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DoE says AG&P ready to support offshore wind development

STOCK PHOTO | Image by Insung Yoon from Unsplash

DOWNSTREAM firm Atlantic, Gulf & Pacific Company of Manila, Inc. (AG&P) has committed to providing essential services to support the expanding offshore wind sector, the Department of Energy (DoE) said.

In a statement on Wednesday, the DoE said AG&P expressed interest in providing critical support services for the country’s offshore wind development, including port infrastructure, logistics, fabrication, and workforce development.

Energy Undersecretary Giovanni Carlo J. Bacordo, who oversees port development for offshore wind, assessed AG&P’s operational readiness and technical capabilities in supporting large-scale offshore wind projects.

During a visit, AG&P presented its end-to-end services, which include the provision of port infrastructure for pre-assembly, staging, and integration of offshore wind components; fabrication of foundations and floating platforms; and allocation of operational space and specialized facilities to accommodate large-scale equipment and vessels.

“The private sector plays a vital role in building the infrastructure backbone necessary for this kind of project, and AG&P’s demonstrated capabilities are instrumental in accelerating the realization of the Philippines’ renewable energy targets,” Mr. Bacordo said.

Port infrastructure is critical to offshore wind development as it serves as logistics hub throughout the life cycle of the projects.

According to the World Bank’s 2022 Offshore Wind Roadmap for the Philippines, the country’s offshore wind resources have the potential to generate over 178 gigawatts (GW).

The Philippines is now tapping into this potential as the government assists 16 offshore wind proponents estimated to deliver more than 16 GW of capacity.

The DoE is targeting the launch of the fifth round of green energy auction (GEA-5) by the third quarter this year, focusing on offshore wind.

GEA-5 is expected to facilitate market access for offshore wind developers, ensuring long-term demand for their generation capacities and keeping them on track to generate the first kilowatts by 2028. — Sheldeen Joy Talavera

Dining In/Out: Father’s Day Edition

FATHER’S DAY lands on June 15, so we suggest making reservations or preparing feasts for the occasion with these tips and treats from hotels and restaurants around the city (and even out of town).


Solaire Resort North celebration is fit for a king

SOLAIRE RESORT NORTH is pulling out all the stops this June with a Father’s Day celebration that’s all about treating Dad. Fresh International Buffet sets the stage for a lavish dining affair with a buffet featuring an array of succulent dishes and free-flowing draft beer. Finestra offers skyline views alongside the Festa del Papa special. The semi-buffet spread features seafood platters alongside premium carving and grill stations, creating a Sunday brunch experience on June 15. Guests seeking a more relaxed, yet equally indulgent Father’s Day celebration can enjoy a selection of dishes at Yakumi, Red Lantern, the Pool Café, and Lucky Noodles. Each restaurant has special set menus for Dad and the whole family. Solaire also invites families to create meaningful moments with Dad through interactive activities such as a heartfelt message wall, a DIY cap station, and a leather stamping booth at Kids Club. For active dads, there is a state-of-the-art gym with modern fitness equipment while the Outdoor Fitness Deck provides additional area for basketball and pickleball. For more details, visit the Solaire Resort North website at sn.solaireresort.com/offers/rooms-suites/celebrate-dad-weekend-room-offer, or call 8888-8888 or e-mail at sn.reservations@solaireresort.com.


Texas Roadhouse’s Texas-Sized set meals

TEXAS ROADHOUSE expands its menu to include set meals, starting at P425. These Texas-Sized sets include a starter, entrée, and drink. The starters are: Texas Chili Dip, Onion Frizzles, Cheese Quesadilla, and California Salad. Mix this up with an entrée from the following options: Pork Tenderloin, Southern Chicken Salad Sandwich, Smoked Bacon, and Crusted Mahi-Mahi. An ice-cold glass of Green Tea Lychee completes the meal. Spice things up with “Rita Margaritas” that are now available as a 2+1 promo. For more details, follow @texasroadhouseph or @thebistrogroup on Instagram.


Something crunchy at Gringo

GRINGO is serving a surprise that’s crunchy, crackly, and made to impress on Father’s Day: Crispy Pork Chicharones with Mango Salsa and Guacamole. Each bite of this pork belly delivers a snap, topped with mango salsa for a tangy punch. On the side, guacamole adds a rich, buttery contrast. Gringo has branches at Ayala Malls Feliz, Bonifacio Global City, Dela Rosa St. in Makati, Festival Mall, Greenhills, the SM Mall of Asia Arena, SM Fairview, SM Manila, SM Megamall, SM North EDSA, and SM Sucat. Provincial branches include SM Baguio, SM Dasmariñas, SM Legazpi, SM Marilao, and SM Sta. Rosa. Gringo also offers convenient party trays filled with starters, pasta, and hearty meats. Catering, bulk orders, and delivery are available through gringo.ph or via GrabFood and Foodpanda.


Tatatito’s Crispy Spareribs

THIS Father’s Day, make the celebration extra special with a hearty meal. Tatatito presents its limited-time offering: Crispy Spare Ribs in Honey Garlic Patis with Pinakurat Dipping Sauce. The pork spareribs are fried, then coated in a sweet and savory honey garlic patis glaze, and served with spiced Pinakurat vinegar. Pair this dish with Tatatito’s Tuna Kinilaw with Mango Coconut Vinegar, fresh tuna cubes cured in a light, tangy mix that combines mango and the creaminess of coconut. Tatatito’s BanoffeeQ Pie puts a local twist on the classic favorite with layers of fresh bananas, smooth dulce de leche, and whipped cream on a graham crust, topped with caramelized barako-cue bits for that perfect finish. Tatatito is located at the OPL Bldg. on Dela Rosa St. corner Carlos Palanca in Makati. The restaurant is open from 7 a.m. to 10 p.m. on Mondays through Thursdays, Saturdays, and Sundays, and until 11 p.m. on Fridays. Reservations can be made online at book.bistrochat.com/tatatito or by calling 0917-862-4000 or 8809-8055.


Honeybon’s Black Forest Cake

HONEYBON launches its Black Forest Cake — a nostalgic dessert made with layers of moist chocolate cake, smooth cream, and a burst of cherries, all finished with a generous shower of chocolate shavings — just in time for Father’s Day. Honeybon is located at SM North EDSA City Center, Level 2, SM Megamall’s 3rd Floor Bldg. B, and the 2nd Level of Festival Mall. For added convenience, customers can order online for delivery at honeybon.ph. To stay updated on exclusive Father’s Day offers, follow Honeybon on Facebook and Instagram (@honeybonph).


Taco Bell’s Nacho-Ordinary Dad Pack

TACO BELL is adding fun and flavor to Father’s Day celebrations with its Nacho-Ordinary Dad Pack. It comes with three servings of Beef Burrito, three servings of Cinnamon Twists, one platter of Nachos Bell Grande, and three 12-oz servings of soda, all for P799. The Nacho Ordinary Dad Pack is available until June 30 only. Enjoy this set at the nearest Taco Bell store for dine-in and take-out orders. It can also be ordered for delivery via the 8911-1111 hotline, or through Taco Bell’s official delivery partners Grabfood, foodpanda, and Pickaroo.


‘Dad-ventures’ at Four Points by Sheraton Palawan

LOCATED on Sabang Beach in Palawan, the Four Points by Sheraton Palawan hotel in Puerto Princesa is part of the Marriott International group of hotels. A 24-hour gym and a pool with a swim-up bar are just some of the amenities. Dads can try running or biking on the nature trails around the hotel, as well as indulge in watersports activities like solo or duo kayaking, crystal kayaking, skimboarding, and snorkeling. Thrill-seeking dads can get a kick out of the 800-meter Sabang Zipline or spelunking at Ugong Rock. Foodie dads can enjoy the all-day dining and buffet restaurant, Evolution, which serves locally sourced organic produce. Dads who cook can join a sustainable farm tour and a farm-to-table meal at the Sheridan Organic Farm. Evolution and the swim-up bar also have cocktails inspired by local fruits, and a selection of local craft beers. Beer-loving dads should try the hotel’s signature Pineapple by the Sea, and the latest offering, Ayahay Beer — Suman Pandan Pale Ale, both specially created by Palaweño Brewery as part of the Four Points chain’s Best Brews program. Nature-loving dads will enjoy learning about Palawan’s ecosystem and wildlife during the Mangrove Paddleboat Tour, or take a 30-minute walk along the beach to the 50-foot-high Sabang Waterfall. Palawan’s world-famous Puerto Princesa Underground River is also just a short boat ride away. A stay until Sept. 30 includes a free stay for a third guest when booking using Flexible/Member Rates. Plus, get 35% off on shared airport transfers, complimentary access to water sports, and other perks. Book rooms directly through the hotel website (www.fourpointspalawan.com). Reservations may also be made through e-mail reservations.palawan@fourpoints.com or by calling (048) 550-9000.

UnionDigital to be ‘more disciplined’ in lending

UNIONDIGITAL Bank, Inc., the digital bank unit of Union Bank of the Philippines, Inc., may disburse less loans this year to keep its nonperforming loan (NPL) ratio low.

“The disbursements are going to be significantly lower this year versus last year because last year, the loan book grew, but the NPLs also grew. So, we learned from that. We are going to be more disciplined,” UnionDigital Bank President and Chief Executive Officer Danilo “Bong” J. Mojica II told reporters on Wednesday.

“The criteria that we use to lend are significantly more disciplined. We’re using more alternative data because at the bottom of the pyramid, not all of them have a credit card or loan data, so we have to use alternative data like telephone data,” he said.

At end-2024, UnionDigital Bank’s net NPL ratio was at 12.12%, latest Bangko Sentral ng Pilipinas (BSP) data showed. Its net loans were at P5.92 billion.

“Sometimes when you rush your growth, you become careless, and I think some of the challenges that we had were from growing too fast. The board and the management, we have actually decided to be more purposive. It is better to be small and profitable than to be big with major NPLs,” Mr. Mojica added.

UnionDigital Bank currently has just over one million users, with 453,000 of these customers availing of loans, he said.

On Wednesday, the digital bank announced a rebrand as they target to make their services more accessible to first-time users, especially those from underserved or unbanked sectors like sari-sari store owners, ride-sharing drivers, daily wage earners, and informal workers.

It launched a campaign that includes a financial literacy program, which will be done through partnerships with communities.

UnionDigital Bank will also launch new products including a basic savings account with no minimum balance and maintenance fees, a time deposit product with a minimum amount of P1,000, payroll loans, cash loans, and a Visa-powered virtual debit card.

“Additional features in development include early wage access, which will enable workers to tap into their salary ahead of payday, and microinsurance offerings to help users stay protected from unexpected life events,” it said.

UnionDigital Bank is one of the six BSP-licensed digital banks in the country. It secured its license in July 2021 and began operations in July 2022.

Its total assets stood at P19.45 billion as of end-2024, latest BSP data showed. 

In 2023, the digital bank booked a net profit of P155.31 million, a turnaround from the P447.14-million net loss posted in 2022, according to its annual report for that year. — Aaron Michael C. Sy

Fixing EDSA

PHILIPPINE STAR/MIGUEL DE GUZMAN

Infrastructure intended to mobilize the nation instead regularly paralyzes it — and not just occasionally. That is EDSA, which unfortunately tarnishes the legacy of Malabon-born Epifanio de los Santos y Cristobal. Don Panyong, as he was known, was a distinguished historian, journalist, lawyer, civil servant, member of the Malolos Congress, and governor of Nueva Ecija from 1902 to 1906.

During the American colonial period, he served as a district attorney in Nueva Ecija, and later as fiscal for Bulacan and Bataan. In 1918, the colonial government appointed him assistant technical director of the Philippine Census, and in 1925, he became Director of the Philippine Library and Museum — a position he held until his death in 1928.

In the 1930s, under the American-era Metropolitan Thoroughfare Plan, the colonial government conceived a bypass route to connect Manila’s outskirts without passing through its urban core. It envisioned a circumferential road that would encircle the capital rather than dissect it.

But road construction was halted by World War II and resumed only in the late 1940s. By 1949, what was then called Highway 54 fully opened, running from the cities of Caloocan to Pasay. In 1959, through a resolution by the Philippine Historical Committee, Highway 54 became Epifanio de los Santos Avenue — now commonly known as EDSA.

Today, EDSA is over 75 years old. Though it remains a vital transportation artery, it has become a severely congested route that induces daily “heart attacks” on the metropolis. Decades of temporary fixes — flyovers, number-coding schemes, and assorted traffic experiments — have turned it into a chaotic combination of concrete, steel, and confusion.

Earlier this year, the government announced plans to rehabilitate EDSA at an initial cost of P8.7 billion. The scope includes concrete replacement, drainage, and sidewalk improvements, and rehabilitation of the Guadalupe Bridge crossing the Pasig River. The initial phase was set to cover southbound lanes from Guadalupe in Makati to Pasay City.

President Ferdinand “Bongbong” Marcos, Jr., however, put the rehabilitation plan on hold, citing the need for better preparation to prevent major disruptions and gridlock over the next two years. His decision received both praise and criticism, though it appears politically calculated.

If memory serves, the previous administration conceptualized the EDSA rehabilitation project. It carried over into the current administration, and was originally scheduled to begin in March 2025. Authorities postponed it several times — from March to April, then to May, and eventually to June — after the national and local elections.

Earlier this year, the President could have ordered thorough preparations immediately upon the project’s announcement. Instead, he waited until June 1, just two weeks before the planned start, to postpone the rehabilitation — a decision appearing populist in nature.

The decision came shortly after elections in which his senatorial slate performed poorly. Presidential advisers might believe that initiating EDSA’s rehabilitation now could harm the administration politically. Given the election outcome and the subsequent Cabinet overhaul, timing may indeed be critical.

Nevertheless, starting EDSA’s rehabilitation within the year is not entirely off the table. The President ordered a postponement — not outright cancellation — to explore new technologies and methodologies to minimize public inconvenience. Engaging experts and involving the public in the planning process can build a supportive coalition.

Perhaps the President is simply buying time to better market the initiative. Structurally, EDSA is reportedly failing and urgently needs comprehensive physical rehabilitation rather than mere cosmetic improvements. At over 75 years old, EDSA requires extensive repairs. In my view, it is wiser to start sooner rather than later.

One significant debate involves the government’s insistence on full concrete repaving rather than simpler asphalt overlays. While I defer to construction experts on technical matters, concrete pavements inevitably have a lifespan. Possibly, EDSA’s pavement lifespan has reached its endpoint.

Another debate addresses whether drainage improvements can be effectively made without repaving. Again, while this is a technical matter best left to experts, it is clear that correcting slopes, grades, and sunken areas could prove challenging without substantial repaving. Asphalt overlays alone likely cannot adequately correct road geometry and drainage issues.

Regarding the Guadalupe Bridge rehabilitation, online sources indicate that authorities demolished and replaced the northbound span between 2019 and 2020, creating a wider, earthquake-resilient structure. However, the southbound span underwent only retrofitting — not replacement — due to traffic management constraints. Thus, rehabilitation work on the southbound span has already been significantly delayed.

The political reality of infrastructure projects is that large-scale, disruptive initiatives rarely occur mid-term unless political gains clearly outweigh potential public backlash. The same applies to contentious tax policies or burdensome legislation. Politically, these initiatives are highly sensitive.

The current administration faces a crucial period regarding both political continuity beyond 2028 and its historical legacy. Numerous significant infrastructure projects inherited from previous administrations remain incomplete and require years to finish. Given existing public dissatisfaction over inflation and transportation issues, initiating EDSA rehabilitation now may erode rather than bolster political capital.

Starting EDSA’s rehabilitation immediately would likely cause at least two years of intensified traffic congestion, frustration among business owners, and persistent social media complaints from the public. The project’s benefits may only become evident after 2028, jeopardizing the administration’s political continuity and legacy.

Practical alternatives include scheduling roadwork exclusively at night or on weekends, adding more trains and buses, incentivizing businesses along EDSA to adopt flexible hours and work-from-home arrangements, and offering toll-free access to portions of the Skyway and NLEX Connector.

In this context, EDSA’s rehabilitation need not face indefinite delays. However, the government must demonstrate its capability to manage such an extensive project with minimal public inconvenience. Segmenting the project into phases or prioritizing essential repairs first is another viable approach.

Alternatively, the administration could prepare thoroughly now and hand off implementation to the succeeding government, ensuring buy-in and setting a clear blueprint in advance. This approach could help mitigate adverse political impacts, preserving political continuity and legacy.

Delaying the project clearly comes at significant costs. We have already endured considerable economic losses from traffic congestion and inefficient transportation. The government should soon make the difficult decision when to get EDSA fixed, even if this means sacrificing short-term political comfort to prevent greater long-term public suffering.

 

Marvin Tort is a former managing editor of BusinessWorld, and a former chairman of the Philippine Press Council

matort@yahoo.com

CIC seeks growth beyond seasonal cycles

CONCEPCION.PH

LISTED consumer lifestyle and enterprise solutions provider Concepcion Industrial Corp. (CIC) is aiming to reduce its dependence on seasonal demand and sustain market growth by expanding its business-to-business (B2B) segment.

CIC Chief Executive Officer Isaias Ariel P. Fermin said during a media briefing on Tuesday in Laguna that strengthening the B2B side of the business would reduce dependence on weather-sensitive segments such as household air conditioners.

“We want to de-seasonalize the business because there’s a lot of dependency (on the weather) and it doesn’t have to happen that way,” he said.

“One of the things that we’ve done was to rebuild the B2B part of the business. The more that we go into B2B, the better it is for us,” he added.

CIC supplies and manufactures air conditioners, air conditioning systems, refrigerators, freezers, elevators, escalators, and SharkNinja home appliances.

“We are operating in a flourishing environment. Everyone knows that we are a consumer country. That is something that goes for us,” Mr. Fermin said.

He added that CIC is benefiting from ongoing mall and retail store renovations.

“There are more stores that are being refurbished because during the pandemic, not a lot of these stores and malls were remodeled. A lot of remodeling is happening, and we’re participating in those as well,” he said.

CIC Chairman and President Raul Joseph A. Concepcion said at the same briefing that the company also expects to benefit from growth in the hospitality and infrastructure sectors.

“Hotels are growing. Tourism is growing. Infrastructure is growing. The beauty is we’re, in one case, a much more diversified company, where we’re not so dependent on the weather. We have basically expanded our total markets, and we participate in a growing market,” he said.

Mr. Concepcion said CIC holds a typical market share of 25% to 30%. Its brand portfolio includes Carrier, Condura, Midea, Kelvinator, SharkNinja, and Toshiba.

“We are strong in aircons and refrigerators, but in things like small appliances, we’re only beginning. Our goal is to increase that market share,” he said.

For the first quarter, CIC recorded a 55% year-on-year increase in consolidated net income to P287.4 million, driven by higher sales.

Consolidated net sales for the period rose by 27% to P4.8 billion. Including contributions from associate Concepcion Midea, Inc., total sales grew by 30% to P6.5 billion.

CIC shares climbed by 0.93% or 14 centavos to P15.14 apiece on Wednesday. — Revin Mikhael D. Ochave

Samsung unveils new AI-powered TVs

SAMSUNG PHILIPPINES
SAMSUNG PHILIPPINES

SAMSUNG Electronics Co. has launched in the Philippines its latest lineup of artificial intelligence (AI)-powered television models that allow users to personalize and enhance their viewing experience.

Prices for the Neo QLED Vision AI TV start at P64,999, while those for the Samsung OLED Vision AI TV and the Neo QLED 8K Vision AI TV start at P89,999 and P264,999, respectively.

The new smart TV models are now powered by Samsung Vision AI, providing AI-powered features that can cater to various lifestyles and needs.

“With Vision AI, Samsung is taking things to a whole other level,” said Samsung Philippines Head of AV Business Chris B. Almazan said in a statement.

“As we start this new chapter for Samsung TVs, we are excited for you to witness the power of you and AI and how these screens connect entertainment, personalization and lifestyle solutions that adapt to you, enhancing everyday experiences.”

The TVs also feature AI Picture and Sound that aim to give users an immersive viewing experience, while Universal Gesture allows them to easily control the TV without a remote.

The flagship Neo QLED 8K is powered by the new NQ8 AI Gen3 Processor, Samsung’s most advanced yet.

Users can view content in 8K resolution while maintaining sharp and smooth picture quality. The anti-glare technology also helps minimize reflections in bright environments.

The Samsung Real QLED TVs feature real quantum dot technology for better color accuracy, brightness, and viewing angles.

Meanwhile, Samsung OLED TV promises smoother and faster gameplay with a 165-hertz (Hz) refresh rate. The Motion Xcelerator 165Hz ensures crisp visuals at fast speed and a smooth motion performance for VRR (variable refresh rate) games.

Lastly, The Frame model has an expanded Art Store featuring over 3,000 artworks from leading museums and galleries.

“With Samsung technology, our customers can have intelligent, personalized experiences that have a tangible, positive impact in their everyday lives,” said Yna Quimson, Samsung Philippines Head of Corporate Marketing.

Customers who will pre-order on the Samsung website until June 30 can get up to P65,000 off and enjoy sound device freebies. — B.M.D. Cruz

Michael J. Fox appeals for help finding lost Back to the Future guitar

Michael J. Fox playing the guitar in a scene from the 1985 film Back to the Future. — IMDB

LOS ANGELES — Michael J. Fox and other stars of classic film Back to the Future appealed for the public’s help on Tuesday in locating the red Gibson guitar featured in a memorable scene.

Marty McFly, the time-traveling teen portrayed by Mr. Fox in the 1985 film, stunned students at a 1950s high school dance with wild electric guitar riffs played on a Gibson ES-345 Cherry Red guitar in the movie.

The guitar went missing after production wrapped.

“It’s somewhere lost in the space-time continuum, or it’s in some Teamster’s garage,” Mr. Fox joked in a video released by Gibson.

Co-stars Lea Thompson, Christopher Lloyd, and Harry Waters, Jr. also urged the public to join the search, as did singer Huey Lewis, whose song “The Power of Love” was featured in the movie.

Gibson is filming a documentary called Lost to the Future about the search for the guitar. It also plans to re-issue the ES-345 Cherry Red in October.

People can submit tips about the guitar’s whereabout via www.losttothefuture.com or via a phone number provided on the site. — Reuters

Fed officials beat policy patience drum as tariff questions persist

Flags fly over the US Federal Reserve building in Washington, US, May 26, 2017. — REUTERS

NEW YORK — US Federal Reserve officials on Tuesday argued again for caution on monetary policy as President Donald J. Trump’s trade war continues to inject substantial amounts of uncertainty and the risk of economic weakness into the outlook.

“I continue to believe the best approach for monetary policy is patience,” Atlanta Fed President Raphael Bostic said in an essay released by his regional Fed bank. In a “broadly healthy” economy “we have space to wait and see how the heightened uncertainty affects employment and prices … I am in no hurry to adjust our policy stance,” he said.

Speaking separately at an event in New York, Fed Governor Lisa Cook said US monetary policy is in a good place to respond to different economic scenarios.

The US economy is in a “solid position” amid heightened uncertainty, Ms. Cook told a gathering at the Council on Foreign Relations.

“There is evidence that changes to trade policy are starting to affect the economy” and “I anticipate a slowdown in the expansion of economic activity from last year’s pace,” Ms. Cook said. She tied trade policy to drops in manufacturing output and some types of orders for big-ticket factory goods, as well as a pullback in investment as firms navigate the uncertainty.

Ms. Cook said “the current stance of monetary policy is well positioned to respond to a range of potential developments” in terms of interest rates. She added that all options are on the table for the Fed if needed and that “we have to be open to all possibilities” such as cutting, holding or raising rates.

“We don’t know how tariffs are going to play out, so all of those (rate policy) scenarios could be possible,” Ms. Cook said.

Speaking to reporters in a conference call, Bostic said the one rate cut he penciled in for 2025 as part of the quarterly forecasts released by the Fed in March could happen. “I still think there’s space for that, and a lot of it will depend on how the uncertainty resolves itself,” he said.

But Bostic also noted inflation is still above the Fed’s 2% target and underlying prices are higher than he’d like, adding that even if tariffs weren’t roiling the outlook, it would be a “tough call” to say that rate cuts are warranted right now.

PERSISTENT OR PASSED THROUGH?
The Fed is expected to hold its benchmark interest rate steady in the 4.25%-4.5% range at its next policy meeting on June 17-18. Many economists as well as Fed officials believe inflation and unemployment are likely to rise and growth to slow due to Mr. Trump’s import tax agenda.

The big debate among central bankers is whether tariffs will drive a one-time price increase or create the grounds for something more persistent. Officials like Fed Governor Christopher Waller, who spoke on Sunday, lean toward expecting a one-time hit the US central bank can likely look through, while arguing it remains possible it can be cutting rates before the end of the year.

Other Fed officials, however, are more unsure how it will play out. Ms. Cook noted on Tuesday that the high inflation landscape of the COVID-19 pandemic may embolden some businesses to raise prices now. She, like other Fed policymakers, said it’s critical to keep the public from expecting higher inflation over the longer run.

Chicago Fed President Austan Goolsbee, speaking at an event held by the Corridor Business Journal in Cedar Rapids, Iowa, said on Tuesday that with businesses signaling plans to pass along tariff increases to consumers, higher prices could show up in inflation data in a month, or “certainly within a couple of months if it’s going to affect prices in a significant way.”

Earlier on Tuesday, the US Labor department released its Job Openings and Labor Turnover Survey, or JOLTS report, which showed a rise in both job openings and layoffs in April. Economists, however, did not signal concern as they await the release on Friday of the monthly US employment report for May.

Carl Weinberg, chief economist at High Frequency Economics, said “we will call this (JOLTS) report another indication of stasis in US companies in the face of tariff uncertainty.” He added that “we suspect companies are still hoarding workers until they are very, very sure about an economic downturn.” — Reuters

Good economic news isn’t what it used to be

STOCK PHOTO | Image from Freepik

By Daniel Moss

CHRISTOPHER WALLER, a respected governor of the Federal Reserve, brought what would normally pass for glad tidings to an influential Asian audience this week. Whether people were in the mood to receive positive messages was another thing entirely.

It’s not clear anymore what favorable developments look like. Inflation is receding and, with a bit of luck, the Fed should be able to cut its main interest rate a few times this year, Waller told the conference organized by the Bank of Korea. What about President Donald Trump’s tariffs? He’ll try to look through any short-term price spikes that flow from the levies. Assuming employment holds up, rate reductions would be “good news,” Waller added. A poor outcome, presumably, would be one where easing is required to counter tanking growth. On Friday, figures showed the Fed’s preferred gauge of inflation was a whisker above the central bank’s 2% target.

Don’t expect the Fed to be exultant, but that’s a pretty solid performance compared with some parts of Asia. In China, deflation is the chief domestic danger. The latest Bloomberg poll of analysts forecasts that consumer prices will increase by just 0.3% this year after a soft 2024. As much as the Fed fumbled the post-pandemic surge, things are much better now. The People’s Bank of China might privately wish to have America’s problems. Trump’s broadsides tend to obscure President Xi Jinping’s home-grown difficulties.

Waller was in one sense sticking to the script: The Fed began the year tipping a couple of reductions. That was before the tariffs, and threats against Chair Jerome Powell from the White House, threw doubt on the timing and magnitude of the next move. Some economists envisage a scenario where there are no cuts, and a more extreme version entertains the idea of hikes. So it’s a relief to hear someone of Waller’s stature continue to keep cuts in play. That his remarks were noteworthy — and failed to move markets much — tells us how distorted our sense of good and bad news has become.

The question now appears to be: How less bad are things? When the US and China agreed to a 90-day truce in the trade tussle last month, duties were pared from astronomical levels. Markets surged and there were hopes for an accord with staying power. That’s understandable, but what got lost in the initial euphoria was that the pause still left levies much higher than before Trump was sworn in on Jan. 20. Tariffs on most Chinese imports would be reduced to 30% for a time to allow for talks. China’s penalties on US products would slip to 10%. With Beijing and Washington now charging that each side violated the peace, prospects for a meaningful deal have dimmed.

It’s hard to find much positive in the trade war. The reprieve can best be described as a least-worse outcome — while it sticks. The clouds over the global economy are no less real. For the US, chances of a recession remain uncomfortably high. Gross domestic product in China will probably increase 4.5% this year, based on the Bloomberg survey. While that might seem not so bad in the event exporters aren’t able to access the American market, it would be down from 5%, which was a stretch. A private survey released on Tuesday showed manufacturing slumped in May.

Consequently, things are dour all around. The International Monetary Fund recently made sharp reductions in its forecasts, predicting the global expansion would slow to 2.8% this year, down from a January estimate of 3.3%. While not catastrophic, that would be one of the most disappointing performances since 2009, when output recorded a rare decline, thanks to the subprime meltdown.

Waller’s hosts are experiencing difficult times. Confidence in Korea was already shaken by a former president’s failed attempt to impose martial law; voters elected a new leader on Tuesday. Tariffs have put Seoul in an even less desirable place. The Bank of Korea (BoK) has been cutting rates and marking down its assessment of the economy’s performance. GDP contracted in the first quarter compared with the prior three months, when it notched a mere 0.1% expansion. Industrial production unexpectedly fell in April. As a key exporter and vital link in technology supply chains, Korea is a kind of live experiment in the trade conflict. “Many businessmen here also say 10% is manageable,” BoK Governor Rhee Chang-yong said, while flagging the importance of Trump’s non-reciprocal levies. If you ran the prospect of a 10% tariff past executives a few years ago, they would have been aghast.

In a global economy that’s at the whim of great-power politics, there’s always a new benchmark. We will learn to adapt, but not pop the champagne.

BLOOMBERG OPINION

SB Finance taps PLDT Enterprise for core network build

BW FILE PHOTO

FINANCIAL SERVICES COMPANY SB Finance, Inc. has tapped PLDT Inc.’s unit PLDT Enterprise to build an independent core network that will provide a secure infrastructure for seamless financial services, the Pangilinan-led company said on Wednesday.

“We are proud to support SB Finance in building a solid and future-ready digital infrastructure from the ground up,” PLDT First Vice-President and Head of Enterprise Product Management and Global Capacity Benedict Patrick V. Alcoseba said in a media release.

PLDT Enterprise, the business-to-business arm of the listed telecommunications company, will equip SB Finance with a comprehensive suite of solutions, including managed network services, metro ethernet connectivity, and cloud telephony.

“These technologies play a pivotal role in enhancing customer interactions, streamlining operations, and strengthening data security — all while enabling SB Finance to expand seamlessly across the country,” PLDT said.

The partnership highlights the crucial role of digital innovation in financial services. PLDT added that high-speed connectivity and cloud-based solutions will position SB Finance to deliver secure financial services.

Meanwhile, in a separate media release on Wednesday, PLDT, through its wireless unit Smart Communications, Inc., said it is expanding its long-term evolution (LTE) coverage.

The company said it is reinforcing its network in Batanes as part of its commitment to provide reliable mobile services in remote areas.

At the stock exchange on Wednesday, PLDT shares closed P4, or 0.32%, higher at P1,246 apiece.

Hastings Holdings Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings Inc., holds a majority stake in BusinessWorld through the Philippine Star Group. — Ashley Erika O. Jose

Anker launches new laptop powerbank, earbuds with AI translation

TRUSTPAIR.COM

ANKER INNOVATIONS recently launched in the Philippines its latest laptop powerbank and multi-port chargers, as well as earphones with a built-in artificial intelligence (AI) translation feature.

The Anker Laptop Powerbank is priced at P4,995 and has a 25,000 milliampere-hour (mAh) battery capacity as well as built-in and retractable cables, namely a 15-centimeter (cm) integrated USB-C cable and a 70-cm long retractable cable.

It can charge up to four devices at once and has 165 watts (W) of total output.

“It’s also the ultimate travel companion, compliant with CAAP (Civil Aviation Authority of the Philippines) Guidelines for Air Travel (based on CAAP Memo FOD-APD-2023-008), making it safe to bring on board,” the brand said.

“For added convenience, the powerbank also has a smart screen that displays real-time power status, battery life, and temperature, ensuring safe and efficient charging.”

Meanwhile, Anker has also released its 200W (P4,995) and 250W (P10,495) Prime Chargers. Both have six ports and are equipped with GaNPrime charging technology and can be used even on the go.

“It delivers faster and smarter charging for all your devices, even when they are all connected together. It’s also equipped with a smart control dial to instantly adjust the power output to ensure each device charges at the optimal speed, while its activeShield technology optimizes this and prevents overheating to protect the devices,” it said.

Lastly, Anker’s new Soundcore AeroFit 2 open-ear earbuds are priced at P5,895.

The earbuds have an AI translation function that supports languages like English, Mandarin, French, Spanish, Japanese, and Korean, among others. The feature can be accessed via the soundcore mobile app, where users can select between two translation modes.

“The Face-to-Face Translation feature is your go-to mode for everyday conversations. It’s like having a personal interpreter in your ear, making it perfect for when you’re traveling or find yourself in new social situations with people who don’t speak the same language,” Anker said.

The feature works by capturing the user’s voice via the AeroFit 2 earbuds, which will be translated and played through the connected phone.

“When the other person replies, their voice is picked up by your phone’s microphone, translated, and delivered to your earbuds,” it said.

Meanwhile, the Real-Time Translation mode can be used for lectures or webinars, or when watching foreign-language shows.

“The speaker’s voice from wherever you may be streaming is received by your phone, translated, and delivered straight to your AeroFit 2 earbuds. You can also follow along by reading the translated transcript on your screen. This is a game-changer for students or professionals who may find themselves in a situation where understanding spoken content is critical without active participation,” Anker said.

The AeroFit 2 features a rotatable ear hook design, allowing it to adapt to different ear sizes.

It also has improved sound quality and touch-style controls and supports wireless charging for up to 10 hours of playtime, while its charging case can extend its use time to up to 42 hours. — BVR

Harvey Weinstein used Hollywood clout to abuse women, prosecutor tells jury

HARVEY WEINSTEIN departs New York Criminal Court following another day of jury deliberations in his sexual assault trial in the Manhattan borough of New York City, New York, US, Feb. 21, 2020. — REUTERS

NEW YORK — A prosecutor urged a Manhattan jury on Tuesday to convict Harvey Weinstein of rape and sexual assault in his retrial, saying the evidence showed the former movie mogul used his power and influence to trap and abuse women.

Lawyers for the prosecution and defense delivered closing statements, with jury deliberations to follow. Mr. Weinstein’s lawyer accused the three alleged victims of lying on the witness stand out of spite after consensual sexual encounters with the Miramax studio co-founder failed to deliver them Hollywood stardom.

Prosecutor Nicole Blumberg called Mr. Weinstein a serial predator who promised career advancement in Hollywood to women, only to then coax them into private settings where he attacked them. Mr. Weinstein, who has denied ever having non-consensual sex with anyone, has pleaded not guilty.

“The defendant used his power and influence to create many, many award-winning movies,” Ms. Blumberg said. “But he also used that same power, that same influence, to isolate women, trap women in places where he’d be alone with them and abuse them.”

Mr. Weinstein, 73, is on trial in Manhattan for a second time after a New York state appeals court threw out his conviction in April 2024. Experiencing a litany of health problems, Mr. Weinstein was present in court in a wheelchair, wearing a dark suit and tie.

He is accused of raping aspiring actress Jessica Mann in 2013 and assaulting the two other women in 2006 and 2002. The trial began in April.

Defense attorney Arthur Aidala walked the 12 jurors through what he said were inconsistencies in the women’s testimony and e-mail evidence he asserted undercut their claims that Mr. Weinstein had assaulted them.

“They are lying about what happened. Not about everything, but about a small slice — just enough to turn their regret, their buyers’ remorse, into criminality,” Mr. Aidala said of the accusers.

Mr. Aidala hoisted more than a dozen poster-sized printouts of e-mails between Mr. Weinstein and his accusers, saying they showed the sex was consensual.

Ms. Mann told jurors during the trial that Mr. Weinstein raped her in a hotel room.

He faces a maximum sentence of up to 29 years in prison if convicted on all charges. Mr. Weinstein already will likely spend the rest of his life in prison due to a 16-year prison sentence for rape in California.

He was convicted of rape by a jury in the previous trial in Manhattan in February 2020, but the New York Court of Appeals threw out the conviction and ordered a new trial, citing errors by the trial judge. Mr. Weinstein had been serving a 23-year sentence in a prison in upstate Rome, New York, when the conviction was overturned.

That conviction was a milestone for the #MeToo movement, which encouraged women to come forward with allegations of sexual misconduct by powerful men.

Mr. Weinstein has been held at New York City’s Rikers Island jail since his conviction was overturned. He has had several health scares while being held at Rikers, and in September was rushed to a hospital for emergency heart surgery.

The office of Manhattan District Attorney Alvin Bragg accused Mr. Weinstein in the first trial of sexually assaulting former production assistant Miriam Haley in 2006 and raping Ms. Mann in 2013, charges on which he was convicted. For the retrial, prosecutors added a new charge that Mr. Weinstein assaulted another woman, Kaja Sokola of Poland, in Manhattan in 2002.

More than 100 women, including famous actresses, have accused Mr. Weinstein of misconduct. He has denied assaulting anyone or having non-consensual sex.

Miramax studio produced many hit movies in its heyday, including Shakespeare in Love and Pulp Fiction.

Mr. Weinstein’s own eponymous film studio filed for bankruptcy in March 2018, five months after the original sexual misconduct accusations became widely publicized. — Reuters

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