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Fitch Ratings puts ‘negative’ outlook on France, citing increased risks

THE OLYMPIC CAULDRON and the Arc de Triomphe after sunset in Paris, France, July 30, 2024. — REUTERS

PARIS — Credit ratings agency Fitch revised France’s outlook to “negative” from “stable” on Friday, citing increases in fiscal policy and political risks.

“This year’s projected fiscal slippage places France in a worse fiscal starting position, and we now expect wider fiscal deficits, leading to a steep rise in government debt towards 118.5% of GDP by 2028,” Fitch said in a statement, while maintaining France’s rating at “AA-.”

France’s public finances have sharply deteriorated this year as tax income fell short of expectations and spending exceeded them, leaving French debt at risk of a ratings downgrade.

The government presented a 2025 budget on Thursday that aims to reduce the hole in the public finances by 60 billion euros ($65.5 billion) through spending cuts and tax hikes focused on the wealthy and big companies.

“The 2025 budget that we just presented reflects the government’s determination to put the public finances on a better path and get debt under control,” Finance Minister Antoine Armand said in a statement.

Fitch said that high political fragmentation and a minority government complicate France’s ability to deliver on getting its public finances on a sounder footing. — Reuters

Britain launches new industrial plan ahead of investor summit

REUTERS

LONDON — Britain on Sunday launched a first formal strategy for industry in seven years, as the new Labor government pledged greater stability and certainty for businesses on the eve of a major investment summit in London.

Britain’s manufacturers have been calling for a new industrial strategy from government, which they say would give them certainty over long-term policy direction in a post-Brexit, post-pandemic world which has undergone energy shocks and high inflation.

Make UK, the sector’s trade body, has said the UK is the only major economy not to have a comprehensive industrial plan in place. Britain last published an industrial strategy under former Prime Minister Theresa May’s government in 2017.

Details of the new industrial strategy would be laid out in a consultation document, known as a green paper, to be published at 0830 GMT on Monday.

The government said it would focus on eight growth sectors: advanced manufacturing, clean energy, creative industries, defense, digital and technologies, financial services, life sciences, and professional and business services.

“Our modern Industrial Strategy will hardwire stability for investors and give them the confidence to plan not just for the next year, but for the next 10 years and beyond,” business and trade minister Jonathan Reynolds said in a statement.

The government also named Microsoft UK Chief Executive Officer Clare Barclay as chair of its new Industrial Strategy Advisory Council.

The launch of the strategy coincides with Britain’s investment summit on Monday.

It also comes after Prime Minister Keir Starmer’s Labor marked 100 days in power on Saturday, a rocky period marked by row over politicians accepting freebies and the resignation of Mr. Starmer’s chief of staff. — Reuters

Harris releases medical report in effort to draw contrast with Trump

UNITED STATES VICE PRESIDENT Kamala Harris speaks at her Presidential Campaign headquarters in Wilmington, Delaware, US, July 22, 2024. — ERIN SCHAFF/POOL VIA REUTERS

WASHINGTON — Vice-President Kamala Harris, the Democratic presidential nominee, released a letter from her doctor on Saturday that pronounced her in good health and fit for high office, in an effort to draw a contrast with her counterpart, Donald Trump.

In a memo distributed by the White House, the vice president’s physician, Joshua Simmons, said Ms. Harris’s most recent physical exam in April was “unremarkable,” that she maintains an active lifestyle and “very healthy diet” despite a busy schedule, suffers from seasonal allergies and sporadic hives, does not use tobacco and drinks alcohol only in moderation.

“She possesses the physical and mental resiliency required to successfully execute the duties of the Presidency, to include those as Chief Executive, Head of State and Commander in Chief,” the doctor wrote.

Ms. Harris, 59, is running against Republican Trump, 78, for the White House. She made her medical information public on Saturday in an effort to draw attention to his refusal to do so, according to a Harris aide.

Ms. Harris said Mr. Trump’s reluctance to provide a detailed medical reports is the latest example of his lack of transparency.

“I think that it’s obvious that his team, at least, does not want the American people to see everything about who he is,” Ms. Harris told reporters before boarding a plane to North Carolina.

Mr. Trump has voluntarily released updates from his personal physician, as well as detailed reports from medical doctor Ronny Jackson who treated him after the first assassination attempt, Steven Cheung, Trump Campaign Communications Director, said in a statement

“All have concluded he is in perfect and excellent health to be Commander in Chief,” Mr. Cheung said.

The Harris campaign is eager to highlight the former president’s age since he became the oldest candidate in the race. President Joseph R. Biden, 81, stepped aside as the Democratic standard bearer following a poor debate performance against Mr. Trump.

Locked in a tight race. Ms. Harris’ campaign hopes that contrasting her comparative youth and mental acuity with Mr. Trump’s more advanced age and tendency to meander, along with the differences in transparency between the two, will help convince undecided voters that she is more fit for office.

A White House doctor said in 2018 when Mr. Trump was in office that he was in overall excellent health then but needed to shed weight and start a daily exercise routine.

Mr. Simmons said Ms. Harris’s allergies had been well-managed with over-the-counter and prescription medications.

Her urticaria or hives were “sporadic and transient and do not seem to be triggered by any particular exposure nor are they associated with other symptoms” and respond well to antihistamine treatment.

Ms. Harris has been on allergen immunotherapy for the last three years, dramatically improving her allergy and urticaria symptoms and negating her need for medication other than occasional nasal spray, he said.

Ms. Harris wears contact lenses. Her family history includes her mother’s colon cancer. Harris was up to date on preventative health procedures including colonoscopy and annual mammograms, he said. — Reuters

Vietnam, China sign 10 documents during Chinese Premier’s visit to Hanoi

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

HANOI — Vietnam and China signed 10 agreements ranging from agriculture cooperation to cross-border QR code payments on Sunday, during Chinese Premier Li Qiang’s three-day visit to Hanoi.

China is Vietnam’s largest trading partner and a vital source of imports for its manufacturing sector, with bilateral trade jumping 21% for the first three quarters from the same period last year to $148 billion.

The signing ceremony followed Li’s meeting with Vietnamese Prime Minister Pham Minh Chinh. Li and Vietnam’s Communist Party chief, President To Lam, agreed on Saturday to boost economic ties, farm produce cooperation.

Vietnam and China also signed a document on updating progress on cross-border railway links related to site survey.

The two Asian neighbors have repeatedly showed interest in boosting rail links but have not announced concrete plans or the estimated costs to upgrade connections.

The main route relies on tracks connecting Kunming in the southern Chinese province of Yunnan to Hanoi and the Vietnamese port city of Haiphong. That railway was built by the French during their colonization of Vietnam more than a century ago and is still in use in Vietnam. China has replaced its route with high-speed connections.

On Saturday, the National Payment Corp of Vietnam and China’s UnionPay International signed an agreement to deploy cross-border payment between the two countries. Reuters

Most important for cybersecurity is the human factor

FREEPIK

by Patricia B. Mirasol, Producer

Experts highlighted the importance of the human factor in combatting cyberthreats in an October 9 forum by P&A Grant Thornton, a professional services firm. 

Social engineering (the use of deception to manipulate people into giving away private information) is as potent now as it was back in 2000, Leonard B. Duque, CIO of the company’s technology solutions group, said. 

“It’s still the number one entry of cyberattacks,” he said.  

Human error is cybersecurity’s bane, according to Mr. Duque. 

“When employees ignore your guidance and click on links, those are human-based mistakes… When upper management doesn’t prioritize cybersecurity, that’s a human decision,” he added. 

According to a 2023 workforce study by ISC2, a non-profit organization for cybersecurity professionals, the top three skills gaps at an organization are cloud computing security (35%), artificial intelligence/machine learning (32%), zero trust implementation (29%). 

Artificial intelligence (AI) is already the fastest growing technology in history, according to Alexis C. Bernardino, field CISO and head of enterprise consulting practices at PLDT Enterprise. 

“It took the Internet 23 years to reach 1 billion users. It will only take AI 7 years to reach the same number,” he said.  

“With that adoption,” he added, “the attack surface will increase.” 

Most of the cyberthreats identified in 2022 by the European Union Agency for Cybersecurity (ENISA) are related to AI, Jeffrey Ian C. Dy, undersecretary for the Department of Information and Communications Technology (DICT), noted in the same event. 

That said, “no firewall is stronger than a workforce trained to think critically, adapt rapidly, and respond decisively.”  

Even end-users have to be concerned, Mr. Dy said. 

“The number one identified threat identified by ENISA is supply chain compromise, [yet] cybersecurity can’t just be the vendor’s responsibility,” he said. 

“We’re trying to get legislation onboard such that it also becomes your concern,” he told the event audience.  

Mr. Dy added that the DICT is collaborating with social media platforms to implement automatic information labeling. The initiative aims to improve public understanding and surface “verified sources of truth.” 

Human-centricity is the trend in security design practices in 2024, according to findings by Gartner, Inc., a research and consulting firm. 

By 2027, 50% of large enterprise CISOs will have adopted such an approach, the research showed. 

“In the early 2010s, the focus was on technical implementation,” Mr. Duque said. “The catalyst for the security awareness shift was COVID.”

Think of it as a shared responsibility, advised Mr. Bernardino. 

Ang trabaho po natin is pahirapan ang buhay nung [Our role is to make it hard for the] hacker to be able to exfiltrate data,” he said. 

“If employees are made aware, they could be the first line of defense and force multiplier in cybersecurity,” he added. 

The Philippines has an overall score of 93.49 – up from 77 in 2020 – in the Global Cybersecurity Index of 2024. The area where the country most improved is in workforce capabilities. 

Using TikTok fosters growth, but also challenging for big businesses

REUTERS

by Almira Louise S. Martinez, Reporter

Maximizing all features of the social media platform TikTok poses high reward for businesses, TikTok Head of Partnerships – Philippines, Thailand, and Vietnam Sea Yen Ong said on Thursday.   

“When we look at the advertisers and how they measure return on ad spend (ROAS), TikTok is actually 2 times stronger across media averages,” Mr. Ong said in a roundtable discussion.  

Since its launch in 2016, the social media giant TikTok has grown to over 325 million active users in Southeast Asia, wherein 49.9 million are in the Philippines.  

In research done by the application, 61% of users have purchased directly on TikTok or online after seeing an ad on the platform.  

With a ‘test and learn’ mindset, a multinational company experienced a positive outcome after signing up on the application.  

“With TikTok, we actually saw it as overtaking one of the big platforms where we get most of our revenue just in this year alone,” Nestlé Philippines eBusiness Digital Marketing Manager Clarisse Francesca Yeung said at the TikTok Unboxed Philippines 2024.  

Ms. Yeung pointed out that their company earned triple-digit millions after a year on the entertainment medium despite experiencing hardships in their first few months.

“We don’t even know how many accounts to open… We just tried one and we tried to make it an effort to make videos every day,” she said. 

Big brands are also challenged to produce videos that are different from the traditional long-form and horizontal formats for TV commercials, according to Ms. Yeung.  

“It was really difficult getting videos out because they wanted a really nicely done video,” she said.  

Further, Ms. Yeung said that brands often struggle to adapt to online content because it “looks so mainstream, especially if you’re handling a very premium brand.”  

“It’s more of unlearning to learn something,” she added. 

BingoPlus Foundation, DigiPlus bring clean water to 15,000 residents in Dumanjug, Cebu

Over 15,000 residents across 11 barangays in Dumanjug are directly benefited by BingoPlus Foundation’s Project Clean Water.

DigiPlus Interactive, through its social development arm, BingoPlus Foundation, recently launched Project Clean, an initiative aimed at improving water safety for 15,000 residents in Dumanjug, Cebu. This critical project addresses the severe public health challenges posed by inadequate access to clean water, providing essential support to the local community.

Diarrhea remains the third leading cause of death among Filipino children, primarily due to contaminated water. In response, the BingoPlus Foundation donated 138 advanced water filters, 11 rainwater catchment tanks, and provided extensive water sanitation training through its sustained collaboration with Waves4Water. These efforts will directly benefit residents across 11 barangays, ensuring access to cleaner, safer water and significantly reducing the risk of water-borne diseases.

As part of its KalusuganPLUS Program, under the Accessible Healthcare advocacy pillar, Project Clean tackles the pressing issue of sustainable access to clean water in Cebu. With the National Water Resource Board citing Cebu as one of the most water-stressed areas, the provision of MVP filters—capable of purifying up to 3 million liters of water without electricity and designed for long-term use—represents a vital step toward sustainable water solutions.

Angela Camins-Wieneke, Executive Director of the BingoPlus Foundation, emphasized, “Project Clean exemplifies our dedication to transforming lives through sustainable and impactful healthcare solutions. By equipping communities with the tools and knowledge they need, we aim to safeguard their health and improve their quality of life.”

Pilar Fernandez, Nurse and Sanitation Inspector at the Dumanjug Rural Health Unit, highlighted the local impact: “We frequently see cases of children suffering from diarrhea and amoebiasis due to unsafe water. The water in our rivers may look clear but is often contaminated. Project Clean will greatly enhance the safety of our water sources, protecting our community’s health.”

Project Clean is part of a larger P15 million donation from BingoPlus during the Cebu Carnival, which also includes substantial aid in the wake of Typhoon Carina, apart from various projects dedicated in Cebu.

Dr. Reynilee Christine Cabilin, Department Head of the Municipal Health Office of Dumanjug, expressed gratitude, stating, “We are deeply grateful for BingoPlus Foundation’s generous support. This timely aid will make a significant difference, particularly for those in remote areas, and help us recover from the impacts of Typhoon Carina.”

The BingoPlus Foundation is committed to making a lasting impact through innovative and responsible corporate social responsibility initiatives. With a focus on accessible healthcare and community support, the Foundation has increased its outreach budget to over P100 million, underscoring its dedication to social welfare and sustainable development.

For more information about the BingoPlus Foundation, visit https://digiplus.com.ph/bingoplus-foundation/.

 


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Fortis Residences offers unmatched value in Makati’s upscale condo scene

Leisure Pool (Artist’s Illustration)

As the Philippines’ premier business district, Makati City is known for its upscale residential condominiums, but most developments come with a trade-off between value and comfort.

Fortis Residences by DMCI Homes Exclusive on Chino Roces Avenue stands out by offering more value at an impressive price point.

Designed for those with a discerning taste, Fortis Residences offers a refined living experience with its generous living spaces and top-tier amenities that balance modern sophistication with the utmost convenience of city living.

Redefining Space and Comfort

While most developments in the area are known for their limited unit sizes and amenities, the 7,200-square meter development offers units options ranging from 55.5 sq.m. to 154 sq.m., giving residents the luxury of space rarely found in the city’s upscale condo market.

Upgraded 2-bedroom viewing unit (Actual Photo)

These units are not only spacious but are also designed with premium features to ensure the utmost comfort and style. Fortis Residences boasts large picture windows, built-in closets, digital door locks, and top-quality furnishings upon turnover. Split-type air-conditioning units, range hood, water heater for both the toilet and bath and sink, and fast Wi-Fi connection are available upon moving in, making life more convenient for incoming residents.

This emphasis on space and thoughtful design makes Fortis Residences an attractive option for those seeking more than just a place to live — it’s a home that complements a refined way of life.

Resort-Inspired Amenities at Your Doorstep

Developed by the Philippines’ leader in resort-style developments, Fortis Residences offers more than just spacious interiors — it provides a genuine resort-inspired lifestyle with its wide range of amenities.

Unlike most Makati condos with limited facilities, Fortis Residences provides homeowners with three swimming pools, including a Sky Deck pool where residents can swim while enjoying panoramic views of the city.

Sky Deck Pool (Artist’s Illustration)

For those who value outdoor spaces, Fortis Residences boasts beautiful gardens and open areas that provide a tranquil escape from the urban hustle. Residents can also unwind in the Sky Lounge, which offers a stylish space to relax or socialize. For the more active, the basketball court and various lounge areas provide venues for both exercise and community interaction.

Expansive Ground Floor

The wide-open ground floor is another standout feature.

Unlike the typical enclosed lobbies of most upscale condominiums in Makati, Fortis Residences offers an open, welcoming space that adds to the feeling of freedom and connection with nature.

Reception Lobby (Artist’s Illustration)

This design also enhances the living experience, making it possible for residents to enjoy both privacy and a sense of community within the building.

Strategic, High-Growth Location

Location is key, and Fortis Residences benefits from being part of the Makati Southwest Gateway — an up-and-coming commercial strip along Chino Roces Avenue. The redevelopment of this strip, as planned by the Makati City Government, provides space for new commercial establishments and residential developments to rise within the city.

This prime location also places residents near major business districts like the Makati CBD and Bonifacio Global City (BGC), while also providing easy access to EDSA, Skyway Stage 3, and the South Luzon Expressway for seamless travel around Metro Manila and beyond. The proximity to airports, malls, restaurants, schools, and hospitals further adds to the convenience of living at Fortis Residences.

Building Facade (Artist’s Illustration)

What makes Fortis Residences even more compelling is its exceptional value in the upscale Makati condo market. With larger unit sizes, premium features, and a wide range of resort-inspired amenities, it offers more for your investment compared to other properties in the area. The development’s strategic location in a fast-growing commercial hub only enhances its potential for long-term value appreciation.

A Unique Blend of Comfort and Style

Fortis Residences combines elegance, space, and convenience in a way that few other Makati condos can. Its spacious units and generous amenities offer a rare blend of upscale living and comfort, making it a standout choice for those seeking more than just a home in the Philippines’ Financial Capital.

For individuals or families looking for a place that accommodates both work and leisure, Fortis Residences presents a unique opportunity to invest in a property that delivers exceptional value, comfort, and a prestigious address in Makati’s fast evolving landscape.

With its focus on space, premium features, and resort-inspired amenities, Fortis Residences is redefining what it means to live in an upscale Makati condo. Unit turnover starts in December 2027.

Underpinned by exceptional quality that DMCI Homes has long been known for, each DMCI Homes Exclusive property is designed to possess an inherent rarity, be it in location, master plan or development features. To learn more about DMCI Homes Exclusive, visit www.dmcihomes.com or call (632) 5324-8888. News and other updates are also posted on the company’s official social media accounts on Facebook, Twitter, Instagram, and YouTube.

 


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Israeli strikes kill 22 in Beirut as Hezbollah official evades assassination

SMOKE rises over Beirut’s southern suburbs after a strike, amid ongoing hostilities between Hezbollah and Israeli forces, as seen from Sin El Fil, Lebanon, Oct. 1, 2024. — REUTERS

 – Israeli strikes killed 22 people and injured more than 100 in central Beirut on Thursday, Lebanese authorities said, as a senior Hezbollah official evaded an Israeli assassination attempt in the city, according to three security sources.

In Lebanon’s south, two United Nations peacekeepers were injured when an Israeli tank fired at a watchtower at the force’s main headquarters in Naqoura, prompting the U.N. to say its personnel were facing increasing danger.

The conflict between Israel and Hezbollah erupted one year ago when the Iranian-backed group opened fire in support of Palestinian militant group Hamas at the start of the Gaza war.

It has intensified dramatically in recent weeks, with Israel bombing Beirut’s southern suburbs, the south and the Bekaa Valley, and killing many of Hezbollah’s top leaders.

Wafiq Safa, who heads Hezbollah’s liaison and coordination unit responsible for working with Lebanese security agencies, was targeted by Israel on Thursday night but survived, the security sources said.

The Israeli strikes hit a densely packed residential neighborhood of apartment buildings and small shops in the heart of Beirut.

“I was praying. We heard the first strike and I thought it was in my house. The second one was much more powerful than the first one,” said Ala’a Baydoun, a resident whose house was damaged. “I went to see where the strike was and I saw that in my house, the glass and windows had shattered. We came and saw this scene. It was a horrifying scene, it was something unbelievable.”

Israel did not issue evacuation warnings ahead of the strikes and had not previously attacked the area, which is removed from Beirut’s southern suburbs where Hezbollah’s headquarters have been repeatedly bombed by Israel.

Lebanon’s Health Ministry reported 22 people killed and 117 wounded. Among the dead was a family of eight, including three children, who had evacuated from the south, according to a security source.

Israeli strikes have killed at least 2,169 people in Lebanon over the last year, the Lebanese government said in its daily update. The majority have been killed since Sept. 23, when Israel expanded its military campaign. The toll does not distinguish between civilians and combatants.

The attempt to kill Safa, whose role merges security and political affairs, marked a widening of Israel’s targets among Hezbollah officials, which previously focused on the group’s military commanders and top leaders.

There was no immediate comment on the incident by Israel or by Hezbollah.

Lebanese authorities and Hezbollah have both endorsed a ceasefire as a means to end the conflict, but diplomats fear that diplomacy has taken a back seat to military operations.

Lebanon’s acting U.N. Ambassador Hadi Hachem told the council that “only diplomatic solutions and the implementation of international resolutions, the commitment to international law and international humanitarian law is the means to end this war and this aggression.”

 

PEACEKEEPERS ‘IN JEOPARDY’

Israel did say it had killed Muhammad Abdullah, the head of the Islamic Jihad’s network in the Palestinian refugee camp of Nur Shams in the West Bank. The Palestinian health ministry said on Friday that two people were killed in an Israeli strike on Nur Shams.

Abdullah, who Israel said had been involved in a number of attacks against its soldiers, was killed along with another “terrorist” in a strike near Tulkarm, the military and security agency said in a statement on Friday.

The United Nations’ peacekeeping force in Lebanon, UNIFIL, said two of its personnel were injured when an Israeli tank fired at a watchtower on Thursday at its main headquarters in Naqoura, hitting the tower and causing the peacekeepers to fall.

The two peacekeepers were from Indonesia’s contingent and were in good condition after being treated for light injuries, Indonesia Foreign Minister Retno Marsudi said in a statement.

The safety of more than 10,400 U.N. peacekeepers in Lebanon is “increasingly in jeopardy” and operations have virtually halted since late September, U.N. peacekeeping chief Jean-Pierre Lacroix told the Security Council. That coincides with Israel’s escalation of its conflict with Lebanon.

UNIFIL called attacks on peacekeepers “a grave violation of international humanitarian law.”

The White House said the U.S. was deeply concerned by reports that Israeli forces fired on U.N. positions and was pressing Israel for details.

Israel’s military said in a statement its troops operated in the Naqoura area, “next to a UNIFIL base.”

“Accordingly, the IDF instructed the U.N. forces in the area to remain in protected spaces, following which the forces opened fire in the area,” Israel’s statement said, adding it maintains routine communication with UNIFIL.

The peacekeepers are determined to remain at their posts despite Israeli attacks and orders by Israel’s military to leave, the force’s spokesperson Andrea Tenenti said.

In New York, Israel’s U.N. Ambassador Danny Danon said Israel recommends UNIFIL relocate 5 km (3 miles) north “to avoid danger as fighting intensifies”.

Danon said attacking Hezbollah was necessary so 70,000 displaced Israelis could return to homes in northern Israel.

The Middle East remains on high alert for further escalation in the region, awaiting Israel’s response to an Iranian missile strike on Oct. 1.

U.S. vice president and Democratic presidential candidate Kamala Harris said de-escalation was needed.

“We have got to reach a ceasefire,” Harris told reporters as she departed Las Vegas, while commenting on the situations in Gaza and Lebanon. “We’ve got to de-escalate.”

A ceasefire remains elusive in Gaza and Lebanon. Washington’s occasional condemnation of Israel over civilian deaths has mostly been verbal with no substantive change in policy. – Reuters

Bangladesh likely to keep power deal with India’s Adani, sources say

 – Bangladesh is likely to set aside pricing concerns and retain a power purchase pact with India’s Adani Power, in the face of supply worries and gloomy prospects for a legal challenge, two sources with direct knowledge of the matter said.

The new government has set up a panel to gauge whether its predecessor’s contracts adequately protected the nation’s interests, particularly projects faulted for lack of transparency that were initiated under a special expediting law.

One contract being scrutinized over price concerns is a 2017 deal to buy electricity for 25 years from Adani’s $2-billion, 1,600-MW power plant in India’s eastern state of Jharkhand that exclusively supplies Bangladesh.

The project meets nearly a tenth of Bangladesh’s demand for power, so cancelling the Adani deal outright would be difficult, however, said one of the sources. Both spoke on condition of anonymity as the matter is a sensitive one.

Also, a legal challenge in an international court was likely to fail without strong evidence of wrongdoing, the source added.

While an exit may not be possible, the only feasible option could be a mutual agreement to reduce the tariff, the second source said.

Asked for comment on the remarks, Muhammad Fouzul Kabir Khan, the power and energy adviser, or de facto minister in the interim government, said, “The committee is currently reviewing the matter, and it would be premature to comment.”

The Adani power costs Bangladesh about 12 taka ($0.1008) a unit, an official of the Bangladesh Power Development Board said, citing the latest audit report for financial year 2023/24.

That is 27% higher than the rate of India’s other private producers and as much as 63% more than Indian state-owned plants, he added.

Under the deal, Bangladesh has been sourcing electricity since April 2023 from Adani, along with about 1,160 MW from other Indian plants.

Adani has had “no indication” that Bangladesh is reviewing the agreement, a spokesperson in India said.

“We continue to supply power to Bangladesh despite mounting dues, which are of significant concern and are rendering plant operations unsustainable,” the spokesperson said.

Dhaka is struggling to clear dues of $800 million to Adani Power, among more than $1 billion owed to Indian power companies, because of difficulty in accessing dollars to make payment.

“We are in constant dialogue with senior officials of the Bangladesh Power Development Board and the government, who have assured us our dues will be cleared soon,” the Adani spokesperson added.

Adani Power was confident Dhaka would fulfil its commitments, just as the company had met its contract terms, the spokesperson added, but did not respond to a query on why its rates exceeded those of other suppliers.

Nevertheless, domestic critics, such as the Bangladesh Nationalist Party (BNP) of former premier Khaleda Zia, say pricing concerns make a review of the deal necessary.

“The deal with Adani has raised serious concerns about overpricing from the start, and it’s a positive step that the government is now reviewing it,” said senior party leader Zainul Abdin Farroque.

“I hope they make the right decision.”

The interim government led by Nobel laureate Muhammad Yunus took power in Bangladesh in August after deadly protests prompted then Prime Minister Sheikh Hasina to resign and flee to neighboring India. – Reuters

ByteDance’s TikTok cuts hundreds of jobs in shift towards AI content moderation

FREEPIK

 – Social media platform TikTok is laying off hundreds of employees from its global workforce, including a large number of staff in Malaysia, the company said on Friday, as it shifts focus towards a greater use of AI in content moderation.

Two sources familiar with the matter earlier told Reuters that more than 700 jobs were slashed in Malaysia. TikTok, owned by China’s ByteDance, later clarified that less than 500 employees in the country were affected.

The employees, most of whom were involved in the firm’s content moderation operations, were informed of their dismissal by email late Wednesday, the sources said, requesting anonymity as they were not authorized to speak to media.

In response to Reuters’ queries, TikTok confirmed the layoffs and said that several hundred employees were expected to be impacted globally as part of a wider plan to improve its moderation operations.

TikTok employs a mix of automated detection and human moderators to review content posted on the site.

ByteDance has over 110,000 employees in more than 200 cities globally, according to the company website.

The technology firm is also planning more retrenchments next month as it looks to consolidate some of its regional operations, one of the sources said.

“We’re making these changes as part of our ongoing efforts to further strengthen our global operating model for content moderation,” a TikTok spokesperson said in a statement.

The company expects to invest $2 billion globally in trust and safety this year and will continue to improve efficiency, with 80% of guidelines-violating content now removed by automated technologies, the spokesperson said.

The layoffs were first reported by business portal The Malaysian Reserve on Thursday.

The job cuts occur as global technology firms face greater regulatory pressure in Malaysia, where the government has asked social media operators to apply for an operating license by January as part of an effort to combat cyber offences.

Malaysia reported a sharp increase in harmful social media content earlier this year and urged firms, including TikTok, to step up monitoring on their platforms. – Reuters

Tesla CEO Musk unveils ‘Cybercab’ robotaxi as focus shifts to automation

BRET HARTMAN / TED/FLICKR

Elon Musk showcased a robotaxi with two gull-wing doors and no steering wheel or pedals at a splashy event on Thursday and added a robovan to the roster as Tesla’s goal shifts from low-priced mass-market automaker to robotics manufacturer.

Musk reached the stage in a “Cybercab” which he said will go into production in 2026 and be priced less than $30,000. He said operation will cost 20 cents a mile over time and charging will be inductive, requiring no plugs.

He said the cars rely on artificial intelligence and cameras and do not need other hardware such as what robotaxi rivals use – an approach investors and analysts have flagged as challenging both from a technical and regulatory stand point.

“The autonomous future is here,” Mr. Musk said. “We have 50 fully autonomous cars here tonight. You’ll see model Ys and the Cybercab. All driverless.”

Mr. Musk also showcased a larger, self-driving vehicle – called Robovan – capable of carrying up to 20 people, and showed off Tesla’s Optimus humanoid robot.

Mr. Musk’s plan is to operate a fleet of self-driving Tesla taxis that passengers can hail through an app. Individual Tesla owners will also be able to make money on the app by listing their vehicles as robotaxis.

Thursday’s event at the Warner Bros studio near Los Angeles, California, is titled “We, Robot” – an apparent nod to the “I, Robot” science-fiction short stories by American writer Isaac Asimov, but also echoes Mr. Musk’s insistence that Tesla “should be thought of as an AI robotics company” rather than an automaker.

Those attending included investors, stock analysts and Tesla fans.

Investors expecting concrete details on how quickly Tesla can ramp up robotaxi production, secure regulatory approval and implement a strong business plan to leapfrog rivals such as Alphabet’s GOOGL.O Waymo were left disappointed.

“Everything looks cool, but not much in terms of time lines, I’m a shareholder and pretty disappointed. I think the market wanted more definitive time lines,” said Dennis Dick, equity trader at Triple D Trading. “I don’t think he said much about anything… He didn’t give much info.”

Mr. Musk said he tends to be optimistic with time frames.

 

MISSED PROMISES

Mr. Musk said in 2019 he was “very confident” the company would have operational robotaxis by the next year. After missed promises, Musk this year diverted his focus to developing the vehicles after scrapping plans to build a smaller, cheaper car widely seen as essential to countering slowing EV demand.

Tesla is at risk of posting its first-ever decline in deliveries this year as buying incentives have failed to attract enough customers to its aging EV lineup. Steep price cuts meant to offset high interest rates have also squeezed profit margins.

Complicated technology and tight regulation have led to billion of dollars in loss for other companies attempting to crack the robotaxi market, forcing some to shut shop.

Some are still pushing, including General Motors’ Cruise, Amazon’s Zoox and Chinese firms such as WeRide.

Unlike expensive hardware such as lidar that others use, Musk is relying only on cameras and AI to run FSD to keep costs down. But FSD, which requires constant driver attention, has faced regulatory and legal scrutiny with at least two fatal accidents involving the technology.

“We do expect to start fully autonomous unsupervised FSD in Texas and California next year,” Mr. Musk said. “That’s with the Model 3 and Model Y.”

He did not say if the robotaxis will use any new technology or depend on FSD. – Reuters