dump sites, while 35 percent are leaked into the open environment and oceans. These are the primary reasons why the Extended Producer Responsibility (EPR) Act of 2022 or Republic Act 11898 has been enacted to ensure full compliance of industries related to plastic use and production. Environment Secretary Maria Antonia Yulo-Loyzaga tackled this over the weekend during the launching of LOOPFORWARD, a joint undertaking between the DENR and the United Nations Development Program (UNDP) in Pasay City. “The EPR Act institutionalized the extended producer responsibility mechanism as a practical approach to efficient waste management, focusing on waste reduction, recovery and recycling and the development of environment-friendly products that advocate the internationally-accepted principles on sustainable consumption and production, circular economy and producers’ full responsibility throughout the life cycle of their product,” Loyzaga said in her speech delivered in front of UNDP Resident Representative Selva Ramachandran, Japan, Germany, Spain, US and the European Union representatives along with EPR author Senator Cynthia Villar. "Climate and environmental risks make up the majority of global risks perception in the next decade. So thus we need sustained, concerted, and evidence-informed investments and actions to protect and enhance our natural ecosystem environmental protection for all the different ecosystems that we have from land and sea, and of course we know that environmental protection, our ecosystems, biodiversity and climate change are inextricably linked. A failure in one of these dimensions will cascade well into the other," Loyzaga explained. In the Philippine setting, she cited that 61,000 million metric tons of waste were generated daily. Between 12 to 24 percent of these are plastic waste in various forms. According to a World Bank study conducted in 2019, Loyzaga said, it was reported that around 70 percent of the material value of plastics is lost to the Philippine economy each year. "This is equivalent to roughly a value loss of $790 million to $890 million per year," Loyzaga further explained. "As a country, we are in pursuit of the right combination of science and technology, policy and practice. Locally and through our global partners we are trying to make this possible just as we are discovering the true value of our global capital. The science, engineering, technology and innovation that support circularity are within reach by tapping into expertise both nationally and internationally," she added. Ramachandran, on the other hand, said that while there was significant progress over the last century, the growth was accompanied by excessive abuse of resources and environmental degradation. “The 2023 Circularity Gap Report indicates that only 7.2 percent of the global economy is circular. The rising extraction and use of material has shrunk global circularity from 9.1 percent in 2018 to 7.2 percent in 2023. This leaves a significant circularity gap. The world almost exclusively relies on new materials, more than 90 percent of materials are either wasted, lost or remain unavailable for reuse for years,” Ramachandran said. He added that studies place the Philippines among the highest ocean plastic waste polluters globally. According to Ramachandran, the challenge at hand is how to leapfrog the implementation of EPR in the Philippines. “We can no longer afford to remain business-as-usual and only focus on downstream solutions. We challenge the obliged enterprises to put more focus on waste avoidance and reduction, including through product redesign to improve reusability, recyclability or retrievability, and employing reuse and refill strategies," the UNDP Resident Representative said. “LOOPFORWARD: Linking Opportunities and Partnerships Towards ,” campaign was launched for full compliance and effective implementation of the EPR Act of 2022 by industries and other entities through attainment of time-bound waste recovery targets. It highlights the relevance of the EPR concept and law, gain better understanding among its stakeholders, and convene and gain commitments from the country’s biggest private firms referred to as the “obliged enterprises” under the law. It also seeks to gather support and open possible areas for collaboration among national government agencies, local government units, and development partners. The EPR approach is practiced in many countries around the world. It focuses on waste reduction, recovery, and recycling, and the development of environment-friendly products that advocate the internationally-accepted principles of sustainable consumption and production, and the circular economy. The DENR is the lead implementer of the EPR law and the LOOPFORWARD campaign. The campaign is supported by the CCC and the governments of Germany, Spain, and the European Union under the NDC Support Project for the Philippines, as well as the Government of Japan through the Accelerating NDC through Circular Economy in the Cities Project. The post DENR, UNDP other countries commits to Circular Economy through EPR appeared first on Daily Tribune......»»
Render unto Ceasar
The Catholic Bishops’ Conference of the Philippines’ plenary assembly in 2022 said the Roman Catholic Church will divest from banks and projects that are involved in fossil fuels as part of its contribution to the movement for clean energy. The warning showed the financial muscle through its corporate shares that the bishops can muster to influence the realm of business. In a pastoral letter, the CBCP said it will use its shareholdings in domestic banks to demand policies and plans to “phase out their exposure to coal, fossil gas, and destructive energy in line with the 1.5°C ambition.” “Without clear commitments and policies from these banks to divest from fossil fuels, we commit to withdraw all our resources that are with them not later than 2025, and hold them accountable to their fiduciary duties and moral obligations as climate actors,” read the pastoral letter. In its latest pastoral letter about the “climate emergency” last March, however, the Church bravado has dissipated and instead has been replaced by a warning that it will enforce the “CBCP-initiated non-acceptance policy of donations of whatever kind, from owners or operators and any representative of extractive companies regardless of the scale of operation.” The new position is oceans apart from the earlier encompassing threat to divest from all dirty energy projects and their financiers. Such flip-flops have been the impediment of the Church in exerting its supposed moral guidance in what the Bible says is Caesar’s domain. The Catholic Church is heavily invested in the biggest corporations in the country. In San Miguel Corporation, for instance, the list of its top 100 shareholders shows more than P600 million in investments from Church-affiliated entities. The Archbishop of Manila is currently listed as the fifth largest shareholder in one of the biggest lenders in the country, which is a huge provider of loans to energy projects, with 62 percent of its energy portfolio comprising coal. The bank’s exposure to coal projects is estimated at $444.82 million. The archbishops of archdioceses in Jaro, Iloilo, and Zamboanga are also major stockholders of the bank. The Manila archdiocese is also among the top shareholders in a giant mining firm through shares worth more than P66 million. It also has huge capital as a supplier of construction materials. When the Catholic Church appealed for donations for the renovation of the Manila Cathedral in 2013, top corporation SMC came to its aid with P50 million while Metrobank donated P20 million. In no time at all, the P136-million project was funded. Regarding donations, in 2011, the Philippine Charity Sweepstakes Office named a priest and several Catholic bishops who received sports utility vehicles funded through the agency’s charity fund. The PCSO revelation sparked a Senate investigation and the bishops agreed to surrender the vehicles. A Commission on Audit report said the grant of the five vehicles amounting to P7 million violated the constitutional provision that “no public money or property shall be appropriated, applied or employed directly or indirectly, for the use of, benefit or support to any sect, church, denomination… except when such priest, preacher or dignitary is assigned to the Armed Forces or any penal institution, or government orphanage or leprosarium.” During a Senate investigation on the controversy, PCSO director Aleta Tolentino revealed that a bishop asked for a car as a birthday gift but used the welfare of the poor as an excuse. During the inquiry, Tolentino said, “We are not against the Church. We are just denouncing what happened in the past — corruption of government funds, which is prohibited by the Constitution itself.” “Would the bishops rather that we keep mum or lie about it? Would they want us to just keep quiet about this?” she added. With its heavily compromised state as a result of its financial involvement, the Church has abandoned its role as a conscience of society in the pursuit of uplifting the lives of Filipinos. The post Render unto Ceasar appeared first on Daily Tribune......»»
Outlook dims, Asia estimates reduced
The Asian Development Bank had cut its forecast for economic growth in developing Asia for next year, but it kept its estimates for 2023. The fact that the ADB reduced its estimate for 2024 from 4.8 percent to 4.7 percent showed that the global outlook is “dimmed by the delayed effects of interest rate hikes.” In an update to its Asian Development Outlook report, which came out on Wednesday, the ADB said that it still expects the region to grow by 4.8 percent in 2023, which is the same as what it said in April. “Exports from developing Asia weakened in the first quarter of 2023 as global demand slowed,” the Manila-based multilateral lender said. “However, consumption and investment are forecast to boost aggregate regional growth,” it added. Prices cooling This year, the region’s overall inflation is expected to slow down to 3.6 percent, which is much less than the 4.2 percent predicted last year. Prices should go up by 3.4 percent next year. As supply-side forces went down and monetary tightening took hold, the ADB said, headline inflation went back to where it was before the pandemic. The ADB said that most central banks have kept their policy rates the same this year and that “signs have emerged of a shift toward easing.” The biggest economy in the area, China, is expected to grow by 5 percent this year and 4.5 percent next year, which is the same as what was projected in April. “Growth in manufacturing investment is expected to moderate in line with cooling exports, while that of infrastructure investment is likely to remain stable,” the ADB said of China’s outlook. “Monetary and fiscal policies will continue to support economic recovery, particularly to boost domestic demand.” This year, the economy of the trade-dependent Southeast Asian country Vietnam is expected to grow slowly to 5.8 percent, down from 6.5 percent in April. The ADB says it will grow by 6.2 percent next year, which is less than the 6.8 percent growth rate that was predicted before. ADB also kept the growth predictions for India, one of the largest economies in the region at 6.4 percent and 6.7 percent, respectively, “supported by upbeat domestic demand.” The post Outlook dims, Asia estimates reduced appeared first on Daily Tribune......»»
Global outlook dims, ADB cuts growth estimates from 4.8 percent to 4.7
The Asian Development Bank cut its forecast for economic growth in developing Asia for next year, but it kept its estimates for 2023. The fact that the ADB cut its estimate for 2024 from 4.8 percent to 4.7 percent shows that the global outlook is "dimmed by the delayed effects of interest rate hikes." In an update to its Asian Development Outlook report, which came out on Wednesday, the ADB said that it still expects the region to grow by 4.8 percent in 2023, which is the same as what it said in April. "Exports from developing Asia weakened in the first quarter of 2023 as global demand slowed," the Manila-based multilateral lender said. "However, consumption and investment are forecast to boost aggregate regional growth," it added. This year, the region's overall inflation is expected to slow down to 3.6 percent, which is much less than the 4.2 percent predicted last year. Prices should go up by 3.4 percent next year. As supply-side forces went down and monetary tightening took hold, the ADB said, headline inflation went back to where it was before the pandemic. The ADB said that most central banks have kept their policy rates the same this year and that "signs have emerged of a shift toward easing." The biggest economy in the area, China, is expected to grow by 5 percent this year and 4.5 percent next year, which is the same as what was predicted in April. "Growth in manufacturing investment is expected to moderate in line with cooling exports, while that of infrastructure investment is likely to remain stable," the ADB said of China's outlook. "Monetary and fiscal policies will continue to support economic recovery, particularly to boost domestic demand." This year, the economy of the trade-dependent Southeast Asian country Vietnam is expected to grow slow to 5.8 percent, down from 6.5 percent in April. The ADB says it will grow by 6.2% next year, which is less than the 6.8% growth rate that was predicted before. ADB also kept the growth predictions for India, one of the largest economies in the region at 6.4 percent and 6.7 percent respectively, "supported by upbeat domestic demand." The post Global outlook dims, ADB cuts growth estimates from 4.8 percent to 4.7 appeared first on Daily Tribune......»»