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India given center stage at Agri-Food Summit

A WOMAN cleans rice grains at a wholesale market in Navi Mumbai, India, Aug. 4, 2023. — REUTERS

INDIA was accorded the spotlight at the 2025 Agri-Food Summit, with the Department of Agriculture (DA) calling India a key partner in achieving food security for the Philippines.

Indian Ambassador Harsh Kumar Jain opened the summit by calling for closer collaboration between the two countries, which he characterized as “friends by choice” and natural partners in the region.

Agriculture Undersecretary Roger V. Navarro said India is a promising source of expertise in food safety, quality standards and sustainable farming.

“We see promising opportunities. in rice and livestock… where India’s expertise can support our food security priorities. Food processing and value adding open up opportunities for our farmers and enterprises to reduce losses and ensure quality,” Mr. Navarro said.

The summit follows a state visit to India by President Ferdinand R. Marcos, Jr. a month prior, with both sides broadly agreeing to increase trade and investment.

Mr. Navarro said agrifisheries trade between the two countries was $554.27 million in 2024, up from $455.8 million a year earlier.

India’s top exports to the Philippines include buffalo meat, processed potatoes, soy bean products, and ground nuts.

Global exports of Indian agricultural products were valued at $51.4 billion in 2024-2025, with exports to the Philippines worth $420 million.

India is the leading exporter of rice and became the top producer of the grain in the 2024-2025 season with output topping 149 million metric tons, surpassing China — Andre Christopher H. Alampay

First-half trade deficit revised upward to $24.41B

BW FILE PHOTO

THE trade deficit in the first six months was revised upward to $24.41 billion after a preliminary estimate of $23.97 billion, the Philippine Statistics Authority (PSA) said.

A year earlier, the deficit had been $25.06 billion.

Imports were revised to $65.70 billion from $65.22 billion initially reported. The year-earlier import tally had been $61.50 billion.

The value of merchandise exports in the first half was revised to $41.29 billion from $41.24 billion previously. The year-earlier total had been $36.44 billion.

The Development Budget Coordination Committee expects export to decline 2% this year while imports are expected to grow 3.5%.

Red-hot Eala easily advances to quarterfinals of Sao Paulo Open

ALEX EALA — WTATENNIS.COM

AND the South American streak continues for the red-hot sensation Alexandra “Alex” Eala.

Ms. Eala claimed her seventh straight win with a sweep of Argentina’s Julia Riera, 6-1, 6-4, to barge into the quarterfinals of the 2025 WTA250 Sao Paulo Open on Thursday at the Villa-Lobos State Park in Brazil.

The Filipina pride, ranked No. 61 in the world, hardly broke a sweat for the second straight match as she needed only 77 minutes to clobber WTA No. 188 Riera and bolster her back-to-back title bid on the heels of her historic Guadalajara Open conquest marked by five consecutive wins in Mexico last week.

Ms. Eala, the No. 3 seed, previously scored a 6-0, 6-2 first-round drubbing of WTA No. 380 Yasmine Mansouri of France in only 70 minutes for a methodical campaign so far in front of a surprisingly pro-Filipino Brazilian crowd.

“I said the other day that Brazilians are super hospitable. That’s one thing I think you have in common with the Philippines, so I’m feeling at home. I loved the atmosphere tonight,” said the 20-year-old rising star Ms. Eala, slowly becoming a fan-favorite in the tennis world.

Ms. Eala’s home court advantage in Sao Paulo should serve handy against fellow trailblazer Janice Tjen, WTA No. 130, of Indonesia at a still-to-be-announced game time on Friday after the ongoing doubles’ prelims for a seat in the Final Four.

Ms. Tjen, 23, stunned No. 7 seed and WTA No. 464 Martina Okalova of Slovakia, 6-1, 6-0, to become the first Indonesian woman to reach a WTA quarterfinal since Angelique Widjaja in 2004. She did the same feat in the US Open to follow the footsteps of Ms. Widjaja as well in 2003.

Winner advances to the semis against either No. 2 seed Solana Sierra Argentina or No. 6 seed Francesca Jones of Great Britain.

Like her roaring start against Ms. Mansouri, Ms. Eala narrated almost the same story opposite a familiar foe in Ms. Riera by sprinting to a 4-0 start in the first set behind her crisp return game and vastly-improved service.

Ms. Riera, 23, went on to win just a game in the first frame and not even her stronger resistance with a 2-1 lead in the second set proved enough at the jaws of Ms. Eala’s searing 5-2 closeout punctuated by a backhand winner.

Ms. Eala is now 2-1 in head-to-head matches against Ms. Riera, who scored a 4-6, 7-6(3), 6-4 win in the French Open qualifying finals that denied the Filipina a historic main draw seat as early as 2024.

The Filipina ace then returned the favor in the 2024 WTA100 Cary Tennis Classic in North Carolina, United States, 6-3, 6-1.

Ms. Eala still proceeded to make her main draw debut in this year’s French Open, Wimbledon and the US Open, where she became the first Filipina winner in any Grand Slam main draw ever after stunning world No. 15 Clara Tauson of Denmark in the US Open first round, 6-3, 2-6, 7-6 (13-11).

That stellar run catapulted her to an all-time high momentum in the WTA125 Guadalajara Open to become the first Filipina WTA champion in history with wins over No. 187 Arianne Hartono of the Netherlands, 6-2, 6-2, No. 122 Varvara Lepchenko of the United States, 6-7 (3-7), 7-6 (7-3), 6-3, No. 380 Nicole Fossa Huergo of Italy, 7-6 (7-2), 6-2, No. 418 Kayla Day of the USA anew, 6-2, 6-3, then No. 134 Panna Udvardy of Hungary, 1-6, 7-5, 6-3. — John Bryan Ulanday

PBA looks back, pays tribute in Season 50 opener on Oct. 4 and 5

LAS VEGAS — A weekend of fun, fellowship and nostalgia ushers in PBA Season 50 on Oct. 4 and 5.

It’s a grand spectacle that intends to gather the biggest number of PBA personalities as possible — past and present — as the league celebrates a giant milestone five decades after opening shop in 1975.

League pioneers and the players that followed their footsteps will gather in a glitzy affair at the Meralco Theater on Oct. 4, looking back and reliving memorable moments. A bit earlier, members of the 12 current ballclubs take their turns mingling with the fans at the Smart Araneta Coliseum.

The next day, the league honors the achievers of the past season in the Leo Awards at the Novotel Hotel, immediately followed by the Season 50 opening rites at the Big Dome.

PBA chairman Ricky Vargas, as the tradition dictates, will declare the season open, then a one-game showcase gets the ball rolling for the season where TNT is to defend its Governors’ Cup and Commissioner’s Cup crowns and San Miguel Beermen its All-Filipino throne.

“It’s a year-long celebration with a theme ‘Solid Ang Galing, Solid ang Laban.’ But the main goal remains to entertain the fans with exciting games and make them happy. We’ll go around and bring the PBA closer to the fans,” said PBA commissioner Willie Marcial.

Games in New York, Bahrain and Dubai are among matches overseas slated in the three-conference calendar. The Philippine Cup will be the opening fare followed by the Governors’ Cup (with imports with unlimited height) then the Commissioner’s Cup (featuring imports with 6-foot-6 ceiling).

Format is single round robin in the elims with the top four gaining twice-to-beat incentive in the quarterfinals versus the next four. Both the semifinals and the finals will be best-of-seven affairs.

“There will be no more playoff for No. 8 spot. Ties will be resolved by quotient tiebreak,” said PBA chairman Ricky Vargas, presiding the league planning session here at the MGM Grand.

The league is also looking to arrange a separate mini-invitational to possibly accommodate a guest team.

Meron kasing guest team na gustong lumaro sa Philippine Cup. It was turned down by the board since it’s All-Filipino. Eastern begged off while an Indonesian team eh medyo nabitin dahil sa gulo sa kanila at the moment,” said Mr. Marcial.Nelson Beltran

Alas Pilipinas faces tough Tunisia in men’s volleyball championship

SHOWTIME.

After a long wait, Alas Pilipinas gets to show off how far it had gone preparing for this one moment as it clashes with a formidable Tunisia in tonight’s start of the FIVB Volleyball Men’s World Championship unfurling on Friday and ending Sept. 28 at the MOA Arena.

The Filipinos, mentored by Italian Angiolino Frigoni, will be bannered by 14 of the country’s best and brightest headed by Bryan Bagunas and Marck Espejo when they battle the 11-time African champions at 7 p.m.

Also named into the team Wednesday night were Leo Ordiales, Michaelo Buddin, Jade Disquitado, Louie Ramirez, Kim Malabunga, Jack Kalingking, Vince Lorenzo, Owa Retamar and Eco Adajar.

“We have a great balance of veterans who bring experience and leadership, and younger players who bring energy and fresh perspectives,” said Mr. Bagunas, named Alas’ team captain.

“It’s an honor to be part of this historic event. We’re excited to play and show the level and brand of Philippine volleyball on the world stage,” Mr. Espejo, for his part, said.

Alas had gone into a European tour, jumping from Morocco, Romania and Portugal, just to prepare for this mammoth 32-nation tournament.

But Mr. Frigoni, however, sounded the alarm, saying they couldn’t do it alone and needed the fans to support them.

“I’m telling the Filipinos, please come. We need you. As supporters, we need you because we are going to fight together against Tunisia. Don’t let us fight alone,” he said.

After Tunisia, the country will take on Egypt next Tuesday and Asian powerhouse Iran on Thursday also at MOA.

The one-game opener will be spiced up by a performance by South Korean K-Pop group BOYNEXTDOOR starting at 4:30 p.m. along with some local acts.

After the one-game opener, action shifts to higher gear on Saturday with a total of eight matches scheduled that day.

At MOA, it will be the United States versus Colombia at 10 a.m., Cuba against Portugal at 1:30 p.m., Germany versus Bulgaria at 5:30 p.m. and Slovenia against Chile at 9 p.m.

On the other side at the Smart Araneta Coliseum, it will be Canada versus Libya at 10:30 a.m., Japan against Turkey at 2 p.m., the Netherlands versus Qatar at 6 p.m. and Poland against Romania at 9:30 p.m.

The event is backed Rebisco, SM, PLDT, SMART, Metro Pacific Investment, Honda Philippines, Meralco, Sony, Lenovo, LRT Line 2, officially sanctioned by the FIVB, partnered with Volleyball World, Mikasa, the official ball, Mizuno, Gerflor and Senoh Corp. — Joey Villar

KC Chiefs seek redemption vs Eagles in Super Bowl rematch

THE Kansas City (KC) Chiefs will look to avoid their first 0-2 start since 2014 when they host the defending champion Philadelphia Eagles in a Super Bowl LIX rematch on Sunday.

This version of the Andy Reid Bowl comes seven months after the Eagles scored the first 34 points in a lopsided 40-22 victory in New Orleans, ending the Chiefs’ bid for an unprecedented Super Bowl three-peat.

“We’ll learn from this,” Reid, the winningest coach in the history of both the Chiefs and Eagles, vowed after that game. — Reuters

Last playoff berth

The Storm needed every ounce of resolve to net them the victory they needed. Down 10 late in the third quarter and seemingly staring at the end of their season, they clawed back possession by possession, play by play, until the game and their postseason hopes were again within reach. When Erica Wheeler rose for a mid-range jumper that found the bottom of the net with 19 seconds left in the match, the comeback was complete. They had beaten the Valkyries 74–73, in the process snatching the last WNBA playoff berth hitherto still up for grabs.

Fittingly, the Storm relied on a bench player to deliver the breakthrough — the presence of such notables as Nneka Ogwumike, Skylar Diggins, and Gabby Silliams notwithstanding. Wheeler, 33 and well-traveled, came off the sidelines firing, hitting five threes and pacing the late rally with veteran poise. Her pull-up from the free throw line in their last possession of the set-to gave them the lead for good. That the Valkyries still had chances made the finish all the more tense. Janelle Salaün, brilliant most of the night, missed both a driving layup and a contested three in the dying moments. When Wheeler secured the rebound and ran out the clock, the 12,500-strong crowd at the Climate Pledge Arena exhaled.

The Storm’s 23rd win of the year locked them into the playoff picture regardless of results the WNBA’s remaining games heading into the playoffs. The outcome also has the Valkyries’ seeding jeopardized; a triumph in their last outing is now required for them to avoid dropping to eighth. Such are the margins at this stage of the season; one shot can rearrange the bracket and recalibrate expectations.

That the Storm once more found themselves in such a scenario spoke volumes of their inconsistent campaign. They have been tested repeatedly in close games — nearly 30 in which the outcome hinged on the final five minutes — and not always with happy endings. Their recent home stretch was a struggle, too, losses piling up in a building that had once been a fortress. Yet when the pressure reached its peak, they responded. Ogwumike, a steadying presence amid the tumult, noted that while it was not ideal to back into the postseason, there was a measure of satisfaction in taking the spot outright, and doing it in dramatic fashion.

What comes next is anyone’s guess. Seattle has enough talent to be more than just a first-round participant. Unfortunately, they have likewise exhibited an alarming tendency to throw away seemingly comfortable leads in familiar territory, a weakness those above them in standings will be keen to exploit. That said, they can afford a moment of relief. In a season defined by tense finishes, they once again walked the tightrope. And this time, they reached the other side.

 

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994. He is a consultant on strategic planning, operations and human resources management, corporate communications, and business development.

Nation on edge: Experts warn of ‘vicious spiral’ in political violence after Kirk killing

CHARLIE KIRK, Turning Point USA founder, puts on a MAGA hat during the AmericaFest 2024 conference in Phoenix, Arizona on Dec. 19, 2024. — REUTERS/CHENEY ORR/FILE PHOTO

THE ASSASSINATION of right-wing influencer Charlie Kirk marks a watershed moment in a surge of US political violence, one that some experts fear will inflame an already-fractured country and inspire more unrest.

“This event is horrifying, alarming, but not necessarily surprising,” said Mike Jensen, a researcher at the University of Maryland, which has tracked such violence in a terrorism database since 1970.

In the first six months of the year, the US experienced about 150 politically-motivated attacks — nearly twice as many as over the same period last year, said Mr. Jensen. “I think we are in a very, very dangerous spot right now that could quite easily escalate into more widespread civil unrest if we don’t get a hold of it,” Mr. Jensen said. “This could absolutely serve as a kind of flashpoint that inspires more of it.”

Experts in domestic terrorism cite a convergence of factors for increased violence in the US: economic insecurity, anxiety over shifting racial and ethnic demographics, and the increasingly inflammatory tone of political discourse. Traditional ideological divides — once centered on policy disagreements — have morphed into a deeper, more personal animosity. That anger is amplified by a mix of social media, conspiracy theories and personal grievances.

Reuters identified last year at least 300 cases of political violence across the US between the Jan. 6, 2021, attack on the Capitol and the 2024 presidential election, marking the most significant and sustained surge in such violence since the 1970s.

“Extreme political violence is increasingly becoming the norm in our country, and the shooting of Charlie Kirk is indicative of a far greater and more pervasive issue: acts of violence are becoming more common, even without any clear ideology or motive,” said Jon Lewis, a research fellow at the Program on Extremism at George Washington University.

“There’s really a concern about what the blowback to something like this will look like.”

Other experts who study political violence agreed. “People are reluctant to engage in violence first, but they’re much more willing to engage in violence as retaliation,” said Lilliana Mason, a political science professor at Johns Hopkins University. “No one wants to be the one to start it, but lots of people want to be able to finish it.”

Mr. Kirk, a close ally of US President Donald J. Trump and founder of the conservative student group Turning Point USA, was addressing an outdoor crowd of about 3,000 at Utah Valley University when a gunshot rang out, sending him tumbling from his chair and attendees fleeing in panic.

Authorities had not yet publicly identified a suspect by Wednesday evening, nearly six hours after the shooting. Federal Bureau of Investigation (FBI) Director Kash Patel said an unnamed “subject” had been detained for questioning and then released.

Mr. Kirk, 31, was a pioneer in the conservative movement and harnessed the power of social media to lure millions of young Americans into Mr. Trump’s MAGA base.

“No one understood or had the Heart of the Youth in the United States better than Charlie,” Mr. Trump said in a social media post announcing Mr. Kirk’s death. Republican House of Representatives Speaker Mike Johnson told CNN there has been a “deluge” of lawmakers calling for stronger security in the wake of Mr. Kirk’s killing.

‘VICIOUS SPIRAL’
Mr. Trump himself was the subject of two assassination attempts last year. In one, the shooter was killed by authorities seconds after he fired. In the other, a man was arrested carrying a rifle and scope near a Palm Beach golf club where Mr. Trump was playing. His trial began this week.

In addition to those, two recent high-profile attacks by right-wing conspiracy theorists this year shook lawmakers and government workers across the country. In June, a Christian nationalist murdered a senior Democratic state lawmaker and her husband in Minnesota and wounded a second Democrat. In August, a gunman obsessed with COVID-19 conspiracies sprayed gunfire at the Centers for Disease Control and Prevention headquarters in Atlanta, killing a police officer.

Since January, at least 21 people have been killed in political violence incidents, 14 of them in an attack in New Orleans by a jihadist claiming loyalty to the Islamic State group early on New Year’s Day.

In May, a pro-Palestinian activist murdered two Israeli embassy employees in Washington, and told police after his arrest, “I did it for Gaza,” according to court documents.

In July, a group of at least 11 militants in black military-style clothing attacked an immigration detention center in Texas, the Justice department said. The group set off fireworks, spray-painted “traitor” and “ICE Pig” on vehicles, and shot a responding police officer in the neck, wounding him, while another sprayed gunfire at detention guards, the FBI said.

Since returning to office, Mr. Trump has scaled back efforts to counter domestic extremism, redirecting resources toward immigration enforcement and citing the southern border as the top security threat.

Mr. Jensen, the University of Maryland researcher who tracks violence for the National Consortium for the Study of Terrorism and Responses to Terrorism, said the future appears grim.

“This is an administration that, whether you agree with it or not, has made profound changes to this country in the eight months it’s been in office,” he said. “Some people love it, some people hate it. The people that hate it are starting to act out. People who love it are going to act out against those people that hate it, and it becomes a vicious spiral that could lead us into something really, really bad.” — Reuters

S. Korea says US immigration raid may make companies ‘hesitant’ about investing

REUTERS

SEOUL — South Korean President Lee Jae Myung said on Thursday a US immigration raid resulting in the detention of hundreds of workers at a Hyundai Motor business project could have an impact on US investment decisions made by Korean companies.

The raid was a confounding event and caused a great deal of confusion, Mr. Lee told a news conference, adding it was likely to leave South Korean businesses “hesitant” about investing in the United States.

Last week’s raid at a Hyundai Motor project site in the state of Georgia led to the detention of about 300 South Korean workers, sending shockwaves through South Korea and raising questions about the viability of doing business in the United States.

There had been no review yet by the government on whether there should be a new approach to business cooperation between the two countries, Mr. Lee said.

“But our businesses that have entered (the United States) are likely in a state of serious confusion,” he said.

The 316 South Koreans who are now held at a detention center will leave that facility at 3 p.m. Korean time on Thursday and board a chartered plane to South Korea, Mr. Lee said.

South Korean Foreign Minister Cho Hyun has flown to Washington to resolve what has become a diplomatic quagmire after 475 people working at the site in Georgia were detained by US immigration authorities last week.

At a meeting with US Secretary of State Marco Rubio, Mr. Cho said Koreans were “hurt and shocked” by the arrest of workers “who came to the US to transfer technology and know-how to contribute to the Trump administration’s efforts to revive the US manufacturing industry,”

Korean businesses have complained about strict US limits on visas for skilled foreign workers, which they say make it difficult for them to oversee the construction of factories or to train local workers.

The allies were now discussing ways to improve the visa process for South Koreans and Washington was likely to seek a reasonable solution, Mr. Lee said.

“But in this situation, our businesses that are investing in the United States will no doubt be very hesitant,” he added.

‘TRUMP HAS UNIQUE ROLE ON NORTH KOREA’
Mr. Lee also said he did not see a need to follow through on a plan to revise the country’s capital gains tax that was intended to increase tax revenue from stock investors.

The President said he now considered it unnecessary to lower the threshold defining “large shareholders” subject to paying capital gains tax. The planned tax change has caused a public backlash among South Korean investors.

South Korea will continue to make efforts to improve ties with North Korea and establish peace on the Korean Peninsula, even though Pyongyang has so far remained cold to the peace outreach by Seoul, Mr. Lee said.

Considering the unique role that US President Donald J. Trump can play in efforts to reopen dialogue with North Korea, Mr. Lee said Seoul did not necessarily have to take the lead in diplomacy with Pyongyang.

North Korea’s nuclear and missile capabilities have reached a level that make them a complicated issue that directly involves and impacts the United States, Mr. Lee said.

Mr. Trump said after talks with Mr. Lee last month that he wanted to meet North Korean leader Kim Jong Un this year. The US president held two summits with Mr. Kim in his first term, though the talks produced no deal on North Korea’s nuclear program. — Reuters

Facing new China ‘gray-zone’ threat, Taiwan steps up sea cable patrols

A Navy miniature is seen in front of displayed Chinese and Taiwanese flags in this illustration taken, April 11, 2023. — REUTERS/DADO RUVIC/ILLUSTRATION

ON BOARD THE TAIWAN COAST GUARD SHIP PP-10079, Taiwan Strait -— Taiwanese coast guard captain Juan Chung-ching’s patrol boat moves across the Taiwan Strait, scanning for threats to what Taipei says is the newest target of China’s “gray-zone” warfare: undersea cables vital to the democratic island’s communications.

Mr. Juan steered his 100-ton vessel, armed with water cannons and an autocannon, toward TP3, the undersea cable that made international headlines when a Chinese captain was found guilty of deliberately severing it this year.

TP3 is one of 24 undersea cables connecting Taiwan to the domestic or global internet.

Mr. Juan said such missions have become a top priority to combat China’s “gray-zone” warfare, a tactic meant to drain Taiwan’s resources while falling short of an act of war. On Aug. 28, Reuters became the first media outlet to join one of these patrols.

“Their incursions have severely undermined the peace and stability of Taiwanese society,” said Mr. Juan, whose boat escorted the Chinese-crewed Hong Tai 58 for investigation hours after TP3 went offline in February.

“We are stepping up patrols in this area, monitoring for any vessels engaging in disruptive or destructive activities.”

Taiwanese authorities have connected two incidents of suspected underwater sabotage with China-linked boats this year, including one in Taiwan’s north.

China’s Taiwan Affairs Office did not respond to a request for comment. It has previously said Taiwan was “manipulating” possible Chinese involvement in the severing of undersea cables and making up accusations before the facts were clear.

Beijing views Taiwan as its own territory and claims the strategic waterway. Taipei rejects China’s territorial claims.

24-HOUR PATROL
Taiwan’s stepped-up response comes with the Baltic Sea region on high alert after a string of suspected underwater sabotage incidents since Russia invaded Ukraine in 2022.

In the waters near TP3, coast guard vessels are now conducting 24-hour patrols.

An alert system detects vessels that come within a one-kilometer range off TP3 at slow speed, while dozens of operators at radar stations work to identify suspicious ships, the coast guard said.

Radio warnings are issued to those boats before coast guard vessels are dispatched to warn them away.

“Taiwan ranks among the top countries facing this issue,” Lin Fei-fan, deputy secretary-general of Taiwan’s National Security Council, told Reuters.

“We are indeed very close to China and many densely populated submarine cable areas are highly vulnerable to damage.”

The task has stretched coast guard resources. Their eight boats and nearly 500 officers in the area are also responsible for life-saving missions and enforcing maritime law.

High on their watch list are 96 China-linked boats blacklisted by Taiwan. Many carry flags of convenience registered to third countries to avoid taxes and regulations.

Taiwan is also monitoring nearly 400 other China-linked boats, including cargo ships that could be converted into war vehicles, said a senior Taiwan security official briefed on the matter.

Taipei and other “like-minded” capitals are sharing intelligence on the real-time locations of these boats, the official said, requesting anonymity due to the sensitivity of the matter.

“Those ships are like cannon fodder, piles of scrap metal,” said Jenson Chien, commander of a coast guard flotilla near TP3, pointing to several dilapidated Chinese boats.

“They employ minimal resources to disrupt and sever our connections, sowing unrest throughout Taiwanese society.” — Reuters

Vietnam’s credit splurge risks fueling asset bubbles, government warned

A VIETNAM DONG note is seen in this illustration photo May 31, 2017. — REUTERS

HANOI — Vietnam’s breakneck credit expansion may fuel asset price bubbles, prominent academics in the Southeast Asian nation warned its lawmakers last week, documents showed.

The government is encouraging private lending and public spending to meet an 8.3%-8.5% gross domestic product (GDP) growth target this year. That is far above forecasts from multilateral agencies and private economists and comes as the export-reliant nation has been hit with new tariffs on its shipments to the US, its main foreign market.

In a closed-door meeting last week in parliament, at least two Vietnamese senior academics criticized the current year’s economic policy, a relatively rare occurrence in the tightly controlled, Communist-run nation.

“Vietnam’s money supply growth rate is very high, leading to the highest credit-to-GDP ratio in the region, and to risks of inflation and asset price bubbles,” said Pham The Anh, dean of economics at Vietnam’s National Economics University, in a paper that was discussed by parliament’s economic committee on Sept. 5 and a copy of which was viewed by Reuters.

And Vu Sy Cuong, associate professor of Vietnam’s Academy of Finance, said in another paper at the same meeting that the credit surge was also contributing to a stock market rally. A copy of that paper was also seen by Reuters.

Vietnam’s finance ministry and central bank did not reply to requests for comment. Mr. Anh told Reuters the central bank would need more independence to cool down asset prices. Mr. Cuong did not respond to a request for comment.

Loans in Vietnam last year were worth 136.4% of its $476-billion GDP, more than three times the median in emerging and middle-income markets, according to the latest data from the International Monetary Fund.

And, ahead of a crucial party congress in early 2026, bank credit grew at an annual 19.3% in the first half, Vietnam’s central bank said, exceeding a 16% cap for all of 2025 set by it, and well above an average of nearly 14% over the past five years.

Credit went primarily to developers and home buyers, the World Bank said in a report released on Monday.

Mr. Anh told lawmakers the credit binge has contributed to a “real estate price fever,” adding speculators were creating “ghost cities.”

As credit spiked, bad debt rose to 5.3% of loans by February from 5% last year, according to World Bank’s data that excludes sizeable off-balance-sheet lending.

Banks are also setting aside less capital for bad debt, with the ratio of their capital buffers nearly halving over the last three years, the World Bank said.

STOCK MARKET RALLIES AMID MARGIN DEBT PEAK
The government has said it wants to start removing from next year credit growth caps, which in recent years have often been interpreted by banks as targets.

That could “accelerate credit growth and fan credit risks in the system if other prudential measures are not enforced,” said Willie Tanoto of Fitch Ratings.

While the government has called for control of inflation, which in August stood at 3.2%, it has not signaled any intention to slow credit growth.

Vietnam’s stock market has continued surpassing its peak since June, while margin debt, which is money investors borrow to acquire assets, hit a record high exceeding $11 billion in the second quarter, according to Vietnamese broker DNSE, representing roughly 5% of the stock market capitalization at the time.

“High economic growth is important, but economic stability in the long term has even greater significance,” said Mr. Cuong of Vietnam’s Academy of Finance. — Reuters

North Korea leader firming up status of daughter as successor, Seoul spy agency says

REUTERS

SEOUL — North Korean leader Kim Jong Un appears to have solidified the status of his daughter Kim Ju Ae as his likely successor after she accompanied him on a visit to China, South Korean lawmakers said on Thursday, citing the country’s spy agency.

Ms. Ju Ae stayed at the North Korean embassy and avoided the public spotlight during the Beijing visit, but just being on the overseas trip with her father was “enough to build a narrative” as the regime’s likely successor, said Lee Seong-kweun, a lawmaker on South Korea’s parliamentary intelligence committee.

“It was suggested that Kim Ju Ae’s status was solidified as a likely successor by showing her occasionally, while enabling her to build overseas experience but not to appear at public events,” said Park Sun-won, another lawmaker on the committee.

Also, North Korean officials were spotted wiping out traces in order not to expose biological information of Mr. Kim and his daughter during the China trip. This included using a special plane to transport garbage and the pair staying at the North Korean embassy, South Korea’s spy agency told the lawmakers.

Earlier this month, Mr. Kim made an unprecedented trip to Beijing for a large-scale multilateral gathering, watching a military parade standing shoulder-to-shoulder with Chinese President Xi Jinping and Russian President Vladimir Putin.

Mr. Kim also held bilateral meetings with Mr. Xi and Mr. Putin on the sidelines in a bid to portray an image that North Korea was no longer an isolated country and was trying to restore relations with China, the South Korean lawmakers said.

The South Korean intelligence agency believed that economic ties between Beijing and Pyongyang would inevitably expand following the meeting between Mr. Xi and Mr. Kim, most likely through unofficial trade, according to the lawmakers. — Reuters

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