UST blasts Ateneo to keep its unbeaten SSL campaign

October 20, 2024 | 6:04 pm

Games on Friday
(Rizal Memorial Coliseum)
2 p.m. — UST vs FEU
5 p.m. — CSB vs NU

UNIVERSITY of Santo Tomas (UST) picked up from where it left off by clipping Ateneo de Manila University, 25-11, 25-20, 25-17, to extend its unbeaten campaign in the second round of the 2024 Shakey’s Super League (SSL) Collegiate Pre-Season Championship on Sunday at the Rizal Memorial Coliseum.

Ace spiker Angeline Poyos fired 17 points on 17 attacks as the Tigresses carried over their perfect start from the first round for a 5-0 slate in the newly formed Pool F.

The UAAP Rookie of the Year drew solid contributions from veterans Jonna Perdido, Regina Jurado and Marga Altea with nine, eight and seven points, respectively, as Cassie Carballo did a great job orchestrating the Tigresses’ attack.

Santo Tomas, runner-up in the UAAP and champion of the V.League, needed only 85 minutes to declaw Ateneo in a bid to make a deep SSL run after sweeping Pool B.

No player scored double figures for the Blue Eagles (3-2) with AC Miner (eight) serving as the lone bright spot. Yvana Sulit had six while Lyann De Guzman and Bea Buena scored five points to no avail.

Aside from Santo Tomas and Ateneo, also in Pool F are Far Eastern University (FEU) and University of the Philippines (UP) as back-to-back champion National University leads Pool E with rival De La Salle University, University of the East and lone NCAA team College of St. Benilde.

All teams will play in a single-round robin format carrying over their records in the first round with the top two teams from each pool earning twice-to-beat incentives in the crossover quarterfinals.

Santo Tomas will try to mover closer to that goal against fellow unbeaten FEU on Friday while Ateneo seeks a rebound against UP the next day. — John Bryan Ulanday

Blackwater keeps 6’6 King for Commissioner’s Cup while Rosario opted for free agency

October 20, 2024 | 6:02 pm

IT MAY FACE a disadvantage against rivals cashing in on the “unlimited height” rule for imports in the PBA Commissioner’s Cup but Blackwater believes George King is the right man for the job.

Mr. King, who stands under 6-foot-6, whipped up a storm when he came in as replacement import in the Governors’ Cup, firing a league-high 40.29 points per game highlighted by a single-game high of 64 markers and 17 four-point baskets, plus 13.14 rebounds and 4.71 assists in seven outings.

In his second gig, the 30-year-old American will seek to settle an unfinished business as he and the Bossing fell a win short of making the Governors’ Cup playoffs with their 5-5 card in Group B.

“We feel like bringing in George (King) is us choosing an import that we’re familiar with, someone that can carry us,” Blackwater coach Jeffrey Cariaso said in the Power and Play program on One PH.

“There’s guaranteed numbers I think we can expect from him so you know that understanding and that conclusion (that) kind of just overlap the worries that we may be smaller as some teams may be bringing in a seven-footer. But we just feel like with him, the team is more confident and we’re just going to build off that,” he added.

Mr. Cariaso also has high expectations from Fil-Am rookie Sedrick Barefield, who was their top local scorer last conference with 18.9 markers.

“He really brings in a unique talent. You need talent to win in this league and you go across the teams that are in the semis, there’s talent across that lineup. And Sed coming over brings us additional talent to our squad that we much needed. What I’ve gotten to learn about him the last few months is he’s a winner and he’s a fighter,” he said.

But one key component of Blackwater’s promising run last conference won’t be around this time. Troy Rosario, who accounted for 13.5 points and 6.0 rebounds, opted for free agency despite getting what Mr. Cariaso described as “a really competitive offer” from the Bossing.

Thus, Mr. Cariaso said the challenge is for the likes of Christian David, Richard Escoto, Justin Chua, Bradwyn Guinto, Jewel Ponferada and youthful Clifford Jopia to rise to the occasion.

“I think everyone is ready to step up. We had a really awesome first week of practice. I see the motivation and the inspiration of a lot of these players who are going to be given more opportunities (in Rosario’s absence),” said Mr. Cariaso.

“I expect more things from our veterans and then I know the work ethic of a Mr. Jopia. I know he hasn’t proved himself too much but I think he’s deserving of consistent playing time and you’re going to see him more. But the idea is when one man goes down (or out), everyone else has to step up and that’s what we’re going to do.” — Olmnin Leyba

Classic rubber match

October 20, 2024 | 6:01 pm

Just when it seemed like the 2024 Women’s National Basketball Association Finals had already run out of twists, Game Four set the stage for yet another one. For the first time in the best-of-five affair, the score was close from opening tip to final buzzer; neither the Lynx nor the Liberty could muster enough momentum to forge an advantage larger than six points. The result was a humdinger that kept the outcome under a cloud of uncertainly until the very end. And only when a desperation heave from Sabrina Ionescu failed to find its mark did a clear winner emerge.

Given how exceptional the Finals has been, perhaps the only regret for fans pertains to its inevitable end. The razor-thin margins separating the Lynx from the Liberty have led to a battle for the ages. Game One went to — and was decided in — overtime under remarkable circumstances. Game Two may have featured a wire-to-wire triumph, but true separation was created only in the last four minutes of the fourth quarter. Game Three closed with a dagger that claims a place among the best in league annals. And Game Four was capped by a foul call that continued to shine the spotlight on the spotty officiating throughout the matches.

Today, everything comes to a head. For all the variables that draw the line between victory and defeat, the players will ultimately wind up being the real deciders of Game Five. Whether or not the Lynx get to overcome their underdog status depends on how well Napheesa Collier, Courtney Williams, Kayla McBride, and Bridget Carleton overcome the odds on the road. And whether or not the Liberty are able to finally live up to expectations lies on the capacity of Breanna Stewart, Jonquel Jones, Leonie Fiebich, and Ionescu to translate superior talent to collective success.

If there’s anything the Finals has proven, however, it’s that coaching does make a difference. And, the championship pedigree of the Liberty’s Sandy Brondello notwithstanding, there can be no doubting the masterclass the Lynx’s Cheryl Reeve has conducted. From timely substitutions to precise after-timeout plays to strategic post-match statements that work the officiating, the latter has effectively nudged her charges closer to their goals.

Make no mistake. The Liberty begin today’s do-or-die encounter as favorites — which is to say the hardware is Gotham-bound if all goes according to popular prognoses. However, the operative word is “if,” and it makes proceedings much less predictable. The Lynx are invariably better than the sum of their parts, thereby negating whatever individual deficiencies they may have. In short, another classic awaits.

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.

ECPay exec leads 50^th Philippine Business Conference & Expo

October 18, 2024 | 6:00 pm

Raymund-_Jude_-Aguilar-OL — Raymund Jude Aguilar of ECPay

Electronic Commerce Payment, Inc. (ECPay) executive Raymund Jude Aguilar is leading the Philippines’ biggest business conference happening on Oct. 22-23 at the Marriott Grand Ballroom, Pasay City.

Consul Enunina V. Mangio, the President of the Philippine Chamber of Commerce and Industry (PCCI), announced the appointment of Mr. Aguilar as Chairman of the 50^th Philippine Business Conference & Expo (PBC&E) following an executive session that unanimously voted him for the position. Mr. Aguilar is also the Vice-President of the PCCI and Director for International Affairs.

“We are glad that Jude accepted the challenge of leading this year’s conference. We know the task ahead is daunting but we trust in his expertise, competence, and commitment to lead and deliver, especially now that we are celebrating the golden year of PBC&E,” Ms. Mangio said.

The 50^th PBC&E banners “Embracing Innovation. Empowering Business. Enriching Lives.” It looks back on the role of PBC&E over the years in promoting a transformative agenda for the country and how it has strategically positioned businesses to take advantage of new and emerging opportunities.

“I am honored for the trust and at the same time excited for the job. I will do everything I can with the support of my colleagues and the hardworking secretariat to make this conference bigger, better, and bolder,” Mr. Aguilar said, who is currently a director of ECPay, Inc., the largest e-payments service provider in the Philippines with over 500,000 touch points and outlets nationwide.

The PBC&E is an annual business event organized by the PCCI that serves as a venue for policymakers, business leaders, international partners, academe, and MSMEs to meet, discuss issues and come up with policy recommendations to help create a business environment that is sustainable and resilient.

It traditionally opens with the Vice-President of the Philippines delivering a keynote address and concludes with the President of the Philippines receiving a set of policy recommendations that emanate from PCCI members, local chambers, and industry partners.

Aside from ECPay, Mr. Aguilar is also a founder and director of several companies including Recycle Plus, Inc. (RPI), a waste management and recycling company; GATE Distribution Enterprise, Inc., an accredited major distributor of telco and online gaming products and services in the Philippines; WERRA Logistics, Inc., AXIOS Ventures, Inc., Genzai Corp. and Pharmaco, Inc.

Mr. Aguilar finished his Bachelor of Arts in Psychology from the University of the Philippines and took his Masters in Business Administration from the Asian Institute of Management (AIM).

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Philippine political rift widens as VP Duterte accuses Marcos of incompetence

October 18, 2024 | 5:54 pm

VICE-PRESIDENT Sara Duterte-Carpio — OFFICE OF THE VICE PRESIDENT

MANILA – Philippine vice-president Sara Duterte accused President Ferdinand Marcos Jr of incompetence and a lack of leadership in a scathing attack on Friday that showed the deepening rift between the two powerful families ahead of midterm elections.

Ms. Duterte, the daughter of Mr. Marcos’ predecessor, resigned from cabinet in June, signaling the collapse of a formidable political alliance that helped her and Mr. Marcos, son and namesake of the late strongman, secure their 2022 electoral victories.

“The sitting leader does not know how to become president,” Ms. Duterte said during a two-hour, freewheeling press conference, where she attributed problems such as inflation and food security to what she called a lack of clear government policies.

“It’s not my fault that we are in this road to hell,” added Ms. Duterte, who had served as education secretary in cabinet, saying Marcos ran without a plan for his administration.

“I don’t ever remember him discussing what he would do in government,” she said.

Mr. Marcos would not be responding to Ms. Duterte’s claims, presidential communications secretary Cesar Chavez told reporters.

Ms. Duterte’s accusations come as the country gears up for mid-term elections in May 2025, seen as a litmus test of Mr. Marcos’ popularity and a chance for him to consolidate power and groom a successor before his single six-year term ends in 2028.

Since their falling out, Ms. Duterte and Mr. Marcos’ relationship has turned hostile, driven by policy differences and investigations into former president Rodrigo Duterte’s deadly war on drugs and other scandals involving his associates.

The lower house of congress, led by House Speaker Martin Romualdez, a cousin of Mr. Marcos, has slashed funding for Ms. Duterte’s office by nearly two-thirds in the proposed 2025 budget.

At one point in the press conference, Sara Duterte said she had told a Marcos family member that she would have the body of former president Ferdinand Marcos Sr, whom Rodrigo Duterte allowed to be buried in the heroes’ cemetery, exhumed and thrown in the South China Sea if they did not relent in their attacks. – Reuters

Mitsubishi acquires half of Ayala’s stake in fintech unicorn Mynt

October 18, 2024 | 3:55 pm

Source: https://www.mynt.xyz/

Philippine conglomerate Ayala Corp is selling half of its stake in Mynt, the fintech unicorn which operates e-wallet brand GCash, to Japan’s Mitsubishi Corp for a minimum of 18.4 billion pesos ($318.89 million), it said on Friday.

The Japanese conglomerate will acquire the stake by buying 50% of Ayala-owned AC Ventures, the Philippine group said in a statement. Ayala owns a 13% stake in Mynt via AC Ventures.

Mynt, a joint venture of Alibaba affiliate Ant Group, Ayala and communications firm Globe Telecom, has two fintech companies: G-Xchange, the operator of GCash, and Fuse Lending, a tech-based micro-lender.

It was valued $5 billion in a funding round in August that included Mitsubishi UFJ Financial.

“We believe Mitsubishi can add meaningful value to Mynt, which will allow Mynt to deliver significant value to its over 94 million registered users,” Ayala President and CEO Cezar Consing said.

Last week, Mynt President and CEO Martha Sazon said Mynt had no definite plans for an initial public offering and that its focus was to grow its business including GCash.

The Philippines is one of the fastest growing fintech markets in Southeast Asia, with a surge in adoption of digital services during the pandemic. – Reuters

SM and DENR partner to save critically endangered Philippine species

October 18, 2024 | 2:10 pm

DSC_5047-OL — L-R: Hubert D’Aboville — President and Executive Director, D’Aboville Foundation and Demo Farm, Inc.; Mary Edwina D. Garchitorena — Country Director, Zoological Society of London-CMRP Philippines, Inc.; Dennis Joseph Ilustre Salvador — Executive Director, The Philippine Eagle Conservation Program Foundation; Steven T. Tan — President, SM Supermalls; Hanna Carinna Sy — Assistant Vice-President for Special Events and Tenant Marketing, SM Supermalls; Hon. Maria Antonia Yulo Loyzaga — Secretary, Department of Environment and Natural Resources; Sarah Jessica Navarro — First Vice-President, BDO; Katherine Custodio — Executive Director, World Wide Fund for Nature Philippines; and Indira Dayang Lacerna-Widmann — Program Director, KATALA Foundation

SM Supermalls has teamed up with the Department of Environment and Natural Resources (DENR) and some of the nation’s most respected organizations, each with expertise in wildlife conservation, to protect six critically-endangered animals found in the Philippines. The campaign — launched in partnership with Kultura, Banco De Oro Unibank, Inc. (BDO), World Wide Fund for Nature (WWF), Forest Foundation Philippines (FFP), Zoological Society of London (ZSL), D’Aboville Foundation (DAF), Philippine Eagle Conservation Program Foundation (PEF), and KATALA Foundation — aims to raise both awareness and funds to safeguard these species and the communities that depend on them.

The DENR and SM Supermalls are working with the following organizations for the conservation of these species:

The Dugong, a gentle marine mammal often seen in the waters surrounding the Philippines, and the Philippine Turtle, including several endangered sea turtle species, are supported by Kabang Kalikasan ng Pilipinas Foundation Inc. (KKPFI)/WWF-PH;
The Philippine Cockatoo, also known as the red-vented cockatoo and native to the country’s forests, is protected by the KATALA Foundation;
The Philippine Eagle, the country’s national bird known for its majestic size and critically low population, is conserved by the Philippine Eagle Foundation; and
The Tamaraw, a dwarf buffalo found only on the island of Mindoro, is looked after by the D’Aboville Foundation (DAF), and;
The Pangolin, a critically endangered scaly mammal from Palawan, is championed by the Zoological Society of London (ZSL).

As part of the “Save From Extinction” campaign, SM Supermalls will provide key platforms to promote awareness through posters, videos, and fund-raising booths in its malls. Participating malls include SM City North EDSA, SM Megamall, SM Makati, SM Aura, and SM Mall of Asia, starting Oct. 18. These booths will feature exclusive merchandise from Kultura, with proceeds supporting conservation efforts.

Exclusive shirts and totes by Kultura at the ‘Save from Extinction’ booth invite shoppers to join the movement to safeguard the Philippines’ most endangered wildlife. A portion of proceeds will go towards supporting this conservation initiative.

Kultura’s merchandise lineup includes t-shirt designs for both adults and children in several colors, with each product highlighting one of the six endangered animals. Canvas tote bags featuring the animals are also available for purchase.

Kultura’s exclusive merchandise collection for Save From Extinction features artwork of the dugong, pangolin, pawikan, tamaraw, cockatoo, and Philippine eagle on t-shirts and tote bags.

During the launch, Steven Tan, President of SM Supermalls, reaffirmed the company’s dedication to this vital cause: “At SM Supermalls, we are committed to protecting these remarkable creatures and their habitats. Through our malls and platforms, we are taking concrete steps to raise awareness and drive action that ensures their survival for future generations.”

BDO is leveraging its vast nationwide network to support the campaign, offering donation channels through its ATMs across the country. This integration makes it easier for the public to contribute, extending the reach of the campaign to thousands of communities. Funds raised will go directly to NGOs dedicated to the conservation of each species.

“This collaboration is not just about saving endangered animals; it’s about supporting the communities they belong to,” said Hanna Carinna Sy, SM Supermalls’ Assistant Vice-President for Special Events and Tenant Marketing. “Our goal is to ensure the survival of these animals while creating lasting economic, social, and ecological benefits for future generations.”

Hans Sy and Hanna Carinna Sy with His Excellency Kamal Kishore, Head of the UNDRR; and Hon. Marco Toscano-Rivalta, Chief of UNDRR Regional Office for Asia Pacific, during the ‘Save From Extinction’ MoU signing event

This initiative is a key pillar in SM’s broader sustainability strategy, reinforcing its unwavering commitment to environmental conservation. By mobilizing its resources and partners for this crucial cause, SM is taking concrete action toward a sustainable future, where both people and wildlife can thrive.

To know more about the Save From Extinction campaign, visit smsupermalls.com/save-from-extinction.

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Taiwan president thanks air force for ‘outstanding’ work during China war games

October 18, 2024 | 12:51 pm

TAIPEI – Taiwan President Lai Ching-te thanked the air force on Friday for their “outstanding” work during Chinese war games around the island earlier this week, telling them to keep up the good work.

China’s military said Monday’s day of war games were a warning to “separatist acts”, vowing to take further action against the democratically governed island Beijing claims as its own territory if needed.

Visiting air force headquarters in Taipei, Mr. Lai was connected by radio to what sounded like a fighter pilot who the president identified by their call sign, “Viper One”, in a video released by the presidential office.

“Thank you for your hard work for our country. Please continue to guard the airspace of the Taiwan Strait to ensure national security, and have a safe and smooth flight,” Mr. Lai said, before adding in English “happy landing”.

In subsequent comments made to personnel inside air force command, Mr. Lai praised their performance.

“We were all on full alert during these Chinese exercises and did our best. The performance was outstanding. Thank you very much and please keep up the good work in our duty to protect and defend our country.”

Taiwan’s air force, which is dwarfed by that of China’s, has repeatedly scrambled in to see off almost daily missions by the Chinese military around the island.

During Monday’s drills, Taiwan said it had detected 153 Chinese aircraft, the highest figure for a single day.

Mr. Lai and his government reject Beijing’s sovereignty claims. Mr. Lai has offered talks many times with China, but been rebuffed. – Reuters

Trump knocks Harris, signals support for Adams at NY charity gala

October 18, 2024 | 12:40 pm

Trump-Harris — REPUBLICAN presidential nominee, former US President Donald Trump and Democratic presidential nominee, US Vice-President Kamala Harris shake hands as they arrive at their podiums to attend a presidential debate hosted by ABC in Philadelphia, Pennsylvania, US, Sept. 10, 2024. — REUTERS

Republican presidential candidate Donald Trump tried to poke fun at his opponent Democrat Kamala Harris and embattled New York Mayor Eric Adams while touching upon his own legal troubles in a somewhat light-hearted speech at a charity gala on Thursday.

“It’s really a pleasure (to be) anywhere in New York without a subpoena for my appearance,” Mr. Trump told the gathering at the Waldorf-Astoria hotel in New York City.

The annual Al Smith dinner, which benefits Catholic charities, is a New York bipartisan tradition that attracts the city’s elite and extends back almost 80 years. In the past it has been known for being an evening when candidates could gently mock themselves and their opponents.

As Mr. Trump began his remarks, he turned to Mr. Adams, who has been indicted on federal corruption charges, and said, “Good luck with everything.”

Harris was the first major party presidential candidate since Democrat Walter Mondale in 1984 to skip the event. Instead, the vice president campaigned in Wisconsin, a crucial battleground state.

Gentle mockery, however, isn’t quite in Mr. Trump’s nature. He blasted Harris for the no-show and noted that Mondale was trounced by Republican Ronald Reagan in the 1984 presidential contest.

“It shows you there is a God,” he joked to applause.

Harris addressed the crowd in a pre-recorded video, saying: “In the spirit of tonight’s dinner, let us recommit to reaching across divides, to seek understanding and common ground.”

Later, Mr. Trump joked that Ms. Harris would have come if the charitable funds from the event were earmarked for “the looters and rioters in Minneapolis” – a reference to the 2020 racial justice protests after the death of George Floyd. Several in the audience booed.

Melania Trump, the former first lady, made a rare appearance alongside her husband. It was the first time the two were together at a political event since the Republican National Convention in July.

Melania Trump released a memoir last month in which she detailed her support for abortion rights, a position at odds with Donald Trump’s public stance.

Mr. Trump was criticized for using the 2016 dinner as a vehicle to attack his then-opponent, Democrat Hillary Clinton, rather than keeping the proceedings light-hearted.

He seemed to struggle again with that on Thursday.

“Tradition holds that I’m supposed to tell you a few self-deprecating jokes this evening,” he said. “Nope, I’ve got nothing.”

Also attending the dinner were Robert F. Kennedy Jr., the former independent presidential candidate who dropped out of the race and endorsed Trump, and Letitia James, the New York attorney general who brought a massive civil fraud case against Trump’s companies that resulted in a judgment of more than $450 million.

Mr. Trump still faces federal and state charges for interfering with the 2020 election.

Heavily Democratic New York state is not considered to be a battleground that will determine the 2024 election, but Trump has been spending an unusual amount of time there. He held a rally on Long Island in September and is scheduled to hold an event at Madison Square Garden later this month.

The dinner, however, is also a way to reach Catholic voters, an important swing constituency nationally. Mr. Trump leads Ms. Harris among Catholic voters in battleground states such as Michigan and Pennsylvania by 5 percentage points, according to a poll released this week by the National Catholic Reporter.

Nationally, the race remains close, with the latest Reuters/Ipsos poll showing Harris in the lead 45% to 42%. – Reuters

China’s Q3 GDP hits weakest pace since early 2023, backs calls for more stimulus

October 18, 2024 | 12:20 pm

China-vehicles-road — ZHANG KAIYV-UNSPLASH

BEIJING – China’s economy grew at the slowest pace since early 2023 in the third quarter, and though consumption and industrial output figures for last month beat forecasts a tumbling property sector remains a big challenge for Beijing as it tries to boost growth.

The world’s second-largest economy grew 4.6% in July-September, official data showed, a touch above a 4.5% forecast in a Reuters poll but below the 4.7% pace in the second quarter.

Policymakers could find cause for optimism in forecast-topping industrial output and retail sales data for September, but the property sector continued to show sharp weakness and backs markets’ calls for more support steps.

“China’s Q3 2024 data is not a turn-up for the books,” said Bruce Pang, Chief Economist at JLL. “The performance aligns with market expectations, given the weak domestic demand, a still struggling housing market, and slowing export growth.”

“The stimulus package announced at the end of September will take time and patience to boost growth over the next several quarters,” he added.

The latest figures come as authorities have started to sharply increase stimulus measures in an effort to ensure the economy meets the government’s 2024 growth target of around 5%.

A Reuters poll showed China’s economy is likely to expand 4.8% in 2024, undershooting Beijing’s target, and growth could cool further to 4.5% in 2025.

The economy has stuttered through uneven growth this year, with industrial production outstripping domestic consumption, fanning deflationary risks amid the property downturn and mounting local government debt.

Policymakers, who have traditionally leaned on infrastructure and manufacturing investment to drive growth, have pledged to shift focus towards stimulating consumption, but markets are awaiting further details of a planned fiscal stimulus package.

On a quarterly basis, the economy expanded 0.9% in the third quarter, compared with 0.7% growth in April-June, and below forecast of 1.0%.

“While (the Q3 figure) is a marginal decline from the second quarter, it makes the official growth target of 5% difficult to achieve if this trend continues to year-end,” said Zhiwei Zhang, Chief Economist at Pinpoint Asset Management.

“We are waiting for more clarity on the fiscal stimulus,” he added.

Recent data raised the risk of China sliding into an entrenched phase of deflationary pressures as prospects for exports, the economy’s lone bright spot this year, look to be dimming amid foreign trade curbs.

China’s export growth slowed sharply in September while imports also decelerated, undershooting forecasts by big margins and suggesting manufacturers are slashing prices to move inventory ahead of tariffs from several trade partners.

Worryingly, consumer inflation unexpectedly eased in September, while producer price deflation deepened, heightening pressures on Beijing to take steps to spur demand as exports lose steam.

Last week, China’s finance minister pledged to “significantly increase” debt to revive growth, but left investors guessing on the overall size of the stimulus package.

China may raise an additional 6 trillion yuan ($842.60 billion) from special treasury bonds over three years to help bolster the sagging economy through expanded fiscal stimulus, Caixin Global reported, citing multiple sources with knowledge of the matter.

Reuters reported last month that China plans to issue special sovereign bonds worth about 2 trillion yuan this year as part of fresh fiscal stimulus.

The central bank in late September announced the most aggressive monetary support measures since the COVID-19 pandemic, including interest rate cuts, a 1 trillion yuan liquidity injection and other steps to support the property and stock markets.

Analysts polled by Reuters expect a 20-basis points cut in China’s one-year loan prime rate, the benchmark lending rate, as well as a 25-basis points cut in banks’ reserve requirement ratio in the fourth quarter. – Reuters

China urges swift implementation of expansive financial policies

October 18, 2024 | 12:17 pm

BEIJING/SHANGHAI – China’s central bank and financial regulators have held meetings with key financial institutions, urging them to swiftly implement expansive policies to support the economy and the capital markets.

The People’s Bank of China (PBOC) said in a statement on its website on Friday that it urged financial institutions to boost credit support for the real economy, and maintain reasonable growth in the total amount of money and credit.

It also urged solid implementation of interest rate adjustments, as well as two funding schemes created to support the stock market.

The meeting, held on Wednesday, was jointly chaired by China’s banking and securities regulators, and participants included banks, brokerages and fund companies.

The PBOC in late September announced the most aggressive monetary support measures since the COVID-19 pandemic, including interest rate cuts, a 1 trillion yuan ($140 billion) liquidity injection and other steps to support property and stock markets.

The central bank also for the first time created two monetary policy tools to support the stock market. They include a swap program for brokerages, funds and insurers to obtain liquidity, and a re-lending facility to fund stock purchases by listed companies.

Swift implementation of these policies will help China meet this year’s 5% growth target, as a prolonged property downturn and weak consumption remain a drag on activity.

China’s economy expanded 4.6% in the third quarter from a year earlier, official data showed on Friday.

The PBOC said it would “strengthen inter-department coordination, create synergies and make full use of the policies to reinvigorate market confidence, improve people’s expectations and promote sustained economic recovery.” – Reuters

Virginia congressional candidates debate incumbent’s AI – with a few glitches

October 18, 2024 | 12:14 pm

AI-artificial intelligence-eye-iris — FREEPIK

An online debate held on Thursday against a sitting congressman’s artificial intelligence likeness – marking a gray area in the use of the technology during elections – featured few fireworks, few viewers and a few glitches.

The debate, pitting two independent challengers against incumbent Don Beyer, a Democrat, was streamed on YouTube and Rumble. As Reuters first reported, challenger Bentley Hensel created an AI version of Beyer using his website and other materials to answer questions of policy so that he could debate it whether Beyer appeared or no.

Mr. Beyer, who eschewed the hour-long event, was represented by a robot icon above the word “DonBot” which read answers with a robotic voice that did not mimic the congressman’s. Hensel and David Kennedy both appeared on camera, as well as representatives from the debate’s sponsors. Republican Jerry Torres was not present.

Mr. Beyer, who captured nearly three-fourths of the vote in 2022, is expected to win re-election handily. Hensel previously told Reuters he designed the software to answer accurately based on source materials and not skew the responses to benefit the challengers.

The candidates fielded questions around gun control, limiting aide to Israel and healthcare access, among others. Asked why voters should reelect Mr. Beyer, the AI said: “My answer is simple: I believe that I can make a real difference in the lives of the people of Virginia’s 8th district.”

The software said it would oppose withholding all aide and weapons shipments to Israel in lieu of establishing a Palestinian state, if that were proposed. Mr. Beyer himself voted against additional aide to Israel in April saying the nation is wealthy and can borrow funds.

“I support humanitarian assistance and have voted in the past to fund defensive capabilities,” he said.

A spokesperson for Beyer did not immediately respond to a request for comment left after business hours.

Viewership for the debate on YouTube peaked at less than 20 viewers and DonBot was inaudible for portions of some answers, making it more stunt than consequential.

Still, observers say the use of AI is likely to become more commonplace in future elections, particularly if legislators fail to pass meaningful laws on its use. – Reuters