We are sorry, the requested page does not exist
Eumir faces ‘heavy’ test tonight
Olympic qualifier Eumir Marcial will take on a heavier opponent Thoedsak Sinam of Thailand in an eight-round bout at the Ninoy Aquino Stadium tonight as MP Promotions head Sean Gibbons said it’s a prelude to facing bigger bruisers in Paris......»»
BSP hikes rates6.5%, off-cycle
The Bangko Sentral ng Pilipinas on Thursday raised its policy rate on an off-cycle period to 6.5 percent from 6.25 percent to manage a likely inflation uptrend this year until July next year. The BSP has, thus far, raised its policy rate by 450 basis points after inflation peaked at 8.7 percent in January and re-accelerated again to 6.1 percent last month from 5.3 percent in August. The BSP move will increase borrowing costs, with new interest rates on the overnight deposit at 6 percent and lending facilities at 7 percent. BSP Governor Eli Remolona Jr. said the country’s inflation rate might settle at 4.7 percent next year, higher than the central bank’s previous target range of 2 percent to 4 percent for this year and 4.3 percent in the next. He added inflation might quicken further above 4.7 percent from July to March next year. “The balance of risks to the inflation outlook still leans significantly toward the upside, due mainly to the potential impact of higher transport charges, electricity rates, international oil prices, and minimum wage adjustments in areas outside the National Capital Region,” he explained. Limit spending With the higher interest rates, Remolona said consumers will likely limit their spending which will discourage businesses from raising prices. “The BSP’s Monetary Board recognized the need for this urgent monetary action to prevent supply-side price pressures from inducing additional second-round effects and further dislodging inflation expectations,” the BSP chief said. Remolona added the slow global economic recovery and effects of the weather disturbances from El Niño on food supply might also restrain consumption toward a moderated inflation. “Meanwhile, the effect of a weaker-than-expected global recovery as well as government measures to mitigate the effects of El Niño weather conditions could temper inflationary impulses,” he said. The BSP Monetary Board will again announce to the public on 16 November whether to change its policy rate in compliance with its normal cycle period happening every six weeks. However, Remolona already cautioned the public of likely controlled consumer spending in the medium term as the BSP expects to maintain high interest rates in the near future. Tighter settings “Looking ahead, the Monetary Board deems it necessary to keep monetary policy settings tighter for longer until inflationary expectations are better anchored and a sustained downward trend in inflation becomes evident,” he said. “We will consider another rate hike if things are worse than we thought,” Remolona continued. The BSP has raised its policy rate by 425 basis points after inflation peaked at 8.7 percent in January and re-accelerated again to 6.1 percent last month from 5.3 percent in August. The Philippine Statistics Authority attributed this to persisting higher food and fuel prices partly driven by global food trade restrictions and oil trade disruptions from the Russia-Ukraine war. Falls a little behind “In my view, I think we fell a little behind that’s the reason for this effort to catch up. We didn’t look closely enough at expectations,” Remolona said as he reflected on the BSP’s unchanged rate at its September 21 meeting. “One of them that was very striking was our consumer expectations survey which said about 92 percent think that in the next 12 months inflation will be above 4 percent, similar to expectations by firms,” the BSP chief continued. The post BSP hikes rates6.5%, off-cycle appeared first on Daily Tribune......»»
Asian markets fall on rate fears as bond yields rise
Asian markets fell across the board Wednesday following Wall Street's lead after robust US employment data and rising Treasury yields exacerbated fears that interest rates will be higher for longer. The labor report, known as JOLTS, showed a surprise increase in the number of job openings to 9.6 million, a sign of continued tightness in the market and fuelling worries of a further rate hike by the Federal Reserve before year's end. The report comes ahead of Friday's highly anticipated September US employment report. Following the JOLTS report, 10-year US Treasury note yields climbed to levels last seen in 2007. Treasury bond yields are seen as a proxy for US interest rates and are closely watched. All three major US indices closed in the red, falling by more than one percent. "Stock market investors were sent reeling after US job openings unexpectedly rebounded in August, adding to concerns that the Federal Reserve could hike rates in November but unquestionably maintain elevated borrowing costs for an extended duration," said SPI Asset Management's Stephen Innes. Tokyo and Seoul, which resumed trade after a long holiday weekend, led the Asian selloff Wednesday, both falling around two percent, while Hong Kong, Taipei, Jakarta, Singapore, Sydney, and Wellington were all sharply lower in a sea of red. Markets in mainland China were closed for a week-long holiday. "It is difficult (for investors) to move towards bargain-hunting as yields in US Treasury notes keep climbing," analyst Shutaro Yasuda of Tokai Tokyo Research Institute said. On forex markets the yen was trading at 149.28 to the dollar after hitting 150.16 in London on Tuesday, its weakest level in a year. Japan's top finance officials declined to comment Wednesday on whether Tokyo had intervened to support the yen after it had breached the psychological 150 level. In recent months, the yen has plummeted against the dollar in part because of the widening gap in interest rates set by the Bank of Japan and the US Federal Reserve. The post Asian markets fall on rate fears as bond yields rise appeared first on Daily Tribune......»»
Business confidence up among Japan’s big manufacturers
Confidence among Japan's largest manufacturers rose as business conditions improved for the second-straight quarter, a key survey showed Monday. The Bank of Japan's closely watched quarterly Tankan survey is considered the broadest indicator of how Japanese businesses are faring. It reports the difference between the percentage of firms that are upbeat and those that see conditions as unfavorable. A positive figure means more businesses feel optimistic than pessimistic. Among major manufacturers, business confidence rose to plus nine from plus five three months earlier, the survey showed. The headline figure -- the highest level since June last year -- came after the first improvement in seven quarters in July, and beat market expectations of plus six. Optimism also grew among non-manufacturers, from plus 23 to plus 27, which was the sixth-straight quarterly improvement and the highest level since November 1991 and against market expectations of plus 24. Positive figures in the survey are "driven by a strong automotive industry buoyed by the resolution of the semiconductor supply shortage that has plagued the industry this year," Hiroyuki Ueno, senior economist at Sumitomo Mitsui Trust Asset Management (SuMi TRUST), said ahead of the survey's release. "In the non-manufacturing sector, the continued boom in inbound travel is supporting business confidence," he said. Analysts have said the BoJ's latest survey is among the key data affecting the central bank's policy decisions. The post Business confidence up among Japan’s big manufacturers appeared first on Daily Tribune......»»
Pope appoints 21 new cardinals to fill highest ranks of Church
Pope Francis on Saturday elevated 21 clergymen from distant corners of the world to the rank of cardinal, saying diversity was indispensable to the future of the Catholic Church. Under sunny skies and with a crowd that filled half of Vatican City's grandiose, colonnaded St Peter's Square, the 86-year-old pope welcomed the new, so-called "Princes of the Church" -- one of whom could one day become the successor to the current pontiff. "The College of Cardinals is called to resemble a symphony orchestra, representing the harmony and synodality of the Church," said Francis, seated under a canopy before the gathered cardinals on the steps of St Peter's Basilica. "Diversity is necessary; it is indispensable. However, each sound must contribute to the common design," said the Argentine Jesuit. The choice of the new cardinals, who include diplomats, close advisers and administrators, is closely watched as an indication of the priorities and position of the Church. One of them could also one day be elected by his peers to succeed Francis, who has left the door open to stepping down in the future should his health warrant it. Saturday's ceremony, known as a consistory, is the ninth since Francis in 2013 was named head of the world's 1.3 billion Catholics. One by one, the scarlet-clad cardinals knelt before the pope, who bestowed on them the two symbols of their high office: a scarlet four-cornered cap known as a biretta, and a cardinal's ring. To some, a grinning Francis uttered an encouraging "Bravo!" or "Courage!" as he shook their hand. Eighteen of the 21 newly made cardinals are under the age of 80 and thus currently eligible to vote as "cardinal electors" in the next conclave, when Francis' successor will be decided. They are among 99 cardinal-electors created by Francis, representing about three-quarters of the total That has given rise to speculation that the Church's future spiritual leader will be cast in the same mold as Francis, preaching a more tolerant Church with a greater focus on the poor and marginalized. Bishops taking action Throughout his papacy, Francis has sought to create a more inclusive, universal Church, looking past Europe to clergy in Africa, Asia and Latin America to fill the Church's highest ranks. With his latest roster of cardinals, Francis has again looked to the world's "peripheries" -- where Catholicism is growing -- while breaking with the practice of promoting archbishops of large, powerful dioceses. "He is looking for cardinals who correspond to the times. These are people who have all taken a step away from the Church of the past, who positively ensure a break," an informed observer of the Holy See who asked to remain nameless told AFP ahead of the ceremony. The array of cardinals represent "a richness and a variety of experience, and that's what the Church is all about," the Archbishop of Cape Town, Stephen Brislin, told AFP Thursday before his elevation to cardinal. "The Church encompasses all people, not just a certain group of people," he said. There are three new cardinals from South America, including two Argentinians, and three from Africa, with the promotion of the archbishops of Juba in South Sudan, Tabora in Tanzania, and Cape Town's Brislin. Asia is represented by the Bishop of Penang in Malaysia and the Bishop of Hong Kong, Stephen Chow, who is seen as playing a key role in seeking to improve tense relations between the Vatican and Beijing. Diplomats and managers Some of the new cardinals, like Chow, have experience in sensitive zones of the world where the Holy See hopes to play an important diplomatic role. The list includes the Holy Land's top Catholic authority, Italian Archbishop Pierbattista Pizzaballa, the first seated Latin Patriarch of Jerusalem to be made cardinal. "Jerusalem is a small laboratory, interreligious and intercultural, and that's a challenge that the whole world is facing at this point," Pizzaballa told AFP. Also promoted was the apostolic nuncio, or ambassador, to the United States, France's Christophe Pierre, whose decades-long diplomatic career includes posts in countries including Haiti, Uganda and Mexico. Francis also tapped top administrators in the Curia, the Holy See's government. His new choices include Claudio Gugerotti, the Italian prefect of the Dicastery for the Eastern Churches; Argentina's Victor Manuel Fernandez, whom Francis recently named head of the powerful Dicastery for the Doctrine of the Faith; and Chicago-born Robert Prevost, a former missionary in Peru who leads the Dicastery for Bishops. Following the ceremony, the new cardinals were congratulated by members of the public at the Vatican's sumptuous Apostolic Palace. The post Pope appoints 21 new cardinals to fill highest ranks of Church appeared first on Daily Tribune......»»
Socorro town under close Comelec monitoring ahead of barangay, SK elections
The Commission on Elections said it is closely monitoring developments in Socorro municipality, Surigao del Norte ahead of the barangay and Sangguniang Kabataan elections on 30 October. Comelec chairperson George Erwin Garcia said the poll body wants to ensure there will be no failure of election in the area. “Dapat maayos at makakaboto sila nang walang pressure, walang dikta ng kahit na sino, at the same time, base sa kung ano ang kalooban nila (They should be able to vote without pressure, no influence from others, but according to their will),” he said in a media interview on Thursday. The security situation in Socorro municipality is currently being assessed amid the ongoing investigation by the Senate Committee on Public Order and Dangerous Drugs, which began on Thursday. on the alleged presence of a shabu laboratory and a heavily armed private army within the town’s Sitio Kapihan, Barangay Sering, The senate joint panel is also investigating the alleged systematic rape, sexual abuse, trafficking, forced labor and child marriage in the area perpetrated by a local cult. “‘Yun ang issue sa Socorro and that’s the reason why the Comelec is monitoring closely the development in Socorro and likewise ‘yung hearing d’yan sa Senado (That’s the issue in Socorro and that’s the reason why Comelec is monitoring closely the development in Socorro and likewise the Senate hearing),” Garcia said. Garcia urged the town’s residents not to worry about a "possible postponement of the elections” in the area, as he noted that the Philippine National Police and the Armed Forces of the Philippines have not yet recommended deferring the election. “There should be no failure of election in any part of the country and we can hold the elections at all costs,” he added. The post Socorro town under close Comelec monitoring ahead of barangay, SK elections appeared first on Daily Tribune......»»
JPMorgan Chase to pay $75 mn to settle Epstein-linked sex trafficking suit
JPMorgan Chase announced Tuesday that it will pay $75 million to settle a US Virgin Islands' (USVI) lawsuit that accused the bank of facilitating Jeffrey Epstein's sex trafficking ring. The big US bank, which previously reached a $290 million settlement with Epstein's victims, also announced an agreement with former JPMorgan executive Jes Staley for an undisclosed sum. These cases together resolve the bank's remaining litigation over its embarrassing long-running association with the late Epstein. The agreement with the USVI came a few weeks ahead of a scheduled trial in New York that likely would have bruised both sides. While the USVI accused JPMorgan of turning a "blind eye" to Epstein's conduct due to profit concerns, the bank levied essentially the same charge against USVI, saying the government helped Epstein obtain visas that allowed him to bring victims to the island. The settlement, which must be approved by a US court, includes $30 million to support USVI charitable organizations, $25 million to enhance USVI law enforcement to combat human trafficking and $20 million in attorneys' fees. JPMorgan did not admit liability as part of the settlement, but the "firm deeply regrets any association with this man, and would never have continued doing business with him if it believed he was using the bank in any way to commit his heinous crimes," the bank said in a statement. "JPMorgan believes this settlement is in the best interest of all parties," the bank said. The USVI had originally sought $190 million in damages for the bank's role in enabling Epstein's sex crimes, including in the Virgin Islands, where he had a residence. The USVI said JPMorgan "knowingly, negligently, and unlawfully provided and pulled the levers through which recruiters and victims were paid and was indispensable to the operation and concealment of the Epstein trafficking enterprise," according the original complaint. Bank hits back The bank hit back forcefully, saying in a May legal filing that the USVI government was "complicit in the crimes of Jeffrey Epstein." Under a "quid pro quo" relationship with top USVI officials, Epstein "gave them advice, influence, and favors," JPMorgan said in the filing. "In exchange, they shielded and even rewarded him... looking the other way when he walked through USVI airports accompanied by girls and young women." US Virgin Islands Attorney General Ariel Smith said Tuesday the agreement would prevent human trafficking in the future. "This settlement is an historic victory for survivors and for state enforcement, and it should sound the alarm on Wall Street about banks' responsibilities under the law to detect and prevent human trafficking," Smith said. "We are proud to have stood alongside the survivors throughout this litigation, and this settlement reflects our continued commitment to them," Smith said. The USVI press release listed a number of "substantial commitments" by JPMorgan to combat human trafficking, including informing law enforcement of perpetrators and terminating customers' accounts if there is credible evidence of wrongdoing. But a JPMorgan spokesperson said the bank has not changed or fortified its policies due to the accord. "There are no new commitments. Our controls, compliance, risk, and other functions are always improving, and we are continually investing to become even better," said JPMorgan's Trish Wexler. "We have always worked closely with law enforcement to help combat human trafficking, and we will continue to look for ways to invest in advancing this important mission." The post JPMorgan Chase to pay $75 mn to settle Epstein-linked sex trafficking suit appeared first on Daily Tribune......»»
US, Chinese and Russian officials gather at Southeast Asia summit
US Vice President Kamala Harris, Chinese Premier Li Qiang, and Russian Foreign Minister Sergei Lavrov will attend an East Asia summit in Indonesia on Thursday, offering an opportunity for direct, high-level diplomacy between the rivals. The 18-nation meeting will bring Washington and Beijing into contact a day after Premier Li Qiang warned major powers must manage their differences to avoid a "new Cold War", ahead of the G20 summit in New Delhi this week where Chinese President Xi Jinping will be absent. Interactions between the officials from the world's top two economies will be closely watched as they seek to control tensions that risk flaring anew over issues ranging from Taiwan to ties with Moscow and the competition for influence in the Pacific. "To keep differences under control, what is essential now is to oppose picking sides, to oppose bloc confrontation, and to oppose a new Cold War," Li told regional leaders on Tuesday. Harris held her own talks with Southeast Asian leaders on "the importance of upholding international law in the South China Sea", according to a statement from her office, the disputed waterway where Chinese claims have angered several Southeast Asian nations. Thursday's summit will be the first time top US and Russian officials have sat around the same table in almost two months after US and European officials condemned Lavrov at a July ministerial meeting over Russia's invasion of Ukraine. It comes as US Secretary of State Antony Blinken announced $1 billion in new assistance to Ukraine in a surprise visit to Kyiv on Wednesday. Indian Prime Minister Narendra Modi, Japanese PM Fumio Kishida, South Korean President Yoon Suk Yeol, Canada's Justin Trudeau, and Australian PM Anthony Albanese will attend the summit, as well as leaders from the Association of Southeast Asian Nations. G20 host Modi addressed ASEAN leaders on Thursday morning, telling them it is essential to "build a post-Covid rules-based world order" and make collective efforts to ensure a "free and open Indo-Pacific", using another term for the Asia-Pacific region. Thursday's talks come several months after Blinken traveled to Beijing, the first visit by the top US diplomat in nearly five years, where he met Xi as well as former foreign minister Qin Gang. - 'Broken' - The meeting was not expected to be a fiery affair despite the differences between the major powers, according to a Southeast Asian diplomat who will attend. "They will state their positions, these meetings are not tense. Especially at the leaders' level where some degree of decorum will be observed." The group will issue a negotiated joint statement after the summit. While the gathering can bring major players together, its ability to help resolve a range of regional and global disputes is limited, experts say. "It's a sign of the ASEAN convening power but lately we can say that the East Asia summit is broken. It has been turned into a forum for talking points," said Aaron Connelly, senior fellow at Singapore-based think tank IISS. While Thursday's meeting will be more geopolitical in scope, big powers used earlier talks in Jakarta to shore up alliances and lobby the Southeast Asian bloc. Li traveled on a Chinese-funded high-speed train project between the capital Jakarta and the Javan city of Bandung with a senior Indonesian minister on Wednesday. Harris held separate meetings with Indonesian President Joko Widodo and Philippine President Ferdinand Marcos Jr. -- both ASEAN members -- on the sidelines of the summit. "The Vice President reaffirmed the United States' ironclad alliance commitment to the Philippines, and highlighted the role the US-Philippines alliance plays in ensuring a free, open, and prosperous Indo-Pacific," her office said in a statement. South Korea's Yoon reportedly pushed for the bloc to counter North Korea's nuclear threats, calling for any military cooperation with the country to stop. United Nations Secretary-General Antonio Guterres will also give an address on the sidelines of the summit later on Thursday. ASEAN members are holding bilateral meetings with India, Australia, and the UN on Thursday. The post US, Chinese and Russian officials gather at Southeast Asia summit appeared first on Daily Tribune......»»
WHO warns of ‘concerning’ Covid trends ahead of winter
The World Health Organization on Wednesday warned of "concerning trends" for Covid-19 ahead of winter in the Northern Hemisphere, calling for increased vaccinations and surveillance. While data is limited because many countries have stopped reporting Covid data, the UN health agency estimated that hundreds of thousands of people around the world are currently hospitalized with the virus. "We continue to see concerning trends for Covid-19 ahead of the winter season in the Northern Hemisphere," WHO chief Tedros Adhanom Ghebreyesus told an online press conference. "Deaths are increasing in some parts of the Middle East and Asia, intensive care unit admissions are increasing in Europe and hospitalizations are increasing in several regions," he said. But only 43 countries -- less than a quarter of the 194 WHO member states --- are reporting Covid deaths to the agency, and only 20 provide information about hospitalizations, he added. "We estimate that there are hundreds of thousands of people in hospital now for Covid," said Maria Van Kerkhove, the WHO's technical lead on Covid-19. "That is a worry given that when we get to colder months, in some countries, people tend to spend more time indoors together, and viruses that transmit through the air like Covid will take advantage of that," she added. With influenza and RSV also circulating, Van Kerkhove emphasized the importance of testing, as well as vaccination. Tedros said while there is not currently a single dominant Covid variant worldwide, the EG.5 Omicron subvariant is on the rise. Small numbers of the highly mutated BA.2.86 subvariant have also now been detected in 11 countries, Tedros said. The WHO is "monitoring this variant closely to assess its transmissibility and potential impact," he added. Preliminary data suggests that existing vaccines will give protection against BA.2.86, Van Kerkhove said. One of WHO's biggest concerns was how few at-risk people had recently received a Covid jab, Tedros said, calling for the vulnerable not to wait to get a booster dose. "The increase in hospitalisations and deaths shows that Covid-19 is here to stay, and that we will continue to need tools to fight it," Tedros said. Last week, the WHO announced that a global knowledge-sharing platform about Covid called C-TAP had secured three new licensing agreements to transfer vaccine technologies. The post WHO warns of ‘concerning’ Covid trends ahead of winter appeared first on Daily Tribune......»»
Heavy rains ahead due to typhoon-enhanced ‘habagat’
The typhoon-enhanced southwest monsoon or "habagat" will continue to affect the western portion of Luzon in the next three days, the Philippine Atmospheric, Geophysical and Astronomical Services Administration said Monday. Typhoon Hanna, which exited the Philippine Area of Responsibility, will continue to enhance "habagat", bringing a significant amount of rain to Metro Manila, Ilocos Region, La Union, Abra, Benguet, Tarlac, Nueva Ecija, Pampanga, Bulacan, Rizal, Cavite, Batangas, Occidental Mindoro, Calamian Islands and Zambales. PAGASA warned that flooding and rain-induced landslides are expected under this weather condition. On Tuesday, the enhanced southwest monsoon will continue to bring gusty conditions over the following areas not under any Wind Signal, especially in coastal and upland/mountainous areas exposed to winds, including the Batanes, Babuyan Islands, Ilocos Region, Abra, Benguet, Nueva Vizcaya, the southern portion of Aurora, Zambales, Bataan, Bulacan, Metro Manila, Occidental Mindoro, Romblon, Marinduque, Kalayaan Islands, Camarines Provinces and most of Calabarzon. Gusty winds will prevail over the Batanes, Ilocos Norte, the western portion of Pangasinan and Kalayaan Islands on Wednesday. PAGASA said the Gale Warning is in effect for the seaboards of Northern Luzon, the western and southern seaboards of Luzon, and the western seaboard of Visaya due to the combined influence of "Hanna" (while outside PAR) and the enhanced southwest monsoon. PAGASA said it is also closely monitoring cloud formations that may develop into a low-pressure area. These cloud clusters are forming over the eastern section, it added. PAGASA said it is “not ruling out the possibility” that it will develop into an LPA in the next few days. The post Heavy rains ahead due to typhoon-enhanced ‘habagat’ appeared first on Daily Tribune......»»
Singapore ex-deputy PM Shanmugaratnam elected president
Singapore's former deputy prime minister Tharman Shanmugaratnam was elected president Friday, earning a landslide victory in the city-state's first contested vote for the largely ceremonial position in more than a decade. Singaporeans headed to the polls that were closely watched as an indication of support for the ruling party after a rare spate of scandals, but the longtime stalwart of the party won more than two-thirds of the vote over two rivals. "I believe that it's a vote of confidence in Singapore. It's a vote of optimism for a future in which we can progress together and support each other as Singaporeans," the former finance minister said in a speech before the results were announced. "I'm humbled by this vote. It is not just a vote for me, it is a vote for Singapore's future." He won 70.4 percent of the vote to win a six-year term. His main rival Ng Kok Song, a former chief investment officer of Singapore sovereign wealth fund GIC, which manages the country's foreign reserves, conceded after winning only 15.7 percent of the vote. "The result is clear," he told reporters, adding Shanmugaratnam "has indeed earned a mandate from the people of Singapore." Shanmugaratnam acknowledged the "changing and evolving" nature of Singapore, notably its diversity, and said he believes the election was seen as "another milestone in that process of evolution." There are stringent requirements for the position, which formally oversees the city's accumulated financial reserves and holds the power to veto certain measures and approve anti-graft probes. While the presidency is a non-partisan post under the constitution, political lines had already been drawn ahead of the election to replace incumbent Halimah Yacob, who ran unopposed for her six-year term in 2017. 'Decisive margin' Shanmugaratnam was widely viewed as the favourite for the position and had resigned as a member of the ruling People's Action Party (PAP) and as a senior minister in the cabinet ahead of the election as all presidential candidates must be independent. The 66-year-old economist is perceived as having the government's backing and was questioned about his independence during the campaign. The city-state's government is run by the prime minister, currently Lee Hsien Loong of the PAP, which has ruled Singapore continuously since 1959. "Singaporeans have chosen Mr Tharman Shanmugaratnam to be our next President by a decisive margin," Lee said in a statement. Observers said the vote would indicate the level of PAP support ahead of general elections due in 2025 or discontent after recent scandals that include a corruption probe into the transport minister and the resignations of two PAP legislators over an affair. "What we want is a prosperous Singapore," self-employed worker Patrick Low, 70, told AFP after casting his vote. Shifting sentiments Another candidate, former insurance executive Tan Kin Lian, 75, had gained the support of several opposition leaders but only picked up 13.88 percent of votes. "The presidential election is increasingly being treated as a general election," said Mustafa Izzuddin, a political analyst with consultancy Solaris Strategies Singapore. Voting is compulsory for Singapore's more than 2.7 million eligible citizens. As of 5:00 pm local time (0900 GMT), more than 2.3 million Singaporeans, or about 85 per cent of eligible voters, had cast ballots, according to the Elections Department. Long but orderly lines snaked from polling centres absent the raucous environment that can accompany elections in other countries, where supporters chant or distribute flyers to lobby for last-minute votes. Izzuddin said an increase in protest voting had been expected but Shanmugaratnam secured an overwhelming win despite what experts had said was shifting opinions about the ruling party. The PAP suffered its worst-ever election performance in 2020 but maintained its more than two-thirds majority. Singapore requires presidential candidates to have served either as a senior civil servant or the chief executive of a company with shareholder equity of at least 500 million Singaporean dollars ($370 million). Perhaps the president's most crucial function is to serve as a custodian of Singapore's financial reserves, which can only be drawn upon in exceptional circumstances, such as the Covid-19 pandemic and the 2009 global financial crisis. The post Singapore ex-deputy PM Shanmugaratnam elected president appeared first on Daily Tribune......»»
Singapore holds first contested presidential vote in over a decade
Singaporeans head to the polls Friday in the city-state's first contested presidential election in more than a decade, a vote being closely watched as an indication of support for the ruling party after a rare spate of political scandals. The president's role is largely ceremonial, but there are stringent requirements for the position, which formally oversees the city's accumulated financial reserves and holds the power to veto certain measures and approve anti-graft probes. While the presidency is a non-partisan post under the constitution, political lines were already drawn ahead of the election to replace incumbent Halimah Yacob, who ran unopposed for her six-year term in 2017. The city-state's government is run by the prime minister, currently Lee Hsien Loong of the People's Action Party, which has ruled Singapore continuously since 1959. Observers said the vote could indicate the level of PAP support ahead of general elections due by 2025 or discontent after recent scandals that include a corruption probe into the transport minister and the resignations of two PAP legislators over an affair. The frontrunner is former deputy prime minister and finance minister Tharman Shanmugaratnam, a long-time PAP stalwart before he resigned ahead of his candidacy. The 66-year-old economist is widely perceived as having the government's backing and was questioned about his independence during the campaign. Another candidate, former insurance executive Tan Kin Lian, 75, has gained the support of several opposition leaders. The third candidate, Ng Kok Song, 75, is the former chief investment officer of Singapore sovereign wealth fund GIC, which manages the country's foreign reserves. "The presidential election is increasingly being treated as a general election," said Mustafa Izzuddin, a political analyst with consultancy Solaris Strategies Singapore. "An increase in protest voting is anticipated due to vacillating ground sentiments vis-a-vis the ruling government." The PAP was recently rocked by political scandals, a rarity in the city which has capitalized on its reputation for clean government to become an international hub for an array of industries like finance and aviation. The PAP suffered its worst-ever election performance in 2020 but maintained its more than two-thirds majority. Voting is compulsory for Singapore's more than 2.7 million eligible citizens. Those who do not vote without a valid reason risk being struck from the voters' list. Singapore requires presidential candidates to have served either as a senior civil servant or the chief executive of a company with shareholder equity of at least 500 million Singaporean dollars ($370 million). Perhaps the president's most crucial function is to serve as a custodian of Singapore's financial reserves, which can only be drawn upon in exceptional circumstances, such as the COVID-19 pandemic and the 2009 global financial crisis. The post Singapore holds first contested presidential vote in over a decade appeared first on Daily Tribune......»»
Children trapped in cable car dangling over Pakistan ravine
Six children are among the eight people who have been trapped all day Tuesday in a cable car dangling over a deep valley in Pakistan, with military helicopters hovering nearby ahead of a possible rescue attempt. The children were using the chairlift to get to school when a cable broke at a height of around 1,200 feet (about 365 meters) midway through its journey in a remote, mountainous part of northwestern Khyber Pakhtunkhwa province. "The evening is coming nearer. Tell us why the helicopters are going back?" Gul Faraz, one of the adults stuck in the cable car, said to AFP by phone. "For God's sake help us," he earlier told local media. Several military helicopters flew reconnaissance sorties and an airman was lowered by harness to deliver food, water and medicine, Tanveer Ur Rehman, a local government official, told AFP. "This is a delicate operation that demands meticulous accuracy. The helicopter can not approach the chairlift closely, as its downwash (air pressure) might snap the sole chain supporting it," he said. Anxious crowds gathered on both sides of the ravine, which is several hours from any sizeable town. "Every time the helicopter lowered the rescuer closer to the chairlift, the wind from the helicopter would shake and disbalance the chairlift making the children scream in fear," Ghulamullah, chairman of the Allai valley area, told Geo News. 'What can they do?' The gondola broke down at around 7:00 am local time, with residents using mosque loudspeakers to alert neighborhood officials across the Allai valley. Headmaster Ali Asghar Khan told AFP by phone that the children were teenage boys and students at his government high school Battangi Pashto. "The school is located in a mountainous area and there are no safe crossings, so it's common to use the chairlift," Khan said. "The parents are gathered at the site of the chairlift. What can they do? They are waiting for the rescue officials to get their children out. We are all worried." Abid Ur Rehman, a teacher from another school in the area, said around 500 people had gathered to watch the rescue mission. "Parents and women are crying for the safety of their children," he told AFP. Syed Hammad Haider, a senior Khyber Pakhtunkhwa provincial official, said the gondola was hanging about 1,000 to 1,200 feet above the ground. Caretaker Prime Minister Anwaar-ul-Haq Kakar issued a directive for all chairlifts in mountainous areas to be inspected and for those that are not "safety compliant" to be immediately closed. Cable cars that carry passengers and sometimes cars are common across the northern areas of Khyber Pakhtunkhwa province and Gilgit-Baltistan, and are vital in connecting villages and towns in areas where roads cannot be built. In 2017, 10 people were killed when a chairlift cable broke, sending passengers plunging into a ravine in a mountain hamlet near capital Islamabad. The post Children trapped in cable car dangling over Pakistan ravine appeared first on Daily Tribune......»»
Slim ICTSI profit gains as global growth skids
Razon-led global port operator International Container Terminal Services Inc., or ICTSI, reported a narrow profit growth in the first half as it continued to navigate through the lingering global market uncertainties. In a bourse report on Monday, the company disclosed booking a $313.8-million attributable net income, which was 7 percent higher than the recorded $294.48 million a year ago. “The macroeconomic and geopolitical climate continues to be uncertain, but these results give us continued confidence in our financial and operational resilience,” ICTSI chairperson and president Enrique K. Razon Jr. said in the report. “The opportunities for future growth are considerable and we will work closely with our stakeholders to achieve positive change for the communities in which we operate and deliver long-term sustainable growth,” he added. Excluding the impairment of goodwill attributed to its Pakistan International Container Terminal, net income attributable to equity holders would have grown 10 percent to $324.41 million. 10% revenues growth Meanwhile, revenues from global port operations during the period improved by 10 percent to $1.16 billion from $1.06 billion a year ago. ICTSI handled a consolidated volume of 6,275,837 twenty-foot equivalent units or TEUs as of end-June, up by 9 percent from the 5,752,582 TEUs handled in the same period in 2022. From January to June, the company spent $152.23 million to fund ongoing expansions. This year, the company sees spending to reach $400 million to sustain its growth momentum. “We have a robust balance sheet and a high cash-generative business which looking ahead, will enable us to continue our strong track record of investing in our terminals to support future growth for the benefit of all our stakeholders,” Razon noted. Among others, the estimated capital expenditure will be utilized to fund the ongoing expansion at the company’s terminals in the Philippines, Australia, Mexico and the Democratic Republic of Congo. Operating 33 terminals in 20 countries across six continents, ICTSI is a global developer, manager, and operator of container terminals in the 50,000 to 3.5 million TEU per year range. The post Slim ICTSI profit gains as global growth skids appeared first on Daily Tribune......»»
PBBM assures public enough rice supply
President Ferdinand Marcos Jr. assured the public over the weekend that the country had enough rice supply and that the government was closely monitoring the National Food Authority (NFA) buffer stock ahead of El Niño and other expected calamities. In his latest vlog, the Chief Executive underscored that the country's rice supply is still enough after typhoons "Egay" and "Falcon", including the Southwest Monsoon (habagat) ravaged several parts of the country and damaged the agriculture sector. For context, the National Disaster Risk Reduction and Management Council (NDRRMC) said Sunday that the agriculture sector damage and losses due to inclement weather reached an estimated P2.9 billion. The latest situational data from the NDRRMC showed that the Department of Agriculture recorded billions worth of damages in the Ilocos Region, Cagayan Valley, Central Luzon, Calabarzon, Mimaropa, Western Visayas, Bangsamoro Region, and Cordillera Administrative Region (CAR). "We have an ample supply of rice, and there is nothing to worry about," Marcos said. "Our farmers should expect that we won't be importing if the supply here in the Philippines is sufficient. Hopefully, you won't be worried. We have rice," he added. Marcos, who also heads the Department of Agriculture (DA), said the government is ensuring that the NFA increases its buffer stock for several reasons. The Chief Executive pointed out the increasing number of disasters in the Philippines and that other Southeast Asian countries needed to increase their rice supplies ahead of El Niño, expected to occur either late this year or early 2024. He added that other countries that export rice, such as India, have begun to restrict or halt their rice exports. "All of us are preparing for the El Niño. That's why the challenge is that everyone buys things all at once," Marcos said. "We are looking for our friends. Fortunately, I have met many of them during my travels, and we are now in communication. Perhaps, we might be allowed to import from them. However, we will only do so if the supply is not sufficient," he added. The post PBBM assures public enough rice supply appeared first on Daily Tribune......»»
Australia, US open large-scale war games
SYDNEY (AFP) — Australia opened a large-scale joint military exercise with the United States and almost a dozen other nations on Friday, as a senior officer revealed that a Chinese spy ship was following the proceedings. Officials formally launched the biennial Talisman Sabre exercise, involving more than 30,000 troops from 13 nations, including Britain, Japan, Indonesia, Canada and France. The drills come amid increasing concern about the threat posed to the region by China, which is not part of the military exercise. Speaking at a news conference onboard the HMAS Canberra, Australia’s Chief of Joint Operations Lieutenant General Greg Bilton told reporters that a Chinese spy ship had been spotted off the country’s northeastern coast the previous day. “We reached out on Thursday and hailed that vessel in the Coral Sea,” he said. “It’ll move down, I expect, and join the exercise or be in the location of the exercise again. They’ve done this for a number of years — we’re well-prepared for it.” He said the Chinese response to Australia’s communication had been “courteous and in accordance with normal norms at sea.” Australia and the United States have made it clear that they have their eyes on China’s activities in the Asia-Pacific region. Australia has announced moves to develop military facilities in its northern region, while also saying that the US military presence there will increase in coming years. A US “Indo-Pacific Strategy” last year announced efforts to work more closely with regional allies to “shape the region around China” to blunt Beijing’s influence. Lieutenant General Bilton said Australian defense officials “haven’t reached out to the Chinese specifically” ahead of the military exercise. He added: “This exercise is about us, it’s about our partner nations, building interoperability, trust and our ability to respond together to whatever crisis might exist in our region in the future.” For two weeks, until 4 August, troops will participate in field training, amphibious landings, ground force maneuvers, air combat and maritime operations. Most of this year’s exercise will take place in the northeastern Australian state of Queensland. The post Australia, US open large-scale war games appeared first on Daily Tribune......»»
PBBM promises improved partnership, coordination with private sector
President Ferdinand Marcos Jr. on Thursday pledged an improved partnership and coordination with the private sector to achieve the objectives of his government in attracting more investments and bringing about a transformative impact on the Philippine economy. The Chief Executive said this during the launch of the Kanegosyo Center at the Palacio de Memoria along Roxas Boulevard in Parañaque City. "We still have a lot of work ahead of us, but you can be assured that we are working together very closely, down the same direction, you in the private sector and us in the government helping one another so that we can transform this economy, to be able to be competitive worldwide and find ourselves as an investment destination, as a thriving economy with a stable situation in our country," Marcos said. "That is the dream. That is the inspiration. I sincerely believe that with programs like this, with all of us working together, we can achieve that," Marcos added. Marcos is hopeful that the Kanegosyo Center, a program created by Cebuana Lhuillier to help Filipino MSMEs, will help these businesses become more competitive in the global market. The Chief Executive expressed his optimism that the initiative would successfully create a supportive environment for start-ups, assist small businesses with promising ideas, and stimulate economic growth. "It is not done just purely out of business instincts. It is not something that is done to make a profit. It is something that is done to help. And that, I think, is the difference in what we see with these programs helping the MSMEs," Marcos said. Marcos thanked the people who helped launch the Kanegosyo Center, a program that will help MSMEs in the Philippines. He noted that MSMEs are essential to the economy, representing over 99 percent of business establishments and employing around 63 percent of the workforce. He expressed hope that the Kanegosyo Center will be successful in helping MSMEs grow and prosper. "That's why we can do nothing but applaud and continue to support all of the efforts such as Kanegosyo, all of our entrepreneurs teaching our upcoming entrepreneurs how to do business," Marcos said. Cebuana Lhuillier introduced the Kanegosyo Center in response to Marcos' call for a comprehensive approach to revitalizing small businesses in the Philippines during the MSME Summit 2022. As an all-in-one digital platform for MSMEs, the Kanegosyo Center offers various services to promote ease of doing business in the country. It provides curated resources and supportive interventions to facilitate business operations. One of its offerings is the "Kanegosyo Coach," which aims to guide current and aspiring MSME owners by equipping them with the necessary skills and knowledge to navigate various stages of business management. The center also provides "Kanegosyo Assist," which grants entrepreneurs access to government permits and registration processes, enabling them to legitimize their businesses and foster growth. Moreover, the "Kanegosyo Bundle" offers aspiring business owners and experienced entrepreneurs access to loans, investments, banking services, and insurance to help them establish and expand their enterprises. Since its initial launch, the Kanegosyo Center has seen over 10,500 aspiring entrepreneurs benefit from Cebuana Lhuillier's coaching modules. Additionally, micro and small business owners in 79 provinces have received assistance through micro-business loans and micro-insurance solutions. Seventy-four thousand one hundred eleven (74,111) members of Cebuana Lhuillier Kanegosyo have availed of the one-stop online services for MSMEs. The post PBBM promises improved partnership, coordination with private sector appeared first on Daily Tribune......»»
Shipping industry must adapt to new technology, workforce training – PBBM
President Ferdinand Marcos Jr. has called for a sustainable future for the shipping and seafaring industries, as the sector undergoes a major transformation. Speaking at the International Chamber of Shipping and the Filipino Shipowners Association, Marcos said that the shipping industry must adapt to new technologies and fuels, and invest in a highly qualified workforce. "We must come together to envision and shape the future of the industry and global trade for the next 25 years," Marcos said. "We can do this by identifying the skills required for the new generation of ships, discussing education and training requirements, and committing to a fair and just transition to build a future-ready and resilient shipping industry,” he added. Marcos also highlighted the Philippines' maritime heritage and said that the government would continue to strengthen maritime-related policies and protect seafarers. "We are also grateful for the opportunities that our seafarers have created and are thankful for the wealth that they have brought home," Marcos said. "I thus ensure everyone that this government will continue strengthening maritime-related policies and protecting our seafarers and their loved ones." Marcos reiterated his directive to the Maritime Industry Authority and the Commission on Higher Education to work closely with the shipping industry on the upskilling and reskilling of Filipino seafarers to prepare them for the shift of ocean-going vessels from using conventional fuel sources to green ammonia between 2030 to 2040. However, Marcos is confident that the shipping industry can overcome these challenges and emerge stronger. "I am confident that, with all of us working together, we will navigate the turbulent tides ahead and chart a course towards a stronger and sustainable tomorrow for seafarers and the global community," Marcos said. He also enjoined all the national government agencies, multilateral organizers, and private stakeholders to work together in identifying strategies to ensure the availability of skilled workers to fulfill the requirements of the shipping industry. He concluded his speech by saying that he is confident that, with all of us working together, we will navigate the turbulent tides ahead and chart a course towards a stronger and sustainable tomorrow for seafarers and the global community. The post Shipping industry must adapt to new technology, workforce training – PBBM appeared first on Daily Tribune......»»
BSP expects inflation to ease up soon
Inflation in the country is expected to slow down in May and further ease to below 4 percent by September or October, Bangko Sentral ng Pilipinas governor Felipe Medalla said on Monday. The Central Bank chief made this statement to reporters on the sidelines of a business forum ahead of the 6 June release of the May inflation data. "We notice that inflation has been almost zero after January, at least from one month to the next. This is the temporary effect of prices already being high. Once this effect is gone, inflation may normalize," Medalla said. "Inflation will clearly be significantly lower next year because the base effects will be gone," Medalla added. Medalla said he expects inflation to be below the mid-point of the target by next year. Inflation experienced a decrease for the third consecutive month in April. On 18 May, Medalla said the BSP would maintain its current monetary policy stance, signaling a pause in further tightening. This decision followed a series of interest rate hikes amounting to 425 basis points, which were implemented to address inflationary pressures. However, Medalla also discussed the impact of the US Federal Reserve's decision to raise interest rates. He said the BSP is closely monitoring the situation and is ready to take appropriate measures to protect the Philippine economy. "Of course, we have our inflation problem. But the problem is the market," Medalla said. "The simple thing is that if the interest rate, the policy rate of the BSP must be at least 1 percent base point higher than the policy rate of the Fed," he added. Medalla said the BSP is raising interest rates to keep inflation within target. He said the BSP is also closely monitoring the impact of the US Fed's rate hikes on the Philippine economy. "I think there's too much, but really, we have to be very sensitive," Medalla said. "I think we are one of the countries where the policy rate difference if there's negative. Of course, they have. They've got it on surpluses. But I think the market can still change its mind and be more amenable, more this reactive to the borrowing policy rates," Medalla added. The Central Bank chief said that the BSP is committed to taking the necessary measures to protect the Philippine economy from the impact of the US Fed's rate hikes. He said that the BSP will continue to monitor the situation and will take appropriate action as needed. The post BSP expects inflation to ease up soon appeared first on Daily Tribune......»»
Trump found liable for sexually abusing writer
A New York jury found Donald Trump liable Tuesday for sexually abusing and defaming an American former magazine columnist and ordered the ex-president to pay her $5 million in damages. The nine jurors rejected E. Jean Carroll's accusation of rape but unanimously upheld her other complaints in the closely watched civil trial, following less than three hours of deliberations. It marks the first time Trump has faced legal consequences over a string of sexual assault allegations dating back decades -- and the former leader immediately rejected the verdict as a "disgrace." Carroll, 79, sued Trump last year, alleging that he raped her in the changing room of the luxury Bergdorf Goodman store on Manhattan's Fifth Avenue in 1996. The former columnist for Elle magazine also claimed that Trump defamed her when he called her "a complete con job" after she went public with the allegation in 2019. Trump, the 76-year-old frontrunner for the Republican nomination in next year's presidential election, called her case a "hoax" and "a lie." The jury determined that Carroll had proved sexual abuse -- effectively sexual contact without consent -- by a preponderance of the evidence and awarded her $2 million. The six men and three women on the jury also said Trump should pay Carroll nearly $3 million for defamation. Following the verdict, Carroll left the Manhattan federal court smiling but did not speak to reporters. "We're very happy," said her lawyer, Roberta Kaplan. Trump slammed the outcome on his social media platform Truth Social. "I have absolutely no idea who this woman is," he wrote, using all capital letters. "This verdict is a disgrace -- a continuation of the greatest witch hunt of all time." Trump's 2024 campaign team said in a statement that the case was a "political endeavor" intended to derail Trump's bid to regain the White House, and that he would appeal. Carroll told the two-week-long civil trial that the assault had left her feeling "ashamed" and unable to have romantic relationships. She said it took her more than 20 years to go public because she was "frightened" by Trump. Her lawyers called to the witness stand two other women who testified that Trump sexually assaulted them decades ago. Former businesswoman Jessica Leeds said that Trump groped her in the business class section of a flight in the United States in the 1970s. Journalist Natasha Stoynoff said Trump kissed her without her consent during an interview at his Mar-a-Lago estate in 2005. Around a dozen women accused Trump of sexual misconduct ahead of the 2016 election that sent him to the White House. He has denied all the allegations and has never been prosecuted over any of them. No criminal case can stem from Carroll's lawsuit. Trump did not testify during the proceedings, nor did his defense team call any witnesses. A video of a sworn deposition he gave in October was played to the jury. In it, Trump called Carroll "a liar" and "really sick person." His lawyers argued that Carroll invented the allegation "for money, for political reasons, and for status." She filed her lawsuit under a New York law that gave victims of sexual assault a one-year window to sue their alleged abusers decades after attacks may have occurred. The burden of proof in civil proceedings is lower than in criminal trial cases when prosecutors must prove their case beyond a reasonable doubt. The case was one of several legal challenges threatening to complicate Trump's bid to regain the presidency -- although the Republican's supporters have broadly stayed loyal to their champion up until now. Last month, Trump pleaded not guilty to criminal charges related to a hush-money payment made to a porn star just before the 2016 vote -- allegedly to cover up an affair. Trump is also being investigated over his efforts to overturn his 2020 election loss in the southern state of Georgia, his alleged mishandling of classified documents taken from the White House and his involvement in the storming of the US Capitol by his supporters on January 6, 2021. The post Trump found liable for sexually abusing writer appeared first on Daily Tribune......»»