Facebook Instagram Linkedin X Youtube
Home Blog Page 13734

Nadal races to 3rd US Open title

NEW YORK — Rafael Nadal raced to a third US Open title and 16th Grand Slam crown yesterday with a 6-3, 6-3, 6-4 rout of South African giant Kevin Anderson.

The world number one, the champion also in New York in 2010 and 2013, added the US title to the record 10th French Open he captured in June.

Old rival Roger Federer won the season’s other two Slams at the Australian Open, beating Nadal in the final, and Wimbledon in an illustration of the two Grand Slam greats’ enduring appeal and power.

Nadal’s Grand Slam tally is just three behind Federer’s record 19.

For Nadal, it was his fifth title of the year and 74th of his career while the $3.7 million (€3.07 million) winner’s prize boosted his earnings to a shade under $90 million.

“It’s a very special two weeks for me. It’s unbelievable what’s happened this year after some seasons with serious injuries and not playing very well,” said Nadal.

“It’s been an emotional year since the Australian Open. I played a high level of tennis and winning here in New York again it’s unbelievable.”

Nadal also praised his coach and uncle Toni who has coached him since he was three but who will step down from his team at the end of the year.

“I cannot thank him enough,” said the champion.

“Without him I would not be here playing tennis. He gave me strength and motivation. When I had injury problems I got through them because of him.”

‘IT WAS AN HONOR’
It was a desperately disappointing afternoon for Anderson, the world number 32 playing in his maiden Slam final at the 34th attempt.

He was the first South African in a US championship final since Cliff Drysdale in 1965 and was bidding to become his country’s first Slam champion since Johan Kriek at the 1981 Australian Open.

The Johannesburg-born, Florida-based Anderson finished the two-hour 28 minutes final with 40 unforced errors to Nadal’s 11, failing even to carve out a single break point.

Nadal, winning his first hard court title since January 2014 in Doha, gave up just 15 points on his serve and won 16 out of 16 net points.

Nadal races to 3rd US Open title

“Rafa, we are the same age but I have looked up to you all of my life,” said Anderson.

“It was an honor playing you. You are one of the great ambassadors of our sport.”

In a final guaranteed to result in the fifth Slam champion in succession who is 30 or older, Nadal was on top from the start.

He had 28th-seeded Anderson scrambling to save two break points in the third and fifth games before the Spaniard converted his fifth off a forehand error for a 4-3 lead.

The world number one held and broke again, cleverly forcing the 31-year-old South African out of position on set point after 58 minutes of action.

By the end of the opening set, Nadal had just five unforced errors to Anderson’s 23 with the South African unable to muster a single break point.

The one-way traffic continued in the second set as Nadal broke for 4-2 off the back of three successive volleys.

Anderson even collected a time violation for his troubles as his efforts to compose himself failed horribly.

A brutal crosscourt forehand winner gave Nadal the second set 6-3.

Anderson was broken again in the opening game of the third set.

It was his fourth loss of serve in the final; before Sunday, he had been broken just five times in the entire tournament.

Anderson called the trainer for a bloodied right index finger after the fifth game, but his struggles continued.

He saved a match point but Nadal wrapped it up with a clinical backhand volley. — AFP

Phinma Energy to sue PSALM over deal termination

By Victor V. Saulon, Sub-Editor

PHINMA ENERGY Corp. said its board has authorized the filing of a case against state-led Power Sector Assets and Liabilities Management Corp. (PSALM), as the listed company sought to block the termination of an administration agreement over a geothermal power plant in Leyte.

In a disclosure to the stock exchange, Phinma Energy said the filing of the case against PSALM was among the matters taken up by its board during a meeting on Monday.

PSALM handles the privatization of the generation assets of the National Power Corp. and the power transmission assets of the National Transmission Corp. as called for by Republic Act No. 9136 or the Electric Power Industry Reform Act of 2001 (EPIRA).

Phinma Energy is suing PSALM to prevent it from terminating the deal — on grounds of administrator’s default — for the selection and appointment of independent power producer administrators (IPPAs).

The plant under the agreement is the “strips of energy” of the Unified Leyte Geothermal Power Plants (ULGPP) located in Tongonan town, Leyte.

To recall on Nov. 7, 2013, Phinma Energy, then known as Trans-Asia Oil and Energy Development Corp., was declared one of the winning bidders with the right to administer 40 megawatts (MW) “strip of energy” from ULGP.

On Nov. 8, 2013, Typhoon Yolanda hit Region 8, or the Eastern Visayas, and resulted in extensive damage to the ULGP. It was only a year later that PSALM awarded the “strips” to the winning bidders.

Phinma Energy said it had formally sought the renegotiation of the agreement with PSALM, even proposing several measures for relief. The company had written PSALM to express the difficulties the administrators suffered under the agreement.

Through its counsel, Phinma Energy said it had written a letter exercising its right to withdraw from the agreement.

“Discussions on the termination were initiated,” it said.

The company, however, received a notice from PSALM of the administrator default, it said. The government agency also resolved to terminate the agreement and forfeit the performance bond.

Phinma Energy is engaged in power generation and trading, oil and mineral exploration, development and production.

On Monday, shares in Phinma Energy slipped by 0.55% to close at P1.81 each.

2 typhoons, Lannie and Maring, simultaneously enter PHL

TYPHOON TALIM entered the Philippine area yesterday afternoon and has been locally named Lannie, the 12th storm to pass through the country this year. Simultaneously, tropical depression Maring also stepped in, putting several areas in Luzon under signal no. 1, including Catanduanes, Camarines Norte and Sur, Quezon, Polilio Island, Aurora, Quirino, and Nueva Ecija. Weather bureau PAGASA forecasts Lannie to intensify as it moves in a west-northwest direction towards Taiwan. It is expected to bring rains in the northern parts of the country.

PUVs modernized in 3 years, transport consolidation seen

THE GOVERNMENT plans to modernize all public utility vehicles (PUVs) in up to three years, an official of the Department of Transportation (DoTr) said.

“We’re looking at two to three years,” Assistant Secretary for Road Transport and Infrastructure Mark de Leon told reporters yesterday on the sidelines of the signing of the Memorandum of Understanding  between the DoTr and the Development Bank of the Philippines (DBP). The DBP has agreed to provide P1.5 billion worth of financing for the PUV Modernization Program (PUVMP) and the launch of the Program Assistance to Support Alternative Driving Approaches (PASADA).

Mr. De Leon said that under the PUVMP, local government units will need to prepare local public transport route plans (LPTRPs) which will identify routes and appropriate PUVs. He added that the current fleet of 200,000 public utility jeepneys (PUJs), for example, could undergo adjustments based on the determination of the appropriate mode of transport based on demand.

“We’re going to LGUs (local government units) to teach them, to capacitate them on local public transport route planning, which will be the basis for the issuance of franchises. The LPTRP will determine the routes of jeepneys, buses or UV express, and the number of units… Every LGU will do that.”

He added that the DoTr is looking for the completion of LPTRPs in one to two years, with the exception of those of Metro Manila, Cebu, and Davao.

“We’re looking at one to two years before LGUs can complete the LPTRP… For Metro Manila, DoTr is the one doing it, [also in] Cebu, Davao… These will be the basis for submission to the LTFRB (Land Transportation Franchising and Regulatory Board),” Mr. De Leon said.

DoTr officials also said that under the PUVMP, the Omnibus Franchising Guidelines (OFG) state that PUV operators will have to be consolidated, forming a cooperative, consortium, or corporation, in order to be granted a PUV franchise.

“With the current guidelines under OFG, [operators must be part of] a cooperative or corporation to be given franchise,” Mr. De Leon said.

Undersecretary for Road Transport and Infrastructure Thomas M. Orbos said in a news conference after the ceremonial signing that the formation of cooperatives, consortiums, or corporations will ensure financial capability, and that other countries also followed the same model.

“We want for all the operators to form themselves into a consortium, so [they will have] stronger financial capability… In case of studies in foreign countries where their transport systems started with [a system of] individual operators, let’s say Singapore, Hong Kong, Japan, they started with 100 operators, so they really need to form a consortium for the sake of everyone… The point is, we need to drive them to forming consortiums and cooperatives,” Mr. Orbos said.

Addressing a concern of an operator that individuals may not be able to finance acquiring modern PUVs, Mr. Orbos said that “it would be better” for operators to join cooperatives or corporations.

Under the financing of the DBP, cooperatives and corporations are eligible to borrow funds for the purchasing of new PUVs compliant with government-defined vehicle standards set in the PUVMP. DBP will also lend funds for the acquisition and/or construction of support facilities (such as off-street garages and terminals) and necessary equipment for the operations and maintenance of PUVs.

There will be a fixed interest rate of 6% for the entire term of the loan and repayment period is seven years.

DBP President and CEO Cecilia C. Borromeo said that the financing will cover 700-900 PUJs in the pilot phase.

Mr. Orbos said that an exhibit of modern PUJ prototypes is scheduled for Oct. 12-13, and that current PUJ models will not be phased out.

“It does not mean that the old ones will be phased out. It will be the decision of each one of you… The phase out won’t happen immediately. Market forces will (govern the process). If the new ones are there, and the old ones are still there, I’m sure people will ride the ones which they find more convenient, more safe,” Mr. Orbos said in a mix of English and Filipino.

He added that fare increases are “not an immediate part of the equation” of modernizing PUVs: “It will increase, but it has to be regulated.”

Mr. de Leon also told reporters that the department will be looking at the development of other automated fare collection systems (AFCS), aside from the Beep Card in use at the Light Rail Transit (LRT)-1, LRT-2, and Metro Rail Transit (MRT)-7.

“We’re not limiting market forces to develop new AFCS facilities or systems which may be cheaper than Beep. We will come up with a standard… It should be compatible with the Beep or any other system. DBP is already talking with Beep… because it has the biggest base now. It has three million users now. If there will be a new one that can provide a better rate than Beep…[it] must be acceptable for the operator,” Mr. De Leon said. — Patrizia Paola C. Marcelo

ASEAN members have broad outlines of RCEP negotiating stance — Trade dep’t

THE member states of the Association of Southeast Asian Nations (ASEAN) have agreed on “clear parameters” for their negotiating team to use in their talks with free trade agreement (FTA) partners to conclude the Regional Comprehensive Economic Partnership (RCEP), but a deal remained elusive at the end of their meetings in Manila on Monday.

“We’re not talking here yet of a written agreement,” said Ramon M. Lopez, secretary of the Philippines’ Department of Trade and Industry (DTI) and host of this year’s annual ASEAN meeting, in a press conference at Marriott Hotel in Pasay City.

“This can take many years if the participating countries will not change their position on the matters being discussed,” he said, as he presented the “outcomes” of the 49th ASEAN Economic Ministers Meeting and Related Meetings from Sept. 4-11, 2017.

Since 2012, the 10 ASEAN member states — Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam — have been trying to conclude negotiations on RCEP with their FTA partners Australia, China, India, Japan, South Korea and New Zealand.

If concluded, RCEP is expected to expand ASEAN’s consumer base to nearly half of the world’s population. Their collective weight is said to encompass about a third of the global economy.

But the meetings have only arrived at “broad parameters” and “key elements” that ASEAN ministers are hoping to lead to a “substantial conclusion” by year-end.

“We feel we moved forward in terms of coming up with clear parameters,” he said.

Mr. Lopez said the key elements, which he declined to disclose, would be taken by ASEAN’s FTA partners to their principals for consideration ahead of their submission of offers by the third week of September.

He said another ASEAN negotiating committee meeting will be held in South Korea in October before this year’s ASEAN leaders’ summit in November, which the Philippines is hosting and is coinciding with the 50th founding anniversary of the regional bloc.

Mr. Lopez said that during the Manila meetings, the member states had to “recalibrate” their objectives and “landing zones” to come up with an agreement that is better than the trade deals within ASEAN.

He said the consensus in the region is a level of tariff liberalization of 90%, which member states hope to bring to 92%, a move that has yet to gain wider acceptance from ASEAN’s six FTA partners. He said half of the six were agreeable to the proposed tariff level. He added that the “timetable” for the liberalization has yet to be agreed on.

“Among ASEAN there’s an agreement. Among partners, some of those … (are somewhat) supportive. They are willing to cooperate with what ASEAN can do right now,” he said.

“(What we are still looking for) is the support and concurrence (of) all the other countries,” he added.

Mr. Lopez said after the submissions of the FTA partners later this month, there would be an “immediate meeting among the negotiating committee to discuss the offers and hopefully these submissions are within the parameters.” Failing that, he said negotiations would face further delayed.

“(The good thing now is there is) convergence at least among ASEAN plus a few dialogue partners,” he said, adding that this could “pressure” the others to agree on the desired level of trade liberalization.

The ministers from the 16 RCEP participating countries had their 5th ministerial meeting on Sept. 10, 2017 at the Marriott Hotel and noted the “progress” of the talks after the 3rd intersessional ministerial meeting on May 21-22, 2017 in Hanoi, including the holding of the 19th round of negotiations on July 24-28, 2017 in Hyderabad.

They reaffirmed their commitment to further intensify efforts in a cooperative manner for the swift conclusion of the RCEP negotiations in line with their leaders’ mandate, the host country said in a statement after the meetings.

The ministers also reiterated their statement from Hanoi that “political commitments are now urgently needed to be translated into action, with wider mandates where necessary, and agreed to make utmost effort to achieve significant outcomes of the RCEP by end of 2017 to bring negotiation closer to its successful conclusion.” — Victor V. Saulon

The winners of the 74th Venice Film Festival

VENICE – Here is a list of the prizes awarded at the 74th Venice film festival on Saturday:

• Golden Lion for Best Film: The Shape of Water by Mexican Guillermo del Toro (US)

• Silver Lion for Best Director: Xavier Legrand for Custody (France)

• Grand jury prize: Foxtrot by Samuel Maoz (Israel)

• Special jury prize: Sweet Country by Warwick Thornton (Australia)

• Coppa Volpi for Best Actor: Kamel El Basha in Ziad Doueiri’s The Insult (Italy)

• Coppa Volpi for Best Actress: Charlotte Rampling in Andrea Pallaoro’s Hannah (Italy)

• Prize for Best Screenplay: Martin McDonagh for Three Billboards outside Ebbing, Missouri (Britain)

• Marcello Mastroianni award for Best Young Actor or Actress: Charlie Plummer in Andrew Haigh’s Lean on Pete (Britain)

• Lion of the Future for Best Debut Film: Xavier Legrand for Custody (France) – AFP

Mom Clijsters, Fernandez iffy on Serena Aussie return

NEW YORK — Serena Williams is targeting a return to competitive tennis next January to defend her Australian Open title, but two former stars who became parents question her ability to regain top form so soon after childbirth.

Williams gave birth to a baby daughter on Sept. 1 and would be trying to be ready for play when next year’s first Grand Slam event gets under way on Jan. 15 on the Melbourne hard courts.

Asked if that was a realistic timetable for a comeback, three-time US Open champion Kim Clijsters was dubious. And she retired for two years and had a baby before returning and winning her 2009 crown in New York.

“To me, it wasn’t when I had Jada,” said Belgian Clijsters. “It all depends. If you set your mind to it, maybe.”

One unknown factor about Williams is how taxing the delivery was upon her.

“Depends how the labor and birth went,” Clijsters said. “How your body reacts — everybody reacts different in those situations.”

American Mary Joe Fernandez, a runner-up at the 1990 and 1992 Australian Opens and 1993 French Open, noted that Williams, a 23-time Grand Slam singles champion, has been defying the odds for years.

“Maybe see her there,” she said. “I couldn’t have done it. Serena is an exception to a lot of rules.”

Williams is one slam crown shy of matching the all-time record of 24 major Slam singles titles won by Australia’s Margaret Court. — AFP

Diesel price hike highest this year at P1.30/L

OIL COMPANIES are set to impose this week their biggest price increase so far this year for diesel at P1.30 per liter (/L), with the Department of Energy (DoE) citing a number of reasons for the move, including the onset of the holiday season in the Philippines. Aside from diesel, petroleum retailers will also raise the price of gasoline by P0.45/L and kerosene by P0.90/L. Most of the companies that sent their advisories as of 6:00 p.m. on Monday said they would be raising prices by 6:00 a.m. on Tuesday, Sept. 12. “This is to reflect movements in the international petroleum market,” said Seaoil Philippines, Inc. Aside from rising demand during the last quarter of the year, DoE said the increase was also brought about by the decline in the output of oil refiners in the US in the aftermath of hurricanes Harvey and Irma. It also cited the continuing reduction in the production of oil cartel Organization of the Petroleum Exporting Countries, including Russia, one of the world’s biggest suppliers. This week’s increase is the third straight week of price rise for diesel and kerosene, and the eighth consecutive hike for gasoline. — Victor V. Saulon

Cirtek board approves hike in capital stock

By Krista A. M. Montealegre,
National Correspondent

CIRTEK HOLDINGS Philippines Corp. is embarking on a capital build-up program that will set the stage for an equity infusion by a key shareholder and a possible share sale to investors.

In a disclosure to the stock exchange on Monday, Cirtek said its board of directors approved in a special meeting a plan to jack up its authorized capital stock by P300 million, a partial implementation of a capital stock hike cleared by the company’s shareholders last May of up to P2 billion from the existing P560 million.

The expanded capital stock will pave the way for the creation of additional 700 million preferred A shares with a par value of 10 centavos each and 270 million preferred B shares with a par value of P1 each on top of the existing 520 million common shares with a par value of P1 each and 400 million preferred A shares with a par value of 10 centavos each.

Of the increase in capital stock, major shareholder Camerton, Inc. will subscribe to 300 million preferred A shares at a par value of 10 centavos per share and 70 million preferred B shares at a par value of P1 per share. 

The remaining 200 million preferred B shares may be offered to investors at a price to be approved by the board of directors.

The preferred A shares have full voting rights and will have preferred non-cumulative cash dividends at the rate of 1% of their par value per year. They will have no participation in further cash dividends which may be declared and paid to the common shares or any other class or series of shares.

The preferred B shares will be issued in sub-series or in tranches as determined by the board, which will also establish the specific terms and conditions and determine the manner by which the shares will be subscribed and paid for, such as but not limited to, a private placement transaction or public offering.

Cirtek expects to book $120 million to $125 million in revenues this year, driven by the additional capacity of its Laguna plant and contributions from newly acquired tech firm Quintel.

Cirtek’s earnings rose by a third to $4.7 million in the first half of 2017 from $3.5 million on the back of a 30% jump in revenues.

Shares in Cirtek lost 20 centavos or 0.56% to close at P35.80 apiece on Monday.

Poverty reduction is business expansion

How will poverty reduction impact on businesses’ bottom lines? And why should businesses seek rational spending on poverty alleviation? Here is why.

The Philippines had a poverty incidence of 21.6% in 2015 out of the population of 101M. This translates to 21.8M poor. Of these poor, 16.6M reside in the rural areas where agriculture is the main source of incomes. This is the highest among ASEAN peers.

In 2015, a family of five needed at least P9,064 every month to meet both basic food and non-food needs, based on data from the Philippine Statistics Authority (PSA). These meant P210 per family per day and P302 per family per day, respectively. In the same period, PSA estimated that 16.5% of the families were poor.

In 2015, Filipino households spent P4,883 billion on goods and services: P2,046 billion on food, and P2,837B on non-food — rental, electricity, transport, education, health, and clothing, in that order. Of food spending, 80% was consumed inside the home, and 20% consumed outside the home. The latter had grown faster in the past.

But there are harsh realities. Some 35% of households accounted 63% of all spending, and another 45% comprised 31 percent. That left 20% of the households with only six percent of the spending power. The spending power of the upper 35% was 4.5-times higher than of the lowest 20%.

What happens if there is less poverty? Let us do a sensitivity analysis.

Let us assume that President Duterte achieves his administration’s target of 14% poverty incidence in 2022. Assuming a population growth of 1.5% a year, the population in 2022 would be 112M, or an 11% gain. Then, there will be 15.7M poor, or a reduction of around 6M from 2015 or around 1M families (see Table 1).

Poverty Reduction is Business Expansion

HOW WILL THE ADDITIONAL NON-POOR BOOST MARKETS?
Let us use the 2015 Family Income and Expenditure Survey (FIES) of PSA as proxy data. In 2015, there were 22.73M families with 101M people. That is about 4.45 members per family. The family size for poor families was about 5.8.

In 2015, the average family income was P227,000 per family per year while the average family expense was P215,000 per family. The average spending of nearly P18,000 a month (P600 per day) seems low, but I reserve comment on the matter.

The bottom 30% of families spent P703B in 2015 versus P152B for the upper 70%. The market multiples are: total spending 5.9 times, food spending 3.7 times, and non-food spending 9.5 times. Per family basis, the multiples are: 2.5 times for total spending, 1.6 times for food, and 4.1 times for non-food (see Table 2).

Poverty Reduction is Business Expansion

SCENARIO 1
Poverty incidence will be reduced from 21.6% of population to 14% of population (the Duterte target). Moving some 1M families will mean P158B in additional spending, up by 153% from P103B. Food spending will increase by 58% while non-food spending will be up by 310% (see Table 3).

Poverty Reduction is Business Expansion

SCENARIO 2
Poverty incidence will be reduced from 21.6% of population to 11% of population (Note: Indonesian level in 2015). Moving some 1.6M families will mean P253B in additional spending to P418B, up by 153% from P165B. Food spending will increase by 58% to P161B while non-food spending will improve by 306% to P256B.

WHAT DO THE MAGNITUDES MEAN TO BUSINESS?
Under Scenario 1, total additional spending power from poverty reduction would be in the order of P158B:P37B for food, and P121B for non-food. Under Scenario 2, the figures would be 1.6 times: P253B, P59B, and P193B.

The implications of these market expansion for business are tremendous. The additional spending would, in turn, drive investments, gains in employment and other multiplier effects. Add to that the payment of national and local government taxes.

To achieve the targets, we go back to the hard reality: three-quarters of the poor are in the rural sector. How will the poor be empowered?

By improving the productivity of agriculture and fisheries as well as pursuing sector diversification to broaden farm incomes and address underemployment. Non-farm jobs from agri-based factories will follow with scale from both productivity and diversification drives. These principles are as perennial as the grass. To succeed, policy and institutional reforms are imperative: extension service, research and development, project management, access to farm lands and rural infrastructure.

IGD, a global research firm, forecasts that grocery retail sales in the Philippines will increase 9.3% a year to P7.08 trillion by 2021 from P4.53 trillion in 2016. This will be driven by a growing population, strong domestic consumption, and a buoyant economy.

For the first time, the country will move up to fifth-largest grocery retail market in Asia, after China, India, Japan, and Indonesia. Shirley Zhu, Program director for IGD’s Asia Pacific, said: “Driven by more disposable income and increasingly urbanised lifestyles, Filipino shoppers are demanding more convenience in their grocery shopping. As a result, convenience and online are the hottest channels in the market,” as cited in https://igd.com/about-us/media/press-releases/.

How much more growth will there be if rural poverty is reduced to ASEAN level?

The Duterte administration has plans to dramatically reduce poverty through the Philippine Development Plan, 2017-2022. There are ongoing and completed commodity road maps with specific interventions and metrics in every value chain corridor. These include cacao, coffee, and rubber.

With scarce resources, commodity choices must be subject to benefit-cost studies rather than political imperatives. Poverty reduction is great for business and society, if executed well.

This article reflects the personal opinion of the author and does not reflect the official stand of the Management Association of the Philippines or the M.A.P.

Rolando T. Dy is the Vice-Chair of the M.A.P. AgriBusiness and Countryside Development Committee, and the Executive Director of the Center for Food and AgriBusiness of the University of Asia & the Pacific.

map@map.org.ph

rdyster@gmail.com

http://map.org.ph

Irma plows through Florida before weakening to Category 1

TAMPA, FLORIDA/MIAMI — Hurricane Irma took aim at heavily populated areas of central Florida on Monday as it carved a path of destruction through the state with high winds and storm surges that left millions without power, ripped roofs off homes and flooded city streets.

Irma, once ranked as one of the most powerful hurricanes recorded in the Atlantic, came ashore in Florida on Sunday and battered towns as it worked its way up the state.

It weakened to a Category 1 hurricane, carrying maximum sustained winds of about 85 miles per hour (135 km per hour) by 2 a.m. ET (0600 GMT) on Monday, the National Hurricane Center said. The hurricane was churning northwest in the center of the state near the Tampa and Orlando metro areas.

Many areas on both the state’s east and west coasts remained vulnerable to storm surges, when hurricanes push ocean water dangerously over normal levels.

Florida Director of Emergency Management Bryan Koon said officials would wait until first light on Monday to begin rescue efforts and assess damage, adding he did not have yet any numbers on fatalities statewide, the Miami Herald reported.

On Sunday, Irma claimed its first US fatality — a man found dead in a pickup truck that had crashed into a tree in high winds in the town of Marathon, in the Florida Keys, local officials said.

The storm killed at least 28 people as it raged westward through the Caribbean en route to Florida, devastating several small islands, and grazing Puerto Rico, the Dominican Republic and Haiti before pummeling parts of Cuba’s north coast with 36-foot-tall (11-meter) waves.

Irma was ranked a Category 5, the rare top end of the scale of hurricane intensity, for days, and carried maximum sustained winds of up to 185 mph (295 kph) when it crashed into Barbuda island on Wednesday. Its ferocity as it bore down on hurricane-prone Florida prompted one of the largest evacuations in US history.

Some 6.5 million people, about a third of the state’s population, had been ordered to evacuate southern Florida. Residents fled to shelters, hotels or relatives in safer areas.

Many of the evacuation orders extended until at least Monday due in part to flooding, massive power outages and downed electric lines, leaving residents unable to return to their homes to survey any damage.

Jonathan Brubaker, 51, waited out the storm bunkered in a recently constructed house in Bradenton, on the state’s west coast south of Tampa, with hurricane shutters drawn, flashlights and candles ready. As a radar app on his phone showed Irma passing by, he had seen little more than gusty winds. He still had power.

“I feel like we kind of dodged bullet on this one,” he said, adding that he would wait until Monday morning before trying to sleep. “And then, I think we’re OK, knock on wood.”

TV news video of damage in Naples, a city on the Gulf coast about 125 miles (200 km) northwest of Miami, showed buildings ripped apart by hurricane winds and streets flooded by rain and storm surges.

MILLIONS WITHOUT POWER
High winds snapped power lines and left about four million Florida homes and businesses without power in the state, whose economy represents about 5% of US gross domestic product.

Miami International Airport, one of the busiest in the country, halted passenger flights through at least Monday. The airport said in a Twitter post that after assessing damage, it would determine if flights could resume on Tuesday.

Irma was forecast to continue churning northward along Florida’s Gulf Coast during Monday morning, further weakening along the way before diminishing to tropical-storm status over far northern Florida or southern Georgia later in the day.

It could dump as much as 25 inches (63.5 cm) of rain in parts of Florida and as much as 16 inches in parts of Georgia, prompting flash flood and mudslide warnings, the National Hurricane Center said.

The storm’s westward tilt to Florida’s Gulf Coast spared the densely populated Miami area the brunt of its wrath, although the wide reach of the hurricane meant the state’s biggest city was still battered.

Five tornados were reported in Florida on Sunday, causing damage to several structures but there were no indications of anyone being seriously injured, the National Weather Service said.

Along with hurricane warnings and watches in Florida, the weather service placed tropical storm warnings for large parts of Alabama, Georgia and South Carolina.

Miami apartment towers swayed in the high winds on Sunday, three construction cranes were toppled, and small white-capped waves could be seen in flooded streets between Miami office towers.

Waves poured over a Miami seawall, flooding streets waist-deep in places around Brickell Avenue, which runs a couple of blocks from the waterfront through the financial district and past foreign consulates. High-rise apartment buildings were left standing like islands in the flood.

“We feel the building swaying all the time,” restaurant owner Deme Lomas said in a phone interview from his 35th floor apartment. “It’s like being on a ship.”

The storm and evacuation orders caused major disruption to transportation in the state that is a major tourist hub. Thousands of flights were canceled.

Irma was expected to cause billions of dollars in damage to the third-most-populous US state.

US President Donald J. Trump, acting at the governor’s request, approved a major disaster declaration for Florida on Sunday, freeing up emergency federal aid in response to Irma, which he called “some big monster.” — Reuters

Talks with ASEAN partners make progress on internships, halal industry

‘POSITIVE outcomes’ from bilateral discussions with counterpart economic ministers in the Association of Southeast Asian Nations (ASEAN) and some of the economic bloc’s trading partners include progress on regional internship and the development of the halal industry.

Ramon M. Lopez, secretary of the Department of Trade and Industry (DTI), said ASEAN member states had discussions on a number of initiatives, resulting in “developments” on a regional internship program, among others.

“The idea is to have an internship program where interns can really be part of companies operating in ASEAN,” he said in a press conference on Monday for local media after the conclusion of the 49th ASEAN Economic Ministers’ Meeting and Related Meetings at Marriott Hotel in Pasay City.

He said the program would give the interns a chance to also be hired by the companies in the region.

With Malaysia, he said the Philippines would pursue discussions on a palm plantation joint venture, wherein investors from the country’s neighbor could explore cooperation in farm operations locally and eventually produce processed palm oil.

He also cited Malaysia’s offer to help the country in enhancing its capability in producing halal products, or goods that are permissible for consumption under Islamic law.

He also said Kuala Lumpur-based AirAsia Bhd is keen on operating in the country’s “missionary or non-volume” areas.

He said the low-cost airline presented a feasibility study that calls for waiving the travel tax, which could result in a “multiplier effect” that will boost tourism revenues.

He said the foregone revenue for waiving the P1,600 travel tax could be recovered from revenues for the tourism sector, including the gifts and souvenirs industry, as well as duty-free sales of goods.

“If exempted, they will put a flight there. More people will be travelling because of the low fare [and] tax exemption,” he said, citing a study presented by AirAsia.

DTI Undersecretary Ceferino S. Rodolfo also highlighted what he called a “vote of confidence” from Malaysian investors.

Mr. Rodolfo said talks with Japan resulted in the free trade agreement (FTA) trading partner’s inputs in the country’s move for an “inclusive, innovation-led industrial strategy.” He said Japan has programs to support capacity-building for small and medium enterprises in important sectors such as electronics and autos.

Mr. Lopez said the country is moving forward with the 6th joint committee meeting on the Philippines-Japan Economic Partnership Agreement (PJEPA), an FTA that covers trade in goods, trade in services, investments, among others.

“Our products of interest as we review the PJEPA are bananas, mangoes and pineapples,” he said, adding that the fruits are “very important for the southern Philippines.”

He said the Philippines is batting for greater market access in Japan in view of that country’s recent FTAs with other countries that also produce the products.

Mr. Lopez said the Philippines also pushed for the same products to be included among those with greater market access to Australia.

“We just have to go through this process and they can consider it,” he said, referring to Australia’s import risk assessment.

He said Australia asked about developments in the country’s review of its foreign investment negative list, which bars foreign entry in a number of sectors.

“But the confidence is there. They really want to come in,” he said.

Mr. Lopez said talks with the US centered on the inclusion of footwear in the Generalized System of Preferences, a trade preference program that provides opportunities for the world’s poorest countries to use trade in growing their economies.

“On a positive note, the US is supportive of proposals of the Philippines just like what happened in travel goods,” he said.

Mr. Lopez said during his meetings with counterparts in the US, they had been putting “more weight” on helping the Philippines, which has long been “a good ally and a long-standing trading partner.” He said there is sentiment within the US to highlight the two countries’ old alliance.

Mr. Lopez hosted this year’s economic ministers’ meeting in Manila among ASEAN member states Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. The talks also included countries with which ASEAN has existing FTAs, namely: Australia, China, India, Japan, South Korea and New Zealand. — Victor V. Saulon

1...13,73313,73413,735...14,278Page 13,734 of 14,278
ADVERTISEMENT
ADVERTISEMENT
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin X Youtube