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Starting 5

Everybody knows LeBron James is pushing 40, so amazement is what comes to mind when Starting 5 gives viewers an even closer look at his life behind the curtains. The just-released Netflix series — backstopped by his company Uninterrupted, Peyton Manning’s Omaha Productions, and Barack and Michelle Obama’s Higher Ground Productions — deftly delves into his love of hoops and, perhaps more importantly, his family throughout the 2023-24 season of the National Basketball Association. And the result is nothing short of stunning; for all his time in the spotlight since he was dubbed The Chosen One as a high school wunderkind, there is evidently still a lot to be learned about him, and what makes him tick.

Considering the timing, Starting 5’s arrival provides both casual observers and longtime habitues of the pro hoops scene with a fitting preamble to the upcoming season from James’ vantage point. It will be his 22nd, tying a league record, but he continues to blaze trails even among opponents a generation removed from his. In fact, his son Bronny is a teammate, and while the worth and worthiness — or lack thereof — of the latter to don the fabled Lakers jersey can be subject to debate, the gravity of the development remains clear to all and sundry.

True, Starting 5 likewise shines the spotlight on Jimmy Butler, Anthony Edwards, Domantas Sabonis, and Jason Tatum, and their exposure enhances appreciation of and for the proceedings. The similarities, and contrasts, between them are equally revealing and stark, and they come out all the better for their willingness to open their hearts and minds — and homes — to otherwise-invasive recording equipment for posterity. Regardless of personality and makeup, it’s not easy to shun whatever privacy is left to them for the benefit of fans and critics alike.

Bottom line, however, Starting 5 works because James is completely invested in the outcome. No doubt, the others proved to be just as immersed in the experience because, well, if the series is good for the best of the best, then it must be good for them, too. In any case, it manages to distinguish itself from such sports documentaries as Break Point, Full Swing, and even Hard Knocks because the protagonists are all in and caught raw. The slick production values notwithstanding, there can be no denying the concerted effort to make it revelatory first and foremost. Highly recommended.

 

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.

Investors bracing for risks from potentially contested US election

ELEMENT5 DIGITAL-UNSPLASH

NEW YORK — A tight US presidential race is leading some investors to brace for an unclear or contested election result that could trip up this year’s booming stock market rally.

With less than a month before the election, polls and prediction markets show Democrat Kamala Harris and Republican Donald Trump in a virtual dead heat. Ms. Harris led Mr. Trump by a marginal 46% to 43% in a Reuters/Ipsos poll released on Tuesday, a tighter race than the same poll showed a couple weeks earlier.

Given Trump’s efforts to overturn his loss to President Joseph R. Biden in 2020, investors expect any close outcome might also be contested this year. The balance of power in Congress is also at stake, with a number of potentially close contests that could ratchet up uncertainty.

“This is going to be a very close election. It just stands to reason that the likelihood of some type of dispute occurring is higher than it is on average,” said Walter Todd, chief investment officer at Greenwood Capital. He expects stocks to sell off if the result is in doubt for more than a few days.

“Markets do not like uncertainty, and they certainly would not like the fact that we don’t know who the president of the United States is a day or two after the election,” Mr. Todd said.

For now, political uncertainty appears to be doing little to dampen enthusiasm for stocks, as strong US economic growth has helped the S&P 500 power to fresh highs. The benchmark index is up 21% so far this year and on track for a second straight year of double-digit gains.

That’s not to say the election isn’t on investors’ radar. The CBOE Volatility Index, which measures options demand for protection against stock swings within a 30-day period, has risen about 6 points from its September lows and now stands at 20.9 — a level typically associated with moderate to higher expectation for market turbulence. Some of the index’s rise is attributable to the looming election, investors say.

Options markets also reflect increased concerns about tail risk — a market shock due to an unlikely but highly impactful event. The Nations TailDex Index, a measure of such risk, recently hit its highest level in a month.

Michael Purves, chief executive officer of Tallbacken Capital Advisors, believes investors are too focused on the days before and immediately after the vote, when a contested election could roil markets in the weeks after Nov. 5.

“It’s really not so much about the outcome as it is about the potential risk of the morning after, of the election not being considered valid by a large part of the population,” he said. “That to me is a real risk … a litigated outcome, where the stock market probably sells off.”

Recent precedents for challenged elections are few.

Markets were largely unperturbed by Mr. Trump’s attempt to overturn the results of the 2020 election. US stocks rallied in the week’s remaining trading days after election day, even though Mr. Biden wasn’t officially declared the winner until that weekend.

But investors might be less sanguine this time around, especially if a challenge to a close result by either party gains traction with fellow lawmakers and election officials in swing states.

Trump and his allies for months have been signaling that they would challenge a defeat, claiming repeatedly that they are worried that large numbers of non-citizens will vote, though independent and state reviews show this practice is vanishingly rare.

Stocks notched sharp declines in late 2000, when the race between George W. Bush and Al Gore was undecided for more than a month after a challenge from Gore’s campaign based on disputed results in Florida, the clearest example of a contested election in recent US history.

From election day of 2000 until Gore conceded in mid-December, the S&P 500 slumped 5%, when sentiment was also weighed down by unease about technology shares and the broader economy. The index slid 7.6% for the November/December period overall in 2000.

Such volatility could cloud the outlook for what has tended to be a strong time for equities in election years. The S&P 500 has gained an average of 3.3% in the last two months of presidential election years since 1952, rising 78% of the time, according to Keith Lerner, co-chief investment officer at Truist Advisory Services.

Mr. Purves, of Tallbacken Capital, advises investors to hedge potential election-related volatility through puts contracts, which gain in value when stocks fall.

Kurt Reiman, head of fixed-income Americas and co-lead of the ElectionWatch at UBS Wealth Management, remains broadly positive on stocks, but he said investors should consider popular havens such as utility stocks and gold to buffer portfolios against a close or contested vote.

Stephanie Aliaga, global market strategist at JPMorgan Asset Management, said whatever volatility a potentially contested election causes would likely be mitigated once the uncertainty subsides.

“Elections create uncertainty, but election results ultimately diminish and reduce that uncertainty,” she said. “At the end of the day you do end up with this almost post-election boost or rally because the uncertainty is cleared.” — Reuters

One in eight girls and women raped or sexually assaulted before age 18, UNICEF says

MIKA BAUMEISTER-UNSPLASH

UNITED NATIONS — More than 370 million girls and women alive today, or one in every eight worldwide, experienced rape or sexual assault before the age of 18, the United Nations (UN) children’s agency said on Wednesday.

The number rises to 650 million, or one in five, when taking into account “non-contact” forms of sexual violence, such as online or verbal abuse, United Nations Children’s Fund (UNICEF) reported, in what it called the first global survey of the problem.

The report said that while girls and women were worst affected, 240 to 310 million boys and men, or around 1 in 11, have experienced rape or sexual assault during childhood.

“The scale of this human rights violation is overwhelming, and it’s been hard to fully grasp because of stigma, challenges in measurement, and limited investment in data collection,” UNICEF said in releasing the report.

It comes ahead of an inaugural Global Ministerial Conference on Ending Violence Against Children in Colombia next month.

UNICEF said its findings highlight the urgent need for intensified global action, including by strengthening laws and helping children recognize and report sexual violence.

UNICEF said sexual violence cuts across geographical, cultural, and economic boundaries, but Sub-Saharan Africa has the highest number of victims, with 79 million girls and women, or 22% affected. Eastern and South-Eastern Asia follow with 75 million, or 8%.

In its data for women and girls, UNICEF estimated 73 million, or 9%, were affected in Central and Southern Asia; 68 million, or 14%, in Europe and Northern America; 45 million, or 18%, in Latin America and the Caribbean, and 29 million, or 15%, in Northern Africa and Western Asia; Oceania, with six million, had the highest number affected by percentage, at 34%.

Risks were higher, rising to 1 in 4, in “fragile settings,” including those with weak institutions, UN peacekeeping forces, or large numbers of refugees, the report found.

UNICEF Executive Director Catherine Russell called sexual violence against children “a stain on our moral conscience.”

“It inflicts deep and lasting trauma, often by someone the child knows and trusts, in places where they should feel safe.”

UNICEF said most childhood sexual violence occurs during adolescence, especially between ages 14 and 17, and those who suffer it face higher risks of sexually transmitted diseases, substance abuse and mental health issues.

“(T)he impact is further compounded when children delay disclosing their experiences… or keep the abuse secret altogether,” UNICEF said.

It said increased investment in data collection was needed to capture the full scale the problem, given persistent data gaps, particularly on boys’ experiences.

UNICEF said it based its estimates of girls’ and women’s experiences on nationally representative surveys conducted between 2010 and 2022 in 120 countries and areas. It said estimates for boys and men were derived from a broader range of data sources and applied some indirect methods. — Reuters

Floods in South Asia expose gaps in regional climate cooperation

SAIKIRAN KESARI-UNSPLASH

DHAKA — As more extreme rainfall hits South Asia leading to floods that do not recognize national borders, regional countries must work together more to combat the mutual threat, experts said.

Heavy rains led to flash floods and landslides that killed some 200 people in Nepal last month in two days of incessant rains caused by low-pressure in the Bay of Bengal and neighboring parts of India. In August, a flash flood killed at least 71 near the border of India and Bangladesh.

Some 80% of major South Asian cities are at risk of flooding that could cost the region $215 billion a year by 2030, a 2021 report published by the World Bank said.

But despite larger and more frequent cross-border disasters, a trust deficit between South Asian countries has meant they have struggled to work together, and have instead often resorted to mutual recrimination.

India is Nepal’s biggest trading partner, but the two also have a number of border disputes. Similarly, Bangladesh and India have strong economic ties, but are in dispute over water sharing and the killing of people crossing the border illegally.

“No country in the region trusts others when it comes to riparian management, thanks to the political differences,” said Harsh Vasani, a professor of international studies at FLAME University in India.

A Bangladesh government adviser said the August flood was caused by India releasing water from a dam upstream without warning into a river flowing into Bangladesh.

India’s Ministry of External Affairs said live data had been shared with Bangladesh about the rising waters, but had stopped due to a power cut caused by the floods. It said the area had seen the “heaviest rains of this year” and in any case most of the water came from catchments downstream from the dam.

“Floods on the common rivers between India and Bangladesh are a shared problem inflicting sufferings to people on both sides, and requires close mutual cooperation towards resolving them,” the ministry said in a statement.

EARLY WARNINGS
Climate change is likely to trigger more frequent and more extreme weather events, such as the August flood, said Shaikh Rokon, head of Riverine People, a Bangladesh non-profit promoting stewardship of rivers and inshore wetlands.

“But climate change should not be made into a scapegoat for explaining away preparedness gaps within and between countries,” Mr. Rokon said.

The United Nations’ 2015 Sendai Framework for Disaster Risk Reduction says countries should provide early warnings and help communities make preparations before floods hit.

Forecasts and timely messaging have brought the death toll from monsoon floods to near zero in vulnerable communities in South Asia, said Dharam Raj Uprety from the Britain-based development organization Practical Action, which has implemented flood resilience projects in Bangladesh and Nepal.

But while monsoon floods can be predicted 10 to 12 days ahead, flash floods caused by rain give much less warning and that means alerting communities is a much bigger challenge, said Sardar Uday Raihan, executive engineer at the Flood Forecasting and Warning Centre in Bangladesh.

Bangladesh and India set up a joint river commission in 1972 to foster cooperation on flood warnings for the 54 rivers that cross their border. India and Nepal have a similar commission.

But it would help if there were real time data sharing on water released from dams and upstream water levels, Mr. Raihan said.

REGIONAL COOPERATION
Joint action is a rarity, said Sumit Vij, a professor at Wageningen University in the Netherlands. It makes little sense for each country to have its own strategy to adapt to the same floods, he said.

“Though we often stress on locally led adaptation, we actually need countries and areas over the same river basin or climatic region to align their adaptation efforts and share resources to deal with disasters,” Mr. Vij said.

One rare example of cooperation has been over the Koshi and Karnali rivers that flow from Nepal to India.

The project, implemented by Practical Action and other organizations, upgraded weather stations and set up a system to send mobile telephone alerts of rising waters.

While it was carried out mainly on the Nepalese side of the border, the project also benefited Indians living near the frontier who could also receive the flood warnings.

At present, Bangladesh and India have agreements on only a few of the rivers that pass between them. The two countries should formulate a single comprehensive agreement on all their 54 transboundary rivers instead of pursuing lengthy negotiations for each river separately, Vij said.

“We, South Asian nations, need to work together,” he said. — Thomson Reuters Foundation

Carbon removal efforts unlikely to avert catastrophe if world overshoots warming target, scientists say

ANNE NYGARD-UNSPLASH

SINGAPORE — Even greater efforts to strip carbon dioxide from the atmosphere will fail to avert climate change catastrophe as rising global temperatures threaten to cross a key threshold of 1.5 degrees Celsius (2.7 degrees Fahrenheit), scientists said on Wednesday.

The Intergovernmental Panel on Climate Change (IPCC) has said carbon dioxide removal (CDR) could help slow warming by reducing greenhouse gas already accumulated in the atmosphere, and even temperatures, especially if 1.5 C is exceeded.

However, even if removing carbon dioxide works, it can do nothing to mitigate other aspects of climate change, from sea level rises to changes in ocean circulation, scientists said in research published in the journal Nature on Wednesday.

“Even if you’ve brought temperatures back down again, the world we will be looking at will not be the same,” said Carl-Friedrich Schleussner of Austria’s International Institute of Applied Systems Analysis, one of the paper’s authors.

The research showed cutting temperatures from their peak could also prove harder than anticipated even if CDR is scaled up, particularly as melting permafrost and shrinking peatlands release methane and drive further warming.

CDR refers to a range of techniques that extract and store away CO2 already in the atmosphere, including natural solutions such as forests and ocean algae, as well as new technologies that filter carbon dioxide from the air.

Existing CDR capacity takes about 2 billion metric tons of CO2 out of the atmosphere every year, but that figure must rise to about 7 billion to 9 billion tons to meet the world’s climate goals, a separate research report said in June.

Yet there are limits to how much new forest can be planted and how much CO2 can be permanently sequestered, while current technologies are expensive, said Joeri Rogelj of Imperial College London, another co-author of the paper in Nature.

“If we are starting to use land exclusively for carbon management, this can strongly conflict with the other important roles of land, be it biodiversity (or) food production,” he told a briefing.

Even the most optimistic emissions reduction scenario in the IPCC’s latest assessment report, published last year, factored in the possibility of a small overshoot of 0.1 C.

Reversing that would require the removal of about 220 billion tons of CO2, while an overshoot of 0.5 C — also consistent with the IPCC’s best-case scenario – would need more than a trillion tons removed, Mr. Rogelj said.

“The risks the world exposes itself to (from) an overshoot are much larger than acknowledged,” he said.

“Only through ambitious emissions reductions in the near term can we effectively reduce the risks from climate change.” — Reuters

Globe Business pilots Deep Dive Dialogues to propel growing business’ digital transformation

Jonathan Cristobal, Globe Business Marketing Head, during his talk at the launch of Deep Dive Dialogues

Globe Business recently launched Deep Dive Dialogues, a business consultancy initiative designed to connect with growing businesses and empower them on their digital transformation journey.

Targeted at businesses that have established a foundational IT system but seek to optimize operations and drive sustainable growth, Deep Dive Dialogues offers expert and strategic counsel toward adopting critical solutions, such as cybersecurity, cloud infrastructure, and data analytics.

As businesses grow and evolve, challenges become increasingly complex which require a skillful hand to identify specialized digital solutions to address sophisticated requirements. Globe Business consultants possess the expertise to recognize pain points, determine opportunities for improvement, mitigate risks, and optimize operations.

By leveraging Globe Business’ ecosystem of technology partners, businesses can gain a competitive edge, improve efficiency, and drive sustainable growth.

“For businesses beyond the initial stages of digital adoption, the path to success often requires a more calculated approach. Deep Dive Dialogues is our commitment to providing expert insights and practical solutions that enable growing businesses to navigate the complexities of continuous transformation to unlock their full potential,” said KD Dizon, Head of Globe Business.

The event brought together a diverse group of growing businesses seeking to elevate their digital capabilities. Through a thought-provoking plenary session and personalized consultations, participants gained valuable insights into industry trends, best practices, and emerging technologies.

Key highlights of the event included sharing of insights on the latest digital trends and strategies, equipping participants with valuable information for informed decision-making. The session was followed by personalized consultations offering customized guidance and recommendations based on each business’s specific needs and objectives. Participants left the event with actionable plans to address their most pressing challenges and capitalize on emerging opportunities.

By fostering deeper engagement and providing targeted support, Deep Dive Dialogues serves as a catalyst for businesses to accelerate their digital transformation and achieve lasting success.

As a trusted partner of Philippine enterprises, Deep Dive Dialogues is part of Globe Business’s commitment to empowering companies with the digital solutions they need to thrive.

For more information on Globe Business, visit https://glbe.co/DeepDiveDialoguesPR.

 

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Biden and Netanyahu discuss Israel’s response to Iran missile strike

JOHANNES SCHENK-UNSPLASH

JERUSALEM/BEIRUT — US President Joseph R. Biden and Israeli Prime Minister Benjamin Netanyahu spoke on Wednesday about potential Israeli retaliation against Iran while Lebanon’s Hezbollah said its fighters pushed back advancing Israeli forces along the border.

The ground clashes, which are spreading along southern Lebanon’s mountainous frontier with Israel, took place with the Gaza war still raging and the Middle East on high alert awaiting Israel’s response to Iran’s missile strike last week.

Tehran lashed out over Israel’s escalation in Lebanon, which is aimed at degrading Iran-backed armed group Hezbollah.

Mr. Biden and Mr. Netanyahu talked about Israel’s plans in a call that lasted 30 minutes, the White House said.

The discussion was “direct and very productive,” White House Press Secretary Karine Jean-Pierre told reporters, while acknowledging the two leaders have disagreements and are open about them.

Mr. Netanyahu’s office confirmed the call without giving any immediate details on what was discussed. Israel’s UN Ambassador Danny Danon told reporters the two leaders held “a positive call, and we appreciate the support of the US.”

The pair agreed to remain in close contact in the coming days and Mr. Biden urged Mr. Netanyahu to minimize civilian harm in Lebanon, the White House said later.

Mr. Biden again condemned Iran’s attack on Israel, urged renewed diplomacy on Gaza and affirmed Israel’s right to defend itself against Hezbollah, the White House said.

Relations between Mr. Biden and Mr. Netanyahu have been tense over the Israeli leader’s handling of Gaza and Lebanon. The US has tried to prevent hostilities from escalating and has unsuccessfully sought to broker a ceasefire in Israel’s year-old war in Gaza against Hamas, which is also backed by Iran.

Israel has promised that arch-foe Iran will pay for its missile attack, which caused little damage, while Tehran has said any retaliation would be met with vast destruction, raising fears of a wider war in the oil-producing region that could draw in the United States.

Mr. Biden last week made comments discouraging Israel from striking Iranian oil fields and said he would not support Israel striking Iranian nuclear sites.

Israeli Defense Minister Yoav Gallant had been due to meet with his US counterpart in Washington on Wednesday, and Israeli media reports said the objective was to strengthen coordination on Iran.

But Mr. Gallant cancelled the visit as the reports said Netanyahu had set preconditions including holding the call with Mr. Biden, their first since August.

Some analysts say Israel is most likely to respond to Iran’s Oct. 1 attack by targeting Iranian military installations, especially those that produce ballistic missiles like those used in the attack. It could also seek to destroy Iranian air defense systems and missile-launching facilities.

In a video carried by Israeli media on Wednesday, Mr. Gallant reiterated plans for a lethal strike against Iran. “Our attack will be deadly, precise and above all surprising,” he said.

HEZBOLLAH PUSHES BACK ISRAELI TROOPS
Hezbollah said its fighters had fired several rocket salvoes at Israeli troops near the village of Labbouneh in the western part of the border area, close to the Mediterranean coast, and had managed to push them back. Hezbollah has been launching rockets against Israel for a year in support of Hamas in its conflict with Israel in Gaza. 

Further east, Hezbollah said it had attacked Israeli soldiers in the village of Maroun el-Ras and unleashed missile barrages at Israeli forces advancing towards the twin border villages of Mays al-Jabal and Mouhaybib.

Video posted on social media showed three Israeli soldiers raising their country’s blue and white flag in Maroun el-Ras, the first time in decades they are known to have done so on Lebanese territory Israel occupied from 1982 to 2000. Reuters confirmed the location based on visible geographic features.

Amin Sherri, a Hezbollah politician visiting displaced people in schools in Beirut on Wednesday, told reporters that Israeli forces had not been able to achieve their military aims and the Israeli flag raised in the south was up only briefly.

Rocket sirens sounded constantly across northern Israel, including in the major port city of Haifa, following heavy fire from Lebanon. Israel’s military said about 40 projectiles were launched in one barrage at Haifa, some of which were intercepted while others fell in the area.

Israeli ambulance workers said two people were killed in strikes on Kiryat Shmona near the border and at least six were wounded in Haifa.

Israel, meanwhile, launched airstrikes including at targets far from the border combat zone. The Lebanese health ministry said four people were killed and 10 wounded by a strike in the town of Wardaniyeh, north of Sidon along the coast.

Although the conflict has intensified, a proposal last month by the US and France for a 21-day truce between Israel and Hezbollah “is still on the table,” the top UN official in Lebanon said on Wednesday. Israel snubbed the idea at the time, but UN Special Coordinator for Lebanon Jeanine Hennis-Plasschaert told reporters via video from Beirut that it was still “very relevant, so we should not dismiss it.”

Israel’s bombardment of Lebanon has killed more than 2,100 people, most of them in the last few weeks, and forced 1.2 million from their homes. Israel says it has no choice but to strike Hezbollah so that tens of thousands of Israelis can return to homes they fled under Hezbollah rocket fire. — Reuters

SM kicks off Breast Cancer Awareness Month with Beautiful Girl

In celebration of Breast Cancer Awareness Month, SM Supermalls, through its corporate social responsibility arm SM Cares, recently held a one-of-a-kind ballet show in partnership with the Philippine Ballet Theatre. The event showcased powerful stories of breast cancer survival and advocacy through dance. It took place on Sept. 29 at the SMX Aura Convention Center in Taguig City.

Over 500 breast cancer warriors, families, and friends were in attendance to show support to the brave and resilient Beautiful Girls.

“We held this event to shed the spotlight on the stories of those who survived breast cancer and those who are fighting it, as a way to express our solidarity with them, and to inspire others to adopt a more proactive approach to breast cancer, not only for themselves but also for their loved ones,” said SM Cares Program Director for Women, Atty. Pearl Joan Jayagan Turley.

The ballet show also served as an avenue for SM CARES to raise P800,000 for the benefit of Philippine Foundation for Breast Care, Inc. (KASUSO). Partner organizations: Bingo Plus Foundation, Global Peace Foundation Philippines, Club Balai Isabel Hotel, Philippine Ballet Theatre, Bosom Buddies and Pink Parlour generously contributed to the success of the event and donation.

 

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Hospital group plots its tech investment strategy

The healthcare industry is “lagging in the adoption of cutting-edge technologies,” according to Jojo C. Dionaldo, group chief information officer of The Medical City. The hospital group is investing in its Project Polaris, a years-long undertaking that includes initiatives such as digital twins, a super app, and a centralized patient database across all the group’s hospitals and clinics.

Read the related article: Data integration is the game changer for Philippine healthcare – BusinessWorld Online

Interview by Patricia Mirasol
Video editing by Jayson Mariñas

HSBC mulls up to $300 mln cost-cutting plan, targeting senior roles, says FT

HSBC CEO Georges Elhedery is weighing cost-cutting measures that could save up to $300 million, targeting its senior bankers, the Financial Times reported on Thursday.

The plan comes at a time when the lender is considering a merger of its commercial and investment banking units, the FT report said, citing people familiar with the matter.

The merger will affect “the senior people and some of the larger roles  …  That’s the most expensive layer and that’s where the costs are,” the FT added.

HSBC did not immediately respond to a Reuters request for comment.

Last month, Bloomberg reported that HSBC was weighing the combination of its commercial and investment banking divisions to eliminate overlapping roles to cut costs.

In recent years, HSBC has also slashed its businesses in western markets such as the U.S., France, and Canada as it focuses on Asia and markets where it has scale. – Reuters

Mexico passes inflation-matching minimum-wage reform

STOCK PHOTO | Image by Jorge Carlos from Pixabay

MEXICO CITY – Mexico’s Senate unanimously passed a constitutional reform guaranteeing the country’s minimum wage will be revised annually to at least match inflation.

 

WHY IT’S IMPORTANT

Around four in 10 Mexicans earn the minimum wage or less. The reform is meant to cement a floor for annual wage increases, although the previous administration of President Andres Manuel Lopez Obrador backed some of the highest wage increases in decades.

His successor, President Claudia Sheinbaum, has promised annual minimum wage increases of about 12%.

 

CONTEXT

The reform, which already passed in the lower house, had been proposed by Mr Lopez Obrador before leaving office. Congress is currently working through a long list of constitutional reforms sent by Mr. Lopez Obrador, including a controversial judicial reform that passed last month.

 

BY THE NUMBERS

The minimum wage in Latin America’s No. 2 economy currently stands at 248.93 pesos ($12.80) a day.

Sheinbaum has said her government will work to gradually raise the minimum wage to cover the cost of 2.5 basic food baskets, or a standardized list of common grocery items for two people to live on per day, up from the current 1.6.

 

KEY QUOTE:

“Mexicans’ wages will no longer fall victim to inflation,” ruling party Senator Oscar Canton said. “We urgently need a Mexico where the minimum wage no longer sentences someone to a life of poverty.”

WHAT’S NEXT

The reform will now be sent to state legislatures for vote. It is expected to pass in a majority of states. – Reuters

China to hold nationwide survey on population changes

JOSEPH CHAN-UNSPLASH

HONG KONG – China’s National Bureau of Statistics said it will conduct a nationwide sample survey from Thursday to “accurately” monitor population changes and better plan economic and social policies, as authorities struggle to boost a fall in births.

The survey, which will run until Nov. 30, comes after the bureau conducted a similar poll in 2023.

Beijing is urgently trying a variety of measures to incentivise young couples to have children after China posted a second consecutive year of population decline in 2023.

Rapid aging has become a growing concern for policymakers, with China’s cohort of those aged 60 and older expected to rise at least 40% to more than 400 million by 2035, equal to the populations of Britain and the United States combined.

The survey will focus on urban and rural areas to “accurately and timely monitor and reflect the development and changes in population” and help formulate “national economic and social development plans,” the bureau said in a statement.

Local governments and personnel will be held accountable for any “illegal acts” during survey work, and all sectors of society must “actively support and cooperate” with the survey, it said.

Population development has often been linked to the strength and “rejuvenation” of China in state media, amid the declining birth rate and widespread concerns by citizens on the difficulties of raising children.

Chinese health officials said in September that they would focus more efforts on advocating marriage and childbirth at appropriate ages and called for shared parenting responsibilities to guide young people towards “positive perspectives on marriage, childbirth and family”.

Many young Chinese are opting to remain childless due to high childcare costs, an unwillingness to marry, or put their careers on hold in a traditional society where women are still seen as the main care-givers and where gender discrimination remains rife.

The number of marriages in the first half of this year fell to its lowest level since 2013, official data showed.

China last conducted its once-in-a-decade census of the entire population in November 2020, which showed the population grew at the slowest pace since the first modern survey in the 1950s. – Reuters

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