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Philippines, Mongolia to boos ties

TOP ENVOYS from the Philippines and Mongolia on Monday agreed for their countries to explore partnerships in agriculture, tourism and education.

In a speech in Mongolia after meeting with Mongolian Foreign Minister Batmunkh Battsetseg, Philippine Foreign Affairs Secretary Enrique A. Manalo cited the need to boost trade between the two nations, especially after Mongolia reached upper middle-income economy status this year.

“The minister and I discussed ways to promote trade between our two economies, including the establishment of ties between our business communities, and the potential for further cooperation on areas ranging from tourism to agriculture to education, particularly English language training,” he said, based on a transcript of his speech sent to reporters via WhatsApp.

The Philippine government aims to reach upper middle-income status by 2025. An upper middle-income country has a gross national income (GNI) per capita of $4,466 to $13,845.

The World Bank classifies the Philippines as a lower middle-income country with a GNI per capita of $3,950. — John Victor D. Ordoñez

Resolving right-of-way issues key to timely completion of railway projects

PHILIPPINE STAR/MICHAEL VARCAS

According to Transport Secretary Jaime J. Bautista, 47% of the relocation orders for nearly 700 power facilities to address right-of-way (ROW) issues in railway projects have been completed as of Thursday. 

“We are here to collaborate with Meralco to ensure smooth implementation of our rail projects,” Mr. Bautista said in a Business Review Meeting last August 1. 

He added that the collaboration with the electric distribution utility company will help the Department of Transportation (DOTr) reach its deadline for rail projects. 

“We want Meralco to be on board so we can efficiently solve right-of-way issues and accomplish these projects as soon as possible.”  

Last April 2, President Ferdinand R. Marcos Jr. signed the Administrative Order (AO) 19, creating the inter-agency committee to address the ROW issues in railway projects. 

Under AO 19, the Inter-Agency Committee for ROW Activities for National Railway Projects (Committee) was tasked to create an “efficient and collaborative mechanism to streamline the process of land acquisition necessary for the implementation of all railway projects.” 

The Metro Manila Subway Project (MMSP), the Philippines’ first underground railway system, is one of the projects experiencing troubles with ROW issues.  

By 2029, the MMSP is aimed to be partially operational, but this goal is contingent upon addressing challenges with ROW. 

Meron din issues like property owners na ayaw nila ‘yung MMSP dumaan sa ilalim ng kanilang property [Some property owners do not permit the MMSP to operate under their property,”] Mr. Bautista said on a press conference last March 7. 

“We are doing our best to convince property owners, all things considered, that their concerns are already factored in,” DOTr Undersecretary for Rails Jeremy S. Regino added. 

DOTr Undersecretary Timothy John R. Batan said in a forum on July 16 that the subway reached a ‘significant progress’, marking the completion of the project at 14.48% as of May 31. – Almira Louise S. Martinez

US says moves in Middle East aimed at de-escalating tensions

SUPPORTERS of Hamas and Hezbollah take part in a protest condemning the killing of Hamas leader Ismail Haniyeh and Hezbollah top commander Fuad Shukr, in Sidon, Lebanon, Aug. 2, 2024. — REUTERS

WASHINGTON — The US is deploying additional military might in the Middle East as a defensive measure with a goal of de-escalating tensions in the region, a White House official said on Sunday.

Regional tensions have increased following the assassination on Wednesday of Ismail Haniyeh, the leader of the Palestinian Islamist group Hamas, in Tehran a day after an Israeli strike in Beirut killed Fuad Shukr, a senior military commander from the Lebanese group Hezbollah. Both groups are backed by Iran.

There are mounting fears that Israel’s war against Palestinian militants in Gaza, which began last October after attacks on the Jewish state, could escalate into a wider Middle East conflict. Iran and Hamas have blamed Israel for Mr. Haniyeh’s killing in the Iranian capital, and they, together with Hezbollah, have vowed revenge. Israel has not claimed or denied responsibility.

US President Joseph R. Biden will convene his national security team in the situation room on Monday to discuss developments in the Middle East, the White House said, adding that he would speak with Jordan’s King Abdullah as well.

US news service Axios reported that US Secretary of State Antony Blinken told his counterpart from Group of 7 countries that Iran and Hezbollah could start attacking Israel as early as Monday, citing three sources briefed on the call. But Mr. Blinken, according to Axios, said it was unclear how Iran and Hezbollah would attack and did not know the exact timing.

When asked about the report, the State department referred to a readout of the call, where it said the ministers discussed “the urgent need for de-escalation in the Middle East.”

The Pentagon said on Friday it would deploy additional fighter jets and Navy warships to the region.

“The overall goal is to turn the temperature down in the region, deter and defend against those attacks, and avoid regional conflict,” Jonathan Finer, the White House’s deputy national security adviser, said on CBS’ Face the Nation program.

The U.S. and Israel are preparing for every possibility, Mr. Finer added.

There was a “very close call” of regional conflagration in April, Mr. Finer said, when Iran launched an attack on Israeli territory with drones and missiles after what it called an Israeli strike on its consulate in Damascus on April 1 that killed seven officers of the Islamic Revolutionary Guard Corps in the Syrian capital.

The US wants to be prepared should that situation rise again, Mr. Finer added.

In a call with his Israeli counterpart, the Pentagon said US Defense Secretary Lloyd Austin reiterated the United States’ support for Israel’s security and “right to self-defense against threats from Iran, Lebanese Hizballah (Hezbollah), Houthis, and other Iranian-backed terrorist groups.”

Mr. Blinken spoke with Iraqi Prime Minister Mohammed Shia al-Sudani on Sunday and emphasized “the importance of all parties taking steps to calm regional tensions, avoid further escalation, and advance stability,” the State department said.

‘PRUDENT PLANNING’
Mr. Biden on Saturday expressed hope that Iran would stand down despite its threat to avenge Mr. Haniyeh’s killing.

The US on Wednesday urged its citizens who wish to leave Lebanon to start making plans immediately.

“This is no prediction about future events. It is prudent planning for them and for our government,” Mr. Finer said on CBS.

The British government advised its nationals to leave Lebanon. Canada told its citizens to avoid all travel to Israel, saying the regional conflict endangers security.

Mr. Haniyeh’s death was one in a series of killings of senior Hamas figures in the Gaza war — with nearly 40,000 Palestinians killed, according to Gaza’s health ministry — and it fueled concern of a wider Middle East conflict.

Hamas said it has begun a “broad consultation process” to choose a new leader to replace Mr. Haniyeh, who was the face of the group’s international diplomacy.

The US and international partners including France, Britain, Italy and Egypt continued diplomatic contacts seeking to prevent further regional escalation.

Jordan’s foreign minister, Ayman Safadi, will travel to Iran on Sunday in a rare visit to discuss regional developments with his Iranian counterpart, Iranian state media reported.

Violence continued on Sunday in the Palestinian territories.

At least 25 Palestinians were killed and several others injured on Sunday in an Israeli strike targeting two schools that were sheltering displaced people near Gaza City, the official Palestinian news agency WAFA said.

Another strike hit a tent inside a hospital compound in central Gaza, killing at least five people, Gaza health officials said, after another round of talks ended without result. — Reuters

New Zealand scraps clean and green policies to boost flailing economy

SULTHAN AULIYA-UNSPLASH

WELLINGTON — New Zealand’s green credentials are at risk as the government rolls back environmental reforms in a bid to boost a flailing economy and fulfil promises made to its voters.

Since taking power last year, Prime Minister Christopher Luxon’s center-right coalition announced it will reverse a ban on oil and gas exploration, push the pricing of agricultural emissions back five years and encourage more mining.

This is part of a government shift in priorities towards increasing exports to support an economy that grew just 0.3% in the year to March 2024, its lowest growth for the same period since the pandemic hit in 2020, and that has a current account deficit at 6.8% of gross domestic product.

Exports make up nearly a quarter of New Zealand’s economy.

“The economic situation for me, is arguably the worst of the set of circumstances that I can remember in my adult life,” Resources Minister Shane Jones said.

“So when the opportunity arose to champion the re-emergence of the mineral sector it was driven by quite a brutal understanding of what our economic situation is,” he added.

The agricultural sector including fishing contributes 5% to the economy, and accounts for about 80% of total exports. The farmers who helped Mr. Luxon’s government come to power had said the environmental policies that the coalition government are reversing would have made dairy and meat too costly to produce.

But while farmers and companies have cheered the changes, environmentalists criticized the coalition for what they said were shortsighted policies.

“They are not looking at both sides of the ledger here, and the economic impacts of wrecking the joint for a few quick bucks for the government of this day, and therefore putting at risk the prosperity of future generations of New Zealanders,” said Nicola Toki, chief executive of environmental organization Forest and Bird.

Last week, the national carrier Air New Zealand dropped its 2030 emissions target, citing delays in new aircraft and the high prices of environmentally friendly fuel. The opposition Green Party said it was concerned that the government’s “low ambition approach to climate change” would encourage more companies to follow suit.

A report from the government Climate Commission released last week said there were significant risks to New Zealand meeting its 2030 and 2035 domestic emission targets and its promised reduction in methane from animals and waste.

It noted any shortfall in meeting these targets would increase the need for more offshore mitigation to meet the nationally determined contribution. Treasury last year forecast mitigation could cost as much as NZ$23.5 billion ($14 billion).

EMISSION RISKS
The government has said it is working on a climate change plan that includes the planting of more trees, increasing renewable energy supply and investing in cutting edge technology to reduce emissions.

Climate Minister Simon Watts said the government expects to meet the 2030 target but admitted more work was needed to meet the 2035 target.

“The Government is committed to meeting our climate change targets, but the way in which we do this will be different to former New Zealand Governments,” he said. “This Government is using a least-cost approach to meet our climate targets. We will not shut down sectors that are boosting our economy and exports.”

Environmentalists, however, say this is not enough.

University of Otago Climate Change Research Network co-director Sara Walton said New Zealand would face significant reputational and financial damage for not meeting the targets.

“It’s more important than ever for companies to be reducing their emissions in order to remain competitive internationally in terms of supply chains,” said Ms. Walton.

After the rural vote helped the three party coalition government sweep to power last year, the government promised to pull agriculture from the emissions trading scheme.

Agricultural emissions would still be taxed from 2030 but rules around protecting “significant natural areas” to support biodiversity are being suspended.

Other sectors the government is targeting are energy and mineral resources.

It has said it would allow oil and gas exploration again, which former Prime Minister Jacinda Ardern banned in 2018, in a bid to reduce imports of coal, boost fuel exports and keep energy prices for the public and small businesses low.

The government has also set a target to double mineral exports to NZ$2 billion over 10 years and has announced a stock take of its resources.

It has also proposed a fast-tracked consenting process that would allow the likes of mines to circumvent current resource consents if they can win ministerial approval.

Cindy Baxter, chair of environmental group Kiwis against Seabed Mining, is worried this will allow a controversial seabed mining project to go ahead on New Zealand’s west coast.

“It’s a beautiful piece of ocean with reefs and sea life… which could be absolutely destroyed by seabed mining,” Ms. Baxter said. — Reuters

Number of Chinese couples getting married falls to 12-year low, data shows

UNSPLASH

HONG KONG — The number of Chinese couples who got married in the first half of this year fell to its lowest level since 2013, official data showed, as more young people deferred nuptials amid a slowing economy and a rise in living costs.

The number of marriages in China is closely tied to the number of births, and the decline is likely to upset policymakers trying hard to boost the population which has been shrinking for two consecutive years.

A total of 3.43 million couples tied the knot in the first six months of the year, a drop of 498,000 from the same year-ago period, the data on marriage registrations showed.

Marriage is seen as a prerequisite for having children due to widespread incentives and policies, including a requirement for parents to present a marriage certificate to register their child and receive state benefits.

Many young Chinese are opting to stay single or delay getting married due to poor job prospects and worries about the future as growth in the world’s second largest economy slows.

Marriage rates have been declining in China since 2014. While there was a slight pick up in 2023 due to pent-up demand after the easing of pandemic restrictions, the rate this year is expected to drop to its lowest since 1980, demographic expert He Yafu told state backed newspaper the Global Times.

Reasons for the decline in marriage registrations include a decrease in the number of young people, a higher number of males in the marriageable population versus females, the high cost of marriage, and changing attitudes, Mr. He said.

“The declining trend in China’s birth rate in the long run will be difficult to fundamentally change unless substantial childbirth support policies are implemented in the future to address this challenge,” Mr. He said.

China’s Civil Affairs University announced a new undergraduate marriage program to develop marriage-related industries and culture, drawing scorn from social media users who questioned the need for such a course as marriage rates decline. — Reuters

Shop with confidence with Lazada’s new return and refund policies

Enjoy up to 30 days return on LazMall orders and hassle-free Change of Mind

It’s a common scenario for many online shoppers: after spending hours browsing online, you finally purchase what seems like the perfect dress for an upcoming event. You eagerly wait for the package to arrive, only to find that when it does — the dress doesn’t quite fit you the way you imagined or the colour isn’t as vibrant as it had appeared online. Returning the product now seems like a hassle, but Lazada understands these challenges and has now introduced new policies to make your returns and refunds easier and faster!

Whether you have a change of mind, decide that a purchase isn’t for you, or encounter any issues with your goods, returning your orders to Lazada and getting a refund is now even more straightforward and efficient. Shop with peace of mind, knowing that Lazada is committed to delivering a more flexible and hassle-free shopping experience.

With Lazada’s new returns and refund policies, shoppers can enjoy several key benefits:

  • Enjoy 30-day easy returns for all LazMall and Choice purchases from the date of delivery. With this policy, shoppers are no longer rushed into making a final decision on their orders. Customers now have a whole month to carefully consider their purchases and can effortlessly request for a return and refund when they have a Change of Mind — whether it’s for clothing that doesn’t fit, electronics that don’t meet performance expectations, or home goods that don’t match their existing interior décor.
  • Lazada’s “Change of Mind” policy now applies to a wider range of products and categories across the Lazada platform. Customers are not restricted to keeping items that do not meet their expectations or needs. If you think the purchase is not right for you, due to style, size, or simply a change of heart, Lazada has got you covered.
  • Shoppers can now get faster refunds, as soon as an order is successfully returned to a logistics partner, either through drop-off or pickup. Thanks to an even more streamlined process, Lazada has significantly cut down on the waiting time to ensure that customers can receive their refunds without unnecessary delays. In some cases, refunds are also instantaneous upon initiating a return, so you can spend more time shopping and less time worrying.

At Lazada, returns and refunds are designed to be seamless. Whether you’re cancelling an order before it is shipped or returning an item after delivery, Lazada strives to simplify your online shopping experience to offer convenience and reliability you can count on. Now shoppers can be more assured knowing that whenever they’re shopping on Lazada, their orders are safeguarded by even more robust return and refunds policies that offer a smoother, more enjoyable shopping experience.

For more information on Lazada’s new return and refund policies, check out the Lazada app or click on this link for more information. Follow Lazada on Facebook, Instagram, X, TikTok and YouTube.

 


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SM Retail truly has it all for you

The SM Retail Group truly has it all for the Filipino consumer and it continues to expand its portfolio to address the growing needs of its customers. From food, to fashion, home essentials to beauty products, toys to pet supplies, SM Retail continues to offer a wide array of products for the Filipino consumer.

All this and more will be showcased at the National Retail Conference and Expo slated for August 29 to 30, 2024 at the SMX Convention Center. This year’s theme. “Retail Today, Empowering Tomorrow,” reflects the dynamic evolution of the retail landscape.

As the Diamond sponsor of the event, SM Retail Group stands at the forefront, showcasing its commitment to addressing the growing needs of Filipino consumers.

SM Retail and its affiliates have become synonymous with quality, variety and accessibility, continuously adapting to consumer trends to evolve with the changing times.

Shaping the retail landscape in the Philippines, since its very first store opened its doors in 1958, SM Store has become the favorite one-stop-shop of Filipinos with the best product variety, unparalleled customer experience and value for money.

Under the umbrella of SM Retail are homegrown and global retail brands such as ACE Hardware, SM Appliance Center, Our Home, Crate & Barrel, Toy Kingdom, Baby Company, Pet Express, Kultura, Sports Central, Crocs, Dyson, Miniso, Levis, Forever 21, Ecco, Watsons, Uniqlo, Body Shop, and Innisfree. From trendsetting clothing brands known for stylish everyday wear to homegrown lifestyle stores, and personal care- SM Retail has got it all for you.

Under the SM Retail umbrella, and catering to Filipinos across the country -SM Markets carry the SM Supermarket, SM Hypermarket and Savemore Market brands. Another marketplace within the SM Food Group is Alfamart, the first and only Super Minimart in the Philippines that is designed to serve the needs of local Filipino communities. Similarly, providing Filipino families a complete shopping experience, whether in-store or online, Waltermart is one of the fastest growing supermarket chains today. Whether it is for a quick snack from a convenience store or a full grocery haul from a hypermarket, SM Markets ensures accessibility and convenience for everyone.

Today, SM Retail and its affiliates take pride in offering a plethora of leading local and global brands known for quality and accessibility, and considered by many as treasure troves that cater to the various needs and wants of the Filipino consumer.

With the SM Retail Group leading the way, the Philippine retail industry is poised for remarkable growth, and transformation. Collectively, retailers, and industry enablers such as property developers, technology companies, and financial institutions along with a thriving supplier network, play a pivotal role in empowering the future of the Philippine retail sector, ensuring a vibrant and competitive retail landscape for the years to come.

 


Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

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Law on alimony and conjugal property may have to be reexamined in case divorce law gets passed

FREEPIK

by Patricia B. Mirasol, Producer

The law on alimony, as well as the splitting of conjugal properties, may have to be rethought if the proposed divorce law in the Philippines gets passed, according to a law expert.  

The sharing of conjugal properties stems from the traditional setup of the wife staying at home to enable her husband to make a living for the family, Jemy I. Gatdula, the dean of the Institute of Law at the University of Asia and the Pacific, said. 

More women work nowadays, he pointed out in a July 3 interview. 

“In terms of alimony…there’s a presumption that the woman is not employed, but that has to be reexamined because it could also be possible that the woman is outearning the husband,” Mr. Gatdula said. 

“Some people could say that the woman should give the alimony to the husband,” he added, “but why should the woman give alimony at all, if they’re both earning money at the same time?” 

The Philippines is the only country in the world that has not yet legalized civil divorce, which ends a valid marriage through a legal process and decree by a court.   

The current avenues for married Filipino couples who want to separate is nullity of marriage (which renders a marriage void from the beginning due to reasons like bigamy), annulment (which renders a valid marriage null and void due to reasons like forced consent), and legal separation (which allows married couples to live apart while remaining legally married). 

A 2020 government census found that – while 39.2% of the population were married – more than 400,000 individuals (or 1.9%) were either divorced, separated, or annulled between 2015 to 2020. 

“In the case of nullity, the idea would be there was no marriage from the beginning, therefore the properties go back to where they were,” Mr. Gatdula told BusinessWorld. 

“In a divorce law, that would probably be the default position, but there’s also the possibility of encouraging people to have prenuptial agreements,” he said. 

The question of whether the spouses get to keep their respective properties in a legal separation, meanwhile, depends either on the circumstances or what they agreed upon prior to marriage. 

House Bill No. 9349, or An Act Reinstituting Absolute Divorce as an Alternative Mode for the Dissolution of Marriage, was transmitted to the Philippine Senate on June 10 by the House of Representatives. 

It lists marital infidelity and domestic violence as valid grounds for divorce. It also includes all the grounds for legal separation, annulment, and declaration of nullity of marriage under the Family Code. 

Articles 96 and 124 of Executive Order No. 209, or the Family Code of the Philippines, deals with the administration of community property and conjugal partnership. Both articles state that – although administration and enjoyment belong to both spouses jointly – the husband’s decision shall prevail in case of disagreement. The wife’s only recourse is to bring the matter before the courts. 

In the 18th Congress, Senator Pia S. Cayetano sought to amend Articles 96 and 124 in the presidential proclamation. Instead of the husband’s decision prevailing in case of a disagreement, the amendment proposes that the court decides on the case only after the spouses exerted efforts to enter a compromise but failed. 

The most damaging thing we can tell children are the fairytales where people marry and then go off to live happily ever after, according to Mr. Gatdula. 

“True life goes on after the wedding vows,” he said. 

“A better courtship culture – one that will allow our young men and women to be able to understand each other more, so that when they do get into a marriage, they know what they’re going into – is far better than having a divorce law,” he added. 

Philippines, Vietnam to hold first-ever joint coast guard exercise

"BRP TERESA MAGBANUA”, the largest patrol vessel (97 meters) for the Philippine Coast Guard (PCG)

 – The Philippines and Vietnam will kick off their first-ever joint coast guard exercise in the Manila Bay this week, in line with a commitment by both countries to boost maritime cooperation.

The Aug. 9 drill is the first between the two Southeast Asian nations, which have competing claims over some parts of the South China Sea and have had run-ins with China’s coast guard in the disputed waterway.

During a state visit to Hanoi by Philippine President Ferdinand Marcos Jr in January, Manila and Vietnam signed two agreements to boost cooperation between their coast guards and to prevent untoward incidents in the South China Sea.

Vietnam’s 90-metre ship CSB 8002 arrived at the port of Manila on Monday for a five-day port call.

It will carry out training exercises with the Philippines’ 83-metre offshore patrol vessel, BRP Gabriela Silang, on Friday that will focus on search and rescue and fire and explosion prevention, Philippine Coast Guard (PCG) officials said.

“In spite of the rivalry, (Philippines and Vietnam) are also claimants on the West Philippine Sea, it shows we can work together,” PCG Spokesperson Armando Balilo said. “Hopefully this will start a template that can be used even with China to de-escalate the situation.”

Manila refers to the waters inside its exclusive economic zone (EEZ) as the West Philippine Sea.

The Philippines and Vietnam have filed separate claims with the United Nations to an extended continental shelf to recognize their entitlements beyond their 200 nautical mile exclusive economic zone in the South China Sea.

China claims almost the entire South China Sea, including parts claimed by the Philippines, Brunei, Malaysia, Taiwan and Vietnam. Portions of the strategic waterway, where $3 trillion worth of trade passes annually, are believed to be rich in oil and natural gas deposits, as well as fish stocks. – Reuters

CrowdStrike rejects Delta Air Lines claims over flight woes

 – CrowdStrike on Sunday rejected a claim by Delta Air Lines that it should be blamed for flight disruptions following a July 19 global outage sparked by a faulty update, and suggested it had minimal potential liability.

Delta CEO Ed Bastian said last week the outage had cost the US airline $500 million and that it planned to take legal action to get compensation from the cybersecurity firm.

CrowdStrike reiterated its apology to the airline operator, but said in a letter from an external lawyer that it is “highly disappointed by Delta’s suggestion that CrowdStrike acted inappropriately and strongly rejects any allegation that it was grossly negligent or committed misconduct.”

Delta canceled more than 6,000 flights over a six-day period, impacting more than 500,000 passengers. It faces a U.S. Transportation Department investigation into why it took so much longer for it to recover from the outage than other airlines.

The CrowdStrike letter said that “any liability by CrowdStrike is contractually capped at an amount in the single-digit millions.”

Delta declined to comment on the CrowdStrike letter.

Within hours of the outage incident, CrowdStrike reached out to Delta to offer assistance.

“Additionally, CrowdStrike’s CEO personally reached out to Delta’s CEO to offer onsite assistance, but received no response,” the letter said.

Bastian told CNBC last week CrowdStrike had offered “free consulting advice to help us.”

Delta told US lawmakers last week in a letter seen by Reuters that CrowdStrike’s faulty update “impacted more than half of Delta computers, including many of Delta’s workstations at every airport in the Delta network.”

The letter added Delta’s “complex IT system which distributes and synchronizes all our data, including the data that feeds our crew tracking and gating software, required manual recovery.”

The CrowdStrike letter added that if Delta files suit, it will need to answer “why Delta’s competitors, facing similar challenges, all restored operations much faster” and “why Delta turned down free onsite help from CrowdStrike professionals who assisted many other customers to restore operations much more quickly than Delta.”

A CrowdStrike spokesperson said “public posturing about potentially bringing a meritless lawsuit against CrowdStrike as a long-time partner is not constructive to any party. We hope that Delta will agree to work cooperatively to find a resolution.” – Reuters

Bitcoin, ether sink to multi-month lows as recession worries take hold

JONATHAN BORBA-UNSPLASH

Bitcoin and ether tumbled on Monday to multi-month lows as worries over a possible US recession in the wake of soft data gripped financial markets and triggered a rush to safe-haven assets.

Crypto markets have gotten a boost this year after the US Securities and Exchange Commission approved an exchange-traded fund to track the spot price of bitcoin and ether.

More recently, however, bitcoin has fallen alongside other assets including global equities in a broad selloff as investors fear that a US recession could be on the horizon, with rising geopolitical worries also weighing. The cryptocurrency is off nearly 20% from its March 2024 high.

“It’s a big reminder that Bitcoin and crypto in general are risk assets and sit at the pointy end of the risk spectrum,” said Tony Sycamore, market analyst at IG.

Bitcoin sank to $53,091, its lowest since late February and last fetched $54,112, while ether slid to its weakest since mid-January and was last down 16% at $2,300.

Sycamore said bitcoin is testing trend channel support at $54,000/$53,000 area and needs to hold that level to “prevent further capitulation towards $48,000.” – Reuters

North Korea’s Kim oversees delivery of new tactical ballistic missile launchers

KREMLIN.RU/EVENTS/PRESIDENT/NEWS/60363/PHOTOS-COMMONS.WIKIMEDIA.ORG

 – North Korean leader Kim Jong Un oversaw the delivery of 250 new tactical ballistic missile launchers to frontier troops, state media KCNA reported on Monday, which Seoul said he would use to threaten South Korea.

The launchers have been described by state media as a modern tactical attack weapon personally designed by Kim and ready to be transferred to Korean People’s Army units on the frontier with the South.

North Korea said it test-fired new tactical ballistic missile last month.

“We believe (the missile launchers) are intended to be used in various ways, such to attack or threaten South Korea… Deploying near the border would mean that the range is not long,” Lee Sung-joon, spokesperson for South Korea’s Joint Chiefs of Staff, told a media briefing.

In a speech, Mr. Kim blamed the United States for creating a “nuclear-based military block” that forced his country to further strengthen military capabilities.

North Korea has long condemned joint drills between the United States and South Korea as a rehearsal for invasion.

spokesperson for Seoul’s unification ministry handling inter-Korean affairs said North Korea’s illegal nuclear and missile programs were the primary threat to peace and stability on the Korean peninsula.

Pyongyang will have enhanced nuclear readiness in the near future to deter nuclear threats and protect itselfKim was quoted as saying in the speech to troops and military scientists.

Mr. Kim’s daughter, Kim Ju Ae, attended the event, KCNA photos showed, making her first public appearance in nearly three months. South Korean lawmakers said last month she was being trained to become the next leader.

North Korea’s state media has reported on her public activities, but not on her political future. – Reuters