Filipino student-entrepreneurs to compete at the 2025 FedEx/JA International Trade Challenge Asia-Pacific finals
Six Filipino high school students have been selected to represent the Philippines at the 2025 FedEx/Junior Achievement International Trade Challenge (ITC) Asia-Pacific finals, set to take place this August in Singapore.
The students earned their spot after advancing through the national leg of the competition, which tasks participants with developing innovative business ideas and global trade strategies. Organized in partnership between Federal Express Corp. (FedEx) and JA Philippines, the program aims to spark entrepreneurial thinking and cultivate global business acumen among secondary school students, by offering real-world insights into international trade through hands-on workshops, and team-based challenges.
This year’s competition challenged students to develop a Market Entry Strategy Plan (MESP) for a sustainable fashion solution aimed at minimizing product return waste for China. Their ideas showcased critical thinking, creativity and a deep understanding of sustainable business solutions relevant to today’s global landscape.
The six Filipino students chosen to represent the Philippines hail from three different schools. Representing the University of Santo Tomas-Legazpi, Team Discarte is composed of students Jarelle A. Macabe and Felize Chloe B. Gimenez. Their product, Beanstock, is a sustainable, plant-based textile made from rice bean fibers grown in Yunnan, China. The fabric is moisture-wicking, biodegradable, and well-suited for eco-friendly fashion. By utilizing a crop that grows in poor soil conditions and requires minimal chemical input, the team hopes to reduce environmental impact while supporting local farmers in China.
From the University of San Jose–Recoletos, Team Haraya features students Huela Marie Genova and Leana Francine E. Cutanda. Their entry, LOOK , is a mobile app that promotes circular fashion by allowing users to buy, sell, and rent secondhand clothes. The app also offers personalized styling recommendations, encouraging users to express individuality while minimizing textile waste.
Team Idiyanale, made up of Michel Shana Sy and Janelle Anika Tan from the Philippine Cultural College, created (Xiǎo Yī Tóng) — a Web-based platform tailored to Gen Z and millennial consumers in China. The service enables users to swap used clothes, access local tailoring and upcycling services, and support environmental initiatives. Integrated with digital payment systems like Alipay and WeChat Pay, and offering eco-friendly delivery via Cainiao, the platform also donates part of its revenue to reforestation efforts through Shanghai Roots & Shoots.
They will join fellow finalists from across the region, including Hong Kong, India, Indonesia, Japan, Korea, Malaysia, Singapore, Thailand and Vietnam, for a dynamic exchange of ideas and entrepreneurial vision. The event will serve as a platform for cross-cultural collaboration, teamwork, and the development of future-ready business leaders.
This format promotes cultural collaboration, encourages different perspectives, and allows students to apply essential business skills in a real-world international setting. Finalists will also have the chance to connect with FedEx leaders and industry experts, further enhancing their global learning experience.
“The FedEx/JA ITC is an exceptional platform for young Filipinos to cultivate their entrepreneurial mindset, sharpen their practical business skills, and broaden their understanding of global markets,” said Maribeth Espinosa, managing director of FedEx Philippines. “Year after year, we witness innovative ideas with the potential to transform into impactful, real-world solutions. We are immensely proud to uphold our commitment to empowering the next generation of leaders, who will shape the future of our country.”
Since 2009, the FedEx/JA ITC program has reached over 10,670 Filipino students, nurturing a generation of forward-thinking youth with the drive to innovate and lead. Over the years, Filipino participants have made their mark on the regional stage — including three students being part of the winning teams in 2021 and 2024, and a standout first-place win at the 2021 regional finals. These achievements reflect the strong, ongoing collaboration between FedEx and JA Philippines in fostering innovation and preparing tomorrow’s leaders.
SparkUp is BusinessWorld’s multimedia brand created to inform, inspire, and empower the Philippine startups; micro, small and medium enterprises (MSMEs); and future business leaders. This section will be published every other Monday. For pitches and releases about startups, e-mail to bmbeltran@bworldonline.com (cc: abconoza@bworldonline.com). Materials sent become BW property.
Beyond Sol and Luna: How the characters quietly shape Puregold Channel’s digital series
“No one goes through life or love completely alone.” This priceless affirmation uplifts the spirit of a multitude of viewers who spend precious time and heartfelt sentiments on Puregold Channel’s hit digital series, Si Sol at si Luna.
Now on its third episode, Si Sol at si Luna continues to draw fervid fans of romantic drama for its rich and well-crafted narrative that immerses them in the lives of lead stars Zaijian Jaranilla (Sol) and Jane Oineza (Luna).
While Si Sol at si Luna centers on the connection that slowly builds between a young, naive filmmaker and a stoic, emotionally broken woman, it also grounds their stories in the warmth, noise, and angst of the people around them, portrayed in true Filipino fashion by a lively supporting cast.
For example, Sol’s journey as a film student is highlighted by his steadfast friends Claudine (Uzziel Delamide) and Rey (Lyle Viray), who are constantly on hand to help with his thesis and engage in banter over his woes, while the presence of classmate and admirer Ara (Karina Bautista) reveals a different layer to Sol’s character.
Karina Bautista says she is very much the character she plays in the show. “Ara is unafraid to express how she feels. She’s very confident and she wears her heart on her sleeve. Nakaka-relate ako sa kaniya sa deep motivation to succeed para sa mga taong mahal namin, pero masasabi ko rin na mas matapang si Ara sa akin.”
On how Ara’s role affects the coupling of Sol and Luna, Karina sees Ara as a refreshing contrast to Luna. “She’s young, emotionally transparent, and fearless in love. Her affection will challenge Sol to understand the difference between crush, admiration, genuine connection, and love.”
Meanwhile, Luna is not alone in her grief. At home, Manang Boneng (Marnie Lapus) watches over her with quiet care; at work, her kind and patient team leader Ben (Joao Constancia) offers gentle support. Even officemates Jana (Jem Manicad) and Bridgette (Cheena Crab), though sharp-tongued and often tactless, will have a part in Luna’s personal growth.
Because she is a real-life mother, Marnie Lapus intuits her character, Manang Boneng, well. As Luna’s mother figure in the story, Manang Boneng is seen as immensely relatable — somebody na maalaga sa pamilya. She is Luna’s safe space, someone she desperately needs at a time of grief and emotional crisis, and a source of clarity amid confusion.
Then there is Cheena Crab, who plays office bully Bridgette, a character far removed from her team player personality. “In real life, wala naman talagang easy and perfect life; laging may struggle,” she says, pointing out that the character of Bridgette is a really fun addition to the story. “Yes, pinapahirapan niya si Luna, but then again, Luna will learn to fight back. Matututo siyang bumangon at ‘wag magpaapi’.”
Joao Constancia, who plays Ben, upholds how the series succeeds at showing the importance of togetherness and support from people around us. “Si Sol at si Luna is meaningful and significant because it is about love, empathy, and understanding one another. It’s about being kind to people around you — and this is always relevant no matter what age you are, or where you are in life.”
Episode 3, titled “Chasing the Girl,” will bring fans even closer to the two leads, with more scenes that build anticipation for where their connection is heading.
Directed by seasoned filmmaker Dolly Dulu, Si Sol at si Luna is a digital series from the Puregold Channel, following Sol, a film student, who becomes intrigued by Luna, a woman profoundly affected by the loss of the man she loved. Since their first encounter on a bus trip, Sol has been trying to find her again, hoping to feature her in his thesis documentary about love.
Will Luna agree to be part of Sol’s film… and will she eventually become a bigger part of his life?
Don’t miss the next episode of Si Sol at si Luna, showing this Saturday at 7 p.m. on the Puregold Channel on YouTube.
Subscribe to the Puregold Channel on YouTube, like @puregold.shopping on Facebook, and follow @puregold_ph on Instagram and X, and @puregoldph on TikTok for more updates.
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Cloud-ready software solutions across various functions showcased at NOAH Business Applications 622C
NOAH Business Applications 622C highlights cutting-edge cloud-ready software solutions tools for controllership, consolidation, real estate, banking, fintech, holdings, and more.
Drawing inspiration from the story of Noah in the book of Genesis and envisioning to be the primary technology partner of choice in the Philippines and worldwide, NOAH Business Applications aims to help businesses across industries operate at their full potential and compliance to regulatory requirements such as Electronic Invoicing System (EIS) and Ease of Paying Taxes (EOPT).
Recently, the software firm reaffirmed that commitment by hosting the third installment of their 622 event series, NOAH Business Applications 622C, which offers business leaders, IT professionals, and decision-makers insights into how NOAH Business Applications can advance the role of Enterprise Resource Planning (ERP) with its array of software solutions.
Since 2003, the company has been specifically structured to address pain points in various sectors by investing in human capital, advancing the array of business applications, protecting and promoting stakeholder equity, expanding market research, and promoting adherence to good governance.
“We’ve been in this industry for almost 25 years now, so you can imagine that we are local [company], and we have developed it according to the requirements of global companies from different industries. You’ve seen all the galleries, property development, real estate, manufacturing, distribution, financial companies, as well as banks, all of which we have nurtured their requirements and thus delivered in, through our business applications,” Corporate Strategic Consultant Michael Del Carmen said during the event.
Held at the Discovery Primea in Makati City on June 9, NOAH Business Applications 622C gave a glimpse of their cutting-edge software features designed to elevate businesses through controllership, consolidation, regulatory compliance, e-procurement with vendor portals, real estate management, project management, banking, and fintech, as well as data management and artificial intelligence (AI).
Among the topics discussed during the event was NOAH Business Applications Real Estate Management, the company’s largest gallery by module and by client. The software company provides real estate developers with the ability to manage all aspects of their businesses through various solutions.
“This is a specialized gallery for the real estate industry. It is utilized for different business types, starting with property developers of residential units, both vertical and horizontal, and memorial property developers, which we help through the so-called property sales management, as well as leasing and rental management, and property management companies,” Director of Sales Shirley Garcia-Rivera said during her presentation at NOAH Business Applications 622C.
She also showed both backend modules and front-end portals, explaining how they integrate with customers, tenants, and other front-end users. Ms. Garcia-Rivera concluded by discussing NOAH Project Management’s three pillars: Property Developer’s Point-of-View, Contractor’s Point-of-View, and Project Management for Services.
Project Manager Jennielyn Ibiel demonstrated the capabilities of NOAH Business Applications Controllership and Financial Consolidation systems aimed at strengthening budgeting, forecasting, reporting, risk management, cash flow, audits, and compliance for smarter decisions. She also provided an example of how the system prevents transactions from proceeding when the allocated budget is insufficient or when it is lacking approval from authorized approvers.
“We have workflow automation with capabilities for multi-level approval layers. Using our workflow management tool, we can embed approvals for different types of transactions across a company’s system,” Ms. Ibiel explained.
Building on the theme of smarter business processes, the discussion then shifted to how evolving technologies are further enhancing NOAH Business Applications capabilities. The company’s Vice-President for Business Development Gianfranco Amurao shared practical use cases of AI and introduced powerful tools embedded within the galleries of NOAH Business Applications, such as Docu Aid and the Knowledge-Based Assistant, which enhance operational efficiency and decision-making.
“The main key here is for you to capture the clear vision and strategy from top management, organize your data, improve company culture, ensures skills readiness and technology stability. And within that data management, you will have components having data governance, handled according to policies, data architecture, which structures how data flows within the organization, as well as data quality management and data life cycle,” he said.
With increasing emphasis on compliance driven by Bureau of Internal Revenue (BIR) new policies and requirements, NOAH Business Applications spotlighted their fintech solutions gallery during the event as well. Vice-President for Product and Delivery Ruby Jane Naval presented the automation of Billing Invoice Generation and Compliance, along with the flexibility of customizable rate matrices.
“This system aims to build a rock-solid data foundation across merchants, institutions, and payment channels. We have the facility to record collections from different payment channels and their settlement to merchants. Also, we can efficiently reduce the processing time to generate invoices based on the aggregated transactions from different providers,” she said.
Finally, Project Manager Jerome Lingan introduced the latest addition to the NOAH Business Applications suite — the ArkQX e-Learning Management System. Speaking to a number of representatives from reputable schools in Manila and Cebu, he spoke about NOAH Business Applications new robust and scalable platform designed to support continuous employee development and organizational learning.
“This is not just being used by different universities. It can also be seamlessly integrated into internal systems to enhance the capabilities of human resources and consulting teams. It promotes strategic knowledge sharing as well as upskills and gives certifications to team members,” Mr. Lingan said.
To cap off the event, Mr. Del Carmen emphasized the flexibility and adaptability of NOAH Business Applications solutions to meet each company’s needs.
“The best thing is that it is highly customizable. It’s not just configuring it but maximizing it according to specific requirements of your company so we have a unique way of adapting to it which you call the business rules session so we sit down with you and create that formula or calculation that we embed on the solution,” Mr. Del Carmen concluded.
To know more about NOAH Business Applications, visit https://noahapplication.com/. For inquiries, call or text 0917-625-1573.
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Bulk price growth of building materials in Metro Manila eases in May, retail price growth steadies
Wholesale price growth of construction materials in Metro Manila eased further in May, its slowest in three months, while retail price growth steadied, the Philippine Statistics Authority (PSA) reported on Friday.
Based on preliminary data, the PSA showed that year-on-year growth of the construction materials wholesale price index (CMWPI) in the National capital region (NCR) cooled to 0.2% in May from 0.3% in April.
The May reading was significantly lower than the 0.6% growth posted in May 2024.
It was also the lowest year-on-year growth in three months, when February posted no annual growth.
Year to date, May CMWPI growth averaged 0.2%, significantly lower than the 0.9% growth a year earlier.
“The downtrend in the annual growth rate of the CMWPI was mainly caused by the slower annual increase of the concrete products index at 0.3% in May from 0.5% in the previous month,” the PSA said in the report.
Concrete products accounted for 45.7% of the index.
Slower growth was also recorded in tileworks: (2% in May from 3.6% in April), and electrical works (0.3% from 0.4%).
Meanwhile, the following commodities logged faster annual declines: fuels and lubricants (-4.7% form -4%), reinforcing steel (-0.9% from 0.6%), and cement (-1.5% from -1.4%).
On the other hand, stronger growth was recorded in the index of hardware (0.4% from 0.1%), doors, jambs, and steel casement (0.5% from 0.4%)., and PVC pipes (0.6% from 0%).
In a separate report by the PSA, the construction materials retail price index (CMRPI) steadied to 1% in May, from April and from a year earlier.
The May CMRPI outcome was the lowest in 14 months or since the 0.6% in March 2024.
In the five months to May, CMRPI in NCR averaged 1.1% from 1% in January-May 2024.
The CMRPI is based on 2012 constant prices, while the CMWPI is based on 2018 constant prices.
The PSA attributed the steady growth to slower annual increases in the following commodity groups: carpentry materials (0.1% in May from 0.4% in April), painting materials and related compounds (2.1% from 2.4%), plumbing materials (0.5% from 1.5%), and tinsmithry materials (1.3% from 1.5%).
Meanwhile, among the seven commodity groups in the CMRPI, masonry materials (1.1% from 0.6%) and miscellaneous construction materials (0.4% from 0.3%) posted faster annual growth.
Nicholas Antonio T. Mapa, senior economist at Metropolitan Bank & Trust Co., said that he expects modest growth increases in building material prices, which reflects robust but subdued demand for construction activity.
“A further reduction in borrowing costs could help spur a rise in demand for construction projects and activity in the coming months,” he said in a Viber message.
In its April policy meeting, the central bank slashed borrowing costs by 25 basis points (bps), resuming its easing cycle. So far, the central bank has reduced key rates by a total of 100 bps since it began its easing cycle in August 2024. — Abigail Marie P. Yraola
What numbers say about ‘happy workplaces’ in Q1 2025
WorkL data sheds light on current employee happiness as BusinessWorld continues search for ‘Best Places to Work’
Since last year, BusinessWorld is on a mission to find the happiest places to work within the country through its Best Places to Work 2025 awards, which are powered through data provided by global employee experience platform WorkL.
Data from WorkL has revealed that the first quarter (Q1) of 2025 has seen varying and sometimes unstable rates of happiness for employees in the Philippines, depending on demographics.
Disabled employees showed dramatic fluctuation during Q1 2025 in terms of their happiness, with volatile scores of 73.7% in January, 83.1% in February, 71.9% in March, and 81.9% in April. This changeability should act as a warning to employers to take action in understanding the needs of employees who are disabled and to make improvements to the workplace. This is in comparison to non-disabled employees, who remain stable at around the 80% happiness score mark.
Meanwhile, gender-based data showed relatively stable engagement levels, with males peaking at 81.2% in April, slightly ahead of females at 79.6%. Notably, female engagement reached its highest point in February at 80.6% before declining slightly, which may suggest a potential need to examine gender-specific workplace issues or evolving employee needs.
For organizational hierarchy, management staff reported consistently high levels of happiness, culminating in 83.7% in April. However, engagement among non-management employees dipped from 78.9% in February to 76.7% in April. This disparity may be an indication that those in non-leadership roles are feeling less connected or valued over time.
Ethnicity-based data showed varying results. Based on WorkL data, engagement among white employees dropped dramatically from 91.7% in February to just 56.4% in April. Conversely, employees identifying as part of “other” ethnic groups led engagement at 88.7%, with mixed ethnic groups also performing well at 82.8%. BAME (Black, Asian, and Minority Ethnic) employees maintained a steady 80.6%, reflecting a more consistent experience.
Age also has a lot to do with employee happiness. Those aged 45–54 recorded the highest engagement at 85.7% in April, while employees aged 55–64 saw a steep decline to 64.7%, down from 79.3% in March. Interestingly, the oldest demographic (65+ years) experienced a modest recovery, increasing from 67.3% in March to 71.4% in April.
Length of tenure influenced happiness as well. Employees who had been with their organizations for over a decade reported consistently high engagement, peaking at 82.5% in March. Shorter-tenure employees, under a year in the company, showed improvement, from 74.9% in January to 78.3% in March. Meanwhile, those with one to five years of service climaxed in February at 81.3%, suggesting that early career development opportunities may be well-received but could benefit from sustained support.
Finally, in terms of sexual orientation, LGBTQ+ employees showed a marked increase in happiness, rising from 71.5% in January to 78.8% in April. This upward trend is a positive sign of increasing inclusion and support. Similarly, heterosexual employees maintained a steady engagement level at 80.6%, showing a generally stable experience.
Registration for BusinessWorld’s ‘Best Places to Work’ extended
Amid these numbers, companies have a chance to show how their workplaces nurture happy work environments by getting listed in BusinessWorld and WorkL’s prestigious Best Places to Work 2025, as the awards are still open for entries from organizations across the Philippines.
Getting in the list will help businesses attract and retain talent, the latter being a global importance currently for businesses.
Companies entering have a chance to understand several organizational marks, including their Flight Risk score, where employers can gauge how likely an employee is to leave the organisation within the next nine months; and Net Promoter Score, which shows how likely an employee is to recommend their organisation as a place to work to friends and family. Participating enterprises can learn of their organisation’s overall engagement score, Confidence in Management indicator, and Diversity & Inclusion Indicator as well.
Aside from these, companies will also understand their Six Steps to Workplace Engagement Scores and have their data benchmarked against global and industry scores.
Businesses opting for the enhanced option will receive Instant Action Planning specifically tailored for their organizations, Action Plans around WorkL’s Six Steps to Workplace Happiness, Heatmaps on all WorkL standard questions, and the ability to filter results by demographics such as age and length of service. BusinessWorld is also offering a free digital subscription to the publication for all organizations that enter.
Entrants to the awards must send a survey to their employees via a personalised link. This survey, developed by behavioural scientists, data analysts, psychologists, business leaders, academics, and other independent parties, features 31 questions centred around WorkL’s widely approved employee engagement theory: Six Steps to Workplace Happiness, which includes Reward and Recognition — factors integral to retaining talent.
To achieve a high overall engagement score, a company must consistently perform well across its Six-Step Framework, encompassing Reward and Recognition, Instilling Pride, Information Sharing, Empowerment, Wellbeing and Job Satisfaction. Each of WorkL’s Six Steps consists of between three and five key elements, which are measured on a 0-10 scale.
The deadline for entry in BusinessWorld’s Best Places to Work is extended to Aug. 1, while the announcement of winners will be in September.
Visit workl.com/business/workplace-awards/ for more information, or go to https://workl.com/business/workplace-awards/businessworld-best-places-to-work-awards-powered-by-workl/ to register.
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InLife shows Filipinos what real love is all about
InLife, the country’s first and largest Filipino life insurance company, recently launched Love In Life, a heartfelt brand expression that reflects its steadfast commitment to caring for Filipinos with real love, understanding, and protection.
“Love In Life is our love letter to the Filipino people. It is a tribute to those who have put their trust in the Company throughout our 115 years in the industry. Life may be tough, but our love is tougher. Through Love In Life, we are letting our customers know that no matter what happens, we will be here for them,” said InLife’s Chief Marketing Officer and Chief Bancassurance Officer Gae L. Martinez.
A love rooted in Filipino values
Filipinos are known for expressing love through quiet strength and unwavering support especially in difficult times. Filipino families are uniquely special for their deep-rooted, intergenerational connections and a vibrant bayanihan spirit. As a company deeply rooted in these values, InLife has long stood for more than just insurance. For more than a century, InLife has been a trusted companion to generations of Filipinos providing security, stability and peace of mind through life’s uncertainties.
“Love In Life is a powerful reminder that real, enduring love is built on protection, security, and peace of mind. InLife delivers this message with the warmth and sincerity of a love letter, signed meaningfully: Love, InLife,” Ms. Martinez said.
Encouraging financial independence
Recognizing that most Filipinos hesitate to discuss money matters even while earning well, Love In Life encourages open conversations towards financial security. It redefines love as both an emotion and action: confronting financial fears, breaking generational traumas and cycles such as belonging to the Sandwich Generation, facing one’s fears and pursuing one’s dreams. Through it all, InLife promises to be there always.
These come alive in the catchy Love In Life jingle that celebrates steadfast love in its many forms: from mothers who love their children unconditionally to Overseas Filipino Workers who endure years of separation to secure their families: “Happy life, Good life Here you belong, Sure kang maaalagaan. Kasama mo, kakampi mo, kakalinga sa’yo. Love ko sayo’y buong-buo” to young Filipinos breaking the cycle of financial dependence through smart planning: “Whatever and wherever and whenever you want, ‘Wag kakabahan, ako’y nandito lang; Sasamahan sa tawanan, sayawan kantahan, Love ko sa’yo’y buong-buo” to elders who ensure their legacy is protected: “Kami ang bahala sayo, Ikaw at ikaw, Aalagaan ko; Araw-araw, Gabi-gabi, Forever, Iingatan at sasamahan ka.”
More than a brand message and expression, InLife’s Love in Life is an invitation for every Filipino to reflect on what it truly means to love and take meaningful steps to protect the people who matter most to them.
Learn more about how InLife can help you build the foundations of real love through financial security and protection by visiting https://www.inlife.com.ph/.
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Oil soars more than 9% after Israel strikes Iran, rattling investors
Oil prices surged more than 9% on Friday, hitting their highest in almost five months after Israel struck Iran, dramatically escalating tensions in the Middle East and raising worries about disrupted oil supplies.
Brent crude futures LCOc1 jumped $6.29, or 9.07%, to $75.65 a barrel by 0315 GMT after hitting an intraday high of $78.50, the highest since January 27. U.S. West Texas Intermediate crude CLc1 was up $6.43, or 9.45%, at $74.47 a barrel after hitting a high of $77.62, the loftiest since January 21.
Friday’s gains were the largest intraday moves for both contracts since 2022 after Russia invaded Ukraine, causing energy prices to spike.
Israel said it targeted Iran’s nuclear facilities, ballistic missile factories and military commanders on Friday at the start of what it warned would be a prolonged operation to prevent Tehran from building an atomic weapon.
“This has elevated geopolitical uncertainty significantly and requires the oil market to price in a larger risk premium for any potential supply disruptions,” ING analysts led by Warren Patterson said in a note.
Several oil traders in Singapore said it was still too early to say if the strike will affect Middle East oil shipments as it will depend on how Iran retaliates and if the U.S. will intervene.
“It’s too early to tell but I think the market is worried about shutting off of the Strait of Hormuz,” one of the traders said.
MST Marquee senior energy analyst Saul Kavonic said the conflict would need to escalate to the point of Iranian retaliation on oil infrastructure in the region before oil supply is materially impacted.
He added that Iran could hinder up to 20 million barrels per day of oil supply via attacks on infrastructure or limiting passage through the Strait of Hormuz, in an extreme scenario.
Iran’s Supreme Leader Ayatollah Ali Khamenei said Israel will receive “harsh punishment” following Friday’s attack that he said killed several military commanders.
U.S. Secretary of State Marco Rubio on Thursday called Israel’s strikes against Iran a “unilateral action” and said Washington was not involved while also urging Tehran not to target U.S. interests or personnel in the region.
“Iran has announced an emergency and is preparing to retaliate, which raises the risk of not just disruptions but of contagion in other neighboring oil producing nations too,” said Priyanka Sachdeva, senior market analyst at Phillip Nova.
“Although Trump has shown reluctance to participate, U.S. involvement could further raise concerns.”
In other markets, stocks dived in early Asian trade, led by a selloff in U.S. futures, while investors scurried to safe havens such as gold and the Swiss franc. – Reuters
Foxconn sends 97% of India iPhone exports to US as Apple tackles Trump’s tariffs
NEW DELHI – Nearly all the iPhones exported by Foxconn from India went to the United States between March and May, customs data showed, far above the 2024 average of 50% and a clear sign of Apple’s efforts to bypass high U.S. tariffs imposed on China.
The numbers, being reported by Reuters for the first time, show Apple has realigned its India exports to almost exclusively serve the U.S. market, when previously the devices were more widely distributed to countries including the Netherlands, the Czech Republic and Britain.
During March-May, Foxconn exported iPhones worth $3.2 billion from India, with an average 97% shipped to the United States, compared to a 2024 average of 50.3%, according to commercially available customs data seen by Reuters.
India iPhone shipments by Foxconn to the United States in May 2025 were worth nearly $1 billion, the second-highest ever after the record $1.3 billion worth of devices shipped in March, the data showed.
Apple and Foxconn did not respond to Reuters requests for comment.
U.S. President Donald Trump on Wednesday said China will face 55% tariffs after the two countries agreed on a plan, subject to both leaders’ approval, to ease levies that had reached triple digits.
India is subject, like most U.S trading partners, to a baseline 10% tariff and is trying to negotiate an agreement to avert a 26% “reciprocal” levy that Mr. Trump announced and then paused in April.
Apple’s increased production in India drew a strong rebuke from Trump in May. “We are not interested in you building in India, India can take care of themselves, they are doing very well, we want you to build here,” Mr. Trump recalled telling CEO Tim Cook.
In the first five months of this year, Foxconn has already sent iPhones worth $4.4 billion to the U.S. from India, compared to $3.7 billion in the whole of 2024.
Apple has been taking steps to speed up production from India to bypass tariffs, which would make phones shipped from China to the U.S. much more expensive. In March, it chartered planes to transport iPhone 13, 14, 16 and 16e models worth roughly $2 billion to the United States.
Apple has also lobbied Indian airport authorities to cut the time needed to clear customs at Chennai airport in the southern state of Tamil Nadu from 30 hours to six hours, Reuters has reported. The airport is a key hub for iPhone exports.
“We expect made-in-India iPhones to account for 25% to 30% of global iPhone shipments in 2025, as compared to 18% in 2024,” said Prachir Singh, senior analyst at Counterpoint Research.
Tata Electronics, the other smaller Apple iPhone supplier in India, on average shipped nearly 86% of its iPhone production to the U.S. during March and April, customs data showed. Its May data was not available.
The company, part of India’s Tata Group, started exporting iPhones only in July 2024, and only 52% of its shipments went to U.S. during 2024, the data showed.
Tata declined to comment on the numbers.
Indian Prime Minister Narendra Modi has in recent years promoted India as a smartphone manufacturing hub, but high duties on importing mobile phone components compared to many other countries means it is still expensive to produce the devices in India.
Apple has historically sold more than 60 million iPhones in the U.S. each year, with roughly 80% made in China. – Reuters
South Korea’s Lee pledges support on trade issues in meeting with top conglomerates
SEOUL – South Korean President Lee Jae-myung said on Friday that his government would focus on easing regulations and helping companies on trade issues.
His comments were made at a meeting with heads of top conglomerates and other business leaders. He sat between Samsung Electronics Chairman Jay Y. Lee and Hyundai Motor Group Executive Chair Euisun Chung.
SK Group Chairman Chey Tae-won also attended the meeting, according to the president’s office.
The future of South Korea’s export-oriented economy may hinge on what kind of tariff deal Mr. Lee can strike with U.S. President Donald Trump, with all of his country’s key sectors from chips to autos and shipbuilding heavily exposed to global trade.
“Companies are currently having difficulties in international competition, and we will focus on minimizing the difficulties they are experiencing in international competition and expanding their economic territory,” Lee said at the meeting.
“Please tell us what we should do regarding overseas trade situations, and we will do our best to align with those,” he told the executives.
Mr. Lee, a liberal, was elected on June 3 with promises to become business-friendly. – Reuters
Trump to attend security meeting on Friday after Israeli strikes on Iran
WASHINGTON – U.S. President Donald Trump will attend a National Security Council meeting on Friday morning, the White House said late on Thursday after Israeli strikes on Iran that have put the Middle East on edge.
The meeting will be held at 11 a.m. (1500 GMT) on Friday, the White House said.
WHY IT’S IMPORTANT
Israel said early on Friday Middle East time and late Thursday U.S. time that it struck Iran and targeted its nuclear facilities, ballistic missile factories and military commanders. Israel warned it would be a prolonged operation to prevent Tehran from building an atomic weapon.
WHAT THEY ARE SAYING
The Trump administration sought to distance the U.S. from the strikes, with Secretary of State Marco Rubio saying, “We are not involved in strikes against Iran and our top priority is protecting American forces in the region.”
Israel’s ambassador to the United Nations said Israel has an ongoing dialogue with Washington but its determination to strike Iran was an independent Israeli decision.
When asked in a CNN interview if Israel expected the U.S. to assist Israel in case of an Iranian response, Ambassador Danny Danon said: “Don’t think we should go into speculation.” He added: “This decision was a decision of the Israeli leadership.”
The State Department said the U.S. embassy in Jerusalem directed all government employees and their family members to shelter in place until further notice.
CONTEXT
U.S. and Iranian officials were scheduled to hold a sixth round of talks on Tehran’s escalating uranium enrichment program in Oman on Sunday, but after Israel’s strikes it was unclear if those would proceed.
Mr. Trump said earlier on Thursday an Israeli strike on Iran “could very well happen” but reiterated hopes for a peaceful resolution.
The U.S. military is planning for the full range of contingencies in the Middle East, including the possibility that it might have to help evacuate American civilians, a U.S. official told Reuters.
SECURITY ALERT BY U.S. EMBASSY
A security alert by the U.S. embassy in Jerusalem said the security environment was complex and could change quickly.
In response to security incidents and without advance notice, the U.S. embassy may further restrict or prohibit U.S. government employees and their family members from traveling to certain areas of Israel and the Israeli-occupied West Bank, the State Department said. – Reuters
Iran and Israel’s open warfare after decades of shadow war
Israel said on Friday it carried out strikes in Iran, a day before talks between the Islamic Republic and the U.S. about Tehran’s escalating uranium enrichment program were set to take place in Oman.
This marks the latest escalation since the war in Gaza began in 2023 and heightens fears of an all-out war between the two countries, whose history of enmity spans decades of clandestine conflicts and includes land, sea, air and cyber attacks.
Following is a timeline of key events:
1979 – Iran’s pro-Western leader, Mohammed Reza Shah, who regarded Israel as an ally, is swept from power in an Islamic Revolution that installs a new Shi’ite theocratic regime with opposition to Israel an ideological imperative.
1982 – As Israel invades Lebanon, Iran’s Revolutionary Guards work with fellow Shi’ite Muslims there to set up Hezbollah. Israel will eventually see the paramilitary group as the most dangerous adversary on its borders.
1983 – Iran-backed Hezbollah uses suicide bombings to expel Western and Israeli forces from Lebanon. In November a car packed with explosives drives into the Lebanon headquarters of Israel’s military. Israel later withdraws from much of Lebanon.
1992-94 – Argentina and Israel accuse Iran and Hezbollah of orchestrating suicide bombings at Israel’s embassy in Buenos Aires in 1992 and a Jewish center in the city in 1994, each of which killed dozens of people.
Iran and Hezbollah deny responsibility.
2002 – A disclosure that Iran has a secret program to enrich uranium stirs concern that it is trying to build a nuclear bomb in violation of its non-proliferation treaty commitments, which it denies. Israel urges tough action against the Islamic Republic.
2006 – Israel fights Hezbollah in a month-long war in Lebanon but is unable to crush the heavily armed group, and the conflict ends in an effective stalemate.
2009 – In a speech, Iranian Supreme Leader Ayatollah Ali Khamenei calls Israel “a dangerous and fatal cancer”.
2010 – Stuxnet, a malicious computer virus widely believed to have been developed by the U.S. and Israel, is used to attack a uranium enrichment facility at Iran’s Natanz nuclear site. It is the first publicly known cyberattack on industrial machinery.
2012 – Iranian nuclear scientist Mostafa Ahmadi-Roshan is killed by a bomb placed on his car by a motorcyclist in Tehran. A city official blames Israel for the attack.
2018 – Israeli Prime Minister Benjamin Netanyahu hails President Donald Trump’s withdrawal of the U.S. from Iran’s nuclear deal with world powers after years of lobbying against the agreement, calling Trump’s decision “a historic move”.
In May, Israel says it hit Iranian military infrastructure in Syria – where Tehran has been backing President Bashar al-Assad in the civil war – after Iranian forces there fired rockets at the Israeli-occupied Golan Heights.
2020 – Israel welcomes the assassination of General Qassem Soleimani, commander of the overseas arm of Iran’s Revolutionary Guards, in an American drone strike in Baghdad. Iran strikes back with missile attacks on Iraqi bases housing American troops. About 100 U.S. military personnel are injured.
2021 – Iran blames Israel for the assassination of Mohsen Fakhrizadeh, viewed by Western intelligence services as the mastermind of a covert Iranian program to develop nuclear weapons capability. Tehran has long denied any such ambition.
2022 – U.S. President Joe Biden and Israeli Prime Minister Yair Lapid sign a joint pledge to deny Iran nuclear arms in a show of unity by allies long divided over diplomacy with Tehran.
The undertaking, part of a “Jerusalem Declaration” crowning Biden’s first visit to Israel as president, comes a day after he tells a local TV station he is open to a “last resort” use of force against Iran – an apparent move toward accommodating Israeli calls for a “credible military threat” by world powers.
April 2024 – A suspected Israeli airstrike on the Iranian embassy compound in Damascus kills seven Revolutionary Guards officers, including two senior commanders. Israel neither confirms nor denies responsibility.
Iran responds with a barrage of drones and missiles in an unprecedented direct attack on Israeli territory on April 13. This prompts Israel to launch a strike on Iranian soil on April 19, sources familiar with the matter say.
October 2024 – Iran fires over 180 missiles at Israel in what it calls revenge for the killing of Hezbollah leader Hassan Nasrallah on Sept. 27 in an airstrike on Beirut’s southern suburbs, and the killing of Hamas chief Ismail Haniyeh in Iran’s capital on July 31.
Israel strikes military sites in Iran later in the month, saying it was retaliating against Tehran’s attacks. Iranian media reports explosions over several hours in Tehran and at nearby military bases. Iran reports “limited damage” to some locations.
June 2025 – Israel carries out strikes in Iran it says were aimed at disrupting the Islamic Republic’s nuclear infrastructure and targeted scientists working on a nuclear bomb in an operation that would continue for days.
Calling the offensive “Rising Lion,” Israel says it was also targeting Iranian commanders and missile factories while declaring a state of emergency in anticipation of Iranian retaliation. Iranian state media reports the killing of Tehran’s Revolutionary Guards Commander Hossein Salami and nuclear scientists Fereydoun Abbasi-Davani and Mohammad Mehdi Tehranchi in the strike.
The U.S. says it was not providing assistance for the operation. The strikes came a day after Mr. Trump said U.S. personnel were being moved out of the Middle East because “it could be a dangerous place”. – Reuters
North Korea’s Kim Jong Un lauds restored destroyer, says more to be built
SEOUL – North Korean leader Kim Jong Un pledged to keep building a more modern navy fleet to enhance the country’s maritime power as he attended the launching ceremony for a warship that was repaired after its earlier failed launch, state media said on Friday.
Satellite images had shown ongoing repairs to the 5,000-ton destroyer that partially capsized in May, after Mr. Kim called the accident a “criminal act” and ordered the ship to be rebuilt before a ruling party meeting later this month.
Mr. Kim said the restoration of the destroyer “had not delayed” North Korea’s attempts to enhance naval power, and said plans were in place “to build two more 5,000-ton destroyers next year”, KCNA reported.
North Korea has detained several officials since the initial failed launch of the destroyer, the largest warship Pyongyang has ever built.
Mr. Kim called for the country to strengthen its maritime military presence in the Pacific Ocean in the face of what he said were provocations by the United States and its allies, KCNA said.
“Soon, enemies will experience themselves how provocative and unpleasant it is to sit and watch the ships of an adversary run rampant on the fringes of sovereign waters,” Mr. Kim said in a speech at the ceremony, according to KCNA.
“I’m sure that in the near future, the routes of our battleships … will be opened on the Pacific Ocean toward the outposts of aggression.”
Mr. Kim also said a shipyard worker had died in their “destroyer construction battle” a few days before the launch, and awarded a “patriotic sacrifice certificate” to the man’s family.
The re-launch of the vessel, just three weeks after the initial failure, is probably an indication that the damage to the vessel was relatively minor in nature, a Washington think tank said.
Satellite imagery showed the vessel’s gun turret had been bounded but hatches for the vertical launch systems were covered, making it unclear whether the systems had been completely installed, the Center for Strategic and International Studies (CSIS) said in a report.
Pyongyang’s plan to build more destroyers could “further complicate U.S. and allied missile defense in the region,” CSIS said. – Reuters