‘Tank’ crushes Garcia
LOS ANGELES (AFP) — Unbeaten Gervonta “Tank” Davis handed Ryan Garcia the first defeat of his career on Saturday, stopping the Californian with a paralyzing body shot in the seventh round of their marquee fight in Las Vegas, Nevada. Davis, who has won five world titles in three weight classes, added another highlight reel knockout to his collection as he improved to 29-0 with 27 knockouts. Garcia was making the running in the second round when Davis drilled him with a left overhand counterpunch to send him to the canvas. The knockout blow was blindingly fast as Davis took advantage of an advancing Garcia, landing another heavy left to Garcia’s ribcage. After staggering back, Garcia steadied and attempted to square up before dropping to one knee — unable to rise before referee Thomas Taylor counted to 10. “It was a good shot,” Davis said. “I thought he was going to get up. I was looking at him, trying to tell him ‘get up.’” “And he just shook his head.” There was no title on the line, nor any battle for dominance in the 135- or 140-pound classes. But the fight at a 136-pound catchweight, which headlined a pay-per-view card and drew an enthusiastic, celebrity-studded crowd to the T-Mobile Arena, lived up to the hype generated by the clash of unbeatens. “I am the face of boxing,” said Davis, who had never headlined a pay-per-view card despite earning world titles at super-featherweight, lightweight and super-lightweight. “I just saw Rihanna perform at the Super Bowl and I was like that was going to be me one day, and here we are,” he said. “It definitely matches the dream. But the job’s never done til I retire. So I’m going to keep my head down, stay humble and continue to work.” Garcia, meanwhile, will have to go back to the drawing board after falling to 23-1 with 19 knockouts. The 24-year-old’s hand speed and punching power make him a formidable opponent, and his massive social media presence has made him a mainstream celebrity, but he has yet to earn a top-flight world title. After a testy build-up to the bout, Garcia was gracious in defeat, calling it “an honor” to be in the ring with Davis. “He just caught me with a good shot,” Garcia said. “I just couldn’t recover. Snuck under me and caught me good.” He said he didn’t want to elaborate, but when asked agreed he couldn’t breathe. “I was going to get back up, but I just couldn’t get up,” he said. The post ‘Tank’ crushes Garcia appeared first on Daily Tribune......»»
Pacquiao plots comeback
After an absence of 20 months, Manny Pacquiao returned to the site of his old playground to watch a major fight and raise speculations that he is on the cusp of staging a comeback at age 44. But Pacquiao told Daily Tribune yesterday that while he is missing boxing, a comeback seems to be unlikely at the moment since he has a commitment to fight an exhibition on 29 July in Japan. Asked whether a regular boxing bout could be next, Pacquiao was tight-lipped but didn’t close the door on such a possibility. “We’ll see,” said Pacquiao, who was at ringside when Gervonta “Tank” Davis demolished Ryan Garcia in the seventh round of their high-profile showdown at the T-Mobile Arena. Pacquiao last fought in August 2021 and lost to Yordenis Ugas of Cuba and several weeks later, he announced his retirement. While watching the fight, boxing fans called out Pacquiao’s name and it brought back memories of his fighting days in Sin City that lasted for two decades. “The crowd’s reaction to his presence was terrific,” Sean Gibbons, who mans the Pacquiao’s owned MP Promotions said. “All the fans loved that Manny was here,” Gibbons said. Lawyer Tom Falgui, who joined the future Hall of Famer, said the audience applauded when “Manny and wife Jinkee were shown on the screen.” Pacquiao rubbed allows with former undisputed heavyweight king Mike Tyson and five-division titlist Sugar Ray Leonard and was interviewed on television and dropped by the dressing rooms of the main event fighters Davis and Garcia. Pacquiao will spend a few days in Los Angeles to bond with his son Jimuel, whom he had not seen since the Ugas fight, before leaving Tuesday night and arriving in Manila on Thursday morning. Still, don’t rule out a possible comeback that could take place sooner than later. “We are trying (to stage a fight),” Gibbons added. Even Falgui is on the same radar screen, stressing that there are plans for a return fight. “Keeping our fingers crossed.” The post Pacquiao plots comeback appeared first on Daily Tribune......»»
Pacquiao at ringside for Davis-Garcia duel
Manny Pacquiao will be at ringside in Las Vegas when lightweight stars Tank Davis and Ryan Garcia slug it out Saturday night (Sunday in the Philippines). The last time he was in the United States, Pacquiao sustained an upset loss to Cuban Yordenis Ugas at the T-Mobile Arena, the same venue where Davis and Garcia are colliding. “Yes, he (Pacquiao) will be watching the fight,” Sean Gibbons, head of the Pacquiao-owned MP Promotions, said from Sin City on Saturday. Asked whether Pacquiao’s surprise visit is geared towards a possible comeback, Gibbons was tight-lipped but still sounded excited. “That would be amazing,” the recent Manila visitor said. Pacquiao retired after losing to Ugas in August 2021 but the 44-year-old legend has hinted several times of a possible ring return. The eight-division champion left for the US late Friday night. The post Pacquiao at ringside for Davis-Garcia duel appeared first on Daily Tribune......»»
No stopping shabu entry into NBP
The problem of illegal drugs in the New Bilibid Prison continue to persist even after Bureau of Corrections Director General Gregorio Pio Catapang Jr. imposed strict security measures in the Muntinlupa facility. This is after a person deprived of liberty and a visitor were caught in possession of illegal drugs inside the country’s largest penitentiary. The PDL was identified as Angelito Garcia and the visitor Jacqueline Joson who has been turned over to the Muntinlupa City police. Garcia was found in possession of methamphetamine hydrochloride, locally known as shabu, by patrolling members of the NBP’s Special Patrol Unit inside the Maximum Security Compound. It said that members of the Special Patrol Unit decided to approach Garcia who was “uneasy seeing members of the unit.” It also said that Garcia “was frisked and searched which resulted in the confiscation of 19 sachets of suspected shabu inserted in front of the waistline of his shorts.” The seized suspected shabu has been turned over to the Philippine Drug Enforcement Agency,” it noted. In the case of Joson, BuCor said that she was found in possession of 51 grams of shabu during inspection. It said that “Joson placed the shabu in a plastic and hid it in her private parts with the use of electrical tape.” “Report said that Joson was scheduled to visit PDL Joseph Francisco of Dorm 4B Sputnik member from Medium Security Compound,” the BuCor said. The post No stopping shabu entry into NBP appeared first on Daily Tribune......»»
ARI in troika to build Visayas wind project
Aboitiz Renewables Inc. or ARI, the renewable energy arm of Aboitiz Power Corp., Singapore-headquartered Vena Energy, and Cebu-based Vivant Energy Corp., have teamed up to develop, build, and operate a 200-megawatt or MW wind project in the Visayas. The project, dubbed as San Isidro Wind Power Project, will be built in San Isidro, a fourth-class coastal municipality in the Province of Northern Samar. It will be undertaken by the joint venture company that the parties formed called Lihangin Wind Energy Corp. Construction starts Q4 2023 As disclosed in the separate stock reports of ARI and Vivant Energy on Wednesday, which are both publicly listed companies, the wind plant will begin construction within the last quarter of the year. It is scheduled to be completed by early 2025. “We are excited to partner with Vena Energy and Vivant Energy so that together, we can contribute to the Philippines’ clean energy aspirations. This undertaking demonstrates ARI’s progress in growing its renewable energy capacity to 4,600 MW,” ARI president and chief operating officer James Arnold Villaroman. “Each of these investments is an important step to achieving a 50:50 balance in our renewable and thermal portfolios. We are very excited about these opportunities to contribute to the country’s energy transition journey,” he added. Meanwhile, Emil Andre Garcia, president and COO of Vivant Energy, reiterated that their undertaking will “bring us closer to the goal to expand our RE portfolio to 30 percent by 2030.” “We welcome this opportunity to partner with two leaders in renewable energy development who share our vision of helping the country attain energy security while promoting renewable energy and contributing to countrywide development,” Garcia said. Most diversified AboitizPower presently has the largest and most diversified local renewable energy platform in terms of installed capacity under its operational control. Currently, close to 1,000 MW of renewable energy projects — including wind and solar farms and more geothermal capacities — are in its pipeline. The post ARI in troika to build Visayas wind project appeared first on Daily Tribune......»»
100 die in wedding party inferno
A newly-wed couple were among at least 100 people killed when their Christian wedding party venue caught fire on Tuesday night in the northern Iraqi town of Hamdaniyah. Health authorities in Nineveh province, where the town is located, said more than 150 attendees to the wedding were also badly injured when flames quickly engulfed the reception hall after fireworks were launched as the bride and groom were slow-dancing. Victims were being taken by ambulances to the main hospital in Hamdaniyah, a predominantly Christian town east of Mosul. “The majority of the injured suffer from burns and asphyxiation,” health ministry spokesperson Saif Al-Badr said, adding that there had also been crowd crushes at the scene. In a statement, civil defense authorities blamed the fire to “highly flammable” and low-cost ceiling panels that also released toxic gases while burning. The prefabricated panels inside the wedding party hall also contravened safety standards, according to the statement. Wedding attendee Rania Waad, who sustained a burn to her hand, said that as the bride and groom “were slow dancing, the fireworks started to climb to the ceiling, the whole hall went up in flames.” “We couldn’t see anything,” the 17-year-old said, choking back sobs. “We were suffocating, we didn’t know how to get out.” The ministry of health announced that “medical aid trucks” had been dispatched to the area from Baghdad and other provinces, adding that its teams in Nineveh had been mobilized to care for the injured. The post 100 die in wedding party inferno appeared first on Daily Tribune......»»
Spins, deceptions, barrage
Chinese propaganda was in full force yesterday as the country’s state media again referred to the Philippines’ removal of the floating barrier as done to further the interest of the Americans. The narrative that China wants the world to follow is that the actions of the Philippines are all being dictated by the United States, to which the country has a long history of subservience. Thus, the Philippines’ sovereign interests are really at stake in the challenges to China’s aggressive assertions. Beijing’s propaganda mill has been busy since the expanded Enhanced Defense Cooperation Agreement increased from five to nine the number of Philippine military bases US forces have access to. It initially raised the bogey of the broader military pact being the launch pad for an American defense of Taiwan if China attacked, which is farthest from the truth since it presumes that Filipinos would be stupid enough to risk their country for another’s interest. The latest volley from China was related to removing the floating barrier that cordoned off Scarborough Shoal or Bajo de Masinloc to Filipino fishermen. The Philippine Coast Guard should check the contraption to determine where it was manufactured. Recall the suspicion that the rocks and other materials used for China’s reclamation of Philippine islands had come from Zambales with the collusion of local government officials. Wang Wenbin, China’s Ministry of Foreign Affairs spokesperson, said the Philippine statement was just what it wanted to believe itself. “China’s resolve in safeguarding its sovereignty and maritime rights and interests over Huangyan Island (Scarborough Shoal) is unwavering. We call on the Philippines not to make provocations or stir up trouble,” Wang said. Moreover, China parrots the line that opening four additional military bases was a move “to win US support for its claims in the South China Sea.” The US then wants to exploit the Philippines so that “it can intervene in the Taiwan question and the South China Sea issue from a closer range.” The US is using the Philippines as a pawn in its campaign to “contain China,” according to the propaganda minions. EDCA was an offshoot of the Mutual Defense Treaty, a post-World War II pact in which the Philippines and the United States committed to come to each other’s aid in case of attack. Based on the hype generated in Beijing, the Philippines has made several “failed” attempts to deliver building materials to reinforce the “grounded warship” on China’s Ren’ai Jiao, also known as Ayungin or Second Thomas Shoal, since August. Indeed, attempts to reinforce the BRP Sierra Madre ended in a cat-and-mouse chase that succeeded, revealing that China is out of touch with reality. Also, the Sierra Madre is not a warship but a landing craft. It is an LST 542-class tank landing ship, previously known as the USS Harnett County, built for the United States Navy during World War II. The paid hacks and lapdogs of the Chinese government want to create an image that the venture between the Philippines and the US is meant to contain Beijing. The fundamental issue, however, remains the provisions of the United Nations Convention on the Law of the Sea, or UNCLOS, that has under it the International Tribunal on the Law of the Sea, or ITLOS. The Permanent Court of Arbitration, or PCA, issued the 2016 ruling favoring the Philippines was formed under ITLOS. Thus, UNCLOS invalidated China’s historical claims and upheld the exclusive economic zone from which the Philippines can derive economic benefits. Any argument that strays from the guiding principle must be treated with a grain of salt, if not doused with cold water. The post Spins, deceptions, barrage appeared first on Daily Tribune......»»
WATCH: Fruitcake with Joshua Garcia-led all-star cast drops teaser
A film borrowing its name from the Eraserheads song "Fruitcake" featuring an all-star cast will be hitting Philippine theaters soon. .....»»
OTS dismisses another SSO at NAIA
The Office for Transportation Security confirmed on Monday that the agency has dismissed another Security Screening Officer assigned to Ninoy Aquino International Airport Terminal 2, after he was caught on close circuit television taking things from the luggage of a departing passenger while conducting a final security baggage inspection on 13 September. Last Saturday, OTS Administrator Undersecretary Ma.O. Aplasca personally served the dismissal order against SSO Billy Boy Garcia at NAIA Terminal 2 after a thorough investigation. We have so much problem already here. What do you want to show? Effective today, you are dismissed from the service and remove that ID of yours.You don’t deserve to wear that uniform,” Aplasca said. Garcia was then immediately served with the dismissal order and was right there and then stripped of his access pass, office ID and uniform. The OTS investigators will further pursue this case, and they are requesting the said passenger to come forward to shed light on the incident. Meanwhile, during the interview conducted by one of the members of Airport Press Club, the OTS chief said, “As of today, based on my observation, I think its not too late yet. We still have the core of our people who could make this internal cleansing a success.” Aplasca did not categorically state that the incidents of theft at the NAIA will be totally stopped and instead said he expects what he called the new breed of OTS personnel to snitch on their erring colleagues. “I can confidently say that the chances of them being caught are high because we have new personnel. Mga bagong breed na di nila ito-tolerate,” Aplasca also stated in the same interview. The OTS will not stop and will continue to conduct an intensified internal cleansing program to eliminate scalawags in their agency. The post OTS dismisses another SSO at NAIA appeared first on Daily Tribune......»»
DoJ, Comelec intensify fight vs vote buying
The Department of Justice and the Commission on Elections recently forged an agreement to fight vote buying and vote selling not only in the coming Barangay and Sangguniang Kabataan Elections slated on 30 October but also in future polls. Justice Secretary Jesus Crispin Remulla and Comelec chairperson George Erwin Garcia signed a memorandum of agreement against “Kontra Bigay” on Monday. “We are making history,” said Remulla after the MoA signing, adding that they are strengthening the foundation of the country’s democracy. “We are sending a clear message to every Filipino on the importance and sanctity that our votes should be protected,” Remulla said. “Our purpose is very simple, fight the widespread problem of vote buying and vote selling that destroy the integrity of the electoral process.” “Under this MoA, we will together stand, talk, and help each other,” he added. The DoJ chief stressed that the partnership’s aim is to ensure that those who commit election offenses will face the law. “Combining the investigatory prowess of the Comelec and the prosecutorial power of the DoJ we aim to ensure those who committed election offenses shall face the full force of the law,” Remulla said. Garcia, for his part, stressed that the only way to weed out and fight vote buying and vote selling is to prosecute and prosecute with firmness. “If we have on our side the prosecutorial arm of the government led by the National Prosecution Service and the other agencies of the DoJ, we can ensure that no one will fear, and there will be focus and serious campaign against this new cancer of our democracy,” Garcia said. The post DoJ, Comelec intensify fight vs vote buying appeared first on Daily Tribune......»»
Derelict destroyer
Since being invaded by Russia in February 2022, Ukraine has become a testing ground for the most advanced but untested weapons and other military hardware. After anti-missile systems, attack drones, cluster bombs, and portable anti-tank missile launchers, the battle tanks of Russia and the United States would next be pitted against each other. The US is reportedly delivering M1A1 Abrams tanks soon after its Ukrainian crews have completed their training. How it will fare in combat against the Russian T-14 Armata remains to be seen. The US touts the M1A1’s armor-piercing shells and its depleted uranium armor. It has a range of 426 kilometers, a top speed of 72 kilometers per hour, and a 120mm smoothbore gun. Some military analysts, however, regard the Armata as superior to the M1A1 and even Britain’s Challenger-2 and Germany’s Leopard-2 tanks, which are currently being used in Ukraine. The T-14 has a nearly 500-km range, speeds of 80 to 90 kph, and a 125mm smoothbore cannon. While Abramses and Armatas will see action on the battlefields of eastern Ukraine, a tank in another country got embroiled in another kind of battle — a legal one. An old model Israeli battle tank, the Merkava Mark 2, was involved in controversy after it was stolen from a military firing zone. Police found the decommissioned tank near the Haifa suburb of Nesher on 20 September. Four men were arrested on suspicion of stealing it. The main suspect, Ben Zion Raviv, 43, and a resident of Migdal Haemek, argued in a court hearing that he thought the tank was a derelict and was free for the taking. “The tank is all rusted, its chains are crushed, as if it had flipped over. I wouldn’t call it a tank. I don’t think I did anything illegal,” Raviv told the judge, according to The Times of Israel. The tank was stripped of weapons and mobility systems years ago and was being used as a “stationary vehicle for soldiers’ exercises” in a firing zone that is at times open to the public for hiking, TTI quoted the military as saying. Raviv said he called for a crane and mover, which brought the tank to a scrapyard. It was later returned to the Tel Saki memorial site. The post Derelict destroyer appeared first on Daily Tribune......»»
Eala sizzles in Asian Games debut, crushes Pakistani
Fourth seed Alex Eala marked her Asian Games debut with a 6-0, 6-0 romp over Pakistan’s Sarah Ibrahim Khan, fueling hopes for a medal in women’s singles tennis in the 19th Asian Games......»»
Di ko siya dini-deny : Joshua Garcia breaks silence over rumored romance with Emilienne Vigier
Actor Joshua Garcia broke his silence on his rumored relationship with French-Filipina athlete Emilienne Vigier......»»
‘Western powers fighting Russia’
Russia’s foreign minister has accused Western powers of “de facto” fighting against his country through their military support for Ukraine. “You can call it anything you want, but they are fighting with us, they are straight-up fighting with us,” Foreign Minister Sergei Lavrov told journalists at the United Nations on Saturday. Westerners are “de facto fighting against us, using the hands and bodies of Ukrainians,” Lavrov added, pointing to the billions of dollars in Western military equipment provided to Kyiv since Russia attacked last year. Last week, United States President Joe Biden met with Ukrainian counterpart Volodymyr Zelensky in Washington after the two spoke at the UN General Assembly in New York. Biden announced in a press conference with Zelensky more US military aid to Ukraine, including the delivery of M1 Abrams tank this week. Lavrov also claimed that US and Britain are giving intelligence support and Western military advisors are present in Ukraine. Lavrov’s statement came on the same day Kyiv announced a missile attack on Moscow’s Black Sea Fleet headquarters in the Crimean port of Sevastopol, killing senior naval commanders. Agence France-Presse has not been able to verify the information from Kyiv. Russia has said one of its servicemen is missing after the attack. Meanwhile, a Ukrainian drone strike hit an administrative building in the center of Russia’s southern Kursk city, authorities said Sunday. A second shipment of Ukrainian wheat also reached Turkey via the Black Sea on Sunday, according to maritime traffic monitoring sites, despite Russian threats to attack boats heading to or from its neighbor and enemy. The Palau-flagged bulk carrier Aroyat — laden with 17,600 tons of wheat — left the port city of Chornomorsk on Friday bound for Egypt. The post ‘Western powers fighting Russia’ appeared first on Daily Tribune......»»
Hindi ko siya dini-deny : Joshua Garcia breaks silence on rumored relationship with Emilienne Vigier
Actor Joshua Garcia broke his silence on his rumored relationship with French-Filipina athlete Emilienne Vigier......»»
Joshua sa relasyon nila ni Emilienne Vigier: ‘Hindi ko siya dine-deny, ako and her decided not to share it with everyone’
HINDI man diretsahang inamin ng Kapamilya actor na si Joshua Garcia, mukhang super happy naman talaga ang lovelife niya ngayon. Sa wakas, nagsalita na ang binata tungkol sa relasyon nila ng nababalitang bago niyang girlfriend, ang French-Filipino athlete na si Emilienne Vigier. Nakachikahan ng ilang members ng entertainment media ang aktor sa naganap na presscon.....»»
Bataan BSKE candidates sign peace covenant
BATAAN CAPITOL — More than 10,000 candidates for the Barangay and Sangguniang Kabataan Elections 2023 attended Thursday afternoon a peace covenant to ensure a peaceful and credible election. The candidates marched around the capitol compound before proceeding to Bataan People’s Center. In his speech, Governor Joet Garcia lauded the barangay candidates for their cooperation to have a peaceful election come 30 October. “Election is just one day; after that, we are all Bataenos,” said the governor, adding that the idea of forging a peace covenant came from Commission on Elections in Bataan supervisor Atty. Ian Silva. Also present during the peace covenant were Col. Palmer Tria, Bataan police director; Vice Governor Cris Garcia, board member Atty. Tonyboy Roman, Mayor Robin Tagle of Abucay; Vice Mayor Patrick Rellosa of Hermosa town, and top army and police officials. The post Bataan BSKE candidates sign peace covenant appeared first on Daily Tribune......»»
Frasco sees 34 million tourism workers by 2028
The tourism industry is seen to become lucrative for Filipinos, with Tourism Secretary Christina Garcia Frasco projecting that workers in the industry would balloon to 34 million. This was aired by Frasco at the 10th edition of the Global Tourism Economy Forum or GETF in Macao Special Administrative Region on Friday. “The Philippines envisions itself becoming the tourism powerhouse in Asia. A few years down the road, by 2028, we foresee that tourism would have been able to employ a total of over 34 million Filipinos in the country,” said the DoT chief, pertaining to data on tourism employment from 2023 to 2028 from the Department of Labor and Employment-National Labor and Employment Plan of 2028. Whole-of-nation approach She also noted the importance of the Philippines’ whole-of-nation approach toward tourism development by also capitalizing on other aspects of tourism equally. “With our President’s whole-of-nation approach towards tourism development, with an eye for sustainability, we envision that this will allow the Philippines to occupy a primary position in Asia, especially considering that what we wish to do is not only to further develop our nature and beach destinations — we are, after all, currently the world’s leading beach and dive destination — but also to approach a multidimensional tourism component to our development,” she said. “That means capitalizing well on the story of the Philippines, our heritage, our culture, and the work of our indigenous peoples and, overall, it is this comprehensive approach towards tourism development that we foresee would allow our country to have a sustainable tourism development in time to come,” stressed Frasco. Sustainability efforts Also during the forum, Frasco shared the Philippine government’s sustainability efforts for tourism and, at the same time, her bold prospects for the industry. “The Philippines is home to one of the longest coastlines in the world, as well as 70 to 80 percent of the Earth’s biodiversity. We are one of the most mega-biodiverse countries in the world and home to 10 percent of the world’s marine protected area,” she said. “Sustainability and tourism have been an absolute necessity and the driving force of development for our country. As early as 2009 with the passage of the law that created the Tourism Act, sustainable tourism was identified by our government as being integral to our socio-economic development, and therefore, that has been the guiding force towards the programs and plans for the development of our tourism industry,” the tourism chief added. Sustainability standpoint With the approved National Tourism Development Plan 2023-2028, she said that the approach for the country’s tourism blueprint was crafted from a sustainability standpoint incorporated under a seven-point agenda by which the DOT is currently operating at present. The post Frasco sees 34 million tourism workers by 2028 appeared first on Daily Tribune......»»
Zelensky in Canada to shore up support
After getting military support from United States President Joe Biden, Ukraine leader Volodymyr Zelensky turns to Canada for more assistance in the war against Russia. Zelensky is scheduled for a Friday meeting with Canadian Prime Minister Justin Trudeau, who said that “Canada remains unwavering in our support to the people of Ukraine” ahead of the Ukrainian leader’s arrival in Ottawa on Thursday. Zelensky will also address Canada’s parliament before he and Trudeau head to Toronto for meetings with business leaders and members of the Ukrainian-Canadian community, the Canadian government said. Canada is home to the world’s second-largest Ukrainian diaspora after Russia, with about 1.36 million people of Ukrainian origin living there, according to government data. Canada’s $8.9 billion in aid to Ukraine has included more than $1.8 billion in military aid, including Leopard 2 tanks, air defense and artillery systems, anti-tank weapons, drones and other equipment. It has also trained more than 36,000 Ukrainian soldiers. Earlier, Biden said the first US M1 Abrams tanks will arrive in Ukraine “next week,” boosting Kyiv’s forces as they battle Russian troops in a slow-moving counteroffensive. WITH AFP The post Zelensky in Canada to shore up support appeared first on Daily Tribune......»»
Gang-held prison yields rocket launchers, ammos
Venezuelan authorities on Thursday showed off heavy weapons such as rocket launchers and grenades that were seized in a prison recaptured from gang control. Seized sniper rifles, explosives, buckets of bullets, heaps of machine gun ammunition belts and machines used to mine for the cryptocurrency Bitcoin also were shown to journalists at the Tocoron prison. More than 11,000 police and soldiers, backed up by tanks and armored vehicles, stormed the prison controlled by the notorious Tren de Aragua gang on Wednesday. The facility had long served as the headquarters of the Tren de Aragua gang that operates in Venezuela and other Latin American countries. Interior and Justice Minister Remigio Ceballos told reporters four prison guards were arrested as suspected accomplices of gang members who had lived it up behind bars. “There will be no impunity. We will go against all the criminals and accomplices,” Ceballos said, hailing the successful raid. After declaring it had taken control of the prison, the government began evacuating its 1,600 inmates to other locations. The prison boasted gang-installed amenities such as a zoo, a pool, gambling rooms, a disco, a baseball field and a restaurant. Some inmates had lived there with their wives or girlfriends, who were kicked out during the raid. On Wednesday, the government said some inmates had managed to flee during the clampdown, without giving details. Ceballos said the gang leaders had mistreated other prisoners and kept them in “a kind of slavery.” Tren de Aragua, Venezuela’s most powerful home-grown gang, is involved in crime countrywide and has spread its tentacles to neighboring nations. According to an investigation by Venezuelan journalist Ronna Risquez, it has some 5,000 members. The gang emerged a decade ago, and is involved in kidnappings, robberies, drug trafficking, prostitution, extortion and illegal gold mining. The InSight Crime think tank says the gang is also a major player in migrant smuggling. WITH AFP The post Gang-held prison yields rocket launchers, ammos appeared first on Daily Tribune......»»
SMC power unit investors warned
“Thread cautiously” on San Miguel Power Global Holdings Corp., or SMPGH, an international think tank advised investors after assessing the prospects of the energy unit of the Asian conglomerate. The Detroit-based Institute for Energy Economics and Financial Analysis, or IEEFA, issued the call for caution due to SMPGH’s piling debts in contrast to its earnings. In a review of the dominant power producer, IEEFA said the company’s elevated net debt-to-earnings and potential difficulties meeting financial obligations “create additional risk of devaluation, particularly in the long term.” Likewise, SMPGH investors were cautioned about its mounting challenges in securing favorable funding terms due to its high fossil fuel exposure and high non-call risk for its sizable US dollar-denominated perpetual securities. IEEFA said the backing of parent San Miguel Corporation, one of the most diversified Asian multinationals, offers only “some comfort.” It said SMC’s own elevated debt and “business uncertainties will be critical to monitor” when assessing financial risks to SMGPH. Thus, due to its ongoing fossil fuel expansion, the company needs more strategic options to address financial risks in the near to medium term. However, IEEFA expressed the belief that an immediate material pivot toward low-cost domestic renewable energy represents the best hedge against exposure to imported fossil fuels, prices of which remain on an upswing. A compilation of the financial performance of the SMC units last year showed that only SMGPH tallied a huge loss. By the numbers Food unit San Miguel Food and Beverage Inc. reported a P34.6 billion or 10 percent gain; beer unit San Miguel Brewery Inc., a P31.75 billion profit, up eight percent; SMC Infrastructure a P14.24 billion net income, 110 percent higher; San Miguel Foods, P9.218-billion profit, up nine percent; Petron Corp., P6.697-billion, a nine percent increase; Ginebra San Miguel, P4.547 profit, a nine percent growth; San Miguel Packaging Group, 42 percent growth at P1.648-billion, and SMGPH, P3.134 billion or an 80 percent loss. SMGPH controls 4,719 megawatts or MW of operational power capacity, making it the largest power generation company in the Philippines by installed capacity. As of April 2022, the company owned 21 percent of installed capacity nationally and 28 percent of the Luzon grid, the largest of the three Philippine grids. However, SMC announced a 2050 net-zero target at its annual general meeting in June 2023. IEEFA said, “implementation details are sparse.” SMGPH’s existing generation portfolio is dominated by fossil fuel power plants, which comprise 87 percent of its operational capacity. Hydropower accounts for 12 percent. As of August 2023, the company does not have equity interests in wind or solar assets, IEEFA pointed out. “Without a change in strategy away from dependence on volatile fossil fuels, the company may increasingly find itself locked into financial instability,” according to IEEFA’s study. Fitch Ratings research unit CreditSights issued a similar report last year, saying the rising interest and debt payments of SMGPH may affect the company’s key projects. “Given the worsening financial profile of SMC Global Power, any concerns over its hypothetical default raise fears of triggering a cross-default on SMC,” the report said. The highly leveraged operation of the Asian conglomerate was also a concern raised by Bloomberg Intelligence, which indicated that it may impair the parent’s ability to rescue its subsidiaries in a financial fix. The post SMC power unit investors warned appeared first on Daily Tribune......»»