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Trial of disgraced crypto star Bankman-Fried begins
The trial of Sam Bankman-Fried, former CEO of one of cryptocurrency's biggest exchanges, began Tuesday with a jury set to determine if he committed massive fraud by stealing billions of dollars from clients. The 31-year-old -- once one of the most respected figures in crypto -- now faces decades in prison and could see his name stand alongside Bernie Madoff and Elizabeth Holmes as the era's most prominent fraudsters. The first day of the trial was devoted to jury selection for a case that is set to last about six weeks. Bankman-Fried faces seven counts including wire fraud, securities and commodities fraud, and money laundering. He risks more than 100 years behind bars if he is found guilty on all charges. Bankman-Fried entered the courtroom alone -- without being escorted by security guards -- uncuffed, and took his place alongside his lawyers, an AFP journalist observed. Dressed in a dark suit and striped tie, his usually long curly hair was cut short, reportedly by a fellow inmate at the Brooklyn jail where he is being detained. "You have the right to testify in your defense in this case. The decision is up to you," US District Judge Lewis Kaplan told Bankman Fried. In just a few years, the Massachusetts Institute of Technology graduate turned his FTX platform into the world's second-biggest crypto exchange, making him a tech world billionaire wunderkind. FTX became a global name through a marketing campaign that included celebrity partnerships with stars such as supermodel Gisele Bundchen and basketball legend Stephen Curry, and buying the naming rights for the home arena of the Miami Heat basketball club. Bankman-Fried also stepped in as a kind of savior of the industry when other crypto companies faced difficulties, with FTX swooping in to offer a financial lifeline. At the height of his career, Bankman-Fried was thought to be worth $26 billion as he attracted droves of small investors to invest in cryptocurrencies such as Bitcoin or Ethereum. But his steep rise was matched by his ignominious downfall, which saw him escorted last year by police from his luxury apartment in the Bahamas and extradited to face charges in the United States. 'Gambling at own casino' His empire began to crumble last November when a news report pointed to unhealthy ties between the FTX platform and Alameda Research, Bankman-Fried's personally owned-trading company. The revelations kept growing and major investors pulled their money out of FTX, sinking it swiftly into bankruptcy. Once the dust had settled, some $8.7 billion in client funds was still unaccounted for and Bankman-Fried was accused of using FTX deposits to buy luxury real estate or donate more than $100 million to US politicians through Alameda. "He was gambling in his own casino and it created conflicts of interest," Michael Lewis, an author who followed Bankman-Fried closely during the period, told CBS. Everything "unravels because the depositors at FTX want their money back and it's not all there," the author of "Liar's Poker" and other titles added. The climax of the trial is expected to be when his former friends and colleagues take the stand, including Carlonie Ellison, his one-time romantic partner and Alameda executive, and Gary Wang, his closest associate. Ellison and Wang have also been indicted in the case and agreed to cooperate with US authorities, which may prove Bankman-Fried's undoing. After his spectacular arrest in the Bahamas, Bankman-Fried was initially held under house arrest but was ordered behind bars in August over alleged attempts at witness intimidation. According to prosecutors, while holed up at his parents' home in California, Bankman-Fried spoke regularly to journalists and passed documents to The New York Times in an effort to influence the testimony of Ellison. The post Trial of disgraced crypto star Bankman-Fried begins appeared first on Daily Tribune......»»
Each shrinking his carbon
Recently, residents in Metro Manila woke up to an overcast, foggy morning sky. Conjectures attributed it to another impending eruption of Taal Volcano, like it did in 2020. Phivolcs clarified that the smog that covered Metro Manila was not caused by the volcano; it was rather pollution trapped in the lower levels of the atmosphere. It was a surprise to many because, while traffic congestion has been worsening after the pandemic and Manila was identified as one of the most congested cities in Asia, it rarely brought to the public’s attention that the air pollution it causes is so serious. During the pandemic, people noticed that, due to the lockdown implemented in most countries, air quality improved and we were seeing clearer skies, but the situation changed rapidly as almost everything was “back to normal”. Countries are doing their bit to mitigate air pollution and slow global warming. The European Union set a goal to cut carbon emissions by at least 55 percent and source 45 percent of its energy from renewable sources by 2030. Starting today, EU’s carbon border adjustment mechanism, a carbon tariff on carbon-intensive products, will enter its trial phase. The transition phase of CBAM, from October 2023 to December 2025, will require exporters to submit emissions reports to importing partners. From January 2026, CBAM will be implemented and initially apply to imports in the emissions-intensive sectors deemed at greater risk of carbon leakage: cement, electricity, fertilizers, iron and steel, aluminum and hydrogen. From 2026, EU importers will start paying a financial adjustment by surrendering the amount of CBAM certificates that correspond to the emissions embedded in their imports. The EU Emissions Trading System’s free emission allowances are to be replaced by the CBAM gradually from 2026 to 2034. Thus, CBAM, the CO2 border tax, will be fully phased in at the start of 2034, when free carbon certificates are eliminated. In the Philippines, electric vehicle adoption was given a boost by Executive Order No. 12 issued in January, which reduced the tariffs on certain EVs to zero for five years, effectively lowering vehicle prices and encouraging people to purchase EVs. The EO covers EV segments such as cars, buses, vans, trucks, kick scooters, self-balancing cycles, bicycles and pocket motorcycles with auxiliary motors not exceeding 250 watts and with a maximum speed of 25 kilometers per hour. Nonetheless, electric motorcycles were excluded from the EO, and are still subject to a 30-percent tariff. In Taiwan, to encourage people to stop buying fuel vehicles by 2040 and achieve the target of net zero carbon emissions by 2050, people who buy new electric motorcycles enjoy a subsidy from the government varies from NT$5,100 to 7,000, equals to 8,990 to P12,340, depending on the model purchased until the end of 2026. If the battery cores, negative electrode materials, electrolyte and copper foil used in the electric motorcycles are all domestically produced, each vehicle will receive an additional subsidy of NT$3,000. Until the end of 2024, people who replace their more than 10-year-old car with an electric car will get a NT$15,000 to 18,000 subsidy in Taiwan. While Singapore and Taiwan launched their first carbon exchange platform Climate Impact X and Taiwan Carbon Solution Exchange in 2021 and August 2023, respectively, Indonesia also started its carbon trading market on 26 September. President Joko Widodo attended the launch, saying the exchange could create a new sustainable economy, estimating it has the potential to be worth at least Rp3,000 trillion ($194 billion). “This will be a new sustainable economic opportunity as the world is heading toward the green economy,” he said. The post Each shrinking his carbon appeared first on Daily Tribune......»»
NIA must focus on its mandate
Congress has allocated P40 billion more than the National Irrigation Administration initially requested. NIA administrator Eduardo Guillen says he will spend the money on solar pump irrigation projects. Guillen tried to ego-massage President Bongbong Marcos by saying that number one in the 8-point socio-economic agenda of the President is food security. Then he went on to pat his own shoulder by boasting that the number-one thing needed for food security is irrigation infrastructure. Enough with the ego tripping (‘Tama na ang bolahan’). Among the factors contributing to the plummeting rice production is NIA’s total neglect of the present irrigation systems, plus poor management of water allocation. President Marcos should know that his father had constructed about 90 percent of the irrigation systems for all the arable lands in the country. In Mindanao, for example, only two systems were added after the late Apo Ferdie — the Malmar irrigation system in Carmen, North Cotabato, and the Catiil, Davao Oriental irrigation system. Marcos and Speaker Martin Romualdez should know that the irrigation systems had deteriorated due to lack of maintenance. The canals are heavily silted, the embankments that had served as farm-to-market roads had eroded, and wild grass had grown, impeding the flow of irrigation water. Marcos and Romualdez should, therefore, direct Guillen to rehabilitate all existing irrigation systems before buying solar panels for his cute ideas. In case he missed the duties and obligations expected of his office, Guillen should be reminded that NIA is tasked with exploring and developing all available water resources primarily for irrigation purposes and constructing dams and irrigation canals to convey water to the rice fields. It is also tasked to operate and MAINTAIN (in capital letters) the irrigation systems and allocate water to farmers during the planting season. These are merely the primary responsibilities of the NIA. Guillen claimed the President also directed the NIA to deliver the right input to farmers. “So this will help to lower their input; they won’t buy all their inputs anymore,” he said. Then he was quoted by government media as saying, “And of course, I said to the DA, give us your high-yielding varieties first, especially here in the dry season so that we can immediately double your yield or your output of rice production.” That’s a lot of hot air there. I do not precisely comprehend what Guillen was referring to when he talked about “right input” to farmers, “to lower their input, they won’t buy all their inputs anymore.” It’s kind of garbled. I think he is going through an information overload. Guillen proudly claimed that “we have many more projects at NIA that we are doing right now to teach our farmers how to save money and use the right rice variety for El Niño.” Marcos should put a gag on Guillen, as the poor guy merely adds to the confusion. Does he want to be an agriculture secretary? Well, that is a legitimate ambition, but NIA, which he heads, is such a poorly managed agency one wonders why he is still there. He should advise Guillen to focus on his job first as administrator of NIA before he straddles into rice production. He is facing a gargantuan task to provide and allocate water to farmers through the irrigation systems, which have badly deteriorated through the years. The post NIA must focus on its mandate appeared first on Daily Tribune......»»
US, Iran release prisoners in $6 billion swap deal
The United States and Iran on Monday swapped five prisoners each in one of the arch-foes' first deals in years as Tehran gained access to $6 billion in frozen funds. The five Americans freed by Iran, including one held for eight years, flew out of Tehran in a Qatari jet, hours after the unblocked funds were deposited in accounts also managed by Qatar. The White House said it was "pleased to confirm" the plane carrying the freed Americans had left Doha, Qatar for the United States, and that President Joe Biden had spoken with the families of the Americans in an "emotional call". The five had walked in the setting sun on the tarmac in Doha, three of them with arms around one another's shoulders. One of them praised Biden for ignoring the political backlash and taking the "incredibly difficult decisions" that freed them. "Thank you, President Biden, for ultimately putting the lives of American citizens above politics," Siamak Namazi, a businessman held since 2015, said in a statement. Secretary of State Antony Blinken, who spoke to the released Americans by telephone after they landed in Doha, insisted the Biden administration had "no higher priority" than freeing US citizens. "It's very good to be able to say that our fellow citizens are free," Blinken told reporters in New York, where he and Biden are taking part in UN meetings. Two of the Iranian detainees arrived in Qatar, Iranian media said. The other three released by the United States have opted to remain there or in a third country. After quiet discussions led in part by Qatar, the two countries completed the exchange after the transfer of $6 billion in funds, frozen by US ally South Korea. The Biden administration has rejected criticism at home that it is paying "ransom," insisting the money will be used only humanitarian purposes, with a threat to re-freeze the funds if not. But Iranian foreign ministry spokesman Nasser Kanani, speaking earlier in Tehran, said the clerical state will have "total access" to the assets. Political risks for Biden Biden's Republican rivals have roundly denounced the deal. Republican Senator Mitt Romney said it would lead to "kidnappings". "The idea of basically paying to release, in this effect, a hostage is a terrible idea," he said. Mindful of political risks, Biden in a statement said he would "continue to impose costs" on Iran and announced sanctions against former president Mahmoud Ahmadinejad and the country's intelligence ministry. The sanctions were imposed over alleged deceit in the disappearance of Bob Levinson, a former FBI agent who disappeared in Iran in mysterious circumstance and is presumed dead. Biden in his statement did not mention that he granted clemency to five Iranians. A US official said that all were convicted or changed with non-violent crimes, with one already set to be released soon. Iran had generated the revenue through oil sales. South Korea froze the funds after Biden's Republican predecessor Donald Trump withdrew from a landmark nuclear accord and imposed unilateral US sanctions on buying oil from Iran. Iran's central bank governor said Iran would seek damages from South Korea. "We're making a complaint on behalf of Iran against South Korea for not giving access to these funds and the reduction in value of these funds in order to receive damages," Mohammadreza Farzin said on state television. The five Americans of Iranian descent -- all considered Iranian nationals by Tehran, which rejects dual nationality -- were released to house arrest when the deal was agreed last month. Besides Namazi, they include wildlife conservationist Morad Tahbaz, venture capitalist Emad Sharqi and two others who wished to remain anonymous. All were accused of spying or other crimes that they strongly reject. Tahbaz also holds UK nationality. Prime Minister Rishi Sunak said Britain was not involved in the deal but that he was "extremely pleased" he was free. A US official said that two more US citizens flew out of Tehran -- Namazi's mother and Sharqi's wife, who were not in prison but had ont been allowed to leave. According to Tehran, the freed Iranians include Reza Sarhangpour and Kambiz Attar Kashani, both accused of violating US sanctions against Tehran. A third prisoner, Kaveh Lotfolah Afrasiabi, was detained at his home near Boston in 2021 and charged with being an Iranian government agent, according to US officials. The two others, Mehrdad Moein Ansari and Amin Hasanzadeh, were said to have links to Iranian security forces. Nudge on nuclear? The swap was the first deal sealed by Biden with Iran's clerical rulers, who toppled the pro-Western shah in 1979 and are deeply hostile to the United States. Biden took office with hopes of restoring the 2015 nuclear agreement, under which Iran promised to constrain its contested nuclear work in return for sanctions relief. But months of talks failed to produce a breakthrough. Prospects to restore the deal sank further after protests broke out almost exactly a year ago in Iran following the death in custody of Mahsa Amini, who had been arrested for allegedly violating the country's Islamic dress code for women. Blinken said that the release of the prisoners "doesn't speak to anything else in the relationship," with the nuclear issue "a different track." Biden is not expected to meet in New York with Iran's president, Ebrahim Raisi, who arrived Monday. The post US, Iran release prisoners in $6 billion swap deal appeared first on Daily Tribune......»»
Rice price cap stays — Farmers want Diokno out over tariff proposal
The Department of Trade and Industry on Monday said Executive Order 39 which put a cap on the prices of regular and well-milled rice will stay as its possible lifting was still being discussed. DTI’s statement came as the Department of Agriculture, concurrently headed by President Ferdinand Marcos Jr., announced that 1.4-million metric tons will be added this month to the country’s rice supply. The bulk of the 1.4-million metric tons will come from local farmers, who have started harvesting their crop, and not from imports, the DA said. “Our supply remains stable. Farmers are expected to produce 1.3-million metric tons this October,” said Bureau of Plant Industry Director Gerald Glenn Panganiban in a radio interview. DTI Secretary Alfredo Pascual earlier said they will continue to monitor compliance with EO 39 — which capped the price of regular-milled rice at P41 per kilo and well-milled rice at P45 per kilo — until it is lifted by the President. Tillers seek Diokno ouster Also on Monday, Finance Secretary Benjamin Diokno said the government was presently discussing his proposal to lower rice import tariffs as part of a comprehensive strategy to stabilize the staple grain’s retail prices. Diokno’s statement came as farmers from different provinces protested in front of the Department of Finance to denounce his proposal and seek his ouster from the DoF. Diokno told reporters the review was also to prepare for a potential rice shortage due to the impact of the extended dry season caused by the El Niño weather phenomenon. “As discussions are underway, the DoF maintains its support for an appropriate policy response that promotes the greatest good for the greatest number of Filipinos,” Diokno said. Palay pricing Meanwhile, the National Food Authority Council said on Monday it has set a new selling price range for palay to increase the income of farmers while stabilizing supply. “I called for a meeting of the NFA Council to discuss how we can adjust the purchasing price of rice, both wet and dry, because we need to reevaluate the situation,” President Marcos said following a meeting by the NFA Council which he chairs. “That’s exactly what we discussed, and we decided that the buying price of the NFA from now on will be P19 to P23 (per kilo) for dry and P16 to P19 for wet palay. That was the decision of the NFA Council,” he said. The President said the palay selling price range and the retail rice price cap would stabilize the end-users’ costs for the commodity. The originally proposed P25 and P20 per kilo, respectively, for palay buying prices were too high and would spike retail prices, according to the NFA. It said the new price range would balance the profit of farmers and the rice affordability of the public. The agency said that if the buying price of dry palay was set at P23, the procurement fund needed would be P15 billion at the maximum, while if it is pegged at P25, P16 billion would be needed for palay procurement. The DA said it would support the NFA proposal, but at P23 a kilo as P25 would be too high. Cash assistance turnout Asked by the President how the NFA’s buying price would influence the market, National Economic and Development Authority Secretary Arsenio Balisacan said that at the farmgate level, the NFA procurement will be concentrated in areas where there is excess supply relative to local demand. “In that case, it can help elevate the farmgate price,” Balisacan said. Meanwhile, DTI Region IV said the first round of cash assistance distribution under the Department of Social Welfare and Development’s Sustainable Livelihood Program on 13-14 September generated a 100-percent turnout. More local government units in the province of Iloilo will have their respective payouts in the coming weeks. @tribunephl_raf @tribunephl_tiz The post Rice price cap stays — Farmers want Diokno out over tariff proposal appeared first on Daily Tribune......»»
Malacañang reviewing proposed rice tariff reduction
The Executive Department is currently discussing the proposal to reduce import tariffs on rice as part of a comprehensive strategy to decrease prices and mitigate a potential shortage of the staple, Finance Secretary Benjamin Diokno said on Monday. This is after several farmers from different provinces protested in front of the Department of Finance (DOF) to denounce Diokno's proposal to cut import tariffs on rice and demand the removal of the Finance secretary from his post. In a Viber message to reporters, Diokno said the review is part of a comprehensive strategy to reduce prices for consumers and mitigate a potential shortage of the staple due to the impact of the ongoing El Niño phenomenon. "As discussions are underway, the DOF maintains its support for an appropriate policy response that promotes the greatest good for the greatest number of Filipinos," Diokno said. "Rest assured that the DOF, in coordination with other relevant government agencies and stakeholders, shall pursue programs and support measures to balance the interests of domestic rice farmers while keeping rice affordable for consumers — especially the poorest households," he added. In a separate statement, the National Food Authority (NFA) Council, chaired by President Ferdinand Marcos Jr., set a new price range for palay buying price on Monday in response to the changing production and market conditions to improve farmers' income and ensure sufficient supply of the staple. "I called for a meeting of the NFA Council to discuss how we can adjust the purchasing price of NFA for rice, both wet and dry because we need to reevaluate the situation," Marcos said following a meeting by the NFA Council. "That's exactly what we discussed, and we decided that the buying price of NFA from now on will be 19 to 23 for dry and 16 to 19 for wet. That was the decision of the NFA Council," he added. The council came up with the new palay buying price range to provide Filipino farmers with a better income, the President said, considering today's reasonable palay production cost. "So, they will now have a profitable venture. And aside from that, we have the price cap in place to stabilize the rice prices," Marcos said. The originally proposed P20 and P25 per kilo buying prices are just too high and will spike retail prices, according to the NFA, noting that the new decided price range balances the profit of farmers and will not affect the retail prices as much. The agency said that if the new buying price of dry palay is at P23, the procurement fund needed will be P15 billion at the maximum; while if it is pegged at P25, P16 billion will be needed for palay procurement. For its part, the Department of Agriculture (DA) said it would support the NFA proposal but at a level of P23 a kilo. The agency added that at P22 or P23, farmers are satisfied with it since they are now being paid P16 to P19. DA noted that P25 is just too high. Asked by the President on the influence of NFA’s buying price as well as the public reaction, National Economic and Development Authority (NEDA) chief Secretary Arsenio Balisacan said that at the farm gate level, NFA procurement will be concentrated in areas where there is excess supply relative to local demand. “In that case, it can help elevate farm gate price,” Balisacan said. The post Malacañang reviewing proposed rice tariff reduction appeared first on Daily Tribune......»»
UBS’s Credit Suisse takeover, ‘deal of the century’?
Did banking giant UBS make "the deal of the century" when it bought one of the world's biggest banks for a pittance as it teetered on the edge of the abyss? Switzerland's largest bank was in March strong-armed by Swiss authorities into a $3.25-billion takeover of Credit Suisse, to keep its closest domestic rival from going under. At the time, investors gasped at the risks UBS was taking on with the purchase. But by August, the bank said it would not need the billions in support offered by the Swiss government and central bank to offset any surprises that might pop up in its stricken rival's accounts. That must mean that Credit Suisse's situation was "much better than described in March", Thomas Aeschi, a member of parliament with the populist rightwing Swiss People's Party (SVP), wrote on X, formerly Twitter. UBS seemed to prove him right when it unveiled its second-quarter results on August 31. The bank posted a towering net profit of $29.2 billion for the three-month period, thanks to an exceptional gain due to the gulf between the amount paid for Credit Suisse and its book value. 'Godsend' "UBS has pulled off the deal of the century," Switzerland's Socialist Party said, maintaining the "rescue" was more of a "godsend", allowing it to snatch up a bank at a dramatically reduced rate. "If we had chosen another path, (like) a temporary or partial nationalization," said Samuel Bendahan, a Socialist MP and economics professor at the University of Lausanne, the Swiss state "would have taken on the risk, but those $29 billion would have gone to the population". Instead, the takeover has created "a monopolistic situation", he told AFP, warning that while this might strengthen UBS, it puts Switzerland in an extremely risky position if the new mega-bank were to one day face a crisis. Politicians are not the only ones taking issue with the takeover. Gisele Vlietstra, founder of the Swiss Investor Protection Association, told public broadcaster RTS that UBS's towering quarterly profit confirms that the "intrinsic value" of Credit Suisse was "far higher" than the purchase price. She said she hoped that the lawsuits brought by her association and others on behalf of thousands of Credit Suisse shareholders will help determine "the correct value" that they should be compensated. 'Nickel and dime' "UBS paid a nickel and dime" and "got rid of its main competitor" in one fell swoop, Carlo Lombardini, a lawyer and banking law professor at Lausanne University, told AFP. The coming restructuring will clearly carry risks, "but having paid just three billion, it can't go wrong", he said, slamming the option chosen by the Swiss authorities. Like UBS, Credit Suisse was listed among 30 international banks deemed too big to fail because of their importance in the global banking architecture. But the collapse of three US regional lenders in March left the firm looking like the next weakest link in the chain. The Swiss government feared Credit Suisse would have quickly defaulted and triggered a global crisis, shredding Switzerland's reputation for sound banking. But its chosen option for dealing with the issue was certainly a boon to UBS, which will now swell to manage $5 trillion of invested assets. Confidence 'evaporated' UBS chief Sergio Ermotti acknowledged in a recent interview with the SonntagsZeitung weekly that the bank had been "worried" about its competitor since 2016, and had among other things looked into the possibilities of buying it, for fear a foreign lender might snap it up. He acknowledged that Credit Suisse may have survived for a time if the central bank had injected more cash, "but it would not have been enough, since confidence had evaporated". Since the takeover announcement in March, UBS has seen its share price soar 31 percent. But the bank still faces significant challenges, Vontobel analyst Andreas Venditti told AFP. The $29 billion "is a huge one-off gain, but this is just accounting", he said, stressing that "the losses and costs will come later". The analyst, who a few months ago wondered in a note whether UBS had secured "the deal of the decade or a decade of headaches", stressed that "it's going to be a huge task". He said it would only become clear "whether it was worth it" after most of the restructuring is done three years down the line. Parts of the business are continuing to "produce huge losses", he said, warning "many things can still go wrong". Swissquote analyst Ipek Ozkardeskaya agreed, recalling that "UBS was forced" into the merger. Now it is up to the bank to "transform an 'obligation' to its advantage". The post UBS’s Credit Suisse takeover, ‘deal of the century’? appeared first on Daily Tribune......»»
Filipino-Indian billionaire sought relief from DOJ
Filipino-Indian billionaire Rajiv Chandiramani has asked the Department of Justice to junk the complaint against him for multiple counts of falsification of public documents filed by his estranged brother for being “baseless, contrived, and manufactured.” Rajiv, in his 25-page counter-affidavit filed through his counsel, denied committing any falsification in order to take control of the more than P1 billion worth of properties left behind by their father Prem Chandiraman following his death in 2011. He claimed that the falsification complaint was merely resurrected by his brother to pressure him to give in to the latter’s demands for more money after their initial compromise agreement in 2022. “By re-filing the complaint for falsification of documents as against Rajiv, Amith has violated his waiver and quitclaim. In the regime of law and order, repudiation of an agreement validly entered into cannot be made without any ground or reason in law or in fact for such repudiation,” Rajiv said. Contrary to his brother’s claim, Rajiv recounted that because of his business ethics, he was able to establish a good business reputation in the business community, particularly in the Filipino-Indian community. Rajiv is the owner of Rheana’s Trading Inc., which is one of the leading domestic companies engaged in the business of buying, selling, distributing, and importing electronic products and accessories. While his older brother, according to Rajiv, got hooked on illegal drugs and was confined in several drug rehabilitation facilities. Rajiv said his brother, in 2020, was released from a drug facility and then stayed in Dubai. A year after, Rajiv claimed there were several defamatory messages against him that were being circulated among relatives, friends, and colleagues, particularly, that he had allegedly falsified several sale documents. With this, Rajiv conducted his own personal investigation and was convinced that these defamatory messages originated from Amith. “It eventually became apparent that Amith started these malicious rumors as he wanted additional monies from Rajiv and their mother,” Rajiv said. Rajiv initially sought redress before the courts by filing a complaint for damages with an injunction against Amith to prevent and dissuade him from continuously spreading malicious allegations against him. He also filed a criminal complaint for cyber libel against Amith. Meanwhile, Amith, in July 2022, filed a criminal complaint for falsification of public documents against Rajiv and their mother and several other respondents before the Office of the City Prosecutor of Makati City. He alleged that Rajiv conspired with their mother to falsify the signature of their deceased father as appearing on several sale documents. In order to end their rift and upon persuasion of family members, Rajiv said he agreed to a compromise with Amith, which led to the mutual withdrawal of the cases that were filed against each other at that time. The agreement also provides a waiver and quitclaim covering any and all potential claims or rights against each other arising from, or in connection with the cases, as well as the estate of their late father. Rajiv, as part of the consideration for the compromise agreement, bound himself to pay Amith the total amount of P150 million by way of support. Rajiv said he has been complying with his contractual undertakings in providing Amith with monthly support of Php600,000, including giving financial assistance for Amith to put up his own electronics trading business. But was surprised to learn that Amith violated their agreement by resurrecting the falsification complaint against him. Amith in his complaint, claimed that Rajiv, their mother Pushpa Chandiramani, and several others connived in depriving him of his inheritance from their father Prem, amounting to billions of pesos in the form of real estate properties and business interests. Among the properties that he claimed were illegally taken from him by Rajiv and his cohorts was a prime 1,559 square-meter lot in Cubao, Quezon City with Transfer Certificate of Title No.46459. But the camp of Rajiv maintained that the compromise agreement entered into by him and Amith is a valid and enforceable contract; thus, the latter is barred from filing a falsification of public documents complaint. “The act of Amith in re-filing or reviving the Complaint for Falsification of Documents with the NBI is a violation of the compromise agreement, and his desistance, waiver, and quitclaim undertakings,” Rajiv said. He disclosed that he has filed a formal complaint for specific performance and damages seeking to compel Amith to comply with the provisions of the compromise agreement and the waiver and quitclaim. Presently, the complaint is pending with the Regional Trial Court of Makati City, Branch 145. The post Filipino-Indian billionaire sought relief from DOJ appeared first on Daily Tribune......»»
GSIS buys up 12% MPIC stake
State pension fund Government Service Insurance System, or GSIS, has accumulated shares in diversified Metro Pacific Investments Corp,, or MPIC, the flagship company of tycoon Manny V. Pangilinan which is up for bourse delisting. The state financial institution led by veteran investment banker Wick Veloso has amassed the MPI shares the past two weeks, buying a total of 2.5 billion shares from 23 August to 4 September. In a report to the stock market, MPIC said it received a letter from GSIS dated 4 September informing the company that from 23 August to 4 September, GSIS purchased 2,490,509,574 common shares of MPIC. GSIS also mentioned that as a result of these purchases, GSIS now owns 3,438,549,038 common shares which represents approximately 11.98 percent of the total outstanding common shares of MPIC. Strong challenge Analysts said the GSIS move poses a challenge to the MPIC proposal to leave the stock exchange. COL Financial research head April Lynn Tan said that with the purchases, MPIC share owners may not attain its target to acquire 95 percent of the company which is pivotal to the delisting plan. MPIC chairman and chief executive Manuel Pangilinan on Monday expressed hope the consortium would secure enough shares to push through with the plan. “The tender period will expire on 7 September, so let’s wait. We are hopeful that the amount of shares will translate to qualification for delisting,” Pangilinan said. In a social media post, Tan said the delisting option can still pull thorugh. “According to industry peers, there is still a chance that the delisting will push through. Since GSIS now owns 12 percent (more or less) it might not be counted in the public float based on PSE proposed amendments. This means that the tender offer might proceed if over 14.58 percent of share owners tender their shares,” she added. The post GSIS buys up 12% MPIC stake appeared first on Daily Tribune......»»
Taylor Swift announces film of massive ‘Eras’ tour
Didn't score tickets for Taylor Swift's "Eras" tour? Never fear -- the culturally defining juggernaut will hit movie theaters with a concert film released on 13 October. "The Eras Tour has been the most meaningful, electric experience of my life so far and I'm overjoyed to tell you that it'll be coming to the big screen soon," Swift said on social media Thursday. "Eras attire, friendship bracelets, singing, and dancing encouraged." The giant AMC movie chain is vowing that each of its theaters across the United States will play the film at least four times a day on Thursdays, Fridays, Saturdays, and Sundays. Tickets are on sale now. The company said it had upgraded its website and ticketing services to "handle more than five times the largest influx of ticket-buying traffic the Company has ever experienced before." "But AMC is also aware that no ticketing system in history seems to have been able to accommodate the soaring demand from Taylor Swift fans," the statement added, warning that customers may experience delays and outages. Earlier this year botched sales for Swift's wildly popular tour wreaked havoc, prompting a congressional hearing over Ticketmaster's purported anti-competitive practices. And while "Eras" tickets reached thousands of dollars, fans will be able to nab movie viewings at $19.89 for adults, $13.13 for children and seniors, plus tax. As of Thursday morning, the website for AMC showed that opening weekend tickets in the New York area was already close to selling out. A few hours after Swift's announcement, the release of Universal's sequel to the horror classic "The Exorcist" was pushed up a week to avoid clashing with the concert film. "Look what you made me do. The Exorcist: Believer moves to 10/6/23 #TaylorWins," producer Jason Blum posted on X, the platform formerly known as Twitter. The 33-year-old Swift wrapped the North American leg of her global tour with four shows in Mexico and will pick back up in Argentina in November, with plans to tour into the end of 2024. With 146 total stadium dates, it is expected she will set the record for the first billion-dollar tour, with trade publication Pollstar estimating she's selling some $14 million in tickets per show. Swift's team does not report box office numbers. The current record-holder is Elton John, whose "Farewell Yellow Brick Road" tour, which began in 2018, ultimately made $939 million. The post Taylor Swift announces film of massive ‘Eras’ tour appeared first on Daily Tribune......»»
Speaker has spoken
Deliberations on the 2024 national budget — proposed at P5.768 trillion — reveal what appear to be pork barrel funds embedded in the National Expenditure Program submitted to Congress. The House leadership, however, has guaranteed that the discretionary funds, which are the nature of pork barrel, will be pared off. Speaker Ferdinand Martin Romualdez said the House of Representatives will “scrutinize and deliberate” on the budget items before the NEP is passed before the end of the year. “We will make sure in Congress that every centavo Filipinos pay in taxes is spent wisely and returned to the nation through relevant programs and projects. Every peso that goes to the treasury will go back to benefit the people,” Romualdez vowed. The early submission of the NEP gives both the House and the Senate enough time to review its many items. Much of the suspected pork is conveniently tucked into bigger items while the rest are distributed among regional offices to make them less conspicuous. Among the lump sums in the budget are the P733.2-billion Special Purpose Funds which are considered the “Executive’s” pork barrel for responding to sudden spending requirements. The NEP defines it as an appropriation to cover expenditures for specific purposes for which recipient agencies have not yet been identified. The proposed SPF budget represents a P219.8-billion increase from the current P513.6-billion allocation. The Miscellaneous Personnel Benefits Fund, or MPBF, will increase by more than 400 percent or to P135.7 billion next year from P26.6 billion in the 2023 budget. Under the NEP, the special provisions on the use of the MPBF state that the fund can be used for “deficiencies in authorized salaries, bonuses, allowances, associated premiums and other similar personnel benefits of national government personnel, including the requirements for the filling of and the creation of positions, and compensation adjustments, as may be authorized by law, the President of the Philippines, or the DBM.” Another provision allows the government to hire contractual employees. Romualdez gave his word that none of the amounts in the record-setting General Appropriations Act would be allocated for buying political patronage. In several past budget deliberations, it was always the House that was under scrutiny for pork, particularly its top rungs. Now that the House has received the budget early, it and the Senate have started looking into the details “to make sure that the funds that came from taxpayers will be spent wisely. We have to scrutinize every peso and every centavo that government agencies are seeking,” Romualdez emphasized. “We want to give our people their money’s worth through the quality education of their children, the building of infrastructure to create jobs, and programs that will lower the cost of products in the market,” Romualdez added. His assurance to the people provides a safeguard to attempts to reintroduce the system that the Supreme Court had rejected as unconstitutional. At the moment, Congress is running through every agency’s proposal with a fine-tooth comb, looking for suspicious items that could fall under the definition of pork barrel. The gauge for the invalid pork barrel is funds that are left to the discretion of those who will spend it, including legislators whose mandate it is to craft laws and not to implement projects. The post Speaker has spoken appeared first on Daily Tribune......»»
Salceda’s MUP bill stirs hornets’ nest
Defense Secretary Gilberto “Gibo” Teodoro Jr. took potshots yesterday at the substitute bill recently approved by a House of Representatives ad hoc committee that would require military and uniformed personnel, or MUPs, to contribute to their pension funds. “I do not subscribe to the proposed blanket mandatory contributions for military personnel, especially for those who have already completed at least 20 years of active service,” Teodoro said. Teodoro’s statement came as grumblings in the military and the police and other uniformed services, both active and retired, heightened anew after dying down in the past few months. The Defense chief hinted at the reasons MUPs were becoming restless anew. He said the substitute bill of the ad hoc committee chaired by Albay Rep. Joey Salceda does not conform to the government’s intent regarding their pensions. For one, Teodoro explained that President Ferdinand Marcos Jr.’s proposed pension reform plan should have the least negative impact on active-duty military personnel. Forced contribution “The President envisions a carefully transitioned introduction of any pension reform plan so that those in active service will be impacted in the least possible way,” he said. But the imposition of mandatory monthly contributions without a transition phase, under the substitute bill, will “definitely” affect the soldiers, Teodoro warned. “As Secretary of National Defense, it is also incumbent upon me to look after the welfare of our military pensioners,” he said. “Ensuring the non-diminution of their retirement benefits is the least we can do in recognition of their sacrifices to the country,” he added. The substitute bill would require those in active service to contribute 5 percent of their base and longevity pay during the first to three years of the MUP pension reform implementation, 7 percent in the fourth to sixth year, and 9 percent in the seventh year onward. The government will contribute its counterpart 16 percent to the pension fund of those in active service during the first three years, 14 percent during the fourth to sixth year, and 12 percent in the seventh year onward. Sui generis New entrants to the uniformed services like the police and military will contribute 9 percent of their base and longevity pay toward their pension with a 12-percent government contribution. Salceda said the ad hoc panel has committed to approving its version on the third and final reading “as soon as possible.” He insisted the panel heard all the statements and comments of the various services. But Teodoro was clearly not buying Salceda’s assurance as he remained firm in his position on the soldiers’ pensions and entitlements, “including that the 100-percent automatic indexation shall remain unchanged.” Automatic indexation means the pensions of retired MUPs are adjusted according to the pay scale of active service personnel of the same rank. Meanwhile, the Defense chief stressed the “substantial distinction” members of the Armed Forces of the Philippines enjoyed over all other uniformed personnel. “The AFP performs a sui generis mandate emanating from the 1987 Constitution — to secure the sovereignty of the Philippines and the integrity of our national territory,” Teodoro pointed out. “Despite wearing uniforms and having ranks similar to those of other uniformed personnel, there is no uniformity in terms of the nature of their duties and responsibilities,” he noted. Teodoro underscored that the risks that soldiers face with the “multifarious” roles they play in nation-building and in times of crisis are “well known.” He pointed out that soldiers do not receive additional financial support from local government units, “unlike some of the other services.” He added that soldiers are governed by “strict rules of military law from the moment they first train until the last day of their service.” “The AFP continues to obtain the highest approval, satisfaction, and trust ratings. Adding to their burdens will only serve to distract them from focusing on their crucial mission,” he said. Cops are sore, too Many police officers are also antagonistic toward the substitute bill. “With that abomination of a substitute bill, Salceda threw into the dumpster the President’s ideas on an MUP reform law that would have been acceptable to us,” a police colonel retiring in a few months told Daily Tribune. He said that they in the PNP thought the MUP reform measure had been placed on the back burner, thus many of those who had filed for early retirement tried to pull out their papers. “Those who would want to retire now before the lawmakers rob us blind would surely increase. The veterans are leaving and Salceda has only himself to blame if we are swamped with rookies,” the police officer said. No contributors Finance Secretary Benjamin Diokno started the MUP pension reform ball rolling when he warned that the next administration would have a “huge problem” if the present MUP pension system was not overhauled. With no contributions from MUPs to the pension fund, Diokno said the liabilities were previously estimated at P9 trillion, compared to the country’s GDP of around P20 trillion. “The pension system of the military is not a real pension system in the following sense — there are no contributors. A pension system is where the beneficiaries of the pension fund contribute to it and there is a government counterpart fund. But in this particular sense, there is no contribution on the part of the beneficiaries, and we only appropriate it annually,” Diokno said. Under the 2024 National Expenditure Program, the government is pushing a P164-billion allocation for the MUP pension fund, reflecting a 3.5-percent increase over the fund this year. The post Salceda’s MUP bill stirs hornets’ nest appeared first on Daily Tribune......»»
DA justifies rice imports
The Department of Agriculture on Monday advised the public not to resort to panic buying of rice even as it prepares for the worst-case scenario of the country not having enough of the staple grain to feed its population. The possibility of a rice shortage may be due to El Niño, typhoons and possible export restrictions by neighboring countries. “We should not engage in panic buying, but buy only what is needed as that’s the right thing to do, [as] with other commodities like water,” DA spokesperson Rex Estoperez said. Earlier, the Marcos administration urged the public not to resort to panic-buying because there is enough rice for all. This time around, Estoperez appealed to the people to consider the common good. The sense of panic may have been heightened after DA Senior Undersecretary Domingo Panganiban said the government had requested India to exclude the Philippines from its ban on the export of non-basmati white rice. India said the ban was needed to tame the spiraling rice prices within its borders. Domingo said Vietnam agreed to export prices that are $30 to $40 cheaper than the previous proposal. India and Vietnam are among the top five rice producers in the world, filling more than half of the global demand, according to the World Economic Forum. “The government should do its best amid threats of the worst-case scenario. And the worst scenario is also doing nothing, given the impact of El Niño and the lull between harvesting seasons,” Estoperez said. He blamed the typhoons that recently struck the Philippines for the agricultural damage estimated at P1.53 billion that resulted in unmet production. The DA official said he expects 300,000 to 500,000 metric tons of rice imports for the year, following the favorable response from Vietnam. With this, he said, the rice supply in the local market could last up to 57 days toward year-end. As of Monday, the price of regular milled rice in the local market stood at P50 per kilo, higher than the P32 per kilo suggested price of the government. “Imports will help reduce prices unless traders hold supplies to manipulate prices,” Philippine Exporters Confederation Inc. president Sergio Ortiz-Luis told Daily Tribune on Monday. To prevent this, Estoperez said, the DA could mobilize agents of its Inspectorate and Enforcement Division to check the warehouses of rice millers. However, he stressed the government cannot impose price controls yet as the market prices and supplies remain manageable. “We’re not in an emergency situation that requires price controls. Rice prices remain reasonable given the domestic and external factors,” Estoperez said. While Marcos vowed to make the country food self-sufficient, Luis said this does not necessarily mean sourcing food from local farmers only. “Singapore, for example, defines self-sufficiency as importing food because it has little land resources for farming. In the case of the Philippines, we have low rice production and do not export for this reason,” he said. While local farmers might oppose importation, Luis said this is necessary for the welfare of the majority. “Thus, importation is inevitable for managing food prices and satisfying consumer demand for rice. Until now, Filipinos do not want to become farmers and farms have yet to be fully consolidated so we can achieve economies of scale,” he said. The post DA justifies rice imports appeared first on Daily Tribune......»»
Ex-ally sues Monaco’s ruler in ‘Rock Files’ scandal
A former confidant of Monaco's ruler Prince Albert II is suing the monarch in an unprecedented and potentially damaging court case triggered by the release of leaks that have rocked the usually placid Mediterranean playground for the rich and famous. Claude Palmero was for over two decades in charge of managing the palace's assets, first for Albert's father Rainier III, the husband of the US actress Grace Kelly, and then their son Prince Albert when he became ruler in 2005. But now Palmero is asking for around one million euros ($1.1 million) in damages from the palace, according to a complaint seen by AFP, over losing his job after becoming embroiled along with other former senior palace officials in unverified allegations posted in the "Dossiers du Rocher" ("Rock Files", referring to Monaco by its nickname) website from 2021. The website hosted videos, confidential email conversations and hostile articles dealing with property development in the principality. The controversy has roughed up the usually calm waters around Monaco, a tiny principality surrounded by French territory which attracts ultra-rich residents –- like tennis star Novak Djokovic and formula 1 champion Lewis Hamilton -- due to its favourable tax regime. With a population of barely 40,000, Monaco neither imposes income nor wealth taxes. Among the material published by Dossiers du Rocher were email exchanges between four people close to Albert, including Palmero, accusing them of collusion in an alleged financial scam. As well as Palmero, Albert's chief of staff Laurent Anselmi also lost his job in June. 'From another age' In charge of the crown assets, Palmero was known as a Monegasque eminence grise, who was tasked with strategic issues including taking a stake in Nice's airport and buying property, as well as being a keeper of palace secrets. He lodged an appeal against his dismissal in the case before Monaco's constitutional court, known as the Supreme Tribunal, that his lawyer filed on 13 July. "No reason has ever been given to justify these decisions that come from another age and manifestly violate the principle of legality," said the complaint filed by one of his lawyers Pierre-Olivier Sur and seen by AFP. "Prince Albert II during his reign has congratulated himself in front of his subjects and the whole world that Monaco is a state of law. "Alas, there are circumstances where this principle is sadly forgotten by him and favour the violence of arbitrariness," it added. Palmero is seeking the condemnation of the prince to repair "the immense moral damage, injury and disruption to living conditions", claiming the one million euros and his reinstatement. Albert's lawyer Jean-Michel Darrois said in response: "This is a discretionary decision by the royal house as is the case with several other monarchies." But the controversy is deeply unwelcome for Albert, who has already been under intense scrutiny over his marriage to Princess Charlene, the former South African Olympic swimmer in 2011, in French and international media in recent months. Charlene only returned to Monaco in March 2022 after a months-long absence for medical treatment. Raids and infighting The case, which is set to be heard in the coming weeks, comes as judicial authorities launched a series of searches in mid-July at the four former confidants of the prince accused in the Dossiers du Rocher. All those involved deny the allegations put forward by the Dossiers du Rocher, which published their private correspondence and whose origins remain a mystery despite investigations by the French and Monaco authorities. Patrice Pastor, a Monegasque construction entrepreneur, has filed a complaint over alleged influence peddling against them. But while they suspect him of being behind the website the businessman strongly denies this. The purported motive of Pastor, whose group is worth up to 30 billion euros, is alleged by his enemies to have wanted to maintain control over lucrative real estate transactions in the principality, which Palmero and his allies sought to limit. According to official figures, 88 new apartments were sold in 2022 in Monaco, for a stratospheric total amount of 1.2 billion euros. The Pastor group is particularly involved in the Mareterra project, six hectares of luxurious buildings looking out to the Mediterranean. First reported by France's Le Monde daily, the searches targeted, in France and Monaco, the homes and offices of Claude Palmero, the law firm of Thierry Lacoste, childhood friend of the prince, Laurent Anselmi, and Didier Linotte, president of the Supreme Tribunal, who is about to leave office. Monaco's prosecutor general refused any comment. The four men do not deny being in touch with each other but insist it was to deal with regular business of Monaco. Two other men are also reported to be part of the group: former Monaco government chief Michel Roger, who is said to have formed it, was left a paraplegic after an accident in 2015. The sixth man was Jean-Francois Renucci, former head of the court of cassation in Monaco, who died in a car accident between Monaco and Nice in 2021 just as the Dossiers du Rocher scandal was erupting. The four allege that Pastor has now won the favor of the prince but this was denied by a palace aide. "This prince does not take sides," the aide, who was not named, told Le Figaro daily. The post Ex-ally sues Monaco’s ruler in ‘Rock Files’ scandal appeared first on Daily Tribune......»»
House receives P5.7-T proposed nat’l budget
The Department of Budget and Management or DBM on Wednesday submitted to House Speaker Martin Romualdez the P5.768-trillion proposed national budget for next year, which the lawmaker said would provide Congress enough time to evaluate the soundness of the fund allocations. DBM Secretary Amenah Pangandaman delivered the proposal, also called the National Expenditure Program, on the date she promised after it was handed over to President Ferdinand Marcos Jr. last month. “Your submission of the proposed national budget in less than 10 days from the start of the regular session of Congress provides the House ample time to study, discuss, and deliberate on the point of the proposal, and formulate a national budget that is responsive to the development needs of our country,” Romualdez said. Compared to this year’s outlay, the proposed national budget for 2024 is higher by 9.5 percent. Pangandaman had said in June that the national budget should be passed into law swiftly as it had been pre-approved by President Marcos and the government department heads. She said the individual budgets proposed by government agencies totaled P5.90 trillion before the DBM trimmed it down to P5.768 trillion based on the agencies’ fund utilization capacities and the feasibility of their planned projects. The proposed national budget will also undergo Senate deliberations before the consolidated version will be submitted to Marcos for his signature which would make it a law. Pangandaman said priority allocations of the budget include education, infrastructure, and agriculture projects that are aligned with the goals of the administration’s Philippine Development Plan 2023-2028. For agriculture, the allocation was set at P30.87 billion for rice production, P5.28 billion for corn, and P1.94 billion for high-value crops, among others. “Higher investments will also be provided for agricultural support services, such as irrigation and the construction and rehabilitation of fish ports across the country and farm-to-market roads in key production areas,” Pangandaman said. For infrastructure development, the proposed fund amounts to P1.42 trillion or 5.3 percent of the gross domestic product and covers schools, hospitals and health centers, water and power systems, roads, railways and airports. Climate change projects Among other priorities are climate change projects with an allocation of P543.45 billion, its bulk dedicated to water security. Another is social development programs with a proposed fund of P112.8 billion to help 4.4 million families through the cash-transfer program Pantawid Pamilyang Pilipino Program of the Department of Social and Welfare Development. Pangandaman said the pension for indigent senior citizens was doubled to P49.81 billion and would benefit more than 4 million. Meanwhile, the housing allocation was pegged at P9 billion and will be used to shelter 6.5 million families over the next five years. Education received the highest fund proposal as required by the Constitution at P924.7 billion. The Philippines would be “one step closer” to realizing the government’s “transformative vision” for the country once Congress accepts the proposed budget according to President Marcos. In his message, Marcos explained that the proposed budget aims to provide the resources required for government operations and the ongoing pursuit of economic reform. The planned budget is P9.5 trillion more than the P5.268-trillion General Appropriations Act for 2023. “With the Congress’ approval of the proposed (Fiscal Year) 2024 National Budget, we will be one step closer to achieving our transformative vision for the country, the Agenda of Prosperity,” Marcos said. “Our journey has just begun. We will march on — one nation, one people building a better future together,” he added. The President said that the proposed budget for 2024 was a key part of the Philippine Development Plan 2023–2028, which aims to strengthen the country’s capabilities, protect the buying power of Filipinos, and improve output sectors to create more good jobs and products that can compete globally. “In turn, these strategies are to be supported by an enabling environment characterized by macroeconomic stability, infrastructure development, bureaucratic efficiency, strong rule of law, and effective climate action,” Marcos said. The post House receives P5.7-T proposed nat’l budget appeared first on Daily Tribune......»»
DA admits rice supply tight
Ever the optimist, President Ferdinand Marcos Jr. assured the public on Tuesday the country has enough rice buffer stocks amid the agricultural damage wrought by typhoon “Egay” in Northern Luzon. In a short video message, Mr. Marcos said he had met with Department of Agriculture officials after “Egay” hit Northern Luzon and caused about P1.94 billion worth of damage to agriculture. He said he discussed the effects of the typhoon on rice production and how to ensure there will be enough rice stocks. “As of now, it appears that the supply is okay,” Marcos said. The President made the assurance after the National Food Authority, or NFA, said its buffer stock of rice was good only for two days and that it has to import 1.3 million metric tons to replenish this. In a Malacañang press briefing, DA Undersecretary Mercedita Sombilla revealed the government has received applications to import, and the sanitary and phytosanitary import certificates were being processed. “I think we really need the help of the private sector in situations like this,” Sombilla said. “Their support is crucial in a situation like this.” The DA said it was also looking at ways to boost the NFA’s buffer stock through contract-growing, among other measures, like asking rice cooperatives and farmers to sell all that they produce to the NFA. The government’s decision to import rice comes amid concerns about the tight rice supply. The Rice Tariffication Law mandates a nine-day buffer stock, but the NFA’s current inventory is seven days short of that. The DA was apparently caught unaware by the NFA pronouncement. “I will have to talk, to discuss (with the NFA) how they are coming up with that two days (of buffer stock). But, of course, their stocks really are very low,” Sombilla said. “I’m not sure if the two-day buffer stock is applicable nationwide,” she added, pointing out that the NFA’s stock “is intended for emergencies.” Also on Tuesday, the DA warned unscrupulous traders not to jack up rice prices on account of the weather disturbances. “This July, we were hit by typhoons. Based on our price monitoring, the prices of rice and vegetables went up, especially our imported rice,” said DA Deputy spokesperson Rex Estoperez. He said they had monitored price increases of P1.50 to P2 per kilo of rice following the recent typhoons. “Some traders are only after profits. We are asking them to keep prices reasonable. In our monitoring, rice prices had increased by P1.50 to P2 per kilo,” he added. Estoperez urged the public to stop buying more rice than they need. “If we panic, that will put more pressure on supply and prices,” he said. Local traders, on the other hand, blamed the rising prices of rice imported from Vietnam, Thailand and India for the increase in local retail prices. “Private traders are scaling down their imports because of rising international prices while holding on to their stocks and waiting for local prices to go up further,” said Raul Montemayor of the Federation of Free Farmers. Likewise, July and August are lean rice harvest months, he said. “If imports do not come in as needed in the coming months, we could have very tight supplies before harvests start in late September and peak in October and November. The typhoons could further delay harvests since farmers will have to replant,” Montemayor explained. He said the NFA can only stabilize the price of rice if it has enough inventory, but it has a low buffer stock because it failed to buy rice from local farmers due to the low prices it offered. The DA had previously said there was enough rice to cover year-round requirements despite the effects of the typhoons. ‘Importing again’ Noting the NFA pronouncement, the President said the government has already looked at rice sources, whether local or foreign, to purchase the Filipinos’ staple grain. “We have already made a schedule on where we will source our production, where we will make local purchases and, if necessary, we will proceed with importing again, Marcos said. “It’s good that in our discussion, we observed that our rice imports are decreasing. However, in emergencies like this, we need to assess whether there is still a need for rice importation,” he said. The DA will send 111,873 bags of rice seeds, 14,426 bags of corn seeds, and 2,582 kilos of different vegetable seeds to areas hit by Egay to increase local production and support. The post DA admits rice supply tight appeared first on Daily Tribune......»»
Former Twitter exec says a mercurial Musk rules by ‘gut’
A fired Twitter product manager said Elon Musk ran the company newly renamed X by instinct not data, surrounded by sycophants with his mood changing unpredictably. Esther Crawford, whose picture sleeping in a Twitter office late last year made her a viral sensation, shared her thoughts on Wednesday in a lengthy post at X. "I disagree with many of his decisions and am surprised by his willingness to burn so much down, but with enough money and time, something new and innovative may emerge," Crawford said in the post. Crawford joined Twitter when it bought her startup in 2020, before Musk bought the social media platform for $44 billion. "In person Elon is oddly charming and he's genuinely funny," Crawford said. "The challenge is his personality and demeanor can turn on a dime going from excited to angry." Twitter employees feared being called into meetings with him or having to deliver negative news, according to Crawford. "At times it felt like the inner circle was too zealous and fanatical in their unwavering support of everything he said," Crawford wrote. "Product and business decisions were nearly always the result of him following his gut instinct, and he didn't seem compelled to seek out or rely on a lot of data or expertise to inform it." Musk seemed to trust random feedback and Twitter polls more than employees working to solve problems at the company, according to Crawford. "His boldness, passion and storytelling is inspiring, but his lack of process and empathy is painful." Musk has proven success tackling engineering problems, but a social networking platform requires emotional intelligence, Crawford said. She did not spare the previous management, calling it "bloated" and "soft and entitled" where "teams could spend months building a feature and then some last-minute kerfuffle meant it'd get killed for being too risky." Musk killed off the Twitter logo this week, replacing the world-recognized blue bird with a white X. After buying Twitter, Musk had said that he wanted to create a super-app inspired by China's WeChat, which would function as a social media platform and offer messaging and payments. Since Musk bought Twitter last October, the platform's advertising business has collapsed as marketers soured on Musk's management style and mass firings at the company that gutted content moderation. In response, the billionaire has moved toward building a subscriber base and pay model in a search for new revenue. Many users and advertisers alike have responded adversely to the social media site's new charges for previously free services, its changes to content moderation, and the return of previously banned right-wing accounts. The post Former Twitter exec says a mercurial Musk rules by ‘gut’ appeared first on Daily Tribune......»»
Microsoft profits soar, key cloud business slows
Microsoft's quarterly profits soared, the company said Tuesday, as its big push into artificial intelligence seemed to be bearing fruit but growth in its key cloud computing business slowed. An earnings statement reported that net profit for Microsoft was $20.1 billion in the April to June period, up 20 percent year-on-year and above expectations. The company posted $56.2 billion in sales for the quarter, which also beat expectations. Even though its share price slipped in after-hours trading, the 48-year-old tech titan remains the world's second most valuable company after Apple, with a market capitalization of $2.6 trillion. Microsoft shares had lifted off last week when the company said it would charge $30 extra per user to turbocharge its Microsoft 365 product -- which includes Word, Excel, and Teams -- with AI powers. This was an extra boost to a stellar year for Microsoft, whose big gamble on AI has so far been rewarded with a share price hike of about 45 percent this year. The heart of the company's activity is the Azure cloud service, which competes with Amazon's AWS and Google Cloud to offer businesses their computing needs. Demand for cloud computing slowed after a historic surge during the pandemic, and Microsoft and its rivals hope that the extra computing demands needed for AI will revive sales. The tech giant said Azure and other cloud services saw revenue growth of 26 percent year-over-year, down slightly from the previous quarter. Microsoft began 2023 with an announcement that it had entered into a close relationship with OpenAI, the company behind ChatGPT. The Redmond, Washington-based company swiftly integrated ChatGPT's powers into its Bing search engine, breathing new life into a product that has been unable to compete with Google. Microsoft has also pressed on with its big move to expand beyond its popular Xbox video game console by buying Activision Blizzard for $75 billion. The deal has faced major regulatory scrutiny over competition concerns, but after an effort by US authorities to block the deal failed in court, the move looks likely to succeed. The post Microsoft profits soar, key cloud business slows appeared first on Daily Tribune......»»
Twitter chaos leaves door open for Meta’s rival app
Elon Musk spent the weekend further alienating Twitter users with more drastic changes to the social media giant, and he is facing a new challenge as tech nemesis Mark Zuckerberg prepares to launch a rival app this week. Zuckerberg's Meta group, which owns Facebook, has listed a new app in stores as "Threads, an Instagram app", available for pre-order in the United States, with a message saying it is "expected" this Thursday. The two men have clashed for years but a recent comment by a Meta executive suggesting that Twitter was not run "sanely" irked Musk, eventually leading to the two men offering each other out for a cage fight. Since buying Twitter last year for $44 billion, Musk has fired thousands of employees and charged users $8 a month to have a blue checkmark and a "verified" account. On the weekend, he limited the posts readers could view and decreed that nobody could look at a tweet unless they were logged in, meaning external links no longer work for many. He said he needed to fire up extra servers just to cope with the demand as artificial intelligence (AI) companies scraped "extreme levels" of data to train their models. But commentators have poured scorn on that idea and marketing experts say he has massively alienated both his user base and the advertisers he needs to get profits rolling. In another move that shocked users, Twitter announced Monday that access to TweetDeck, an app that allows users to monitor several accounts at once, would be limited to verified accounts next month. John Wihbey, an associate professor of media innovation and technology at Northeastern University, told AFP that plenty of people wanted to quit Twitter for ethical reasons after Musk took over, but he had now given them a technical reason to leave too. And he added that Musk's decision to sack thousands of workers meant it had long been expected that the site would become "technically unusable". - 'Remarkably bad' - Musk has said he wants to make Twitter less reliant on advertising and boost income from subscriptions. Yet he chose advertising specialist Linda Yaccarino as his chief executive recently, and she has spoken of going into "hand-to-hand combat" to win back advertisers. "How do you tell Twitter advertisers that your most engaged free users potentially will never see their ads because of data caps on their usage," tweeted Justin Taylor, a former marketing executive at Twitter. Mike Proulx, vice president at market research firm Forrester, said the weekend's chaos had been "remarkably bad" for both users and advertisers. "Advertisers depend on reach and engagement yet Twitter is currently decimating both," he told AFP. He said Twitter had "moved from stable to startup" and Yaccarino, who remained silent over the weekend, would struggle to restore its credibility, leaving the door open to Twitter's rivals to suck up any cash from advertisers. - 'Open secret' - The technical reasons Musk gave for limiting the views of users immediately brought a backlash. Many social media users speculated that Musk had simply failed to pay the bill for his servers. French social data analyst Florent Lefebvre said AI firms were more likely to train their models on books and media articles than social network content, which "is of much poorer quality, full of mistakes and lacking in context". Yoel Roth, who stepped down as Twitter's head of security weeks after Musk took over, said the idea that data scraping had caused such performance problems that users needed to be forced to log in "doesn't pass the sniff test". "Scraping was the open secret of Twitter data access," he wrote on the Bluesky social network -- another Twitter rival. "We knew about it. It was fine." jxb/lth © Agence France-Presse The post Twitter chaos leaves door open for Meta’s rival app appeared first on Daily Tribune......»»
IPOPHL moving out to Arca South office
The anti-piracy agency Intellectual Property Office is set to acquire a new building in Arca South from its office in Bonifacio Global City in Taguig City. In a statement, the IPOPHL said long before the Commission on Audit or CoA’s September 2022 letter following up on the purchase of the office space. The attached agency of the Department of Trade and Industry said it has been scouting for its new permanent headquarters since 2016. The office will save from rental expenses that will allow the purchase of its own property without compromising its operations. IPOPHL carefully reviewed its options, which included the construction of a building within the UP Diliman property where the land will be on a 25-year lease agreement. In this arrangement, however, the structure shall be owned by UP Diliman. Contract to sell done “We signed the contract to sell with the developer on 24 May 2023. The final price is pegged at P1.6 billion. This is a stark contrast to the P4.7 billion we estimate to incur if we lease for 25 years. The final amount also includes a substantial discount of about P225 million,” according to IPOPHL director general Rowel Barba. IPOPHL also considered joining the proposed One DTI Building along Macapagal Avenue; purchasing an entire building or buying a lot to construct a building. “However, these proved either infeasible or too costly for IPOPHL’s modest funds, hence, the decision to purchase two entire building floors of a finished structure for IPOPHL’s exclusive use instead,” the statement read. On the potential sites, IPOPHL surveyed areas within the Makati, Ortigas and Taguig central business districts where the majority of IP law offices are, but it was either prices that were beyond IPOPHL’s range of available spaces were not enough nor appropriate. After numerous ocular inspections and consultations from various relevant government agencies, IPOPHL pursued negotiations with Arthaland Development Corp. over the purchase of two floors totaling 5,999 square meters in Savya Financial Center located in Arca South. Touted as the next BGC, Arca South is poised to be the next large-scale business and lifestyle district in Metro Manila being the site of a sub-station of the subway train station. It is also convenient for most of IPOPHL’s clients, stakeholders, and employees as it is not very far from its current location of the IPOPHL office along McKinley Road. The IPOPHL said the acquisition will expand IPOPHL’s current office space of 5,091 sqm by about 908 sqm. The IPOPHL said they have been renting their office space since 2011, which is more costly compared to owning a building. The additional space will also serve IPOPHL’s fast-growing manpower. The post IPOPHL moving out to Arca South office appeared first on Daily Tribune......»»