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Davao City business chamber urges revisit of Sasa Port upgrade plan

THE DAVAO CITY business sector has called on government to revisit the planned modernization of the Sasa wharf, a proposal that became controversial during the previous administration. “We need it badly. The condition of the wharf should not only be upgraded but modernized if we want more investments to come to the city,” Davao City Chamber of Commerce and Industry, Inc. President   Arturo M. Milan told BusinessWorld Wednesday, March 7. Among the proposals being pushed on the Sasa Port upgrade is an expansion to accommodate a gantry crane as well as a dedicated dock for cruise tourism, Romeo M.   Montenegro, deputy executive director of the Mindanao Development Authority, told BusinessWorld in a separate interview. However, Mr. Montenegro said the plan is still being drafted and there are no specifics yet as to the cost. The Sasa Port modernization plan during the term of former President Benigno S.C. Aquino III, to be undertaken through a public-private partnership scheme, was shelved after several groups, including the Davao City business sector, objected to the proposed cost of P18.99 billion. An earlier study and proposal by the Philippine Ports Authority had an upgrade budget of only P4 billion. — Carmelito Q. Francisco

Canned sardines prices to increase by up to P2 next month

WITH THE annual three-month closed fishing season in the waters off Zamboanga Peninsula ending on March 1, canned sardines production is going back to normal, but prices are expected to increase next month due to the implementation of the Tax Reform for Acceleration and Inclusion (TRAIN) Law. Engr. George G. Ledesma, president of the Industrial Group of Zamboanga, Inc. (IGZI), said the price hike is an effect on the higher diesel tax under TRAIN.

“Sixty-five percent of the total cost of the operation of the sardines’ factories here (in Zamboanga City) goes to diesel,” Mr. Ledesma said. He estimates the increase between P1 to P2 per can. “The increase is expected to take effect next month once the new stocks are ready,” he added. IGZI is also monitoring the potential impact of the increase in imported tin plates on production cost. — Albert F. Arcilla

Cebu province first to frame Biodiversity Strategic Plan

THE NEWLY created Cebu Provincial Biodiversity Council (CPBC) will begin drafting this month the Cebu Biodiversity Strategic Plan as it called for a “holistic approach” to help address environmental issues in the province. “We should not be bound by city or provincial jurisdictions,” Architect Socorro B. Atega, CPBC member representing the group Cebu Uniting for Sustainable Water, said during the council’s first meeting on March 6. The CPBC was formed through an executive order signed by Governor Hilario P. Davide III in August last year. The executive order states that the council should assist the provincial government in “overseeing and monitoring” environmental protection programs, and further “mobilize coordinating bodies.” “We have protected areas that need to be strengthened,” Ms. Atega said in a statement released by the Cebu provincial government. There are currently nine municipalities in the province that have Key Biodiversity Areas (KBA), namely: Alcoy, Argao, Dalaguete, Alegria, Malabuyoc, Balamban, Catmon, Carmen, and Tuburan.

Back to nature

OWNERS of beach huts and stalls along Puka beach in Boracay have voluntarily demolished their structures as government implements a clean-up of the popular tourist destination after President Rodrigo R. Duterte threatened to close the entire island due to numerous environmental violations by business establishments. The Department of Environment and Natural Resources (DENR) aims to restore the habitat of puka shells in the area, for which the beach is known for.

What women want

PROTESTERS hold flowers and placards during a rally to celebrate International Women’s Day in Manila on March 8. The protesters, including relatives of victims of alleged extrajudicial killings, assailed the government for continuing violence against women and the drug war.

No-take marine zones

NATIONAL Scientist Angel C. Alcala, a former secretary of the Department of Environment and Natural Resources and recognized for his work on marine biodiversity and protected areas, speaks during a field focused group discussion on the Establishment and Maintenance of No-Take Marine Protected Areas or Marine Reserves in Selected Areas in the Philippines, held in Masbate City on Thursday, March 8.

Nation at a Glance — (03/09/18)

News stories from across the nation. Visit www.bworldonline.com (section: The Nation) to read more national and regional news from the Philippines.

Global stocks climb, bonds mixed as trade war fears ease

Risk appetite improved across global markets as investor concern about a potential global trade war appeared to ease. European stocks followed Asian peers higher as core government bonds fell and the dollar strengthened.

Futures for the S&P 500 Index also climbed as traders spooked by tit-for-tat trade threats took solace from suggestions President Donald Trump’s tariff plan will spare select countries. In Europe, food and beverage and telecom companies were among the biggest gainers as the Stoxx Europe 600 Index nudged toward a fourth day rising. The euro dropped ahead of the European Central Bank’s policy decision on Thursday, while peripheral bonds defied broader declines as Italy moved closer to forming a government.

The specter of a global trade war has had markets on edge this week, as Trump’s threats of steel and aluminum tariffs were met with talk of retaliation in China and Europe. Attention now turns back to central banks, with investors homing in on commentary from the ECB on Thursday before the Bank of Japan concludes its policy meeting Friday.

“If you look at the global economic backdrop the world still looks relatively good,” JPMorgan Asset Management Australia Chief Executive Officer Rachel Farrell told Bloomberg Television. “Long term we really look at fundamentals and fundamentals across the world are actually quite strong.”

Elsewhere, Bitcoin steadied around the $10,000 mark after dropping on Wednesday in the face of fresh pressure from U.S. regulators. Crude oil traded near $61 a barrel as a Bloomberg gauge of commodities slid for a second day.

Here are some key events coming up this week:

The Chinese People’s Political Consultative Conference runs through March 15 and overlaps with the National People’s Congress meetings in Beijing, through March 20. The ECB isn’t expected to change policy on Thursday, but the Governing Council may discuss a change to pave the way for the end of quantitative easing. BOJ monetary policy decision and briefing on Friday. U.S. monthly payrolls data come Friday.
And these are the main moves in markets:

Stocks

The Stoxx Europe 600 Index rose 0.2 percent as of 11:18 a.m. London time to the highest in a week. The MSCI All-Country World Index gained 0.1 percent to the highest in more than a week. Futures on the S&P 500 Index increased 0.1 percent. The U.K.’s FTSE 100 Index climbed less than 0.05 percent. The MSCI Emerging Market Index jumped 0.6 percent to the highest in more than a week.

Currencies

The Bloomberg Dollar Spot Index climbed 0.2 percent, the biggest increase in more than a week. The euro sank 0.3 percent to $1.2376, the first retreat in more than a week. The British pound decreased 0.1 percent to $1.3877, the first retreat in more than a week. The Mexican peso dipped 0.2 percent to 18.7526 per dollar.

Bonds

The Bloomberg Commodity Index fell 0.3 percent to the lowest in more than three weeks. West Texas Intermediate crude dipped 0.1 percent to $61.08 a barrel, the lowest in a week. Gold climbed less than 0.05 percent to $1,325.77 an ounce. LME aluminum rose 0.3 percent to $2,103.50 per metric ton, the largest advance in a week. — Bloomberg

PSEi slips as Fed hints on improving US economy

THE Philippine Stock Exchange index (PSEi) slipped back to negative territory on Thursday, as investors absorbed data from the US Federal Reserve’s Beige Book.

The main index went down 0.27% or 22.84 points to close at 8,381.85 today, March 8, failing to sustain gains seen in the previous session.

The broader all-shares index, meanwhile, rose 0.19% or 9.61 points to 5,065.48.

“The index ended relatively flat today, falling only a measly 22.84 points to close at 8,381.85. We earlier noted the PSEi has broken below its long-term uptrend. We now expect it to trade within the 8,300-8,700 range,” Papa Securities Corp. Head of Research Ramon Vicente T. Kabigting said in an e-mail on Thursday.

Regina Capital Development Corp. Managing Director Luis A. Limlingan noted that the PSEi saw the same rocky trading seen in US markets, with investors focusing their attention on regional development as indicated in the Fed’s Beige Book.

“The Fed’s Beige Book reported modest-to-moderate growth in economic activity across the 12 districts. Consumer spending was mixed, with non-auto sales improving in just over half of the regions, while auto sales were unchanged or weaker,” Mr. Limlingan said in a mobile phone message.

The Beige book contains reports on current economic conditions based on anecdotes from banks, branch directors, interviews with key business contacts, and market experts, among others.

The Dow Jones Industrial Average dropped 0.33% or 82.76 points to 24,801.36 on Wednesday, while the S&P 500 was flat at 2,726.80, lower by 0.05% or 1.32 points. The Nasdaq Composite Index managed to post gains of 0.33% or 24.64 points to close at 7,396.65.

Four sectors were down today, led by financials which dipped 0.89% or 19.84 points to close at 2,186.40. Industrials followed with a decrease of 0.74% or 85.92 points to 11,442.52; property gave up 0.20% or 7.71 points to 3,747.23; while holding firms lost 0.11% or 9.57 points to 8,394.30.

Services on the other hand jumped by 1.03% or 18.08 points to 1,762.28, while mining and oil added 0.10% or 11.66 points to 11,538.19.

The market recorded a value turnover of P5.83 billion after some 1.99 billion issues switched hands. This is thinner than the P8.63-billion turnover on Wednesday.

Advancers outpaced decliners, 118 to 85, as 61 names remained unchanged.   Foreign investors extended their selling spree for the 13th straight day, dumping stocks worth P715.67 million, against net sales of P295.89 million in the previous session.

PLDT, Inc. was among the top gainers today, climbing 2.3% to P1,560 apiece after disclosing that core recurring earnings jumped 33% in 2017.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a stake in BusinessWorld through the Philippine Star Group, which it controls. — Arra B. Francia

Peso weakens vs dollar

THE PESO dropped against the dollar on Thursday as investors stayed on the sidelines ahead of jobs data in the US and amid the ongoing rhetoric of President Donald J. Trump on tariffs.

The local currency finished at P52.03 against the dollar yesterday, losing five centavos from its P51.98 close on Wednesday.

The peso opened flat at P51.98 versus the dollar, which was also its best showing for the day. Its intraday low, meanwhile, was at P52.05 to the greenback.

Dollars traded thinned to $453.7 million on Tuesday from the $692.25 million that changed hands in the previous session.

Traders interviewed over the phone on Thursday said the dollar-peso pair continued to trade sideways.

“The pair traded fairly quiet [yesterday,] with a smaller volume than [on Wednesday],” a trader said, adding that market players was being very cautious ahead of the US jobs data release on Friday.

Private companies added 235,000 new jobs in February, according to an ADP and Moody’s Analytics report released on Wednesday. Though this was better than the market consensus of 195,000 according to a Reuters poll, the February figure was slightly lower than the revised data of 244,000 jobs created in January.

On the other hand, the trader added that the continued saga of Mr. Trump’s rhetoric on imposing tariffs also pushed investors to the sidelines.

White House Press Secretary Sarah Sanders said that despite opposition from various countries, Mr. Trump will sign the measure of imposing a 25% tariff on steel and 10% tariff on aluminum on Friday, saying that the government may provide exemptions for some countries.

“We expect that the president will sign something by the end of the week,” Ms. Sanders said in a press briefing on Wednesday. “And there are potential carve-outs for Mexico and Canada based on national security and possibly other countries as well based on that process.”

As a retaliatory measure, the European Union said it might impose tariffs on certain American goods such as Harley-Davidson motorcycles and Kentucky bourbon.

“So far, the tariff talk of Trump is still developing, so markets has been stepping back and waiting for the noise to die down,” the trader said.

For today, the trader expects the peso to move between P51.95 and P52.15 versus the dollar, while another trader sees the pair trading from P51.80 to P52.10. — K.A.N. Vidal with Reuters

UK police hunt culprit in Russian ex-spy’s poisoning

LONDON — British detectives were scrambling on Thursday to uncover who poisoned a Russian former double-agent and his daughter with a nerve agent, as doctors battled to save their lives and that of a policeman who also fell ill after coming to their aid.

Sergei Skripal, 66, who moved to Britain in a 2010 spy swap, is in a critical condition in hospital along with his daughter Yulia after they collapsed on a bench outside a shopping centre on Sunday.

The brazen poisoning in the southwestern English city of Salisbury is already being linked with Russia by British politicians and the media, sparking an angry response in Moscow.

On Wednesday, British police confirmed for the first time that a nerve agent was used and that their probe was now an attempted murder investigation.

“Sadly, in addition, a police officer, who was one of the first to attend (to) the scene is now also in a serious condition in hospital,” Metropolitan Police assistant commissioner Mark Rowley told reporters.

Scientific tests by government experts have identified the specific nerve agent used “which will help identify the source,” he added, declining to reveal the exact substance.

British media reports suggest the three victims are seriously ill.

Britain’s Sky News, quoting sources, said all three victims are in a coma. The Times newspaper, quoting a senior unnamed British government official, said Mr. Skripal’s condition was thought to be particularly severe.

“The feeling is that he is not going to make it out of this,” the source told the newspaper. “I think it could be more positive (for Yulia). They are hopeful that she might be able to pull through.”

The paper added that the police officer’s condition was thought to be “less severe.”

Other emergency services personnel who treated the pair required medical treatment at the time but have not been admitted to hospital.

‘COOL HEADS’
Interior minister Amber Rudd called for “cool heads” over the poisoning amid swirling speculation.

Police say they are keeping an open mind about what happened, but Foreign Secretary Boris Johnson has alluded to Russia.

He noted the “echoes” with the 2006 poisoning in London of former Russian spy and Kremlin critic Alexander Litvinenko, which Britain has blamed on Russia.

Moscow accused British politicians and journalists of whipping up anti-Russian sentiment, with Kremlin foreign ministry spokeswoman Maria Zakharova telling reporters the story “was straight away used to boost an anti-Russian campaign in the media.”

Ms. Zakharova earlier said Mr. Johnson’s comments were “wild.”

Meanwhile, hundreds of counterterrorism detectives are working “around the clock” to create a timeline of the victims’ movements, with “many hours” of CCTV under review, police said.

Investigators believe Mr. Skripal and his 33-year-old daughter were in Salisbury city center for several hours before they were found slumped on a bench.

They reportedly had lunch at a pizza restaurant, Zizzi, and visited a pub in Salisbury before being discovered outside the shopping centre, where onlookers said they appeared “out of it.”

An anonymous witness who was in the pub, which has been closed by police, told the BBC on Wednesday that Mr. Skripal was there behaving erratically and at one point shouting loudly.

Mr. Rowley appealed for information from those in Salisbury on Sunday.

“Your memory of that afternoon and your movements alone could help us with missing pieces of the investigation,” he said.

The Times reported police are probing whether Mr. Skripal’s daughter, who arrived in Britain from Moscow last week with “gifts from friends,” may have inadvertently brought the nerve agent into the country.

The paper previously said investigators would also examine the 2012 death of Mr. Skripal’s wife from cancer, and that of his 44-year-old son last year in St Petersburg, reportedly from liver problems.

WORLD CUP THREAT
Prime Minister Theresa May was updated on the case at a meeting of her national security council on Tuesday, but has declined to publicly comment on the ongoing investigation.

However, she confirmed the government might consider a boycott by British officials and dignitaries of the 2018 football World Cup in Russia if it were found to have been involved.

The possible boycott — which would not include players — was first raised by Mr. Johnson on Tuesday, when he told MPs that he was not pointing fingers for Mr. Skripal’s collapse but made several references to Russia.

He warned Britain would respond “appropriately and robustly” if a government was found responsible.

Multiple British media outlets reported Wednesday that Prince William would now not attend this summer’s football World Cup in Russia, citing royal sources.

The prince has attended recent tournaments in his role as president of the English Football Association.

Kensington Palace, his residence, did not respond to a request for comment.

Mr. Skripal was a former colonel in Russian military intelligence who was jailed in his country for betraying agents to Britain’s MI6 secret service.

He was pardoned before being flown to Britain as part of a high-profile spy swap involving Russia and the US in 2010. — AFP

Nerve agents, the deadliest of chemical weapons

PARIS — Nerve agents such as that used to try and kill a former Russian double-agent in Britain, were first developed as neurotoxins by German scientists in the 1930s, but never used as chemical weapons in WWII.

An overview.

Q: What is a nerve agent?

A: Nerve agents are the most toxic known chemical warfare agents. They are a type of organophosphate chemical, like certain pesticides, and attack an enzyme called acetylcholinesterase that is crucial for controlling nerve signals.

“A nerve agent affects the nervous system by interrupting communications between the brain, the main organs, and muscles,” Jean-Pascal Zanders, a biological weapons expert at France’s Foundation for Strategic Research, told AFP.

“It prevents coordination between the organs, people can no longer breathe, for example, and asphyxiate.”

Q: Are there different types?

A: Sarin and VX are the best known nerve agents. Others include soman and tabun.

Sarin, soman and tabun are clear, colorless, tasteless liquids, while VX is clear, odorless and has a consistency more like motor oil.

Sarin is odorless, and evaporates at the same rate as water. Tabun has a fruity odor, while soman smells like camphor.

Q: How are they used?

A: Sarin, soman and tabun are sprayed in vapor form, and enter the body by breathing. If a high concentration is inhaled, death can occur in seconds or minutes.

Sarin gas was used in the 1995 Tokyo subway attack by a doomsday cult that killed a dozen people, and is alleged to have been used against civilians in the Syrian war.

It was also infamously used by Iraqi dictator Saddam Hussein’s regime to kill thousands of Kurds in 1988.

VX enters through the skin, which takes a bit longer, with symptoms appearing in about 20 to 30 minutes.

It has been identified as the agent that killed North Korean leader Kim Jong Un’s half-brother in February 2017 when two women sprayed a liquid in his face.

Nerve agents can also spread when a person touches the skin or clothing of another who has been exposed, or consumed in contaminated liquids or foods.

Q: What are the symptoms of exposure?

A: Twitching, spasms, diluted pupils, burning eyes, dim vision, a runny nose, breathing difficulties, headaches, confusion and weakness, sweating, stomach ache, or diarrhea, and in severe cases, respiratory arrest or heart failure.

Other sources: Centers for Disease Control and Prevention, Virginia Department of Health, Science Media Centre, Organisation for the Prohibition of Chemical Weapons. — AFP