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Unrivaled

When Women’s National Basketball Association All-Stars Breanna Stewart and Napheesa Collier introduced Unrivaled in late May, the premise was simple. They sought to provide the league’s marquee names with an alternative to employment in tournaments outside the United States during the offseason, particularly after the turn of the year and until the start of training camp in April. By remaining Stateside, these players would then be able to steer clear of the controversial prioritization clause in the collective bargaining agreement.

To be sure, Unrivaled has a unique selling proposition. It’s a 3v3 league of six teams, with five players on each team. Games are slated to be played on a compressed court measuring 70×50 feet. And with former ESPN and Turner executives John Skipper and David Levy heading negotiations for media and advertising rights, it figures to ride on the increasing popularity of women’s sports. Add to this the promise of equity stakes and competitive salaries for the 30 players, and it’s easy to see why there is a scramble behind the scenes to be part of the league.

Clearly seeing the marketing benefits provided by sustained interest in Unrivaled, those behind it have seen fit to slowly name the handpicked players on social media. And with each introduction comes heightened pressure for hopefuls; less and less slots are becoming available. Normally, casual observers are not privy to what goes on behind the curtains. In this case, all and sundry got a peek after the Sky’s Chennedy Carter made a fuss as to why she had not yet received an invite from the league, and then posted on social media what appears to be privileged communication from her representation.

Carter’s willingness to highlight the issue in public is no surprise considering her outsized personality. Which, it must be noted, has already landed her in hot water before — not including her infamous body-check of ultra-popular Fever rookie Caitlin Clark in a match on June 1. Whether it will eventually lead to her being given a spot in Unrivaled remains to be seen. From a business standpoint, however, her unpredictable nature should give decision makers pause. For all her admitted skills with a ball in her hands, her off-court antics make her an iffy proposition — especially since co-ownership is included in the deal.

How all this winds up is anybody’s guess. In any case, Unrivaled is a can’t-miss proposition that stands as a boon for all stakeholders of the women’s game.

 

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.

WHO declares mpox a global public health emergency

THE World Health Organization (WHO) logo is seen on the exterior of entry door at WHO Headquarters in Geneva, Switzerland, on July 19, 2023. — WHO/PIERRE ALBOUY

THE WORLD Health Organization (WHO)  on Wednesday declared mpox a global public health emergency for the second time in two years, following an outbreak of the viral infection in Democratic Republic of Congo that has spread to neighboring countries.

An emergency committee met earlier on Wednesday to advise WHO Director-General Tedros Adhanom Ghebreyesus on whether the disease outbreak constitutes a “public health emergency of international concern,” or PHEIC.

PHEIC status is WHO’s highest level of alert and aims to accelerate research, funding and international public health measures and cooperation to contain a disease.

“It’s clear that a coordinated international response is essential to stop these outbreaks and save lives,” said Mr. Tedros.

Mpox can spread through close contact. Usually mild, it is fatal in rare cases. It causes flu-like symptoms and pus-filled lesions on the body.

The outbreak in Congo began with the spread of an endemic strain, known as clade I. But a new variant, clade Ib, appears to spread more easily through routine close contact, including sexual contact.

It has spread from Congo to neighboring countries, including Burundi, Kenya, Rwanda and Uganda, triggering the action from the WHO.

“The detection and rapid spread of a new clade of mpox in eastern DRC, its detection in neighboring countries that had not previously reported mpox, and the potential for further spread within Africa and beyond is very worrying,” Mr. Tedros added.

Mr. Tedros said on Wednesday that WHO had released $1.5 million in contingency funds and plans to release more in the coming days. WHO’s response plan would require an initial $15 million, and the agency plans to appeal to donors for funding.

Earlier this week, Africa’s top public health body declared an mpox emergency for the continent after warning that the viral infection was spreading at an alarming rate, with more than 17,000 suspected cases and more than 500 deaths this year, mainly among children in Congo.

Professor Dimie Ogoina, chair of WHO’s mpox emergency committee, said all members unanimously agreed that the current upsurge of cases is an “extraordinary event,” with a record number of cases in Congo.

Vaccines and behavior change helped stop the spread when a different strain of mpox spread globally, primarily among men who have sex with men, and WHO declared an emergency in 2022.

In Congo, the transmission routes need further study, WHO said. No vaccines are yet available, although efforts are underway to change that and work out who best to target. The agency also appealed to countries with stockpiles to donate shots. — Reuters

Japan ends megaquake alert a week after Kyushu tremor

RESIDENTS check a damaged house in Sukagawa city, Fukushima prefecture, in northern Japan on March 11, 2011. — JIJI PRESS/AFP/GETTY IMAGES

JAPAN called off an alert for an elevated risk of a megaquake a week after a powerful tremor off the southwestern island of Kyushu prompted the government to warn it could be a sign of a larger seismic event to come.

The warning about the danger of an earthquake around the Nankai Trough was lifted at 5 p.m., after no changes in seismic activity were observed, disaster management minister Yoshifumi Matsumura told reporters.

A quake in the area, where the Philippine sea plate subducts under the Eurasian continental plate, could be more destructive than the March 2011 earthquake and tsunami that devastated northeastern Japan. The Nankai Trough extends along the coast of the country’s southwestern prefectures.

“The special warning may have ended but that doesn’t mean there’s no possibility of a large-scale tremor,” Mr. Matsumura said, adding that it is important to maintain preparedness in a country that’s prone to earthquakes.

The warning prompted some travelers to cancel hotel bookings in the affected region at peak season, domestic media said, while there were also reports of panic buying of water and other emergency supplies. Prime Minister Fumio Kishida canceled a planned trip to Central Asia, while telling reporters the warning didn’t imply a quake would occur within a fixed period of time.

Larger earthquakes have followed smaller ones in the past. Foreshocks started two days before Japan was hit with a magnitude-9 earthquake in 2011, the most powerful recorded in the nation. The tremor and resulting tsunami killed almost 20,000 and triggered a meltdown and radiation leakage at the Fukushima Dai-ichi nuclear power plant. — Bloomberg

Weary Argentines have mixed feelings as world’s worst inflation eases

REUTERS

BUENOS AIRES — Argentines, feeling the pinch of the world’s highest annual inflation rates, are feeling both hopeful and weary as monthly price increases dip to their lowest in over two years amid tough austerity measures under President Javier Milei.

Inflation in July came in at 4%, Argentina’s INDEC statistics agency reported on Wednesday, the lowest since the start of 2022. In the 12 months through July, however, inflation topped 263% — making it still the highest recorded in the world.

The South American country is trying to emerge from a severe economic crisis which ushered libertarian outsider Mr. Milei into power late last year as voters opted for a radical new approach to restore stability.

Mr. Milei’s sharp cost-cutting campaign has helped bolster the state’s embattled finances, allowed the central bank to rebuild reserves, and tamped down inflation — though it has taken a heavy toll on economic activity. Poverty levels have also risen.

“I am tired, but this is something different to what we have seen before, that’s for sure,” said Miguel Jamui, a 69-year-old retired worker, who is hopeful Mr. Milei’s maverick approach will start to yield results.

Mr. Milei’s policies have helped bring down monthly inflation from over 25% in December to now 4% in July, though the country has slid into recession and subsidy cuts have pushed up prices of certain services and goods.

Many Argentines still feel their purchasing power is dwindling despite inflation slowing, with poverty affecting half the population and over seven million children living in poverty, according to a study released this week by UNICEF.

Mr. Milei’s government argues that fiscal responsibility is essential to stabilize the economy and cautions that things will get tougher for Argentines before improving.

Maria Ruiz, a 43-year-old teacher, said she was still having to tighten her belt due to the economic crisis.

“It’s incredible that every time you try to maintain a standard of living, you fall, you fall, you fall,” Ms. Ruiz said near the iconic Obelisco monument in central Buenos Aires where shop windows were full of promotions to attract customers.

“I see that merchants are trying to survive with promotions or whatever they can, but the truth is, it’s not enough.” — Reuters

Japan firms see Harris presidency as better for business than Trump, Reuters survey shows

US VICE-PRESIDENT Kamala Harris delivers remarks during a campaign event at West Allis Central High School in West Allis, Wisconsin, US, July 23, 2024. — REUTERS

TOKYO — More Japanese companies believe a Kamala Harris presidency in the U.S. would be better for their businesses than a second Donald Trump administration, a Reuters survey showed on Thursday, reflecting the respondents concerns about protectionism and policy unpredictability.

The outcome of November’s U.S. presidential election is being closely watched by countries around the world. But Japan is a close ally of Washington, with tens of thousands of U.S. troops stationed there, and its businesses would feel the impact of a renewed U.S.-China trade war since both are among its top trading partners.

Some 43% of Japanese firms said they preferred Ms. Harris in light of their corporate strategies and business plans while 8% picked Mr. Trump.

A total of 46% said either candidate would be fine, with the remaining 3% saying they preferred neither.

“There is a possibility that trade war, economic friction and security threats will be brought about under another Trump administration, forcing us to change our business strategy,” a manager at a ceramics manufacturer wrote in the survey.

Japan’s relations with the Trump administration were at times strained by his demands for more payments towards military assistance and by trade tensions.

With Ms. Harris, “we can expect current policies to be maintained by and large. That would give us better visibility into the future,” an official at a chemicals firm said.

Asked what change will likely be necessary under a Trump administration, 34% said their foreign exchange strategy would need to be reviewed, while 28% said their supply chains would be realigned and 21% said they would redce their China operations.

Mr. Trump has floated the idea of a 10% universal tariff on U.S. imports, which could disrupt international markets, and a tariff of at least 50% on Chinese goods.

Nikkei Research reached out to 506 companies from July 31 to Aug. 9 on behalf of Reuters for the survey, with 243 firms responding.

CHINA SLOWDOWN
Regardless of who wins the U.S. election, 13% of Japanese companies are considering reducing operations in China, while 3% are looking into expanding their businesses, with 47% planning to maintain their current exposure, the survey showed.

Among those thinking about paring down operations in China, 35% said they saw no prospects for economic recovery, 29% cited tough price competition and another 29% pointed to economic security risks as reasons to cut back.

China’s economy grew much slower than expected in the second quarter and its exports rose at their slowest pace in three months in July, adding to concerns about the outlook for its vast manufacturing sector.

Major Japanese companies that have announced cutbacks in their China operations in recent months include Honda Motor 7267.T and Nippon Steel 5401.T.

The survey also showed 24% of respondents saw recent rounds of intervention in the foreign exchange market by Japanese authorities as appropriate, compared with 9% that found the moves inappropriate and 64% that believed they were unavoidable.

The yen kept falling earlier this year despite intervention in April and May, touching a 38-year low of 161.96 to the dollar on July 3. Japanese authorities are suspected to have stepped in again in mid-July to put a floor under the yen.

“The extreme weakness in the yen had to be corrected. It just couldn’t be helped,” an official at an electronics company said.

Asked if the Bank of Japan should raise interest rates to shore up the yen, 51% said such a step was allowed only when exchange rates fluctuated excessively, while 22% said they didn’t support a monetary policy change aimed at affecting the foreign exchange market.

On expectations for the yen, 32% saw it trading in a range of 145 to 150 yen to the dollar at the end of the year, while 25% predicted the Japanese currency to be firmer at 140 to 145 yen, while 22% saw it trading between 150 to 155 yen.

During the period of the survey, the yen was volatile and touched its strongest level since the start of the year before reversing course. It has since continued to weaken. — Reuters

US Navy’s newest air-to-air missile could tilt balance in South China Sea

PHILSTAR FILE PHOTO

SINGAPORE — The U.S. Navy’s deployment of new extremely long-range air-to-air missiles in the Indo-Pacific could erase China’s advantage in aerial reach, experts say, part of an intensifying focus on projecting power amid high tensions in the region.

The AIM-174B, developed from the readily available Raytheon SM-6 air defense missile, is the longest-range such missile the United States has ever fielded and was officially acknowledged in July.

It has three key advantages: it can fly several times farther than the next-best U.S. option, the AIM-120 AMRAAM; it does not require new production lines; and it is compatible with the aircraft of at least one ally, Australia.

Crucially, a weapon such as the AIM-174B, which can attack aerial targets as far away as 400 km (250 miles), outranges China’s PL-15 missile, allowing U.S. jets to keep threats farther from aircraft carriers, and safely strike “high-value” Chinese targets, such as command-and-control planes.

“The United States can ensure the safety of their important assets, such as carrier groups, and launch long-range strikes on PLA targets,” said Chieh Chung, a researcher at a Taipei-based thinktank, the Association of Strategic Foresight, using an abbreviation for the People’s Liberation Army.

The West has not easily been able to do that until now.

The AIM-120, the standard long-range missile for U.S. aircraft, has a maximum range of about 150 km (93 miles), which

requires the launching aircraft to fly deeper into contested territory, exposing aircraft carriers to greater danger of anti-ship attacks.

Any type of South China Sea conflict, within the so-called First Island Chain, which runs roughly from Indonesia northeast to the Japanese mainland, means the U.S. Navy would operate within few hundred kilometers of its Chinese adversary.

Supporting Taiwan in an invasion would pull the Navy in even closer.

The AIM-174B changes that equation, keeping PLA carrier-hunting aircraft out of firing range and even endangering their planes attacking Taiwan, Cheih said. That increased the likelihood the United States would get involved in a major conflict in the region, he added.

“The big thing is that it lets the United States push in a little bit further” into the South China Sea during a conflict, said a senior U.S. defence technical analyst, who declined to be identified because the matter is a sensitive one.

“And it’s going to potentially change Chinese behaviour because it’s going to hold large, slow, unmanoeuvrable aircraft at greater risk.”

RANGE ADVANTAGE
For decades, the United States’ advantage in stealth fighters, first with the F-117 and then with the F-22 and F-35, meant that missiles such as the AIM-120 were all that was needed.

The U.S. military also leaned into developing the AMRAAM as a cheaper alternative to a new missile, drastically improving its performance over decades, said Justin Bronk, an airpower and technology expert at London’s Royal United Services Institute.

The SM-6 is estimated to cost about $4 million each, says the Missile Defense Advocacy Alliance, while an AMRAAM costs about $1 million.

European nations, which lacked access to stealth technology until recent years, developed the ramjet-powered Meteor missile, with a range of 200 km (124 miles), produced by MBDA.

MBDA did not respond to a request for comment.

The advent of Chinese stealth aircraft such as the J-20, and more important, the PL-15 missile it can carry internally – with a range of 250 km (155 miles) or more – eroded the U.S. edge, said Kelly Grieco, a senior fellow at the Stimson Center.

Now a stealthy Chinese aircraft could theoretically spot non-stealthy U.S. aircraft and shoot them down well outside the range where they could even fight back, she said.

Even U.S. stealth aircraft might be forced to fly dangerously close to fire their missiles.

“If a Chinese fighter can outrange an American fighter, it means they can get the first shot,” she said. “It’s hard to outrun something that’s travelling at Mach 4.”

The AIM-174B was developed to quickly address that need.

The secretive Lockheed Martin AIM-260, a separate U.S. Air Force program to develop an extremely long-range air-to-air missile small enough for stealth aircraft to carry internally, has been in development for at least seven years.

Lockheed Martin declined to comment on the project.

China is developing missiles with longer range than the PL-15, Bronk said, but the radar of launching aircraft may be unable to spot targets at such distances.

“If you go too big and too heavy with the missiles, you end up trading off fuel” for the aircraft, he added.

AVAILABILITY
Using Raytheon’s SM-6, originally designed for a ship-launched air defense role, means production lines are already available. Funding has already been earmarked for more than 100 SM-6 missiles a year.

Raytheon declined to comment on how many AIM-174Bs would be produced or if existing SM-6s would be converted.

So far it has only been shown on U.S. Navy F/A-18E/F Super Hornet aircraft, which are operated by the U.S. and Australian militaries.

The United States sees Australia as a crucial ally and location for projecting power into the South China Sea, and is investing hundreds of millions of dollars in military infrastructure there.

Australia’s defense ministry said it “works closely with the U.S. to understand capability options available for Australian consideration”.

The U.S. Defense Department referred questions about the AIM-174B to the U.S. Navy.

The Navy said the missile was “operationally deployed” but declined to comment on whether it would be supplied to allies, whether it would be integrated onto other aircraft, and how many AIM-174Bs it wanted each year.

The versatility of the SM-6, which has also been used to hit ships, land targets and missiles, opens up possibilities beyond the AIM-174B, said Peter Layton, a defense and aviation expert at the Griffith Asia Institute.

For instance, if fitted with an anti-radar seeker, it could attack and disrupt surface-to-air missile batteries from extremely long range.

For now, though, adding the AIM-174B to the U.S. Navy’s arsenal, even if not yet in large numbers, changes the calculus of a regional conflict, the senior technical analyst said.

“If this is enough to push (China’s high-value) aircraft way back, then you don’t need many,” the analyst added.

“Because the threat has caused the adversary to change their behavior … It makes a South China Sea scenario easier.” — Reuters

PayMongo launches Digital Wallet to empower SMEs in PH

Paymongo, a leading digital financial service for Filipino entrepreneurs, recently launched the PayMongo Wallet, designed to make digital transactions easier for small and medium enterprises (SMEs) in the Philippines.

PayMongo CEO Jojo Malolos revealed the PayMongo Wallet is set to revolutionize digital financial transactions for small and medium enterprises (SMEs) in the Philippines, offering a seamless, secure, and inclusive solution.

“PayMongo Wallet streamlines online business operations and enhances financial management, helping Filipino SMEs thrive in the digital age,” Malolos said.

Malolos explained that in a market where SMEs constitute a significant portion of businesses, the PayMongo Wallet is designed to support these enterprises as they adapt to an evolving digital economy. “Our goal is to help SMEs stay competitive in a digital-first world,” Malolos added.

Malolos said that the PayMongo Wallet is a game-changer for local businesses. “In today’s digital age, having smooth and secure financial transactions is a must for any business. It’s not just about convenience; it’s about creating a better experience for both merchants and their customers while ensuring top-notch online security,” Malolos revealed.

PayMongo Wallet Key Features

Malolos explained that PayMongo Wallet is packed with features to make financial management a breeze, including Cash Flow Management, Transaction Tracking, Faster Payouts, and Flexible Platform integrations. 

For Cash Flow Management, Malolos said that to efficiently manage finances, whether cashing in or sending money to any bank. “This feature streamlines fund management,” Malolos said.

Malolos highlighted the Transaction Tracking feature, which provides SMEs with a centralized view of all financial transactions, essential for audits and accounting. “Every transaction is documented, making it easy for businesses to stay on top of their finances,” Malolos revealed.

Another feature is Faster Payouts, which receive payouts quicker, bypassing traditional clearing schedules, according to Malolos. “This ensures quicker access to funds, which is crucial for smooth operations,” Malolos explained.

Malolos also emphasized that the PayMongo Wallet has a Flexible Platform Integration, which offers a robust API that integrates seamlessly with merchants’ platforms, providing a customizable and scalable financial tool. “Whether you need a disbursement solution or a wallet, PayMongo can adapt to your specific needs, offering a customizable and scalable financial tool,” Malolos said. 

Enhanced Security

PayMongo Co-Founder and Chairperson Luis Sia said that PayMongo has reinforced the security of its platform to safeguard business finances as it adheres to stringent security standards of the Bangko Sentral ng Pilipinas (BSP), including PCI-DSS and SOC2 compliance.

“This proactive approach to risk management underscores our commitment to protecting merchants and their transactions against cyber threats,” Sia said.

 


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PLDT Group’s Cathy Yang wins Gold Stevie® at inaugural Technology Excellence Awards

In what is the first annual Stevie® Awards for Technology Excellence — considered the “Olympics for technology,” PLDT Group’s Cathy Yang has been feted Gold Stevie® Winner, clinching the highest recognition under the category, “Executive of the Year — Communication Technology.”

The Stevie® Awards for Technology Excellence celebrate the remarkable accomplishments of individuals, teams, and organizations shaping the future of technology across all industry sectors. More than 100 professionals worldwide participated in the judging process to select this year’s honorees.

Judges have recognized Yang and her team’s role in leveraging corporate communications through innovation and technology, propagating safe spaces online, by liaising with international partners such as UNICEF in integrating child rights into the business. In December 2022, Yang’s invitation by the King and Queen of Sweden to represent PLDT Group and the Philippines in the Global Child Forum (GCF) in Stockholm has become testament to the positive influence PLDT Group wields through strategic communications on child protection. Among global child rights advocates, Yang is the only Philippine and Southeast Asian representative chosen to share PLDT Group’s best practices on child protection initiatives.

In 2023, PLDT has been recognized as a Leader in the GCF’s latest global children’s rights and business benchmark, a global assessment and report on the state of children’s rights across 1,108 companies, in eight sectors and six regions. The application of a child rights lens into policies from inside PLDT Group and outwards to the communities it operates has helped become the bedrock of Yang and her team’s strategic communications, in a whole-of-nation approach to preventing the proliferation of online sexual abuse and exploitation of children.

Winners of the awards — named the Stevies® from the Greek word meaning “crowned,” will be recognized during a gala awards dinner on Sept. 16 at the Marriott Marquis Hotel in New York City.

More than 600 nominations from organizations of all sizes in 21 nations and territories were submitted this year for consideration in a wide range of tech-related categories, including Company of the Year, Educational or Research Institution of the Year, Technical Innovation of the Year, Technology Breakthrough of the Year, and more in a variety of industry groupings including Advertising, Marketing, and PR, Aerospace Technology, Biotechnology, Business Technology, and Healthcare Technology, among others.

Details about the Stevie® Awards for Technology Excellence and the list of 2024 Stevie® winners are available at www.StevieAwards.com/Tech.

 


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Top Crypto Exchanges in the Philippines: Where to Buy Your First Crypto?

Are you looking for a platform to purchase your first crypto safely or transfer your digital assets to a secure and transparent exchange? Whether you want to buy your first Bitcoin or explore trending coins, we’ve got you covered!

This list compiles the top Centralized Exchanges (CEXs) that lead in reliability, transparency, and security.

Bitget

Bitget established in 2018, is one of the top crypto exchanges globally. It offers a reliable and secure platform to safeguard your Bitcoins and other crypto assets.

With over 800 coins available, you can likely find the crypto token you’re looking for on Bitget. The platform also provides users with peace of mind through its $400 million Bitget Protection Fund. With industry-leading security and full transparency of asset records, which can be tracked in real-time, Bitget delivers an efficient and smart trading experience. Additionally, Bitget is recognized for having the largest crypto copy trading platform and its platform token BGB, which exceeded expectations in the first half of 2024.

Bitget also offers its own Web3 wallet, Bitget Wallet, which is known for safer transactions and competitive prices.

coins.ph

Coins.ph, a leading cryptocurrency platform in the Philippines, excels at integrating practicality with quality financial services.

Its ability to seamlessly combine digital currency with traditional financial operations—enabling users to buy, sell, and manage cryptocurrencies alongside regular financial activities like bill payments and mobile top-ups—makes it stand out.

Recently, Coins.ph introduced PHPC stablecoin, backed by fiat with a target price of 1 PHPC to 1 Philippine Peso, aimed at cross-border money transfers, merchant payments, and trading.

The platform also emphasizes security, protecting users’ assets and data through robust encryption. Coins.ph provides a comprehensive solution for both new and experienced users, bridging the gap between digital money and everyday use.

PDAX

PDAX is a domestic digital asset exchange in the Philippines, known for powering GCash’s crypto platform, GCrypto, and being UnionBank’s cryptocurrency partner.

PDAX maintains its position as a leading cryptocurrency exchange in the Philippines by focusing on user convenience and accessibility. The exchange offers quick trading and competitive prices using the Philippine Peso, ensuring ease of access for Filipino customers.

With its user-friendly interface and ease of use, PDAX is a force to be reckoned with among cryptocurrency exchanges in the Philippines.

Kraken

Kraken, founded in 2011, is a well-known cryptocurrency exchange with a wide range of features and strong security measures.

Catering to both novice and advanced traders, Kraken offers spot trading, futures, and margin trading. The platform emphasizes security through the use of cold storage, frequent security audits, and robust encryption procedures.

Kraken is recognized in the cryptocurrency trading scene for its reliability, transparency, and user-friendliness. It also provides low costs, a broad range of cryptocurrencies, and an intuitive user interface.

Crypto.com

Founded in 2016, Crypto.com is a well-known cryptocurrency platform that provides a variety of financial services, such as trading, staking, and interest-earning on cryptocurrencies.

The platform supports a large variety of digital content and has an intuitive user interface. Among its noteworthy products are a native token (CRO), a Visa card with cryptocurrency benefits, and a range of DeFi and NFT services. With features like cold storage and sophisticated encryption, Crypto.com prioritizes security and good user experience.

All in all, no matter what Crypto Exchange you choose, choose one that prioritizes your safety and security.

 


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South Korea’s Yoon seeks dialogue, path to unification with isolated Pyongyang

South Korean President Yoon Suk-yeol. — REUTERS

 – South Korean President Yoon Suk Yeol offered on Thursday to establish a working-level consultative body with North Korea to discuss ways to ease tension and resume economic cooperation, as he laid out his vision on unification of the neighbors.

In a National Liberation Day speech marking the 79th anniversary of independence from Japan’s 1910-45 colonial rule after World War Two, Mr. Yoon said he was ready to begin political and economic cooperation if North Korea “takes just one step” toward denuclearization.

Mr. Yoon used the speech as a chance to unveil a blueprint for unification and make a fresh outreach to Pyongyang, following his government’s recent offer to provide relief supplies for flood damage in the isolated North which he said had been rejected.

But a unified Korea appears a distant prospect to most people on both sides of the border. Relations between the neighbors have been at their lowest in decades as the North races to advance its nuclear and missile capabilities and takes steps to cut ties with the South, redefining it as a separate, hostile enemy state.

At the start of the year, North Korean leader Kim Jong Un called South Korea a “primary foe” and said unification was no longer possible.

Mr. Yoon said launching the “inter-Korean working group” could help relieve tensions and handle any issues ranging from economic cooperation to people-to-people exchanges to reunions of families separated by the 1950-53 Korean War.

“We will begin political and economic cooperation the moment North Korea takes just one step toward denuclearization,” he said at a ceremony in Seoul.

“Dialogue and cooperation can bring about substantive progress in inter-Korean relations.”

The speech came amid a dispute with opposition lawmakers over Mr. Yoon’s appointment of what they view as a pro-Japan, revisionist former professor to oversee a national independence museum, another sign of political polarization and divided opinions over Mr. Yoon’s efforts to ramp up security ties with Tokyo.

Major independence movement groups which had for decades co-hosted the annual National Liberation Day events with the government held a separate ceremony for the first time in protest over the professor, joined by opposition lawmakers.

Mr. Yoon’s office has said there are “misunderstandings” about the appointment, and was seeking ways to resolve them.

Mr. Yoon, in the speech, also raised the idea of a plan to launch an international conference on North Korea’s human rights and a fund to promote global awareness on the issue, support activist groups, and expand North Korean residents’ access to outside information.

“It is important to help awaken the people of North Korea to the value of freedom,” he said, calling for freedoms in the South to be extended to “the frozen kingdom of the North.”

“If more North Koreans come to recognize that unification through freedom is the only way to improve their lives and are convinced that a unified Republic of Korea will embrace them, they will become strong, friendly forces for a freedom-based unification.” – Reuters

China’s home-price slump deepens in July to new 9-year low

A GENERAL VIEW shows Beijing’s skyline on a sunny day in this file photo. — REUTERS

 – China’s new home prices fell at the fastest pace in nine years in July, official data showed on Thursday, as supportive policies failed to stabilize the market and restore confidence in the struggling sector.

New home prices fell 4.9% from a year earlier, deeper than a 4.5% slide in June, according to Reuters calculations based on National Bureau of Statistics (NBS) data. Prices last fell this sharply in June 2015.

New home prices were down for the 13th straight in monthly terms, falling 0.7%, and matching the pace of decline in June.

Beijing has been intensifying efforts to support the sector, which at its peak accounted for a quarter of the economy, including reducing mortgage rates and lowering home buying costs.

The housing market downturn has hindered growth, with analysts saying Beijing’s 5% 2024 GDP target may be too ambitious even as other economic gauges including industrial production have steadied.

In separate data on Thursday, property sales by floor area in January-July fell 18.6% from a year earlier, compared with a 19.0% slump in January-June. – Reuters

China resubmits application to build contested big embassy in London

FREEPIK

 – China has resubmitted plans to build a new large embassy in London, a contested project that could test how the new Labour government handles relations with the world’s second largest economy after years of diplomatic tensions and disputes.

Beijing sent a new planning application to Tower Hamlets council to build the embassy near the Tower of London last month, almost two weeks after the new government took power on July 5, according to documents on the council’s website.

The planning documents said the council’s decision to reject the proposals in December 2022 on security grounds and the impact on residents was “without merit” and had “no basis in planning policy”.

China missed a deadline last year to appeal against the decision when there were tensions with the then-Conservative Party-led government over suspicions about Chinese cyber-espionage and human rights. But China always had the option to resubmit a fresh application.

Although the planning application will initially be handled by Tower Hamlets council, the national government could get involved if the proposal is rejected again and China appeals.

The council said that its planning team was reviewing the application but that it is too early to say when a decision will be made.

The Chinese embassy in London said its “resubmitted plan and design proposal for the new embassy building fully takes into account the requirements of the UK’s building planning policies and the views of all relevant parties,” in a statement.

China has accused Britain of exaggerating allegations about Chinese spies and cyberattacks.

Labour under Prime Minister Keir Starmer has prioritised strengthening post-Brexit relations with the European Union, but has said it will carry out an audit of the bilateral relationship with China to understand and respond to the challenges and opportunities Beijing poses.

China first announced plans to build a new London embassy in 2018 in keeping with its increasing diplomatic clout, buying land on the former site of the Royal Mint – the maker of British coins – for about 250 million pounds ($318 million).

The embassy would be China’s biggest diplomatic legation in Europe and almost twice the size of its one in Washington.

This led some British politicians and security officials to warn that a bigger embassy and more Chinese diplomats could make it easier to increase the number of spies in the country, officials told Reuters.

Chinese officials in return have expressed frustration to the British government over its failure to help secure planning permission at official-level meetings, people involved in those talks have said.

Earlier this year, British and Chinese officials held at least one meeting to discuss the dispute, the people said. – Reuters