ALEX EALA missed out on a dream match with world singles No. 2 Aryna Sabalenka.
In line to face the Belarusian ace, the Filipina sensation stumbled right away against world doubles No. 1 Katerina Siniakova of the Czech Republic with a 6-3, 6-1 defeat in the opening round of the Wuhan Open on Tuesday.
Ms. Eala, world No. 148, showed some promise in the first set but was outclassed in the next frame for a shutout that spoiled her chance to arrange a showdown against the three-time Grand Slam champion Ms. Sabalenka in the second round.
The 28-year-old Ms. Siniakova who boasts four Grand Slam doubles titles and also No. 37 in the world singles ranking flaunted her experience on the 19-year-old Ms. Eala with crisp service game en route to three aces.
Ms. Siniakova faces Ms. Sabalenka, the tournament’s No. 1 seed, Wednesday for a slot in the Round of 16 while she’s also vying in the doubles division with Russian partner Ekaterina Alexandrova.
This was Ms. Eala’s first campaign in East Asia after continuous appearances in the WTA tournaments in Europe and North America.
The latest was in Mexico, where she had Round of 16 and Round of 32 finishes, last month on the heels of a foiled qualifying finals stint in the US Open that could have made her the first Filipina player ever to barge into the main draw.
In Wuhan, Ms. Eala was among the four wildcard players to qualify in the main draw led by no less than Ms. Sabalenka eyeing to bag another title after winning the Australian and US Open this year. — John Bryan Ulanday
Games on Wednesday (PhilSports Arena) 5 p.m. – San Miguel vs Ginebra (Semifinals Game 1) 7:30 – Rain or Shine vs TNT (Semifinals Game 1)
IN A BEST-OF-SEVEN TUSSLE that could potentially go the full distance and be a back-and-forth, setting the tone early is of paramount importance.
So expect the four competitors in the Season 49 PBA Governors’ Cup semifinals to jump out of the gates with purpose in Wednesday’s series openers at the PhilSports Arena.
TNT, the defending champion, and Rain or Shine (ROS), the hungry aspirant, fight for the 1-0 running start at 7:30 p.m. while Barangay Ginebra, the runner-up of the last GC wars two seasons ago, and San Miguel Beer, the last to crack the final four, seek the same at 5 p.m.
For the Tropang Giga, there’s a revenge factor in play as it was the youth-laden but fast-maturing Elasto Painters who sent them off early in the playoffs of the previous conference. ROS wiped out TNT’s 1-0 lead in the Philippine Cup’s best-of-three quarterfinals with a reverse sweep capped by a 110-109 squeaker to come away with the final four berth.
That heartbreaker, according to Tropang Giga coach Chot Reyes, essentially led them to shift their orientation into a more defensive-focused one. And now this shot-stopping skill will be fully tested by the Elasto Painters, who have emerged as an efficient offensive crew this conference.
“(It’s) a battle of contrasts. The No. 1 defensive team (TNT) versus the No. 1 in offense (ROS),” Mr. Reyes told The STAR of this matchup. “If we can limit their scoring, we have a chance.”
The Elasto Painters were good for an average of 112.2 points in the eliminations. However, this went down to 100.4 markers in their five-game duel with Magnolia in the quarterfinals.
TNT was tops in points allowed at 87 in the elims then maintained this form in holding NLEX to 95.5 over four matches in the last 8. At the same time, the Tropang Giga have cranked up their offense, going from 94.5 in group play to 107.8 in the playoffs.
The Tropang Giga’s transformation, according to Mr. Reyes, was the result of the likes of Rondae Hollis-Jefferson, Calvin Oftana, RR Pogoy, Rey Nambatac and veterans Jayson Castro and Kelly Williams buying into their new approach.
Coach Yeng Guiao and his spirited bunch of Aaron Fuller, Jhonard Clarito, Adrian Nocum, Andre Caracut and Beau Belga go to battle with a more refreshed TNT opponent merely four days after finishing off the Hotshots in a sudden death, 103-93.
It’s the same for the June Mar Fajardo and EJ Anosike-led Beermen, who are only three days separate from their grueling five-match series with Converge that was settled only last Sunday, 109-105.
In contrast, Tim Cone’s troops led by Justin Brownlee, Scottie Thompson, Japeth Aguilar and Stephen Holt had the luxury of a nine-day turnaround time due to their 3-0 sweep of Meralco. — Olmin Leyba
NAPHEESA COLLIER is the WNBA’s leading scorer in the postseason, but it isn’t her made baskets that matter when the Minnesota Lynx face the Connecticut Sun in the decisive Game 5 of their semifinal series on Tuesday night in Minneapolis.
It’s the opponents’ missed baskets that Collier will focus on as the two teams clash to determine who advances to play the New York Liberty in the WNBA Finals.
“Our offense was able to lift us up last game, but if that’s not working, we have to rely on our defense,” Collier said. “It’s not been good the last two games. We’re both playing for our lives, so we have to play at that level of intensity.”
Minnesota is trying to reach the WNBA Finals for the first time since 2017. That season, the Lynx won their fourth title in a seven-season span.
Collier is averaging 27.2 points and 9.3 rebounds in the postseason. The regular-season MVP runner-up had 29 points and 13 rebounds in Sunday’s Game 4 when the Lynx lost 92-82 on the road.
Collier wasn’t pleased that her squad allowed 77 points over the final three quarters.
Connecticut’s Tyasha Harris was the surprise star with 20 points after she shot 4-of-5 from 3-point range.
Harris was scoreless in 13 minutes in the series entering Game 4. She missed Game 1 with an ankle injury and mostly sat and watched the next two games.
But her minutes picked up Sunday and the production followed.
“Stay composed, be poised and be ready when your number is called,” Harris said of her approach. — Reuters
FRESH OFF being named the WNBA’s Rookie of the Year, Indiana Fever star guard Caitlin Clark will turn her attention to golf, at least for a day in November.
Clark, whose affinity for golf is well known, will participate in the pro-am competition at The Annika driven by Gainbridge on Nov. 13 at Pelican Golf Club in Belleair, Fla.
“I don’t know what I’m going to do tomorrow. I don’t know what I’m going to do the next day. Maybe play some golf,” Clark said last month. “That’s what I’m gonna do until it gets too cold in Indiana. I’ll become a professional golfer.” — Reuters
The Liberty looked more relieved than jubilant as the final buzzer sounded. They claimed Game Four of their semifinal round series against the vaunted Aces with a finishing flurry befitting their status as favorites, but knew they dodged a bullet all the same. They had been flirting with danger from the get-go, and they understood the fickle nature of the sport enough not to count their blessings before the outcome was clear. And so they kept their focus on the task at hand, mindful that their opponents weren’t two-time defending champions for nothing, and would keep fighting until the end, especially in front of 10,374 loyal fans at the Michelob ULTRA Arena.
Regardless of sentiment, however, there can be no doubting that the Liberty deserved to win and advance to the Women’s National Basketball Association Finals. Throughout their campaign, they stayed focused on their ultimate goal, motivated by the need to move on from their disappointing performance in last year’s title set-to. And as they headed into the playoffs, they believed that their consistency would enable them to exorcise the demons of their past. In this regard, it helped that they had taken the measure of the Aces in all four regular season meetings, and that they made short work of the Dream in the first round.
Still and all, rest did not come for the Liberty until they huddled in front of their bench to acknowledge their 76-62 Game Four triumph to close out the series and send the Aces home. They began the fourth quarter just two points ahead, but then conducted a masterclass on defense that allowed only 11 points, less than half their output. So outstanding were they in their coverage that unanimous Most Valuable Player awardee A’ja Wilson managed to take only two shots, forcing others to pick up the slack and deliver under pressure. And even then, they proved relentless in their efforts to prevent any easy baskets; they gave up only four out of 17 attempts.
The Liberty were understandably respectful in their post-mortem, in no small measure because they know three wins still separate them from the hardware. As challenging as the Aces may have been, more obstacles await. The only consolation is the momentary reprieve they get while awaiting the result of the winner-take-all affair between the Lynx and the Sun today. And though they match up better against the latter, they don’t care who the competition will be at this point. What matters is that they’re back in the Finals, and that they have all the confidence in the world to make sure they’ll be the last women standing this time around.
Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994. He is a consultant on strategic planning, operations and human resources management, corporate communications, and business development.
In this photo illustration, the Association of Southeast Asian Nations (ASEAN) emblem is seen on a smartphone screen in front of the ASEAN flag. — PAVLO GONCHAR / SOPA IMAGES/SIPA VIA REUTERS CONNECT
VIENTIANE — Southeast Asian leaders will meet in Laos this week as Myanmar’s civil war and mounting tensions in the South China Sea risk corroding the ASEAN grouping’s central role in the region.
The 10-member Association of Southeast Asian Nations (ASEAN) has, since it was founded in 1967, created complex political structures and processes that have largely enabled peaceful cooperation within the region of over 685 million people.
But its inability to address difficult issues in a timely way may reflect a deeper differences emerging within the regional grouping, said former Indonesian Foreign Minister Marty Natalegawa.
“Both the South China Sea issue, as well as Myanmar, constitute litmus tests for ASEAN’s relevance,” Natalegawa told Reuters.
“My main concern… is that the sense of ASEAN cohesion and sense of common purpose has been fraying somewhat in recent years.”
Known as the “Five Point Consensus,” the ASEAN-led peace effort for Myanmar has made scant progress since its unveiling in April 2021, just months after the country’s military staged a coup and unseated the elected government.
Instead, violence has spiraled, with the emergence of an armed resistance movement that has loosely allied with several ethnic minority rebel groups to hammer the military on multiple fronts.
Under ASEAN chair Laos, the bloc’s approach has somewhat shifted from previous chair Indonesia’s largely unsuccessful approach by enlarging the peace process to include Myanmar’s other neighbors such as China and India, said Dulyapak Preecharush, a Southeast Asian studies scholar at Thailand’s Thammasat University.
“It creates more space and less pressure for the Myanmar military,” said Dulyapak.
Still, the Myanmar junta has refused to engage in talks with rivals, calling them terrorists bent on destroying the country, while ASEAN continues to bar the generals from its summits over their failure to comply with the peace plan they had initially agreed to.
On Monday, Thailand’s Prime Minister Paetongtarn Shinawatra said she would work with Malaysia to use diplomatic means to resolve the conflict, underscoring what may be a renewed effort by the bloc.
CODE OF CONDUCT The meeting in Laos will be followed by two days of summits with leaders and top diplomats from other countries, including the United States, Japan, South Korea, China and Russia.
Of concern to many of them are escalating tensions in the South China Sea between China and the Philippines, and more recently, Vietnam.
That has renewed attention on ASEAN’s protracted negotiations with Beijing towards creating a code of conduct for the vital waterway, a process in motion since 2017.
China claims almost the entire South China Sea as its territory and has deployed an armada of coast guard deep into the exclusive economic zones of ASEAN members the Philippines, Vietnam, Indonesia, Malaysia and Brunei.
While some ASEAN countries are hopeful the code can be concluded in a few years, prospects for a legally binding text remain distant, according to many analysts and diplomats.
“Negotiations on the code of conduct continue at a snail’s pace,” former Thai Foreign Minister Kantathi Suphamongkhon told Reuters.
“Some parties to the negotiation are now hinting that the code of conduct should also not be legally binding,” he said adding, “this would be unfortunate.”
Ties between US defense treaty ally the Philippines and China have been strained by confrontations between vessels near disputed features, triggering regional concerns of an escalation.
Last week, Vietnam also protested what it called a Chinese attack on its fishermen near disputed, Chinese-occupied islands.
China maintains its responses have been appropriate. — Reuters
REPUBLICAN presidential nominee, former US President Donald Trump and Democratic presidential nominee, US Vice-President Kamala Harris shake hands as they arrive at their podiums to attend a presidential debate hosted by ABC in Philadelphia, Pennsylvania, US, Sept. 10, 2024. — REUTERS
WASHINGTON — US adversaries are preparing to stoke uncertainty about the validity of the Nov. 5 presidential election results after polls close, anticipating a contested vote, a senior US intelligence official said on Monday.
In a briefing to reporters on the election influence activities of Russia, China, Iran and Cuba, U.S. intelligence officials said “foreign influence actors” would likely work to sow doubt about the results.
Russia and Iran have already sought to sway U.S. voters during this year’s presidential campaign while China has sought to influence several down-ballot races, including congressional campaigns, according to U.S. intelligence agencies.
Foreign actors would likely seek to use the uncertainty of a contested election to undermine trust in the integrity of the election and election processes and exacerbate divisions among Americans, according to the US intelligence official.
Russia sought to encourage the U.S. public to oppose pro-Ukrainian policies, while actors linked to China’s government were focused on “tens” of down-ballot races.
The U.S. intelligence official said Beijing is seeking to influence congressional races with candidates regardless of their party affiliation, perceived by Beijing to threaten its core interests, especially in relation to Taiwan. The official did not provide an assessment of what impact the efforts might have.
China’s embassy in Washington did not immediately respond to comment. China’s government denies interference in US elections and calls such claims “malicious speculation.”
US support for Taiwan, the democratic island Beijing claims as its territory, is a longstanding source of friction in US-China relations.
The intelligence community had not yet observed Iran seeking to influence state or congressional races, but did assess its aim was to push voters toward supporting Vice President Kamala Harris, the Democratic Party’s presidential candidate. That view had not changed since September, when US officials also said Russia sought to denigrate Harris in favor of Mr. Trump.
Countries would seek to “launder their narratives” through witting and unwitting American voices and stoke divisions in society on issues such as immigration, abortion, gender rights, the official said.
Cuba was also likely targeting Latino and Spanish-speaking voters on social media with an aim to promote candidates it thought would be favorable to its interests.
Intelligence officials said they had delivered three times the number of “defensive briefings” to candidates, campaigns and election officials about influence operations compared to prior election cycles, including on efforts by Russia, China and Iran.
But they said U.S. voting systems and election workers were the most prepared they’ve ever been.
An official with the Cybersecurity and Infrastructure Security Agency said the U.S. has election infrastructure that is “more secure than any prior election cycle, and we do believe the election community is more prepared for the incidents that may arise than any prior cycle.” — Reuters
VATICAN CITY — When Pope Francis appoints new Catholic cardinals, as he did on Sunday, the move is often described as the pontiff pushing to influence the group that one day will select his successor.
But while Francis, 87, has now named some 80% of the prelates who will choose the next pope, those who study the church say his choices — often of low-profile churchmen from distant countries, many of whom barely know each other — are not meant to smooth the way for a preferred heir.
“The idea that the pope is capable of influencing his successor is not real,” said Alberto Melloni, a church historian at the University of Modena-Reggio Emilia. “It is not even his agenda.”
Geographic diversity is important to Francis, an Argentinian born an ocean away from Rome. Among new cardinals that Francis has named over his 11 years as pope, some two dozen have been the first ever chosen from their home countries, which include Haiti, Myanmar, the Central African Republic and Mongolia.
The 21 new cardinals announced on Sunday hail from countries including Argentina, Brazil, Chile, Peru, Ecuador, Italy, Britain, Serbia, Japan, Indonesia, Canada, Ivory Coast and Algeria. One is a Belgian friar serving as archbishop of Tehran-Isfahan in Iran. Another is a Ukrainian Greek Catholic ministering in Australia.
“It’s more about geography than about theology,” said Massimo Faggioli, a professor at Villanova University in Philadelphia who has chronicled the Francis papacy. “It’s generally about giving voice to those who are in the peripheries… more than a particular vision of the Church.”
VEERING FROM TRADITION Church watchers are sometimes surprised by the pope’s picks of figures who are often little known in Rome or lead relatively small Catholic flocks.
He has also veered from tradition that bishops of historically important cities automatically become cardinals. In the US, for example, he has made the bishop of San Diego a cardinal, but not the archbishop of Los Angeles. In Italy, the archbishop of Bologna but not the archbishop of Milan.
“The message is: ‘I have abolished the right of any diocese to have a cardinal as archbishop,’” said Mr. Melloni.
Often the choices appear to be influenced by Francis’ preference for what he has called a Church that is “bruised, hurting and dirty because it has been out on the streets.”
In 2019, one of Francis’ picks, Cardinal Konrad Krajewski, attracted the ire of Italian politicians by climbing down a manhole in Rome to restore electricity to hundreds of homeless people living in an occupied building.
At the pope’s death or resignation, cardinals enter into a secret conclave, where those under the age of 80 vote on the next pope. At least 67 countries now have cardinals who can vote in a conclave, according to Vatican statistics, compared to fewer than 50 countries when Francis was elected in 2013.
Unlike previous popes, Francis has only rarely called the entire College of Cardinals to Rome for consultation. This, coupled with their geographic spread across the globe, means they are often little known to each other. Many have never met face to face.
“The fact that Francis generally avoids convening cardinals in Rome limits the amount of pre-conclave manoeuvring,” said John Thavis, a former Rome bureau chief for the Catholic News Service who has reported extensively on three papacies.
“The pope’s biggest influence on a future conclave will be in broadening participation and making the election of a pope a more global event.” — Reuters
MOSCOW — Russia said on Tuesday that it still had an emergency hotline with the United States and the North Atlantic Treaty Organization (NATO) military alliance to deflate crises as nuclear risks rise amid the gravest confrontation between Moscow and West since the depths of the Cold War.
The 2-1/2-year-old Ukraine war is entering what Russian officials say is its most dangerous phase as Russian forces advance and the US ponders allowing Kyiv to strike deep into Russia with Western missiles.
President Vladimir Putin said on Sept. 12 that Western approval for such a step would mean “the direct involvement of NATO countries, the United States and European countries in the war in Ukraine”.
Russian Deputy Foreign Minister Alexander Grushko, who oversees relations with Europe and NATO, told the state RIA news agency that Moscow perceives the military alliance to be increasing the role of nuclear weapons in its strategy.
Russia, Grushko said, was updating its nuclear doctrine to send a signal “so that our opponents have no illusions about our readiness to ensure the security of the Russian Federation with all available means.”
Mr. Putin is changing Russia’s nuclear doctrine to give Russia a slightly lower threshold for using such weapons in response to an attack with conventional weapons.
The United States casts China as its biggest competitor and Russia as its biggest nation-state threat, while US President Joseph R. Biden argues that this century will be defined by an existential contest between democracies and autocracies.
A so-called hotline between Moscow and Washington was established in 1963 to reduce the misperceptions that stoked the Cuban Missile Crisis of 1962 by allowing direct communication between the US and Russian leaders.
The US-Russian hotline, now a secure computer communication system, has been used during major crises such as the Six Day War of 1967, the Soviet invasion of Afghanistan in 1979, the 9/11 attacks of 2001 and after the US invasion of Iraq in 2003.
In addition to the leaders’ hotline, there are also nuclear hotlines between the Pentagon and the Russian Defense ministry that were created during the Cold War to reduce the risk of nuclear war.
After Mr.Putin ordered thousands of Russian troops into Ukraine in February 2022, an additional, so-called “deconfliction” line was established between the Russian and US militaries to prevent the war escalating into a US-Russian war.
Defense Minster Andrei Belousov contacted US Defense Secretary Lloyd Austin in July about suspicions of a Ukrainian plot to attack Russia. The New York Times reported that Austin had taken a call from Belousov, on July 12 about a covert Ukrainian operation planned against Russia that Moscow believed had the blessing of the United States.
There is also a Russia-NATO hotline, established in 2013, to reduce misunderstandings in crisis situations. — Reuters
The Department of Information and Communications Technology (DICT), in collaboration with the Provincial Government of Bataan, recently hosted the 2nd Global Blockchain Congress in Balanga City, Bataan Province.
Global Blockchain Congress 2024 is part of a three-year initiative aimed at promoting blockchain technology and innovation in the Philippines. Key partners in the event include the Blockchain Council of the Philippines (BCP) and Philippine Blockchain Technologies, Inc (PBTI), a group of cross-industry experts dedicated to accelerating blockchain adoption in the Philippines and establishing the country as a blockchain hub in SEA through their flagship events, Philippine Blockchain Week (PBWx) and its roadshow spin-off, the PBWx series.
Emmy Lou Delfin-Verzosa, DICT/IIDB Regional Director
Global Blockchain Congress 2024 featured renowned thought leaders and industry experts from the Philippines and key markets, including United Arab Emirates (UAE), Singapore, Malaysia, Australia, Korea, USA, UK and Germany, all adding global perspective to this important and influential event.
Bataan Governor Jose Enrique “Joet” Garcia III delivered the keynote address highlighting his province’s technological and economic progress attributing its growth to strategic investments in the Freeport Zone and the province’s investment in digital innovation, among others.
From L-R: Blockchain Council of the Philippines (BCP) Founding President Donald Lim, Gov Joet Garcia, Philippine Blockchain Week (PBW) Co- Founder Janelle Barretto, BCP Vice President and PBW co-founder Chezka Gonzales, Atty Tony Roman, Bataan Provincial Legislator
Governor Garcia emphasized Bataan’s commitment to becoming a hub for technological innovation, proven by being named DICT’s choice venue for the Global Blockchain Congress series. Said Governor Garcia, “This event signifies an important milestone in the growth and power of blockchain technology. Bataan is a province with rich history and vision for the future, positioning as a hub for digital innovation.”
Part of Governor Garcia’s keynote showed the province’s Bataeño Pass that allows students and government employees in the system to efficiently record attendance, access to facilities, voucher system and supplies distributions, even as a health and wellness tracker.
A Governor’s Gala was also hosted by Governor Garcia to further validate their support for advancing blockchain initiatives not only for Bataan, but the entire Philippines.
From L-R: Bataan ICT Council President BJ Banzon, Gov Joet Garcia, Blockchain Council Board Ida Tiongson and IBPAP President Jack Madrid
Representing the DICT, Emmy Lou Delfin, Regional Director of the ICT Industry Development Bureau (IIDB), presented the Philippines’ commitment to becoming a global blockchain hub with key initiatives including the creation of blockchain ecosystems, Digital Cities Program, the Startup Development Plan, and Blockchain 101 training for students, among others. The network of initiatives is focused on fostering digital entrepreneurship, creating jobs for the countryside, and integrating blockchain solutions across various sectors.
“The programs that DICT are implementing (aim) to stimulate growth of emerging technologies in the Philippines. The goal is to be able to develop an ecosystem (of) the blockchain industry, doing the advocacy of upskilling (talents) to make sure the Philippines will continuously develop to become a global hub,” shared Director Delfin.
Dr. Donald Lim, Founding President of the Blockchain Council of the Philippines, and a prominent business leader shared best-case studies from various sectors including resort and leisure, airline, local government units (LGUs), advocacy, art and culture, and supply chain logistics. Mr. Lim encouraged companies to embrace technology, positioning it as an essential part of their mission and vision. Mr. Lim also underscored the significance of government support in accelerating the adoption of Web3 technologies in the Philippines, particularly in blockchain, AI, and fintech sectors.
Encouraging businesses to change perspective, Mr. Lim is still surprised when CEOs delegate technology decisions to the tech department. Said Mr. Lim, “I’m not a telco. I am a tech company. Companies should really maximize technology to give them the right competitive advantage.”
The Philippines is actively embracing blockchain technology. The Bangko Sentral ng Pilipinas (BSP) and Securities and Exchange Commission (SEC) are open to its adoption. Blockchain is being explored for various industries like agriculture, food safety and quality control, as well as loyalty programs and advocacies.
A progressive addition to the discussion, Jack Madrid, President and CEO of the IT and Business Process Association of the Philippines (IBPAP), presented a roadmap for IT, business processing, and allied technologies including animation, health, software and gaming app creation, etc. Mr. Madrid discussed ongoing collaborations with the Department of Trade and Industry (DTI) to align with technology demands in the job market, focusing on youth and labor force upskilling.
According to Mr. Madrid, the industry faces a talent supply issue with only 10% of job applicants meeting required skills. Madrid also stressed the need for communications skills, especially English proficiency, and, in line with the event, the importance of adapting to emerging technologies like AI and blockchain.
Venom Technology, Ltd. showed support for the Global Blockchain Congress and for future PBW events. The cutting-edge layer-0 and layer-1 network recently sealed a historic agreement with the Philippine government to digitize billions of accountable forms using its advanced blockchain technology.
Venom will also headline the upcoming FutureProof Tech Summit on Oct. 10-11 at Podium Hall, Mandaluyong City.
Other sponsors include Suzuverse as the Gold Sponsor, DTaka and Dito Telecommunity as Silver Sponsors, with Media Partners BitDigest, GMA News Online, Newswatch Plus and PhilStar Media Group.
For more information about Philippine Blockchain Week and PBWx events, including Futureproof Tech Summit, please visit www.pbw.ph or email info@pbw.ph.
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LONDON – Nike’s ongoing struggles are giving Adidas a chance to keep taking market share from its larger U.S. rival, but the German brand will have to work harder to keep shoppers interested in its key Samba and Gazelle terrace sneakers.
The shoes have boosted Adidas sales over the past year, and analysts expect it to report third-quarter revenues of 6.4 billion euros, a 10% increase on a year ago in currency-adjusted terms, when it reports earnings on Oct. 29.
But, more than a year into the trend, the Samba won’t remain the “it shoe” for much longer, industry experts say.
“The sneakerheads, the more fashion-forward consumer, they already have the shoes. We’re now looking at them (Adidas) milking the rest of the trend on the way down by introducing lower price points within terrace,” said Aneesha Sherman, analyst at Bernstein.
“They can still get a tonne of growth out of that because there are still laggards who don’t have these shoes yet or maybe didn’t want to pay the $100 price point but are willing to pay a $60 price point,” she added.
In a bid to attract shoppers who want to buy into the trend but still want to feel unique, Adidas has kept churning out new colourways for the Samba, Gazelle and Spezial, with some models featuring tongues like football boots, and contrast stripes in new materials like velvet.
That has kept third-party retailers like JD Sports happy for now. At half-year results on July 31, Adidas CEO Bjorn Gulden said the brand was still “chasing demand” from retailers.
“There’s always this push and pull, the consumer wants more, retailers want more, but the brand has to step back and say we’re going to dial this back to make sure we preserve it for a long time,” said Matt Powell, sneaker industry expert and senior advisor at BCE Consulting.
“Adidas would be right to really tap the brakes on the Samba and Gazelle, to make sure they promote the sell-through,” he said. Sell-through refers to the percentage of product a retailer sells after receiving it from a supplier.
There are signs the brand’s focus is shifting onto other shoes like the Campus and the SL72 “retro running” sneaker, while Stella McCartney’s Paris Fashion Week show featured a new Adidas shoe modelled on motorsport racing shoes, tapping into the growing trend around Formula 1, which last week announced a 10-year partnership with luxury group LVMH.
Adidas can also no longer rely on strong revenues and profits from its remaining stock of Yeezy sneakers, as demand for the shoes designed by disgraced rapper Kanye West has fallen. In August, an Adidas mail to its sneaker club members advertised discounts of up to 70% on Yeezys.
Still, with Nike withdrawing its annual guidance and signalling a weak holiday trading season as a new CEO takes the helm, Adidas has a unique opportunity to grow, especially in the U.S. where Nike is especially dominant and Adidas was highly reliant on its Yeezy range.
In Europe, Adidas has taken market share over the past year while Nike’s share has fallen, according to direct to consumer sales data from Consumer Edge which also shows significant gains by On Running, Puma, and Hoka.
Bernstein’s Sherman expects Adidas to keep gaining share for the next year, as it will take time for Nike to turn its performance around.
“It could change, if Nike were to put out a strong lifestyle shoe in the spring, and if that were to catch and gain some traction in the summer, we could see a shift – where the it shoes of summer 2024 were the Samba and Gazelle, the it shoe of next summer could be something from Nike,” she said. — Reuters
BEIJING – China is “fully confident” of achieving its full-year economic and social development targets, with some funds from 2025’s budget being brought forward to support projects, chairman of the country’s economic planner Zheng Shanjie said on Tuesday.
China stocks blasted to two-year highs after a slew of stimulus steps announced in recent weeks supported sentiment in early trade, but later retreated. Hong Kong shares also slid as investors walked back some of the stimulus excitement.
Zheng, chairman of the National Development and Reform Commission (NDRC), told a press conference China’s economy remains largely stable but is facing more complex internal and external environments.
“The international market is volatile, global trade protectionism has intensified, and uncertain and unstable factors have increased. These will have an adverse impact on my country through trade, investment, finance and other channels,” Zheng said.
Downward pressure on the domestic economy has increased, he added.
To support local governments, China will issue 100 billion yuan ($14.12 billion) from next year’s central government budget and another 100 billion yuan for key investment projects by the end of this year, Zheng said.
The country will also quicken fiscal spending and “all sides should keep making efforts more forcefully” to strengthen macroeconomic policies, he added.
Investors and economists expect more policy support on the fiscal side to sustain the market’s optimism. They said it will take time to restore consumer and business confidence and get the economy back on more solid footing. A housing market recovery, in particular, could be a long slog.
“We anticipate that the government will arrange 1-3 trillion yuan of additional fiscal support this year and next to boost the real economy, recapitalise banks, and stabilise the property market,” said Yue Su, principal China economist at the Economist Intelligence Unit.
“This, along with investments from special long-term bonds planned for next year, is expected to primarily impact 2025’s economic growth.”
The government set a growth target of around 5% this year, but economic indicators showed growth momentum waned since the second quarter, weighing on households spending and business sentiment amid a severe property downturn.
A private report by recruiting platform Zhaopin showed on Tuesday that average pay offered by recruiters in China’s 38 major cities fell 2.5% in the third quarter from the second, and down 0.6% from a year earlier.
In an effort to reverse the economic downturn, China unveiled in late September its most aggressive monetary stimulus package since the COVID-19 pandemic, coupled with extensive property market support.
Zheng said that to address insufficient domestic demand, policymakers will focus on enhancing people’s livelihood to stimulate consumption and investment, such as supporting disadvantaged people, consumer goods trade-ins, elderly care and births. No further details were announced.
Vice Chairman of the NDRC, Liu Sushe, stated that most of the 6 trillion yuan in government investment this year was allocated to specific projects, with 90% of local government special bonds used for project construction issued by September.
At the same press conference, another vice chairman of the NDRC, Zhao Chenxin, said that China’s economic growth remained “generally stable” over the first three quarters. — Reuters
