Chinese carrier enters Japan’s contiguous waters for first time, NHK reports

September 18, 2024 | 6:07 pm

TOKYO/TAIPEI — A Chinese aircraft carrier temporarily entered Japan’s contiguous waters for the first time on Wednesday, Japan’s public broadcaster NHK reported, the latest encounter that could further ratchet up tensions between the neighbors.

The carrier sailed between Japan’s southern Yonaguni and Iriomote islands, NHK reported, entering an area that extends up to 24 nautical miles from its coastline where Japan can exert some controls as defined by the United Nations.

Japan’s defense ministry did not immediately have comment.

Japan last month lodged a protest with China after one of its naval survey vessels entered Japanese waters, shortly after an airspace breach. In July, a Japanese navy destroyer made a rare entry into China’s territorial waters near Taiwan, according to the Japanese media.

An uptick in Chinese military activity near Japan and around Taiwan in recent years has stoked concerns in Tokyo. Japan has responded with a defense buildup it says aims to deter Beijing from using military force to push its territorial claims in the region.

Earlier on Wednesday, Taiwan’s defense ministry said it had spotted the same Chinese aircraft carrier group sailing through waters off its east coast in the direction of Yonaguni, Japan’s southernmost island, which is about 110 km (69 miles) east of Taiwan.

China, which views democratically governed Taiwan as its territory, has been staging regular exercises around the island for five years to pressure it to accept Beijing’s claim of sovereignty, despite Taipei’s strong objections.

The ministry said the Chinese ships, led by Liaoning, the oldest of China’s three aircraft carriers, were spotted in the early hours of the morning on Wednesday sailing through waters to the northeast of Taiwan.

The group then sailed to the southeast of Yonaguni, the ministry said in a statement, which can be seen from Taiwan on a clear day.

Taiwan tracked the ships and sent its forces to monitor, it said.

China’s defense ministry did not answer calls seeking comment. — Reuters

London’s Oxford Street could go traffic-free under mayor’s plan

September 18, 2024 | 6:07 pm

London-Pedestrians — Pedestrians walk along Oxford Street in London, Britain, Sept. 17, 2024. — REUTERS

LONDON — London’s Oxford Street, home to some of the British capital’s most famous shops from Selfridges to Marks & Spencer, could be pedestrianized to attract more shoppers under a plan announced by city mayor Sadiq Khan on Tuesday.

If approved, Oxford Street would join other major shopping hubs such as Times Square in New York and La Rambla in Barcelona that have gone fully traffic-free.

A previous version of the plan to ban vehicles from the 1.2-mile (1.9 km) thoroughfare was blocked by the local Westminster City Council, but the revived project has received backing from Britain’s Deputy Prime Minister Angela Rayner.

Ms. Rayner said the plan would drive growth, create new jobs and generate economic activity.

“The difference this time is, I’ve got the support of central government, and that means if … there was opposition from the council, we’d have the powers to proceed with good plans,” Mr. Khan told Reuters.

Oxford Street attracts around half a million visitors every day, according to the mayor’s office, but many flagship stores including House of Fraser and Topshop have shut in recent years.

The area, like many bricks-and-mortar shops, has struggled to recover footfall since the COVID-19 pandemic saw many people turn to online shopping and fewer return to the office.

The New West End company, which represents retailers on Oxford Street, said the area remained key for retail and hospitality in London.

Some retailers welcomed the move, with John Lewis, whose flagship store has been on Oxford Street since 1864, calling the nearly three-century old highway the “nation’s high street.”

Mr. Khan said the plan was to get rid off all traffic, including bicycles, in the one-mile stretch from Oxford Circus to Marble Arch. The London mayor’s office has not specified how buses that use the east-west road will be rerouted.

Stuart Love, chief executive of the local Westminster City Council, said the authority wanted more details on how concerns of local residents and shoppers over rerouted transport and access would be addressed.

Ron Harold-Hurst, a pensioner from Bromley, south east London, said he was against pedestrianizing the street.

“It’s a terrible idea,” the 83-year-old said. “You need buses don’t you? How are you going to get from one end to the other?”

The plan needs final approval from Ms. Rayner who is also Britain’s housing and communities minister.

British Prime Minister Keir Starmer’s Labour Party has said it wants to accelerate the process of approving projects to speed up Britain’s economic growth. — Reuters

Bruised by fresh loss, Canada’s Trudeau shows no sign of stepping down

September 18, 2024 | 6:05 pm

OTTAWA — Doubts about the leadership of Canadian Prime Minister Justin Trudeau intensified after his ruling Liberal Party suffered a second humiliating loss in a special election, but the unpopular leader is determined to cling to office ahead of a looming national vote.

The Liberals, who have governed for almost nine years, suffered a narrow defeat on Monday in a Montreal constituency that had been one of the party’s safest seats.

The loss, following a defeat in Toronto in late June, reinforced the perception that Liberal prospects in the next national election are dim. The mandate for Mr. Trudeau’s minority government expires at the end of October 2025, but an early election has become increasingly likely after the smaller New Democratic Party dropped its support.

Even so, Mr. Trudeau showed no sign on Tuesday that he may step down before the next election campaign. And the party’s mechanisms to force him out are limited.

Andrew McDougall, an assistant professor of political science at the University of Toronto, said the Liberals were losing “the crown jewels” in urban strongholds, not marginal seats, highlighting the party’s bleak prospects.

“This is obviously a very difficult moment for Justin Trudeau,” Mr. McDougall said. “It seems to reinforce the narrative that he’s yesterday’s man, and that if the Liberals are going to win the next election, they’re going to have to do it with somebody else.”

Although polls indicate the Liberals will lose badly to the official opposition right-of-center Conservatives in the next election amid unhappiness over inflation and a housing crisis, Mr. Trudeau and his closest aides say he is going nowhere and has time to help the party recover.

“Obviously, it would have been nicer to be able to win… but there is more work to do and we’re going to stay focused on doing it,” Mr. Trudeau told reporters on Tuesday.

His main immediate challenge is that he has lost control of the House of Commons, where the Liberals hold only a minority of seats. The left-leaning NDP signed a deal in 2022 to keep the Liberals in power but tore up the agreement this month.

The NDP increased its share of the vote in Montreal while retaining a seat in the western province of Manitoba, fending off a strong Conservative challenge.

The Liberals face a number of confidence votes by legislators in the next few months and a defeat would trigger an election, although the NDP may choose to keep the government afloat until it can buoy its own popularity.

“The Liberals gave both opposition parties a reason to believe that they can defeat Trudeau,” said Darrell Bricker, CEO of polling firm Ipsos-Reid. “The potential they can trigger (an election) sooner is definitely there.”

Keeping a minority government alive can be difficult and how much Mr. Trudeau can press ahead with his legislative agenda remains unclear.

The Liberals said on Monday they would focus on legislation regarding defense and citizenship.

SPECIAL CONVENTION
Unlike in the United States, where President Joseph R. Biden stepped down as Democratic presidential candidate in favor of Vice President Kamala Harris, there is no smooth way for Mr. Trudeau to hand over power.

In Australia and the UK, prime ministers are chosen by legislators and can be quickly overthrown. Mr. Trudeau was selected by a special convention of party members and cannot be forced out if he wants to stay.

One senior Liberal said if the polls continued to look miserable, senior ministers could urge Mr. Trudeau to leave.

But the Liberal, who requested anonymity given the sensitivity of the situation, said there was no guarantee Mr. Trudeau — a stubborn man according to insiders – would listen.

Mr. Bricker said those in charge of Liberal fundraising could make the same pitch to Mr. Trudeau.

“If the money dries up, they are not in a position to fight,” he said.

If Mr. Trudeau steps down, an interim leader would be chosen while the party set up another convention.

Tradition dictates a stand-in must come from the ranks of legislators, ruling out former Bank of Canada governor Mark Carney, often mentioned as a potential Trudeau replacement.

The interim leader does not run to be the permanent replacement, according to party custom. That could deter cabinet heavyweights such as Finance Minister Chrystia Freeland and Innovation Minister Francois-Philippe Champagne from seeking to replace Trudeau in the short term.

Regardless, changing leaders might not boost Liberal prospects, said Frank Graves, president of the Ekos polling firm.

“The difficulties Mr. Trudeau and the Liberals are experiencing are pretty similar to those progressive incumbents are experiencing in other advanced western democracies,” he said by e-mail, citing rising populism and economic uncertainty. — Reuters

Medical assistance for PDLs in Payatas

September 18, 2024 | 5:25 pm

photo1-OL — Former Ilocos Sur Governor Luis Chavit Singson

Former Ilocos Sur Governor Luis Chavit Singson provided food and medical assistance for PDLs (persons deprived of liberty) at the new BJMP Quezon City Jail in Payatas.

The new “zero congestion” facility can house 4,500 inmates. 60%-70% of the cases here are drug-related.

This first medical mission for PDLs was headed by Mr. Singson, along with his daughter, Congresswoman Richelle Singson. Joining them at this momentous event were Jail Warden Warren Geronimo, and Regional Director Clint Russell Tangeres.

Former governor Singson stated the importance of peace as the start of achieving big things not only for the inmates but also for all Filipinos. This is what he has done for Ilocos Sur and is his blueprint for guiding and helping his constituents.

A new lease on life is Singson’s battle cry for the inmates as he stated that it is hard for released PDLs to look for jobs. He also has a program that can help provide factory and caregiving jobs for them through his contacts in Taiwan, South Korea and Japan.

Through the years, Mr. Singson has been helping his countrymen through civic oriented projects like this one held at Payatas.

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Salmon emerges as Best Fintech Start-Up Company at Global Business Outlook Awards 2024

September 18, 2024 | 4:00 pm

Salmon, the leading fintech company committed to expanding financial inclusion and innovation in Southeast Asia, has been awarded Best Fintech Start-Up Company in the Philippines at the prestigious Global Business Outlook (GBO) Awards 2024. This award further solidifies Salmon’s position as a leader in financial innovation and inclusion within the country and highlights its potential for continued growth in the coming years.

The Global Business Outlook Awards, recognized for celebrating excellence across industries worldwide, honored Salmon for its innovative, technology-driven financial solutions, which are designed to meet the needs of underserved communities. Salmon’s success in leveraging artificial intelligence and data analytics to offer accessible financial products was a key factor in securing this award.

Since its inception, Salmon has remained focused on bridging gaps in the Philippine financial ecosystem. By utilizing AI and cutting-edge technology, Salmon has enabled faster, more inclusive credit decisions, particularly benefiting Filipinos without formal credit histories. This approach has positioned the company as a significant player in the fintech space, with strong potential for scaling its impact across Southeast Asia in the near future.

Salmon’s flagship product, the Salmon App, continues to reshape the customer experience with its user-friendly interface. The app allows users to apply for loans, manage finances, and make payments effortlessly. Its consistent 4.8-star rating on major app stores is a testament to Salmon’s commitment to providing a smooth and transparent customer experience.

Reflecting on the award, Salmon Co-Founder Pavel Fedorov said, “This recognition from the Global Business Outlook Awards underscores our mission to make financial services more accessible to all Filipinos. We are excited by the growth opportunities ahead as we continue expanding our services and introducing more solutions that cater to the financial needs of both urban and rural communities.”

Salmon’s ongoing efforts in promoting financial awareness on social media have also been a critical driver of its success. The “Salmon Pera Serye,” a financial education initiative launched by the company on TikTok, in particular, has garnered over 1 million views in just three months. By empowering Filipinos with essential financial knowledge, the series has established Salmon as a key player in enhancing financial awareness and responsibility.

Co-Founder and Chairman of Salmon’s Bank subsidiary, Raffy Montemayor, shared his vision for the company’s future: “We are not only proud of what we’ve accomplished so far but also optimistic about our potential for further growth. The recent launch of the Salmon Time Deposit by the Rural Bank of Sta. Rosa (Laguna) exemplifies our strategy of bridging traditional banking and fintech. We look forward to continuing to offer innovative products that drive financial inclusion and help secure the financial futures of more Filipinos.”

As Salmon scales its operations and broadens its reach across Southeast Asia, it is poised for significant growth in the fintech landscape. The company’s commitment to financial inclusion, combined with its advanced technological capabilities, ensures it is well-positioned to become a key player in shaping the future of financial services in the region.

About Salmon Group Ltd.

Founded in 2022 by fintech and banking veterans Pavel Fedorov, George Chesakov, and Raffy Montemayor, Salmon Group Ltd. owns and operates subsidiaries in the Philippines, including Sunprime Finance, Inc. and the Rural Bank of Sta. Rosa (Laguna), Inc., which was established in 1963. The Group is dedicated to expanding financial inclusion by providing customers with cutting-edge, customer-centric, AI and data-driven banking and financial services. It is on a mission to empower clients underserved by legacy banks across Southeast Asia and is supported by world-class shareholders, including the International Finance Corp., the sovereign wealth fund of Abu Dhabi (ADQ), and other blue-chip international and Filipino investors.

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PBBM reiterates commitment to transparent, transformative leadership through PFM Reform Roadmap 2024-2028

September 18, 2024 | 3:00 pm

PBBM-OL — PFM Principals endorsing to PBBM the PFM Roadmap. BBM with (starting 2nd from left) DBM Secretary Amenah Pangandaman, COA Chairman Gamaliel Asis Cordoba, DICT Secretary Ivan Uy and NEDA Secretary Arsenio Balisacan

President Ferdinand R. Marcos, Jr. reaffirmed the administration’s commitment to transparent and transformative leadership as he led the Ceremonial Endorsement of the Public Financial Management (PFM) Reforms Roadmap 2024-2028 in Malacañan Palace.

“With this roadmap, we give a clear mandate of ensuring that the money entrusted to us by the people serves a purpose that truly matters, that will make a difference,” President Marcos said in his speech.

The President said the ceremony is more than just “a mere endorsement of policy” but also a reassertion of the government’s collective resolve to build a system that will serve the present and future generations.

With the implementation of interventions and activities in the roadmap, it will improve the government’s ability to transparently and efficiently allocate resources, enabling agencies to deliver services effectively.

“It is about swift, efficient disaster relief and response actions so that no community is left behind when disasters strike. It is about better public healthcare access, ensuring that medical costs do not become yet another burden for our citizens. It is about expanding social services, creating not just a safety net, but opportunities for every Filipino to succeed, no matter their circumstances may be,” the President said.

Under the Roadmap, robust resource management coordination, greater capacity-building, wider technological integration, and stricter financial program implementation across sectors are expected.

Among the priorities of the new PFM is to synchronize planning and budgeting at local, regional, and national levels, as well as streamline institutional frameworks to reduce the time spent on bureaucratic processes, resulting in a faster delivery of service.

Digitalization and modernization of government frameworks are also given importance in the said roadmap.

Through collaborative efforts and support from partners, the President expressed confidence that the PFM Reforms Roadmap will greatly contribute to the country’s significant developments.

“With the strong support of our partners, especially with the ADB (Asian Development Bank), I am confident that the PFM Reforms Roadmap — anchored on the Philippine Development Plan 2023-2028 — will lead the nation to a higher growth trajectory, and ultimately, to reducing poverty and achieving genuine prosperity. Consider yourselves as the forerunners of this new era, this Bagong Pilipinas that we are building,” the President said.

The PFM Reform Roadmap was developed under Executive Order (EO) No. 29 issued by President Marcos last June 2023.

In the EO, the PFM Committee is directed to strengthen the public financial management information systems and streamline its processes.

This includes the revisiting of policies, revising outdated frameworks, and the creation of a strategic roadmap that reflects the changing needs of the people.

The PFM committee is comprised of the Department of Budget and Management (DBM), alongside key representatives of the Commission on Audit (CoA), Bureau of the Treasury (BTr), Department of Finance (DoF), Department of Information and Communications Technology (DICT), and the National Economic and Development Authority (NEDA).

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Traders brace for least predictable Fed meeting in years

September 18, 2024 | 1:14 pm

NEW YORK – Traders in global financial markets are facing extraordinary uncertainty as they await the U.S. Federal Reserve’s expected rate cut on Wednesday, setting up markets for a burst of volatility.

Major brokerages expect the Fed to lower interest rates by 25 basis points at the end of its two-day monetary policy meeting, even as financial markets price in a good chance of policymakers starting the easing cycle with a 50-bps reduction.

Fed funds futures, which reflect the market’s expectations for the future of monetary policy, have rallied to push the chance of a 50-basis-point rate cut to 61%, against 30% a week ago. The odds narrowed sharply after media reports revived the prospect of a more aggressive easing.

These last-minute moves have left Fed funds futures projecting a record lack of clarity about a Federal Open Market Committee decision, according to a BofA Global Research report.

“It’s very rare that you have the market divided on a Fed action 24 hours before the event,” George Bory, chief investment strategist for fixed income at Allspring, said.

“Usually, at this point in time, the Fed has communicated, or has led the market to expect, a very specific action,” Bory said, adding that given the decision is highly uncertain, positioning is unlikely to be deep.

While Fed decisions often move markets, the relatively even divide between traders expecting 25 bps versus 50 bps makes it likely that no matter what the Fed delivers it is going to take many traders by surprise.

The Fed move is likely to be the largest surprise, relative to market pricing two days ahead of a decision, in over 15 years, according to a Deutsche Bank analysis.

“No one’s quite sure … people have landed on different estimates, guesstimates if you will, and right about half of those people are going to be wrong,” said Matt Weller, head of market research at StoneX.

“So they’re going to have to adjust their positions … One way or another, we could see pretty big moves in the market,” Weller said.

RIPPLE EFFECT
Asset classes from stocks, currencies and fixed income could all log swings in the immediate aftermath of the decision, investors said.

Stock options are pricing an about 1.1% swing, in either direction, for the S&P 500 on Wednesday, according to options analytics service ORATS.

The recent rally in U.S. stocks — the S&P 500 has advanced for seven straight sessions, rising 4.2% — leaves stocks ill placed to deal with disappointment in the case of a smaller cut. The S&P 500 rose 0.03% on Tuesday, to finish just shy of the record closing high from July.

“With U.S. equities near all-time highs and likely already reflecting a deep Fed easing cycle, the risk-reward skew for much further upside looks poor,” said Tara Hariharan, managing director at global macro hedge fund NWI Management.

Traders, who currently expect about 120 bps worth of cuts by year-end may also have to recalibrate their thinking if the Fed decision and Fed Chair Jerome Powell’s accompanying commentary shakes their confidence in aggressive rate cuts.

“The market will have to unwind some of this pricing given the U.S. economy continues to be resilient,” she said, adding that she expects the front end of the yield curve to steepen.

The Fed decision has the potential to roil foreign exchange markets as well with the dollar/yen pair seen as one of the most sensitive to the rate decision. The dollar rose nearly 1% against the yen to 141.95 on Tuesday.

While a 25 bps rate cut would likely lead to a knee-jerk reaction higher for the U.S. dollar, potentially taking USD/JPY back above the key 142.00 level, a 50-bps rate cut could take the pair back toward the psychologically significant 140 level, StoneX’s Weller said.

Glen Capelo, managing director of fixed income at Mischler Financial Group, expects heightened interest rate volatility following the Fed’s decision due to the market overextending itself.

Capelo said a 25-basis-point rate cut will most likely lead to a sell-off in Treasuries, although much will also depend on the Fed’s press conference.

Michael Rosen, managing partner and chief investment officer of Angeles Investments, sees the bond market’s read on the pace of monetary policy as too aggressive.

“The market is pricing in 250 bps of cuts over the next year, a magnitude that only makes sense in the face of a recession. While a recession in the next 12 months is possible, it is not likely, and short-term yields will fall less than the market expects, while long-term rates may even rise from here,” Rosen said. — Reuters

Common pet policies of Manila malls

September 18, 2024 | 11:18 am

Malls are a go-to place for pets and their fur parents in the Philippines, a country where – per Statista in August 2024 – 6.6% of households own a cat and over 11 million people have a dog.

Here are the pet policies of some of the country’s malls:

Be mindful of pets

SM Supermalls, Araneta City, Robinsons Malls, and Ayala Malls allow pets on their premises if they are fully supervised.

Wearing diapers is “highly encouraged” in SM Supermalls, Araneta City, and in the Ayala Malls with a lax tier pet policy. Diapers are required, however, in Robinsons Malls and in the Ayala Malls with a limited tier pet policy.

Each mall under Ayala Malls’ hybrid tier pet policy has different rules on diaper use.

Pet IDs are also required in Ayala Malls, Araneta City, and Robinsons Malls.

SM Supermalls

Pets should always be on a leash, in a carrier/stroller, or hand carried. Dogs are only allowed to be off-leash at the Paw Park.

Pet owners should be able to always maintain control over their pets.

On escalators, pets should be hand-carried or placed in a pet-carrier.

On elevators, pets should be placed on a short leash.

Robinsons Malls

Pets must be kept on a leash, carried, or placed in a carrier/stroller while inside the mall. When walking pets inside the mall, the leash must be kept short and not exceed one meter in length.

Pets must be carried when riding the escalators and put on a short leash when using the elevators.

Ayala Malls

Unless falling under the prohibited areas, small pets are allowed in the hallway or common areas of the malls in the limited and lax tiers. They should still be inside a stroller or a carry-on bag regardless.

An Ayala-run mall in the hybrid tier, meanwhile, has the sole discretion on where pets are allowed.

Araneta City

The size of dogs and cats is not regulated, although pet owners must be able to maintain control over them during their visit.

Pets are allowed in all escalators. Owners are required to always carry their pets when riding up and down the escalator.

Pets are allowed in all elevators. Owners are required to keep their pets on a very short leash when riding up and down the elevator to avoid accidents.

Clean up after them

Fur parents are required to clean up after their pets.

Robinsons Malls

Wipe off urine or pick up droppings and put them in a sealed plastic bag before disposal.

SM Supermalls

Properly dispose of pet waste in sealed bags.

Ayala Malls

Pet owners must remove, clean up, and dispose of any pet feces, waste, and litter by their pets in any area within the mall. They are required to pick up their pets’ waste or clean off their urine using wet wipes. They are then expected to put the dirty wet wipes inside a disposable bag prior to throwing them in pet waste bins.

Araneta City

All owners must make sure to take away, sanitize, and dispose of any droppings, refuse, or debris left behind by their animals in the mall area. It is required that they wipe up urine with damp cloths. These soiled wipes must be put into a disposable sack before being thrown away in the designated bins within the shopping center.

Off-limits areas

Each mall has areas where pets are not allowed.

SM Supermalls

Stores and restaurants have the right to implement their own pet policies.

Pets shall not be allowed inside or around children’s play areas.

Pets (except guide dogs) shall not be allowed inside the chapel or mass area.

In dining areas like the food hall or food court, pets should not be placed on top of tables and chairs.

In restrooms, pets should not be placed on the diaper changer or baby seats.

Robinsons Malls

Pets are not allowed in cinemas, chapels, and other areas management may identify.

Pet owners must observe and follow the separate pet policies of mall tenants.

Pets should not be placed on top of dining tables and chairs.

Ayala Malls

Pets are prohibited within a ten-meter radius from an identified children’s equipment and playground.

Other prohibited areas are those where a notice or signage is visible that such area/s is/are prohibited to pets.

Araneta City

Pets are only allowed inside merchant stores and restaurants with Pet Pals stickers at the entrance.

Update vaccination status

All four have also specified the necessity of pet vaccination.

SM Supermalls

Ensure pets are properly vaccinated as required by law and health regulations.

Robinsons Malls

Pets must be adequately vaccinated before bringing them to the mall.

Ayala Malls

Pet owners shall ensure that their pets are properly licensed and inoculated as may be required by ordinance, law, health regulations, or the malls’ guidelines. Pets which are first-time entrants and without updated vaccination records as may be required will not be permitted to enter.

Araneta City

All those who own a furry friend must ensure their animals are properly licensed and have up-to-date inoculations as required by ordinances, laws, or health regulations. All necessary vaccinations are expected to be acquired to protect the animal and those around them.

Responsible pet ownership

SM Supermalls said that any person bringing their dogs into the mall assumes all liability, responsibility, and associated risks, jointly and individually, for any damage, disease, or injury to persons, other dogs, and/or property.

Robinsons Malls adds that pets that are “aggressive or visibly sick” will not be allowed inside the mall. Mall security reserves the right to ask pet owners to bring their pets outside the mall premises should the pet exhibit behavior that may harm customers or damage mall properties.

Ayala Malls’ pet policy includes a table with a list of violations alongside their corresponding fines and penalties.

Pet Pawlicies:

SM Supermalls: CLICK HERE

Ayala Malls: CLICK HERE

Robinson’s Mall:

– Patricia B. Mirasol

Israel planted explosives in 5,000 Hezbollah’s pagers, say sources

September 18, 2024 | 11:00 am

BEIRUT – Israel’s Mossad spy agency planted explosives inside 5,000 pagers imported by Lebanese group Hezbollah months before Tuesday’s detonations, a senior Lebanese security source and another source told Reuters.

The operation was an unprecedented Hezbollah security breach that saw thousands of pagers detonate across Lebanon, killing nine people and wounding nearly 3,000 others, including the group’s fighters and Iran’s envoy to Beirut.

The Lebanese security source said the pagers were from Taiwan-based Gold Apollo, but the company said it did not manufacture the devices, but were made by a European firm with the right to use its brand.

Iran-backed Hezbollah has vowed to retaliate against Israel, whose military declined to comment on the blasts.

The plot appears to have been many months in the making, several sources told Reuters.

The senior Lebanese security source said the group had ordered 5,000 beepers from Gold Apollo, which several sources say were brought into the country earlier this year.

Gold Apollo founder Hsu Ching-Kuang said the pagers used in the explosion were made by a company in Europe that had the right to use the Taipei-based firm’s brand, the name of which he could not immediately confirm.

“The product was not ours. It was only that it had our brand on it,” he told reporters on Wednesday, without naming the company which did make the devices.

The senior Lebanese security source identified a photograph of the model of the pager, an AP924, which like other pagers wirelessly receive and display text messages but cannot make telephone calls.

Hezbollah fighters have been using pagers as a low-tech means of communication in an attempt to evade Israeli location-tracking, two sources familiar with the group’s operations told Reuters this year.

But the senior Lebanese source said the devices had been modified by Israel’s spy service “at the production level.”

“The Mossad injected a board inside of the device that has explosive material that receives a code. It’s very hard to detect it through any means. Even with any device or scanner,” the source said.

The source said 3,000 of the pagers exploded when a coded message was sent to them, simultaneously activating the explosives.

Another security source told Reuters that up to three grams of explosives were hidden in the new pagers and had gone “undetected” by Hezbollah for months.

Israeli officials did not immediately respond to Reuters requests for comment.

Images of destroyed pagers analyzed by Reuters showed a format and stickers on the back that were consistent with pagers made by Gold Apollo.

Hezbollah was reeling from the attack, which left fighters and others bloodied, hospitalized or dead. One Hezbollah official, speaking on condition of anonymity, said the detonation was the group’s “biggest security breach” since the Gaza conflict between Israel and Hezbollah ally Hamas erupted on Oct. 7.

“This would easily be the biggest counterintelligence failure that Hezbollah has had in decades,” said Jonathan Panikoff, the U.S. government’s former deputy national intelligence officer on the Middle East.

BREAK YOUR PHONES, GROUP ORDERED

In February, Hezbollah drew up a war plan that aimed to address gaps in the group’s intelligence infrastructure. Around 170 fighters had already been killed in targeted Israeli strikes on Lebanon, including one senior commander and a top Hamas official in Beirut.

In a televised speech on Feb. 13, the group’s Secretary General Hassan Nasrallah sternly warned supporters that their phones were more dangerous than Israeli spies, saying they should break, bury or lock them in an iron box.

Instead, the group opted to distribute pagers to Hezbollah members across the group’s various branches – from fighters to medics working in its relief services.

The explosions maimed many Hezbollah members, according to footage from hospitals reviewed by Reuters. Wounded men had injuries of varying degrees to the face, missing fingers and gaping wounds at the hip where the pagers were likely worn.

“We really got hit hard,” said the senior Lebanese security source, who has direct knowledge of the group’s probe into the explosions.

The pager blasts came at a time of mounting concern about tensions between Israel and Hezbollah, which have been engaged in cross-border warfare since the Gaza conflict erupted last October.

While the war in Gaza has been Israel’s main focus since the Oct. 7 attack by Hamas-led gunmen, the precarious situation along Israel’s northern border with Lebanon has fueled fears of a regional conflict that could drag in the United States and Iran.

A missile barrage by Hezbollah the day after Oct. 7 opened the latest phase of conflict and since then there have been daily exchanges of rockets, artillery fire and missiles, with Israeli jets striking deep into Lebanese territory.

Hezbollah has said it does not seek a wider war but would fight if Israel launched one.

Israeli Defense Minister Yoav Gallant told U.S. Defense Secretary Lloyd Austin on Monday that the window was closing for a diplomatic solution to the standoff with the Iranian-backed Hezbollah movement in southern Lebanon.

Still, experts said they did not see the pager blasts as a sign that an Israeli ground offensive was imminent.

Instead, it was a sign of Israeli intelligence’s apparently deep penetration of Hezbollah.

“It demonstrates Israel’s ability to infiltrate its adversaries in a remarkably dramatic way,” said Paul Pillar, a 28-year veteran of the U.S. intelligence community, mainly at the CIA. – Reuters

ACG at 13: Driving global advocacy and thought leadership

September 18, 2024 | 11:00 am

On Sept. 18, the Asian Consulting Group (ACG) will celebrate its 13th anniversary, reflecting on its growth, innovation, and commitment to global tax reform.

Headed by its Chief Tax Advocate and Senior Advisor Mon Abrea, ACG has achieved many things throughout its storied history. Founded in 2011 as the Abrea Consulting Group, ACG grew into a leading provider of tax advisory services and tax advocacy education.

In 2012, the company started its first Tax Roadshow, going to universities across the country to talk about taxation and financial literacy.

By 2024, the roadshows have become a platform for ACG’s tax advocacies, with topics on financial literacy and investment for Filipinos living abroad.

Its humble beginnings had heightened the firm’s evolution into a global brand, becoming the first tax hub for companies in the Asia-Pacific region, and the success of the International Tax Conference and the 2024 International Tax and Investment Conference have helped it break barriers to new audiences.

Beyond its core services, ACG has made significant impact through its thought leadership and publications such as IWAS BUWISit, Reimagining the World Without Corruption, and his latest book, Why Invest in the Philippines?

Building from these efforts, ACG’s latest project, Fast Forward 2025, will explore F.A.S.T. (Fashion, Agriculture and Technology, Sustainable Communities, Travel, and Tourism) industries, and their contributions to sustainable business practice and tax policy.

In conjunction with Fast Forward, Abrea plans to release a new book based on his studies at Oxford, which aims to explore sustainable solutions in addressing the climate crisis.

As ACG celebrates its 13th anniversary, the company looks forward to continuing its journey of innovation, advocacy, and sustainable growth. Be a partner! Reach out and consult ACG via consult@acg.ph.

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IMF postpones scheduled consultations with Russia, says TASS, citing Russian director

September 18, 2024 | 10:40 am

THE International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S. — REUTERS

The International Monetary Fund has postponed its planned consultation mission with Russia indefinitely because of technical issues, TASS agency cited Alexei Mozhin, Russia’s director at the IMF, as saying on Wednesday.

“The Fund’s management notified the Russian side and the board of directors that the mission’s work would be postponed indefinitely,” Mr. Mozhin said.

“Technical unpreparedness of the mission to conduct consultations was mentioned as the reason for postponing the mission.”

The IMF did not immediately respond to a request for comment.

Ukraine and its Western allies had objected to the mission to Russia on grounds that it would show relations with Russia to have been normalized despite the invasion and occupation of vast tracts of Ukrainian territory.

The IMF’s decision was communicated on Monday, the day the mission had intended to begin online consultations. These were to have been followed by an IMF delegation visit to Moscow for meetings with Russian officials.

It would have meant the IMF becoming the first major international financial body to send its official mission to Russia since the February 2022 invasion of Ukraine.

Mr. Mozhin said the Russian side was “well aware” that many European countries “had spoken out about the unacceptability of the resumption of cooperation between the IMF and Russia and the unacceptability of conducting such consultations”.

Preparations for conducting the consultations at issue had taken place more than a year ago and Russia, while never requesting a mission, was prepared to receive one as part of its obligations under IMF rules, Mr. Mozhin said.

“The Russian side hereby again confirms its preparedness,” he added.

The IMF’s last annual mission visited Russia in November 2019, before the start of the COVID pandemic. There have been no IMF missions to Russia since the start of Russia’s war in Ukraine. – Reuters

FBI probing threatening letters sent to election officials in six states

September 18, 2024 | 10:34 am

USA-FBI — A VIEW shows the seal of the Federal Bureau of Investigation (FBI) outside of the FBI’s Cincinnati Field Office in Cincinnati, Ohio, US, Aug. 11, 2022. — REUTERS

WASHINGTON – The FBI and the U.S. Postal Inspection Service are investigating suspicious packages that were sent to election officials in six states on Monday, the law enforcement agency said in a statement on Tuesday.

Officials in Nebraska, Iowa, Kansas, Tennessee, Wyoming and Oklahoma were targeted.

The FBI said some of the letters contained an unknown substance that was being examined. The sender of the letters identified themselves as the “US Traitor Elimination Army,” Colorado Secretary of State Jena Griswold said in a post on X.

The threats to election officials come just weeks before Americans go to the polls on Nov. 5 to choose between Democratic presidential candidate Kamala Harris and her Republican rival Donald Trump. The country is deeply polarized and on edge amid an increase in political violence and two assassination attempts against Trump.

The FBI said it was working to identify those responsible as well as a motive. It was also working to determine how many letters had been sent in total.

Nebraska Secretary of State Robert Evnen’s office said its elections division had received a “suspicious” envelope with a substance inside. It said the substance had been tested and found to be non-hazardous.

The threats follow similar letters sent to election officials in several states in November. – Reuters