Home Blog Page 12518

Bank of Commerce net income up 85% in 2016

THE Bank of Commerce (BanCom) saw its bottom line soar by more than half last year primarily driven by its robust core businesses, with the bank projecting to double its consumer loans for 2017.

In its 2016 annual report published on its Web site, the lender reported its net income stood at P610 million in 2016, surging by 85% from the P330 million booked in 2015.

“The last five years saw the Bank’s continuing profitability as Bank of Commerce accumulated P3.6 billion in audited net income from year 2012 to year 2016, of which P610.4 million was earned during the year 2016, which is an 85.09% growth from the 2015 net income of P329.8 million. ROE (return on equity) increased to 3.5% in 2016, from 1.9% in 2015. Earnings per share likewise increased to P5.44 in 2016, from P2.94 in 2015,” BanCom stated.

“Underlying this is the growth in the bank’s core businesses, the effectiveness of managing the cost of intermediation, and constant revisit of the cost of operations,” it added.

Meanwhile, its net loans and receivables by end-2016 also rose 18.4% year-on-year to P49.8 billion, bulk of which were consumer loans, which went up 35.4% year-on-year.

Its consumer and credit loans accounted for 14.91% of its total loan portfolio at end-2016 from the 13.04% seen in 2015.

“Consumer loans are further expected to double in 2017, as branches become more proactive in account origination. The roster of corporate accounts increased in tandem with the middle market segment.”

“The bank will further focus on increasing consumer loans for 2017, fuelled by a more efficient and decentralized backroom, diversified yet balanced distribution channels, and a more aggressive sales team in the head office,” it added.

Meanwhile, BanCom’s net interest income reached P863.3 billion, up from 2015’s P847.2 billion.

For this year, the bank also sees its deposit production expanding after it opened new branches in provincial areas in the second semester of 2016.

As of end-2016, BanCom had a total branching network of 132 and 262 automated teller machines situated across the country. — JMDS

Pingris likely to play September; Lutz uncertain on return in Govs’ Cup

MARC PINGRIS and Chris Lutz, two players on their way to recovery from separate injuries, are currently fast tracking their development to top form as they are currently undergoing rehab at the Movement Performance Institute (MPI) in Los Angeles, California.

The MPI is the same institute where NBA stars Blake Griffin, Zach Lavine, Chandler Parsons and Tony Allen undergo rehab and strengthening procedure.

With only a week left to wrap up the strengthening procedure, Mr. Pingris, who is accompanied by star physical therapist Nick Ocampo, told BusinessWorld that they are scheduled to return to the country in a week’s time and resume the veteran player’s conditioning, this time on the playing court.

“When we finish our rehab early next week, we may need another four to six weeks of basketball specific conditioning in the Philippines,” wrote Mr. Ocampo in an online interview.

Mr. Pingris suffered a hip injury during their semifinals series against Barangay Ginebra in the Philippine Cup and the many-time All-Defensive member was sidelined the entire Commissioner’s Cup.

“We just started his final week of rehab then we will have reassessment with the doctor on his last day. Hip strength is steadily increasing and just occasional hip pain. He still goes hard in all exercises, including low impact cardio workout. Although we already started basketball specific movement drills, conditioning has yet to be introduced. We have been doing the rehab four times a week for the past three weeks,” added Mr. Ocampo.

But while Mr. Pingris is determined to get back in the season-ending Governors’ Cup, which opens on July 19, Mr. Lutz, who has been idle for more than a year, is still trying to get himself better.

Meralco coach Norman Black, who picked up Mr. Lutz this season after he was waived by the San Miguel Beermen, confirmed the uncertainty of the former Marshall University stalwart playing this coming conference.

“We’ll bring him back once he’s ready. I’m not sure if it’s this conference, but once he is ready and that’s the only time we’ll bring him back,” said Mr. Black. “He asked permission a few weeks back if he could undergo rehab in the US, so we allowed him. We’re all hoping for his full recovery.” — Rey Joble

PRC sees lower ID renewals with new requirements for professionals

PROFESSIONAL REGULATION Commission-Davao (PRC-Davao) legal officer May Suzanne Puentespina-Ciudadano said they are expecting a lower number of PRC ID renewals following the implementation of the Continuing Professional Development (CPD) Act of 2016. Under the law, all professionals are required to take up prescribed academic courses and present proof of the earned units as one of the requirements for ID renewal. The law took effect on July 1 for all professionals except teachers, who will have to meet the requirement starting Dec. 1 this year, and nurses, by Jan. 1, 2018. “With the CPD we are expecting renewals (will really go down) because of the compliance, (especially among) OFWs (overseas Filipino workers) who are really required to earn the CPD,” Ms. Ciudadano said. The units can be earned through PRC-accredited seminars or other training institutions. PRC IDs are valid for three years. — Maya M. Padillo

The military in command

Vantage Point — By Luis V. Teodoro

Since the collapse of the Marcos terror regime in 1986, only two post-EDSA presidents have dared invoke the martial law provisions of the 1987 Constitution and to awaken justifiable fears of a return to the abuses and violence of fascist rule.

The first president to do so was Gloria Macapagal-Arroyo; the second is Rodrigo Roa Duterte. Because even Mrs. Arroyo opposed the Marcos regime, a declaration of martial law, through which Ferdinand E. Marcos endowed himself with dictatorial powers, was a line three presidents had dared not cross. For Rodrigo Duterte’s predecessor Benigno S. C. Aquino III, crossing that line was unthinkable for quite understandable reasons.

It was Mrs. Arroyo who, though somewhat half-heartedly, crossed that line. A state of emergency she declared supposedly because of an imminent coup attempt didn’t morph into a state of martial law in 2006. But some media organizations were nevertheless harassed, demonstrations banned, and the privilege of the writ of habeas corpus suspended during the seven days it was in force.

Mrs. Arroyo lifted the state of emergency on March 3, a week after she had declared it on Feb. 24, 2006. But like Rodrigo Duterte, of whom she is now a cherished ally, she too declared martial law during her problematic term, but only in Maguindanao province, where the Nov. 23, 2009 massacre of 58 men and women including 32 journalists and media workers happened. Declared on Dec. 5, martial law was lifted on Dec. 13, 2009.

Both were thought to be Mrs. Arroyo’s attempts to stop criticism of her regime, but her declaration of martial law in Maguindanao was also widely interpreted to be a trial balloon to test public reaction should she place the entire country under martial rule as a prelude to her remaining in power beyond 2010. Public response was mostly negative, the result of, as well as an additional factor in, her unpopularity. Mrs. Arroyo wisely yielded to public opinion in both cases.

President Rodrigo Duterte’s approval ratings are not at basement levels as those of Mrs. Arroyo’s were. It helps explain why, outside Mindanao at least, his placing that region under martial law has been more popular than it should be. The Supreme Court ruling upholding the Constitutionality of the declaration has also boosted his approval ratings.

This is a deadly mix of ingredients that can prove fatal to the future of what remains of Philippine democracy. It consists not only of Mr. Duterte’s popularity and the consequently unthinking popular support his actions, whatever they are, are likely to enjoy, but also of the Supreme Court’s virtual surrender to presidential discretion of its role as guardian and protector of civil liberties. Even more disturbing is Mr. Duterte’s practically yielding to the police and military the decision of whether to lift martial law in Mindanao, prolong its effectivity beyond 60 days, or even extend it to cover the entire country.

That Mr. Duterte is unlike any other Philippine president since the country regained its independence in 1946 hardly needs reiteration. It is what his uniqueness consists of that should be the focus of public concern, but unfortunately isn’t.

Unlike the five presidents who preceded him, Mr. Duterte has had no qualms about expressing his admiration for Ferdinand Marcos and for martial law, which for some strange reason he apparently believes is a quick path to addressing not only the drug problem but the rest of the country’s ills as well.

Martial law has in fact been in his mind long before the Marawi crisis. He has several times mentioned it publicly as an option that would enable him to address the country’s problems, even as he berated the Supreme Court and proclaimed that he would ignore its rulings. Equally crucial is his repeated declarations that he doesn’t care for human rights, which he has even dismissed as a shield for criminality.

These and his pledge to protect from prosecution police and military personnel accused of offenses committed in the course of his brutal anti-drug campaign have resonated in a community that has never respected human rights in the first place, emboldening soldiers, and policemen to commit even more of the abuses that were already rampant in the Philippine countryside even before the imposition of martial rule in Mindanao.

Mr. Duterte has nevertheless announced that he will lift martial law only if the police and military say so because they’re supposedly in the best position to determine whether Marawi has been secured and the Maute and other terrorist groups crushed.

Mr. Duterte’s allies have described the police and military as Mindanao “stakeholders.” They are not, being State actors. The real stakeholders in Mindanao are ordinary citizens, the business community, nongovernmental organizations, religious groups, and local officials who’re in touch with what’s happening on the ground. But there is no indication that Mr. Duterte will even bother to consult them.

The paradox is that the Supreme Court ruling upholding the Constitutionality of the declaration of martial law in Mindanao, despite the Court’s protests otherwise, has assured Mr. Duterte that the presidential power to declare martial law is governed by no other principle except his discretion, which includes the prerogative to impose martial rule anywhere and over the entire country.

Mr. Duterte’s leaving it to the police and military rather than the people affected by martial rule to decide an issue crucial to the lives and fortunes of millions of his constituents in effect puts those damaged and damaging institutions, with their legendary corruption and contempt for due process and human rights, in command of what are essentially political decisions.

Although they claim to be going through the motions of supposedly studying the situation in Marawi, no one should entertain any doubt that at the end of the day the police and military establishments will recommend prolonging martial rule and even extending it to cover other areas and even the entire country.

Neither the police nor military has been transformed into the protector of democracy and the Bill of Rights. But Mr. Duterte assumes that the views of the police and military on what is after all a political question would be so absolutely reliable he would have no choice but to implement them. He will claim that when to lift martial rule is still his decision to make, but that decision’s being based on the police and military viewpoint ultimately means he will merely be their transmitter.

It stands to reason that any recommended course of action by these far from disinterested sources must be weighed against such other considerations as its political, economic, and social costs — insights into which those who have a stake in their communities as well as experts in various fields can provide. But by relying solely on the police and military, Mr. Duterte is diminishing the preeminence of civilian perspectives implicit in the Constitutional mandate of civilian control over the military, for which there are sound reasons. It is to prevent the entire country’s being hostaged to violence and the use of force; to preclude the savaging of the Bill of Rights; and to provide a perspective broader than the tunnel vision of institutions committed solely to the preservation of their own and their patrons’ narrow interests.

Although a lawyer among whose professional responsibilities is that of upholding due process and protecting civil liberties, and a president whose oath of office binds him to the defense and preservation of the Constitution, Mr. Duterte seems to have no understanding or even awareness of these principles. Rather than politics — meaning his own Constitutionally mandated authority as president of the Republic and commander-in-chief of the Armed Forces of the Philippines and the police — he has put the police and military in command.

Luis V. Teodoro is on Facebook and Twitter (@luisteodoro). The views expressed in Vantage Point are his own and do not represent the views of the Center for Media Freedom and Responsibility.

www.luisteodoro.com

Marsman signs deal with agri reform beneficiaries

DAVAO-BASED-MARSMAN Estate Plantation, Inc. (MEPI) said it and its agrarian reform beneficiaries (ARBs) signed an agribusiness venture agreement (AVA).

In a Thursday statement, MEPI and members of the Davao Marsman Agrarian Reform Beneficiaries Development Cooperative arrived at an agreement guaranteeing ARBs a signing bonus and retroactive and advance rental payments for each ARB-signatory amounting to P105,000 as well as a regular monthly income for each of them.

MEPI President Antero Sison, Jr., in a June 21 letter addressed to President Rodrigo R. Duterte, said majority of the ARBs working in the firm’s plantation have signed the amended agreement.

“As your Excellency has voiced in a number of occasions, the Republic continues to be run under democratic principles and hence, the wishes of the majority must prevail,” Mr. Sison said in his letter quoted in the statement MEPI sent to reporters yesterday.

To date, some 489 ARBs out of the 793 have signed the amended agreement, the company said.

At least 18 more residing outside Davao del Norte or are sick have committed to sign through their representatives.

The AVA ensures that more than 1,800 employees of the banana farm will retain their jobs, benefiting some 8,000 dependents.

The new deal includes payment for land rental of P50,000 per hectare per annum plus an increase of P10,000 every five years, which the company said is more than twice the average rate for the industry.

“For all ARBs, this will total P40 million per annum for the first five years, and getting higher as the escalation takes effect,” Mr. Sison added.

The payments for each ARB will take effect starting January.

AVAs are contracts entered into by an ARB or group of ARBs, and an investor which involves the possession of the land; management of the operations of the farming of the land; and control or distribution of the produce of the land. — Janina C. Lim

Six reasons why tele-discipline is a red flag

How effective are using e-mail, SMS, Skype, Facebook or other similar media tools in counseling, if not castigating employees? I’m using them almost every day to monitor the performance of my 33 workers as my office is in another location within the metropolis. Please let me know your thoughts. — Unsure. Albert

Einstein described the invention of the radio as “a kind of a very, very long cat.” You can pull the cat’s tail in New York and you hear its head meowing in Los Angeles. The radio operates something like an elongated cat. You send signals here, and they receive it there. The only difference is that there is no cat.

The same thing can happen when you use tele-discipline to correct the work performance of people. Aside from Einstein’s cat analogy, the only difference is that there is no sincerity and seriousness while you’re in the process of coaching, counseling, or disciplining the workers. Technology is convenient and yet it is the same tool that makes people managers look like incorrigible fools.

Technology can help fast-track the resolution of the concerns of problem employees and employees with problems. It may be suited for organizations with employees in remote locations or those who travel a lot. The downside, however is that the issue becomes prone to misdiagnosis without the face-to-face interaction, no matter whether you do it via Skype, Facetime or whatever high-technology channel is at your disposal.

Employee discipline is often the most despicable job of line executives. Many supervisors and managers dislike the idea of correcting their workers, for fear of alienating them, among other things. But really, one can’t avoid it but to correct their bad behavior or poor work performance. Therefore, the ultimate responsibility rests upon every supervising executive, including the job of firing people.

Now, here are the reasons why you should not correct employee behavior or poor work performance using tele-discipline:

One, face-to-face interaction implies the gravity of the situation. If you rely on other methods, like tele-discipline or tele-counseling, chances are, the worker may consider it a mere joke.

Two, formal documentation is necessary. Even a verbal reprimand must be duly recorded like having a memo for file as to the date and circumstances when you first raised the issue with an erring worker.

Three, avoidance of double jeopardy. If you’re too stubborn and limit yourself to tele-discipline, you may be forced to repeat the process under a face-to-face set-up, if the former proves to be a futile attempt.

Four, tele-discipline doesn’t offer the right environment. If the boss and his worker are both online, there’s a big chance that they can be disturbed by incoming e-mails, texts or other important calls.

Five, tele-discipline could violate the due process principle. Regardless of whether one is talking of light or serious offenses, substantive and procedural due process must be given to all workers.

Six, tele-discipline violates privacy and confidentiality of the process. This is true as company e-mails and intranet are not necessarily private as they can be accessed by other people, no matter how few they are. Of course, you can always tell the workers that the process is to be recorded and may be known to other people, like those from IT, except that this may only add tension to the whole situation.

Really, there’s no substitute to taking a personal approach in counseling and disciplining employees. This is where the workers are given the right chance to say what they want to say. Sometimes, just being able to talk freely about their concerns can go a long way toward resolving them.

While it is true that a face-to-face intervention can be time-consuming and emotionally draining, still, be patient enough to give it a serious thought because there’s no other way.

Increasing productivity and motivating people to do their best is a lot easier when they are active participants in giving ideas to management, on every aspect of business operations and much more if you’re to have harmonious work relations.

Of course, doing it via remote control with 33 workers is a bit difficult as it violates the theoretical span of control that limits supervision to not more than ten workers per line executive. But with the help of technology, you can make it easier to monitor people, except that you don’t do it in the case of employee discipline.

elbonomics@gmail.com

Actor Richard Gutierrez denies tax evasion raps

ACTOR RICHARD R. Gutierrez has denied the allegation of the Bureau of Internal Revenue (BIR) that he owes the government P38.58 million in tax liabilities. Mr. Gutierrez, who filed his counter-affidavit yesterday before the Department of Justice, told reporters, “As far as I am concerned, my company has filed and paid the proper taxes to the government.” A copy of the counter-affidavit was not given to reporters. Mr. Gutierrez and his company, R Gutz Production Corp. (R Gutz), have been accused by the BIR of two counts of willful attempt to evade payments of income and value added taxes for 2012 as well as deliberate failure to file income tax returns from the second to the fourth quarter of the same year. — Kristine Joy V. Patag

Peso barely changed as Fed chair turns ‘dovish’

THE PESO closed nearly flat versus the greenback on Thursday amid muted trading among market players after US Federal Reserve Chair Janet L. Yellen’s dovish remarks on Wednesday.

The local currency closed at P50.53 against the dollar yesterday, gaining by two centavos from its P50.55-per-dollar finish on Wednesday.

The peso opened Thursday’s session at P50.45 per dollar. Its intraday peak was at P50.40 versus the foreign currency, while its worst showing was at P50.56-to-the-dollar.

Traders attributed the local currency’s muted performance to a quiet market that was just consolidating.

“Basically we saw range trading because of a quiet market and it was seen in low volumes from yesterday’s trading,” one trader said by phone on Thursday.

Similarly, another trader said in a phone interview: “Basically the peso was just consolidating within the P50.40 to P50.60 levels and there was not much liquidity in the market.”

Dollars traded amounted to $372.5 million, down from the $595.7 million logged the previous session.

The trader said market players were quiet after the Ms. Yellen’s dovish comments on Wednesday and after the peso just tracked the direction of the dollar against a basket of currencies.

“There was not much market activities because some market were still digesting dovish statements of Yellen [on Wednesday] and amid broad dollar weakness across the board,” the trader said.

Reuters reported Ms. Yellen said the US economy is in good condition for the US central bank to hike interest rates gradually and not too fast to reach the neutral level and is on track with its plan of trimming its over $4 trillion bond portfolio.

However, the Fed Chair noted slower inflation and a neutral interest rate could leave the regulator with less room to act.

Meanwhile, the trader noted that the Bangko Sentral ng Pilipinas (BSP) was present in the market yesterday.

As regulator of the Philippine financial system, the BSP sometimes steps in currency trading to temper any sharp swings in the peso.

“Near the session’s close, we suspected intervention from the BSP,” the trader said.

For today, both traders see the peso moving within P50.40-P50.60 versus the dollar.

“The peso could still trade within that range unless there’s a surprise from Yellen, since it’s her second day of testimony in front of the US Congress. So whatever she postulates, dictates the direction of the dollar-peso,” one trader noted. — Janine Marie D. Soliman

The peso eked out a small gain after Federal Reserve chair Janet L. Yellen’s “dovish” US Congress testimony. — AFP

Virtue and value

Beyond Brushstrokes — By Maria Victoria Rufino

The rainy season exacerbates the sweltering heat. It’s time for the flu shots.

A hostile strain of a malingering disease is resistant to nay vaccine.

The perennial malady has familiar symptom — thickening of the facial skin, skull swelling, vision distortion, vertigo, loss of balance, selective memory, instant ego inflation, and hallucinations.

Physicians are puzzled.

There seems to be no specific bacterial source. But armchair psychologists trace the fever to a serious virtue or value deficiency triggered by shock trauma of sudden good fortune, fame, and power.

Where there is a solid foundation in the form of a strong value system, the deforming effects of the sickness may be prevented or controlled.

What are the essential elements of the value system? Discipline. Courtesy. Respect. Delicadeza. These timeless values seem to vanish in the post-modern cyberspace era.

Man has become obsessed with his ego and material gain. Profits, the bottom line, self-indulgence have overshadowed everything else. In the mad race to glory and grandness, he tends to overlook the basic values that anchor him to reality.

In decades past, we were taught to observe traditions and rites. Children were taught proper behavior (good manners and right conduct) at home and in school. This is hardly done now.

An old admirable custom is the mano (hand blessing), a gesture of respect for one’s elders. This form of greeting is fading from the consciousness of the younger generation. The “hip/rock/cool” millennials would call it obsolete. They miss the whole point.

Discipline, as a character virtue, is scarcely found in the current environment.

Well-trained children obeyed without question. They were seen and not heard. They deferred to the elders, teachers and persons with authority. They respected institutions and their rules Otherwise they took the consequences of disobedience.

The strict training reinforced the importance of being well-bred, well-mannered. Form was important in the context of decorum and etiquette. But substance mattered more.

One underlying motive for the exercise of discipline was to instill thoughtfulness and consideration for others.

We need discipline in our personal and professional lives, as much as we need talent, hard work, patience and determination.

A crisis or disaster brings out the best and worst in people. The individual’s behavior under pressure reveals he is true worth. Put to a test, the disciplined individual would instinctively follow the rules. He would consider what is appropriate.

As a leader, he would think of the general good above his self-interest and would act accordingly. The presence of this quality is critical for any career or profession. Especially for public service.

Peer pressure, trauma, or an emergency may cause a temporary deviation. Human nature has its limitations, after all. Knowing and doing the proper thing at all times.

Discipline may vanish when people are caught in extreme circumstance such as natural disasters, strikes, blackouts. Gentle people, when stressed out, may become rude, war-like or go on a rampage. This explains the mob mentality wherein emotions run wild. There is road rage due to the stress of driving, congestion, traffic, and moving around the urban jungle. Drivers become bullies. Violence erupts.

One thing that is more precious than gold is the sense of delicadeza. Integrity of character.

To illustrate. It would be giving up a desired object or declining a favorite or desired position — if it means compromising one’s principles. It also signifies avoiding situations where there would be a conflict of interest.

The greater good should prevails over personal gain.

What is vital, at this point, is to reflect, assess, and move on. What matters more, in the long term, are the non-quantifiable values and principles.

What weighs more than wealth, power and fame is being true to oneself.

FILPINAZ: A CULTURAL PROJECT
The women of Zonta Club of Makati City and Environs have made advocating for the welfare of all women their lifelong pursuit.

“All our programs, from women’s health services to livelihood generation and more are centered on uplifting women’s lives,” remarked Zonta president Armita B. Rufino.

The theme highlights the true potential of a Filipina and “her capacity to go beyond beauty and generate impact through compassion.” It will present exquisite crafts in art, jewelry and fashion. The curated cultural fund-raiser “FilipinaZ” will be held on July 28-30 at the Penthouse, 8 Rockwell, and Makati City.

Maria Victoria Rufino is an artist, writer and businesswoman. She is president and executive producer of Maverick Productions.

mavrufino@gmail.com

Tennis elbow

Who are you and what did you do to Novak Djokovic? It’s a question — and a fair one — that fans, avid supporters included, want to ask the player who retired from a match against Tomas Berdych the other day. Up until then, he looked well on the way to redemption, going through the first four rounds at Wimbledon with the confidence befitting a 12-time major titleholder. In the aftermath, he said he had to bow out due to an elbow injury that had been bothering him on and off for a year and a half. “There’s no way out if you don’t feel fit,” he argued. “I’m going to talk to the specialist to find a long-term solution to solve it.”

It’s easy, of course, to take Djokovic’s words at face value. After all, there had to have been a compelling reason for him to walk away from an opportunity to become “The All England Lawn Tennis Club Single Handed Champion of the World” anew. Never mind that he lost the first set via a tie-break and trailed in the second love to two; his resume is littered with remarkable comebacks owing to his never-say-die spirit. On the other hand, he has been far from his best self since completing a career Grand Slam with a triumphant 2016 French Open run; of late, it seems as if a general malaise has overcome him.

To be fair, Djokovic has tried to right the ship, even going so far as to introduce changes to his entourage. So far, though, not even the presence of tennis great Andre Agassi — whose influence he wishes would make a positive impact off the court as well — has helped on it. Throwing in the towel against Berdych? It looked out of character, not to mention irrational, considering that he hitherto held a dominating 25-to-two slate against the 11th seed, and that the latter hadn’t so much as claimed a set against him the last six times they met.

Moving forward, the hope is that Djokovic manages to resolve whatever ails him. If it’s the elbow, then fine; take care of it, maybe even give it time to heal away from competition, and then go back to the business of winning. Certainly, he can find solace in the fact that Roger Federer and Rafa Nadal, two of the three names ahead of him in major hauls, have succeeded in recovering from seeming swoons. They’re the examples he needs to plod on; his best should still be ahead of him, not referred to in the past tense.

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994. He is the Senior Vice-President and General Manager of Basic Energy Corp.

Weighing the self-test dengue kit

By Nickky Faustine P. De Guzman

WORKING like a pregnancy test kit, the dengue self-test kit launched by the health care firm Philab Holdings Corp., through its brand LABitDX, aims to save one’s time, money, and worry, Philab president and CEO Darlene Berberabe told BusinessWorld on July 10.

‘Sixth extinction’ of wildlife faster than feared — scientists

PARIS — The sixth mass extinction of life on Earth is unfolding more quickly than feared, scientists have warned.