Neil Young says America ‘already great’ in latest music

November 7, 2017 | 12:03 am

NEW YORK – Rock legend Neil Young on Friday took aim at President Donald Trump – declaring America to be “already great” – as he announced his latest album.

On Dec. 1, the prolific 71-year-old will release The Visitor, his 39^th studio album and his second with Promise of the Real, a hard-charging back-up band that has brought comparisons to Crazy Horse which appeared on Young’s classic works.

Young released a first song off the album entitled “Already Great,” a pointed rejoinder to Trump’s campaign slogan “Make America Great Again.”

To a rugged rock guitar backed up by piano, Young starts off the song by mentioning, “I’m Canadian, by the way” but voicing love for the “freedom” found in life in the United States.

The song then slows down in a harmonic chorus with echoes of Pink Floyd, as he sings, “You’re already great / You’re the promised land / You’re the helping hand.”

The song culminates in a sample of a chant of “Whose streets? Our streets,” a slogan frequently heard at US protests that is commonly associated with the Black Lives Matter movement against police abuses.

Young is no stranger to politics. 1989’s “Rockin’ in the Free World,” his most identifiable song, attacked the policies of then president George H. W. Bush, but soon instead became an anthem in Eastern Europe as communism collapsed.

Trump played “Rockin’ in the Free World” in his insurgent right-wing campaign for the White House, angering Young among a slew of other left-leaning artists whose music was embraced by the real estate mogul.

Promise of the Real, a band heavily influenced by Young, is fronted by guitarist and singer Lukas Nelson, the son of country great Willie Nelson.

Young last recorded with Promise of the Real for 2015’s The Monsanto Years, on which the die-hard environmentalist rocker attacked the giant agricultural company over genetically modified seeds.

Young’s last release, “Hitchhiker,” came in September – recorded over one night in 1976 but never formally put out. – AFP

New York Fed’s William Dudley reported to soon announce retirement

November 7, 2017 | 12:03 am

FEDERAL RESERVE Bank of New York President William Dudley is close to announcing his retirement, according to CNBC, potentially widening the overhaul of leadership at the US central bank and raising questions about what it means for monetary policy.

Citing several people familiar with his plans, CNBC reported that Dudley could announce his intention as soon as next week to step down during the spring or summer, well before his term ends in January 2019. Dudley declined to comment when reached by a reporter.

His early departure would mean the top three positions at the Fed changing over within a relatively short period. President Donald Trump announced on Nov. 2 that Fed Governor Jerome Powell will be nominated, subject to Senate confirmation, to replace Janet Yellen when her term expires in February. Vice-Chairman Stanley Fischer retired in mid-October. That leaves Trump with three open slots on the seven-seat Board in Washington.

“Beyond the chair, the two most important people on the committee are the vice-chair and the head of the New York Fed. Now both are unknown,’’ said Mark Spindel, the author of a 2017 book about the Fed’s relationship with Congress. “The unwinding of the balance sheet makes that job hugely vital.’’

The New York Fed chief serves as the vice-chairman of the policy-setting Federal Open Market Committee (FOMC) and has a permanent vote on its decisions. In that capacity, Dudley has been a fierce defender of Yellen’s gradual approach to raising interest rates and allowing the central bank’s $4.5 trillion balance sheet to shrink slowly.

The New York Fed’s board of directors selects the district bank’s president, in consultation with the Fed Board in Washington.

Dudley turns 65 next year and has led the New York Fed since January 2009. The bank’s oversight of Wall Street gives it an out-sized importance relative to the other 11 regional Fed banks. Dudley said in September that Yellen has done a “fabulous job” and would be a fine choice for reappointment.

Trump had Yellen on his short-list right up until he opted for Powell, who’s viewed as likely to keep the central bank on the gradual path of rate hikes that she’s sketched out.

The FOMC is next scheduled to meet Dec. 12-13, and trading in federal funds futures indicates investors expect the fifth rate increase since it began tightening policy in December 2015.

STRONG RELATIONSHIPS
“Powell has the advantage of coming into the position with strong working relationships with the rest of the FOMC,” said Lou Crandall, chief economist at Wrightson ICAP LLC in Jersey City, New Jersey. “That shouldn’t change much even with the addition of some new faces on the Board and now at New York.”

A former chief US economist at Goldman Sachs Group Inc., Dudley was a central figure as the Fed injected unprecedented monetary stimulus in the aftermath of the 2007-2008 financial crisis and the worst recession in decades.

“Even though inflation is currently somewhat below our longer-run objective, I judge that it is still appropriate to continue to remove monetary policy accommodation gradually,” Dudley said in a speech on Oct. 6. “But, the upward trajectory of the policy rate path should continue to be shallow.”

Prior to becoming president, Dudley was in charge of managing open market operations at the New York Fed, which implements FOMC rate decisions. If the bank’s directors decide to make another internal appointment that could point to Simon Potter, who currently has that role.

On the other hand, the bank in the past has also reached beyond the central bank to bring in an outsider. Dudley replaced Timothy Geithner, who worked at the US Treasury and International Monetary Fund before shifting to the Fed. Geithner went on to become President Barack Obama’s first treasury secretary. — Bloomberg

Massacre at rural Texas church leaves 26 dead

November 7, 2017 | 12:03 am

SUTHERLAND SPRINGS, TEXAS — A man with an assault rifle killed at least 26 people and wounded 20 in a rural Texas church during Sunday services, adding the name of Sutherland Springs to the litany of American communities shattered by mass shootings.

The massacre, which media reports say was carried out by a man thrown out of the Air Force for assaulting his wife and child, is likely to renew questions about why someone with a history of violence could amass an arsenal of lethal weaponry.

The lone gunman, dressed in black tactical gear and a ballistic vest, drove up to the white-steepled First Baptist Church in Sutherland Springs and started firing inside. He kept shooting once he entered, killing or wounding victims ranging in age from five to 72 years, police told a news conference.

‘MENTAL HEALTH PROBLEM’
President Donald J. Trump told reporters the shooting was due to a “mental health problem” and wasn’t “a guns situation.” He was speaking during an official visit to Japan.

Among the dead was the 14-year-old daughter of Pastor Frank Pomeroy, the family told several television stations.

The gunman was later found dead, apparently of a gunshot wound, after he fled the scene.

“We are dealing with the largest mass shooting in our state’s history,” Texas Governor Greg Abbott said at the news conference. “The tragedy of course is worsened by the fact that it occurred in a church, a place of worship.”

About 40 miles (65 km) east of San Antonio in Wilson County, Sutherland Springs has fewer than 400 residents.

“This would never be expected in a little county like (this),” Texas Attorney General Ken Paxton told CNN.

A local resident with a rifle fired at the suspect as he left the church. The gunman dropped his Ruger assault weapon and fled in his vehicle, said Freeman Martin, regional director of the Texas Department of Public Safety.

A man told San Antonio television station KSAT he was driving near the church when the resident who had opened fire on the gunman approached his truck and urged him to give chase.

“He said that we had to get him (the gunman), and so that’s what I did,” Johnnie Langendorff, the driver of the truck, told KSAT. He added they reached speeds of 95 miles (153 km/h) per hour during the chase, while he was on the phone with emergency dispatchers.

Soon afterward, the suspect crashed the vehicle near the border of a neighboring county and was found dead inside with a cache of weapons. It was not immediately clear if he killed himself or was hit when the resident fired at him outside the church, authorities said.

The suspect’s identity was not disclosed by authorities, but law enforcement officials who asked not to be named said he was Devin Patrick Kelley, described as a white, 26-year-old man, the New York Times and other media reported.

“We don’t think he had any connection to this church,” Wilson County Sheriff Joe Tackitt told CNN. “We have no motive.”

The massacre came weeks after a sniper killed 58 people in Las Vegas in the deadliest attack in modern US history, stirring a years-long national debate over whether easy access to firearms was contributing to the trend of mass shootings.

In rural areas like Sutherland Springs, gun ownership is a part of life and the state’s Republican leaders for years have balked at pushes for gun control, arguing more firearms among responsible owners make the state safer.

Jeff Forrest, a 36-year-old military veteran who lives a block away from the church, said what sounded like high-caliber, semi-automatic gunfire triggered memories of his four combat deployments with the Marine Corps.

“I was on the porch, I heard 10 rounds go off and then my ears just started ringing,” Mr. Forrest said. “I hit the deck and I just lay there.”

To honor the victims, Mr. Trump ordered flags on all federal buildings to be flown at half staff.

In Japan during the first leg of a 12-day Asian trip, the president said preliminary reports indicated the shooter was “deranged.”

“This isn’t a guns situation, I mean we could go into it, but it’s a little bit soon to go into it,” Mr. Trump said. “But fortunately somebody else had a gun that was shooting in the opposite direction, otherwise … it would have been much worse. But this is a mental health problem at the highest level.”

The First Baptist Church is one of two houses of worship in Sutherland Springs, which also has two gas stations and a Dollar General store.

The white-painted, one-story church features a small steeple and a single front door. On Sunday, the Lone Star flag of Texas was flying alongside the US flag and a third, unidentified banner.

Inside, there is a small raised platform on which members sang worship songs to guitar music and the pastor delivered a weekly sermon, according to videos posted on YouTube. In one of the clips, a few dozen people, including young children, can be seen sitting in the wooden pews.

It was not clear how many worshipers were inside when Sunday’s shooting occurred.

Online records show a man named Devin Patrick Kelley lived in New Braunfels, Texas, about 35 miles (56 km) north of Sutherland Springs.

The US Air Force said Kelley served in its Logistics Readiness unit at Holloman Air Force Base in New Mexico from 2010 until his discharge in 2014.

Kelley was court-martialed in 2012 on charges of assaulting his wife and child, and given a bad-conduct discharge, confinement for 12 months and a reduction in rank, Air Force spokeswoman Ann Stefanek said.

Kelley’s Facebook page has been deleted, but cached photos show a profile picture where he appeared with two small children. He also posted a photo of what appeared to be an assault rifle, writing a post that read: “She’s a bad bitch.”

Sunday’s shooting occurred on the eighth anniversary of the Nov. 5, 2009, massacre of 13 people at the Fort Hood Army base in central Texas. A US Army Medical Corps psychiatrist convicted of the killings is awaiting execution.

In 2015, a white gunman killed nine black parishioners at Emanuel African Methodist Episcopal Church in Charleston, South Carolina. The gunman was sentenced to death for the racially motivated attack.

In September, a gunman killed a woman in the parking lot of a Tennessee church and wounded six worshipers inside. — Reuters

GERI’s 9-month earnings surge 70% to P1.13 billion

November 7, 2017 | 12:03 am

GLOBAL-ESTATE Resorts, Inc. (GERI) grew its earnings attributable to the parent by 70% in the first nine months of 2017, driven by the strength of its residential and rental businesses.

In a statement issued Monday, the tourism estate arm of Megaworld Corp. reported a net income attributable to the parent of P1.13 billion in the January to September period, higher than the P666 million it realized in the same period in 2016.

This came amid an 11% increase in the company’s consolidated revenues to P4.89 billion during the period. The Andrew L. Tan-led property developer saw a robust uptake in its residential projects, booking a 12% year-on-year growth to P4.27 billion in the first three quarters of 2017.

“We are on track in our goal to complete all of our residential projects on-time so that we can achieve zero backlog in the turnover of units. With this, we do not only satisfy the timeline of our customers, but also recognize profits because of construction progress,” GERI President Monica T. Salomon was quoted as saying in a statement.

GERI’s rental business likewise saw a double-digit growth during the period, climbing 28% to P83 million from the P65 million recorded in the same period a year ago.

Ms. Salomon noted the opening of Southwoods Mall in the company’s 561-hectare Southwoods City along the boundaries of Biñan, Laguna, and Carmona, Cavite helped boost its rental business.

“The recent opening of Southwoods Mall in Laguna was a milestone for us. We have seen thousands of people lining up during our opening day. This new mall is certainly going to be a go-to destination in the south being the first big mall to rise after Alabang along SLEx (South Luzon Expressway),” Ms. Salomon said. — Arra B. Francia

How is ASEAN Integration coming along?

November 7, 2017 | 12:03 am

The Association of Southeast Asian Nations (ASEAN) was founded on Aug. 8, 1967 by Indonesia, Malaysia, the Philippines, Singapore and Thailand. Since then, its membership has expanded to ten (10) countries to include Brunei, Cambodia, Laos, Myanmar, and Vietnam.

ASEAN covers a land area of 4.4 million square kms., 3% of the total land area of earth. Its territorial waters are about three times larger. It has a combined population of over 625 million people or 8.8% of the world’s population. Its combined nominal GDP is almost $3 trillion. As a single entity, ASEAN would rank as the 6^th largest economy in the world, behind the USA, China, Japan, France, and Germany. It shares land borders with India, China, Bangladesh, East Timor and Papua New Guinea, and maritime borders with India, China, Palau and Australia.

ASEAN has been establishing itself as a regional platform for Asian integration and cooperation, working with other Asian nations to:

1) promote unity, prosperity, development and sustainability.

2) pursue measures in resolving disputes.

The “ASEAN Way” is an informal and personal style of compromise, consensus, and consultation, which are constantly utilized for quiet diplomacy enabling ASEAN leaders to communicate effectively behind closed doors to avoid embarrassment that could lead to more conflict. Decision making by consensus requires members to see eye-to-eye before it could move forward on an issue.

Unfortunately, member-states are not aligned on how the “ASEAN Way” should be applied. For example, Myanmar, Cambodia, and Laos emphasize “noninterference” while older member countries focus on “cooperation and coordination.” That fundamental difference hinders efforts to resolve issues and when collective action is necessary in a given situation.

ASEAN is built on three pillars:

1) the ASEAN Political-Security Community (APSC)

2) the ASEAN Economic Community (AEC)

3) the ASEAN Socio-Cultural Community (ASCC)

At the 14^th ASEAN Summit in 2009, ASEAN national leaders adopted the ASEAN Political-Security Community Blueprint (APSC). It aimed to create a robust political-security environment within ASEAN characterized by the following:

a) a rules-based community of shared values and norms;

b) a cohesive, peaceful, stable and resilient region with a shared responsibility toward comprehensive security;

c) a dynamic and outward-looking region in an increasingly integrated and interdependent world.

The ASEAN Defense Industry Collaboration (ADIC) was proposed in May 2010 in Hanoi. It aimed to reduce defense imports from non-ASEAN countries by half (i.e., from $25 billion down to $12.5 billion a year) and develop a robust ASEAN defense industry. ADIC was formally adopted the following year in Jakarta to enhance security cooperation in maritime security, humanitarian assistance and disaster relief, counter-terrorism, and military medicine.

ASEAN sought economic integration by creating the AEC by the end of 2015. The average economic growth of ASEAN’s member nations during 1989–2009 was between 3.8% and 7%, far greater than APEC’s average growth of 2.8%. The ASEAN Free Trade Area (AFTA) was established in January 1992 that includes a Common Effective Preferential Tariff (CEPT) to promote the free flow of goods between them. The target was zero tariffs by 2016, which was not met.

“ASEAN Plus Six” (China, Japan, South Korea, Australia, New Zealand, and India) is a prerequisite for the planned East Asia Community. The Regional Comprehensive Economic Partnership (RCEP) codified the proposed free-trade agreement involving ASEAN plus Six. RCEP allows member-states to protect local sectors and gives more time for compliance. RCEP covers 45% of the world’s population and about a third of the world’s total GDP.

It was also during the 14^th ASEAN Summit when the ASEAN Socio-Cultural Community Blueprint was adopted. The ASCC envisions a people-centered and socially responsible community with enduring solidarity and unity, forged by a common identity of a society that cares and shares. Among its focus areas are: human and ecological security; building the ASEAN brand; and narrowing development gaps.

This is a tough challenge as the idea of ASEAN as a “community” with “shared values” has yet to be understood, internalized, and practiced by its diverse populace. While most appreciated at the policy maker level, ASEAN remains vague to most including the Philippines. Of the three pillars, the ASEAN Economic Community is moving relatively faster and could benefit ordinary Filipinos in many ways.

For instance:

1) local goods and services today may not be the cheapest value for one’s money, but opening our trade border will lower costs and prices to improve affordability and purchasing power.

2) ASEAN is eyeing to enhance travel, tourism and health care to improve standards of living. Facilitating visas and employment is crucial for professionals and skilled labor seeking new job opportunities and better protection from predatory practices.

3) ASEAN universities are enhancing cooperation to allow increased mobility for students.

With ASEAN citizens traveling, working, and studying within the region, the comprehension and acceptance of an ASEAN identity and idea of the common good will surely enhance regional integration.

ASEAN also made some headway this year in the political-security pillar. In August, Foreign Ministers formally endorsed the framework of the code of conduct (CoC) to address disputes in the South China Sea/West Philippine Sea for eventual adoption by ASEAN and China. Last month, ASEAN’s defense ministers agreed to:

a) reaffirm freedom of navigation in and above the South China Sea (SCS);

b) pursue peaceful dispute resolution in accord with international law and UNCLOS;

c) operationalize HADR, the Direct Communications Infrastructure and Center of Military Medicine;

d) combat terrorism in all its forms and manifestations;

e) express grave concern over tensions in the Korean Peninsula.

Achieving ASEAN Integration, however, remains difficult. The deadline is a moving target. The “ASEAN Way” is slowing its progress, and so are geopolitical divisions that must be hurdled in ASEAN’s regional interest. Obstacles must be overcome or skirted to forge ahead toward its dream as a force for good.

With the free flow of capital, human resources, technology, goods and services; better defense cooperation and industrial production; and open access to travel, tourism, education, health care and other social services, a united ASEAN community will produce better Filipinos and a better Philippines.

Rafael M. Alunan III served in the Cabinet of President Corazon C. Aquino as Secretary of Tourism, and in the Cabinet of President Fidel V. Ramos as Secretary of Interior and Local Government.

rmalunan@gmail.com

map@map.org.ph

http://map.org.ph

Davao mayor sets date for meeting with local NPAs

November 7, 2017 | 12:03 am

THE COMMUNIST National Democratic Front (NDF) may have snubbed President Rodrigo R. Duterte’s endorsement of localized peace negotiations, but Davao City Mayor Sara Z. Duterte-Carpio is determined to pursue talks with members of the New People’s Army (NPA) in her constituency. The NPA is the armed group of the communist movement. Ms. Carpio, daughter of the President, said she has already set the date for the “next meeting.” In a text message to local news outlets, Ms. Duterte said the meeting “will be on Nov. 17,” but did not give further details as to the venue and the expected participants in the discussions. The NDF, in a statement released last week, shot down the idea of localized peace talks saying their ranks are united. ”The Duterte regime is wasting time and the people’s money in setting-up these useless local peace committees which will go nowhere and achieve nothing,” the NDF said. Mr. Duterte revived the peace talks with the NDF and its affiliate Communist Party of the Philippines (CPP) when he assumed office in July 2016. However, he ordered a suspension in May this year after the CPP leadership called on the NPA to step up attacks. Last week, Mr. Duterte urged the NPA to lay down their arms as he promised to provide them with housing and livelihood opportunities. The NDF said such promise demonstrates a “shallow appreciation” of the roots of the armed conflict. — Carmelito Q. Francisco

Ceres-Negros FC maintains assault on top spot

November 7, 2017 | 12:03 am

THE race for the top spot as the regular season of the inaugural year of the Philippines Football League (PFL) hits the homestretch further heated up after Ceres-Negros FC maintained its assault on number one with a 6-0 drubbing of league leader FC Meralco Manila on Sunday in Bacolod City.

Currently at second place in the standings of the country’s national football league, the “Busmen,” sporting a 16-3-4 record and 51 points, are now within three points of the “Sparks” (16-6-4) at 54 points with three more extra games to play than the latter.

Fernando Rodriguez scored a hat trick while Bienvenido Maranon added a brace to tow their team to the win with Carlie De Murga accounting for the other goal.

Mr. Maranon opened the scoring for Ceres as he connected off a deflection in the 22^nd minute before Mr. De Murga added a second goal for the hosts six minutes later.

Meralco saw itself further in a bind as Mr. Rodriguez started to heat up as the opening half progressed, finding the bottom of the net in a span of seven minutes — in the 30^th and 36^th minute ± to give Ceres a commanding 4-0 lead by the halftime break.

The visiting side tried to make things happen to start the second half, getting two good chances to score early care of Milan Nikolic and Tahj Minniecon. But the two failed to consummate their chances.

Mr. Rodriguez completed his hat trick in the 54^th minute as he fired from the left side.

For good measure, Mr. Maranon scored the final goal of the match in the 67^th minute as Ceres cruised to the win thereafter.

Winning coach Risto Vidakovic paid tribute to his players for recognizing well what they were presented with and weaving through them accordingly.

“They pressed high and there was a lot of space in the back. We scored four goals in the first half and it was practically finished already,” said Mr. Vidakovic postgame.

For Meralco, the missed opportunities that it had early in the contest proved to be telling and something it rued after.

“We were in the game in the first 20 minutes. If Curt Dizon or Nikolic scored then it would have be different,” said Meralco coach Aris Caslib after their game.

Just the same, Mr. Caslib said they hope to get their act together in their remaining games to keep the top spot entering the finals series.

Also victorious last Sunday was Stallion Laguna FC, which defeated Davao Aguilas FC, 2-0, in Tagum City.

Gabriele Mascazzini and Fitch Arboleda accounted for the two goals to help Stallion improve to 9-8-11 with 35 points.

The loss, meanwhile, kept Davao with just two wins for the season so far and at 15 points, good for seventh place. — Michael Angelo S. Murillo

DoF sees inflation peaking at 3.5% in Oct. led by utilities

November 7, 2017 | 12:03 am

THE DEPARTMENT of Finance (DoF) expects inflation to peak in October amid higher utility rates and fuel prices, before easing towards year’s end.

In an economic bulletin, it said that inflation likely came in at 3.5% last month, up from 3.4% in September and 2.35% in October 2016.

This was driven mainly by higher prices of non-food items, particularly utilities.

If the estimate pans out, it would fall within the Bangko Sentral ng Pilipinas’ (BSP) 3.2-3.7% forecast range announced last week. The DoF’s estimate also matches that of BusinessWorld’s poll of 11 economists, whose median estimate was 3.5%.

The DoF said that prices for the housing, utilities and fuels subgroup likely grew by 4.1% in October, from 3.8% in September, and 0.9% in October 2016. Electricity, gas and other fuel prices were estimated to have increased by 9.2% in October from 8.2% in September and a 0.9% contraction a year earlier.

Alcoholic beverages and tobacco prices meanwhile likely rose 6.7% in October, up from 6.4% the previous month and 6.1% a year earlier.

Furnishings and household equipment on the other hand likely increased 1.9% from 1.8% the previous month and 2.4% a year earlier.

Food and non-alcoholic beverage prices however are estimated to have risen 3.5%, slowing from 3.6% in September but higher than October 2016’s 3.4%.

Manila Electric Co.’s (Meralco) rate per kilowatt hour (kwh) for a household consuming 200 kilowatts per month increased to P9.28 from P9.25 in September. Meralco’s generation charge per kwh in October increased to P4.72 from P4.54 in September.

Finance Undersecretary and chief economist Gil S. Beltran said price increases for the rest of the year will be slower due to the rice harvest, as base effects from the utilities sub-group taper off.

“Food inflation may decline further in November 2017 as the rice harvest season has started pushing down domestic rice prices,” Mr. Beltran said.

Inflation in the first nine months averaged 3.1%, below the BSP’s 3.2% full-year forecast, but within its two to 4% target band.

In its previous policy meeting, the Monetary Board maintained its benchmark interest rates, citing the manageable inflation environment and robust domestic economic growth. It has not moved on rates in three years, excluding procedural adjustments in June last year for a shift to an interest rate corridor system. — Elijah Joseph C. Tubayan

Papaya farmers complete first S. Korea order

November 7, 2017 | 12:02 am

THE Department of Agriculture (DA) in the Soccsksargen Region said farmers from Tupi, South Cotabato made their first shipment of solo papayas on Oct. 31 amounting to one ton, to a fruit distributor in South Korea.

“We are glad that our farmers from Tupi signed a deal with Nurida Co., based in South Korea,” regional Executive Director Milagros C. Casis said.

Under the supply agreement, Tupi farmers, led by RM Fruits International as the consolidator, are expected to export two to three metric tons of solo papaya every week.

“We are encouraging more farmers in Region 12 to think of the bigger market… this is one of the priorities now of the agriculture department,” she added, noting that recent efforts of the DA have been focused on boosting trade.

She said the South Korean exports are the result of RM Fruits’ involvement in the TienDA Farmers’ and Fishermen’s Outlet in Manila, where representatives from Nurida Company made first contact.

TienDA is a monthly event that brings together sellers of various food and agricultural products in various parts of Metro Manila. — Janina C. Lim

Thor, swinging his mighty hammer, smashes Hollywood’s slump

November 7, 2017 | 12:02 am

LOS ANGELES – After a dismal October for Hollywood, Disney and Marvel Studio’s Thor: Ragnarok proved a smashing success this weekend, pulling in $121 million in North American theaters for a global total of $427 million, according to industry estimates – the fourth best launch of 2017.

How big was the film’s three-day opening? Well, the latest Thor episode, boosted by strong reviews and the self-mocking humor of Chris Hemsworth as the powerful Norse god (with Cate Blanchett as Hela, goddess of death), netted more than seven times the take of last week’s leader, Lionsgate’s Jigsaw.

Thor: Ragnarok has also taken in $306 million overseas, including $109 million in its international launch last week in 52% of foreign markets. It expanded to most other overseas territories this weekend.

Jigsaw, which has police investigating a string of horrific murders carried out in the style of supposedly long-dead killer Jigsaw, dropped this weekend to third place at $6.7 million, according to Web site Exhibitor Relations.

In second was A Bad Mom’s Christmas, from STX Entertainment, at $17 million. That comedy stars three women – Mila Kunis, Kristen Bell, and Kathryn Hahn – whose plans change when their mothers (Christine Baranski, Cheryl Hines, and Susan Sarandon) drop in unexpectedly for the holidays.

In fourth position was Lionsgate’s Boo 2! A Madea Halloween at $4.7 million. The light comedy has actor/director Tyler Perry and buddies heading to a campground which turns out to be haunted.

In fifth spot was Geostorm from Warner Bros., at $3 million. The sci-fi disaster thriller follows Gerard Butler as he struggles to save the world from an apocalyptic storm caused by climate-controlling satellites run amok.

Rounding out the top 10 were: Happy Death Day ($2.8 million); Thank You for Your Service ($2.3 million); Blade Runner: 2049 ($2.2 million); Let There Be Light ($2.2 million); and, Only the Brave ($1.9 million). – AFP/Reuters

Trump says Japan would shoot North Korean missiles ‘out of the sky’ if it bought US weaponry

November 7, 2017 | 12:02 am

TOKYO — US President Donald J. Trump said on Monday that Japan would shoot North Korean missiles “out of the sky” if it bought the US weaponry needed for doing so, suggesting Tokyo take a stance it has avoided until now.

North Korea is pursuing nuclear weapons and missile programs in defiance of UN Security Council sanctions and has made no secret of its plans to develop a missile capable of hitting the US mainland. It has fired two missiles over Japan.

Mr. Trump, speaking after a summit with Japanese Prime Minister Shinzo Abe, repeated his mantra the “era of strategic patience” with North Korea was over, and said the two countries were working to counter the “dangerous aggressions.”

Mr. Trump also pressed Japan to lower its trade deficit with the United States and buy more US military hardware.

“He (Abe) will shoot them out of the sky when he completes the purchase of lots of additional military equipment from the United States,” Mr. Trump said, referring to the North Korean missiles. “The prime minister is going to be purchasing massive amounts of military equipment, as he should. And we make the best military equipment by far.”

Mr. Abe, for his part, said Tokyo would shoot down missiles “if necessary.”

Mr. Trump was replying to a question that was posed to Mr. Abe — namely how he would respond to a quote from Mr. Trump from a recent interview in which he said Japan was a “samurai” nation and should have shot down the North Korean missiles.

Japan’s policy is that it would only shoot down a missile if it were falling on Japanese territory or if it were judged to pose an “existential threat” to Japan because it was aimed at a US target.

The US president is on the second day of a 12-day Asian trip that is focusing on North Korea’s nuclear missile programs and trade.

“Most importantly, we’re working to counter the dangerous aggressions of the regime in North Korea,” Mr. Trump said, calling Pyongyang’s nuclear tests and recent launches of ballistic missiles over Japan “a threat to the civilized world and to international peace and stability.”

“Some people said that my rhetoric is very strong. But look what’s happened with very weak rhetoric over the last 25 years. Look where we are right now,” he added.

North Korea’s recent actions have raised the stakes in the most critical international challenge of Mr. Trump’s presidency.

The US leader, who will visit South Korea on the trip, has rattled some allies with his vow to “totally destroy” North Korea if it threatens the United States and with his dismissal of North Korean leader Kim Jong Un as a “rocket man” on a suicide mission.

Mr. Abe, with whom Mr. Trump has bonded through multiple summits and phone calls, repeated at the same news conference that Japan backed Mr. Trump’s stance that “all options” are on the table, saying it was time to exert maximum pressure on North Korea and the two countries were “100 percent” together on the issue.

Chinese Foreign Ministry spokesman Hua Chunying, in response to Mr. Abe’s comments, said that the North Korean “situation” was “already extremely complex, sensitive and weak.”

“We hope that under the present circumstances, all sides’ words and actions can help reduce tensions and reestablish,mutual trust and getting the North Korean nuclear issue back on the correct track of dialogue and negotiations,” she said.

TRADE DEFICITS
Mr. Trump said he was committed to achieving “free, fair, and reciprocal” trade and wants to work with Japan on this issue.

“America is also committed to improving our economic relationship with Japan,” Mr. Trump said. “As president, I’m committed to achieving fair, free, and reciprocal trading relationship. We seek equal and reliable access for American exports to Japan’s markets in order to eliminate our chronic trade imbalances and deficits with Japan.”

Earlier, speaking to Japanese and US business executives, Mr. Trump praised Japan for buying US military hardware.

But he added that “many millions of cars are sold by Japan into the United States, whereas virtually no cars go from the United States into Japan.”

Japan had a $69-billion trade surplus with the United States last year, according to the US Treasury Department. The United States was Japan’s second biggest trade partner after China, while Japan was the United States’ fourth-largest goods export market in 2016.

EMPEROR, ABDUCTEES
Japanese officials have countered US trade complaints by noting Tokyo accounts for a much smaller slice of the US deficit than in the past, while China’s imbalance is bigger.

In a second round of economic talks in Washington last month, US Vice-President Mike Pence and Japanese Finance Minister Taro Aso, who doubles as deputy premier, failed to bridge differences on trade issues.

The two sides are at odds over how to frame future trade talks, with Tokyo pushing back against US calls to discuss a bilateral free trade agreement.

Mr. Trump also said earlier that an Indo-Pacific trade framework would produce more in trade than the Trans-Pacific Partnership pact pushed by his predecessor, but which he announced Washington would abandon soon after he took office.

The 11 remaining nations in the TPP, to which Japan’s Mr. Abe is firmly committed, are edging closer to sealing a comprehensive free trade pact without the United States.

Mr. Trump met Emperor Akihito, exchanging a handshake and nodding, before his lunch and talks with Mr. Abe.

He also met relatives of Japanese citizens abducted by North Korean agents decades ago to help train spies, calling the kidnappings a “tremendous disgrace” and pledging to work with Mr. Abe to bring the victims “back to Japan where they want to be.”

“I think it would be a tremendous signal if Kim Jong Un would send them back,” Mr. Trump said. “If he would send them back, that would be the start of something, something very special.”

Mr. Abe has made resolving the emotive abductions issue a keystone of his career. The families hope their talks with Mr. Trump — the third US president they have met — will somehow contribute to a breakthrough, although experts say progress is unlikely.

Mr. Abe also expressed his condolences for the victims of a gunman who massacred at least 26 worshippers at a church in Texas.

White House spokeswoman Sarah Sanders said Mr. Trump had no plans to change the schedule for his 12-day Asian trip, which will also take him to Seoul, Beijing and Danang, Vietnam. — Reuters

Modi’s big economic gamble in tatters as cash remains king

November 7, 2017 | 12:02 am

CORRUPTION, black money, terrorism, fake currency — Prime Minister Narendra Modi resolved to eliminate all in one stroke when he announced India’s biggest-ever cash ban on Nov. 8 last year.

However, the short-term costs of his move are outweighing the benefits. He invalidated 86% of currency in circulation, saying the move was essential to combat graft and terrorism, often funded with cash or counterfeit bills.

He hasn’t had much success, though the outlook has dimmed substantially for Asia’s third-largest economy following the cash shock.

The biggest blow for Modi, who faces re-election early 2019, is that growth has slowed to levels last seen during his predecessor’s administration. India’s previous government was criticized for massive corruption scandals and a policy paralysis, helping Modi sweep to power in 2014 with the biggest mandate in three decades.

“The process of curbing black money and corruption does not begin or end with demonetization,” said Sonal Varma, chief India economist at Nomura Holdings Inc. in Singapore, using the local term for cash stashed away to avoid taxes. “Black money is held not just in cash but also real estate and gold.”

Modi later widened his objectives to include digitization and boosting the number of tax payers. Here’s a look at how he’s fared:

FAKE CURRENCY
Modi had said the ban on 500- and 1,000-rupee notes was needed as these high-value bills helped “enemies from across the border run their operations.” While the detection of counterfeit currency increased in the 12 months through June 30, it was still just 0.08% of total currency in circulation compared with 0.07% the previous year. More importantly, the Reserve Bank of India hasn’t been able to protect its new notes from counterfeiters, as fake versions of the 2,000-rupee note announced Nov. 8, 2016, have been detected.

BLACK MONEY
Soon after the cash ban was announced last year, the government’s counsel told the Supreme Court that about a third of the 15.44 trillion rupees of bills invalidated wouldn’t be deposited into banks, implying that Indians would rather forfeit this money rather than risk detection. However, 99% of the notes have been returned.

“As almost all cash withdrawn has been translated into a rise in bank deposits, one can question to what extent demonetization has really been effective in wiping out black money,” Arjen van Dijkhuizen, senior economist with ABN Amro Bank NV in Amsterdam, said by email.

TAX EVASION
Widening the tax base is probably where analysts are most optimistic about demonetization. The government has said it will scrutinize the deposits that flowed into banks since the cash ban to detect any tax evaders, and on Sunday said regulators have identified 170 billion rupees of transactions by shell companies. Success in widening the tax base would ease pressure on public finances in a nation where less than 5% file tax returns.

“The exercise changed the public’s perception of what the government can, and will do to root out corruption,” said Shailesh Kumar, senior analyst for Asia at Eurasia Group. “In some ways Modi was rewarded for it, as he was seen taking on the issue of corruption which many believe is one of India’s biggest problems.”

The gamble seemed to have paid off in the electorally important state of Uttar Pradesh, where Modi’s Bharatiya Janata Party swept elections in March. However, growth has since slowed and there are rumblings of dissatisfaction going into elections in Modi’s home state of Gujarat next month. Opinion polls still call the vote for the BJP, and the party has said it will mark Nov. 8 — the anniversary of the decision — as anti-black money day every year.

“It is clear that the short-term pains from these currency operations have been more concrete and visible than potential long-term gains, but that does not mean that there aren’t any,” said Dijkhuizen.

DIGITIZATION
A vanguard of digital payment providers have benefited from Modi’s move. The biggest player is Paytm, backed by China’s Alibaba Group Holding Ltd., which has seen its customer base surge since November. Demonetization also triggered record domestic inflows into mutual funds, which have gushed into the equity market and pushed the key indexes to multiple records.

While overall digital transactions have dipped as cash returns to the economy, the government points to relatively lower levels of currency in circulation as a win. If it wasn’t for demonetization, India would have had some 18 trillion rupees in high-value bills today — instead it has 12.5 trillion rupees, Economic Affairs Secretary Subhash Garg estimates.

“So the potential of storing black money is so much reduced. You are doing the same economic activity with the money in circulation,” he said.

TERRORISM
Instances of stone pelting in the border areas of Jammu & Kashmir fell drastically after the cash ban but started rising again. While the period immediately after demonetization showed a dip in fatalities in insurgent violence, a direct link isn’t clear. — Bloomberg

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