World Athletics planning changes to female eligibility guidelines

February 11, 2025 | 8:07 pm

WORLD ATHLETICS has begun a consultation period for an updated set of regulations for transgender and difference of sex development (DSD) athletes, with a cheek swab test among a number of proposals being considered, the governing body said on Monday.

In 2023, track and field’s global governing body voted to ban transgender women who have gone through male puberty from competing in women’s events and announced the formation of a working group to further study the issue of trans inclusion.

In the findings announced by the working group on Monday, it said exclusively basing the regulations on whether or not an athlete had gone through male puberty was wrong.

“New evidence clarifies that there is already an athletically significant performance gap before the onset of puberty,” it added.

“The childhood or pre-pubertal performance gap in the sport of athletics specifically is three to five percent in running events, and higher in throwing and jumping events.

“New evidence establishes that athletic disadvantages associated with female body structure and physiology contribute to the performance gap.”

The working group laid out five recommendations, including formally affirming the design of the female category, revising eligibility regulations and adopting a pre-clearance requirement for all athletes competing in the category.

It also suggested putting female DSD athletes -— like double Olympic 800-meter champion Caster Semenya — under the same set of rules as transgender athletes.

Under World Athletics’ current rules, female DSD athletes must lower their level of testosterone to below 2.5 nanomoles per liter for at least six months to compete. This can be done medically or surgically.

“The current TG regulations exclude transgender women who have experienced male puberty, while the DSD Regulations provide that XY DSD athletes with the same experience are included,” the working group said.

The working group recommended the use of a sex screening method like a cheek swab or dry blood spot analysis for athletes wishing to compete in the elite female category, which would test for the male-determining SRY gene.

The consultation period for the working group’s proposal began on Monday and will continue until March 5.

World Athletics boss Sebastian Coe said it was vital for the guidelines to be updated.

Transgender inclusion in sports has been widely discussed in recent weeks after US President Donald J. Trump this month signed an executive order attempting to exclude transgender girls and women from female sports.

Transgender advocacy groups say excluding trans athletes amounts to discrimination.

Critics of transgender inclusion in women’s sports say going through male puberty imbues athletes with a huge musculo-skeletal advantage that transition does not mitigate. — Reuters

Eagles’ defense

February 11, 2025 | 8:06 pm

The Chiefs were supposed to be on a path to destiny. Conventional wisdom saw them as fashionable favorites following a 15-2 run to a Super Bowl ticket that featured 12 final scores with single-digit differences. The ridiculous slate of triumphs on close shaves seemed to signify their resilience and resolve under pressure. For all their frailties (and they had many), they appeared to be invincible. And, needless to say, the narrative fit perfectly into the notion of quarterback Patrick Mahomes as a singular force who could, and would, invariably turn abject failure into sustained success.

Unfortunately for the Chiefs, Super Bowl LIX showed that they were just as susceptible to stumbling as most other would-be contenders. And, boy, did they swoon in the big stage. It was not an unfamiliar sight, to be sure; they also suffered a beatdown in Super Bowl LV, at the hands of the Buccaneers that had all-time-great Tom Brady under center. That said, their performance the other day proved to be record-setting — of the worst kinds. They wilted in the face of a smothering Eagles defense that was notably underscored by an utter lack of exotic dimensions — and none more than Mahomes.

Hindsight always makes for perfect vision, but it tells a cautionary tale for gridiron fans all the same. The Chiefs, whom followers of the National Football League either love or love to hate, littered the 2024 landscape with warning signs of their infirmities; viewed from a different lens, their crunchtime achievements blew smoke into a veritable House of Cards. Time and again, Mahomes rescued them and snatched victory from the throes of defeat. In Super Bowl LIX, however, he was arguably the biggest reason for their failure; he was shaky from opening kickoff, and wound up with a six-of-14 line for a horrific 33 yards marked by two interceptions in the first half. It was 24-0 for the Eagles by then, with no indication a history-making comeback was in the cards.

When the battle smoke cleared, Eagles quarterback Jalen Hurts was awarded the Peter Rozell Trophy — in and of itself a remarkable repudiation of Mahomes’ reputation as a miracle worker given his counterpart’s workmanlike numbers. Make no mistake, however; the defensive line coordinated by Vic Fangio played a starring role in the 40-22 obliteration, especially with running back Saquon Barkley limited to 57 rushing yards on 25 carries. Perhaps they relied too much on their co-captain to bail them out even as they could not provide him with halfway-decent protection; their running game was all but nonexistent.

Looking ahead, the Chiefs are at a crossroads. They began their season with an eye toward becoming the first in the league to craft a three-peat, only to end it with uncertainty. Mahomes remains a critical difference maker, but they would do well to surround him with ample help. Else, they may again find themselves dealing with What Ifs and Could Have Beens in an ultimately futile aim to return to the top.

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994. He is a consultant on strategic planning, operations and human resources management, corporate communications, and business development.

In latest trade war salvo, Trump raises tariffs on aluminum, steel imports

February 11, 2025 | 7:14 pm

WASHINGTON — US President Donald Trump substantially raised tariffs on steel and aluminum imports on Monday to a flat 25% “without exceptions or exemptions” in a move he hopes will aid the struggling industries in the United States but which also risks sparking a multi-front trade war.

Mr. Trump signed proclamations raising the US tariff rate on aluminum to 25% from his previous 10% rate and eliminating country exceptions and quota deals as well as hundreds of thousands of product-specific tariff exclusions for both metals. A White House official confirmed the measures would take effect on March 4.

The tariffs will apply to millions of tons of steel and aluminum imports from Canada, Brazil, Mexico, South Korea and other countries that had been entering the US duty free under the carve-outs.

The move will simplify tariffs on the metals “so that everyone can understand exactly what it means,” Mr. Trump told reporters. “It’s 25% without exceptions or exemptions. That’s all countries, no matter where it comes from, all countries.”

Mr. Trump later said he would give “great consideration” to Australia’s request for an exemption to the steel tariffs due to that country’s trade deficit with the US.

The proclamations were extensions of Mr. Trump’s 2018 Section 232 tariffs to protect domestic steel and aluminum makers on national security grounds. A White House official said the exemptions had eroded the effectiveness of these measures.

Mr. Trump also will impose a new North American standard requiring steel imports to be “melted and poured” and aluminum to be “smelted and cast” within the region to curb US imports of minimally processed Chinese and Russian metals that circumvent other tariffs.

The action also extends the tariffs to downstream products that use foreign-made steel, including fabricated structural steel, aluminum extrusions and steel strand for pre-stressed concrete, a White House official said.

“The steel and aluminum tariffs 2.0 will put an end to foreign dumping, boost domestic production and secure our steel and aluminum industries as the backbone and pillar industries of America’s economic and national security,” Mr. Trump’s trade adviser Peter Navarro told reporters.

As he signed the order at the White House, Mr. Trump said he would follow Monday’s action with announcements about reciprocal tariffs on all countries that impose duties on US goods over the next two days, and said he was also looking at tariffs on cars, semiconductors and pharmaceuticals.

Asked about threats of retaliation by other countries against his new tariffs, Mr. Trump said: “I don’t mind.”

US data showed aluminum smelters produced just 670,000 metric tons of the metal last year, down from 3.7 million in 2000. Plant closures in recent years including in Kentucky and Missouri have left the country largely reliant on imports.

Steel imports accounted for about 23% of American steel consumption in 2023, according to American Iron and Steel Institute data, with Canada, Brazil and Mexico the largest suppliers.

Canada, whose abundant hydropower resources aid its metal production, accounted for nearly 80% of US primary aluminum imports in 2024.

Canada’s industry minister said the US tariffs were “totally unjustified,” with Canadian steel and aluminum supporting key US industries including defense, shipbuilding, energy and autos.

“This is making North America more competitive and secure,” Francois-Philippe Champagne said in a statement. “We are consulting with our international partners as we examine the details. Our response will be clear and calibrated.”

While China exports only tiny volumes of steel to the US, it is responsible for much of the world’s excess steel capacity, according to the US. It says subsidized production in China forces other countries to export more and leads to transshipment of Chinese steel through other countries into the US to avoid tariffs and other trade restrictions.

Following losses in Asian and European steelmakers on Monday, shares of Chinese steelmakers dropped further on Tuesday, while shares in US steel and aluminum makers jumped ahead of the proclamations.

COLD WAR TRADE LAW
Mr. Trump first targeted steel and aluminum for tariffs in 2018 under a Cold War-era national security law. He later granted several countries exemptions, including Canada, Mexico and Australia, and struck duty-free quota deals for Brazil, South Korea and Argentina based on pre-tariff volumes.

Mr. Trump’s successor, former president Joseph Biden, later negotiated duty-free quotas for Britain, Japan and the EU.

“We applaud the president for instituting these 25% tariffs on steel imports and getting rid of exclusions, carveouts and quotas that are based on antiquated data,” said Philip Bell, president of the Steel Manufacturers Association.

These were based on 2015-2017 import levels that no longer reflect current market dynamics,Mr. Bell said.

The European Commission said it saw no justification for the tariffs and said President Ursula von der Leyen would meet US Vice President JD Vance in Paris on Tuesday during an AI summit.

In South Korea, the Industry Ministry called in steelmakers to discuss how to minimize the impact of tariffs.

RECIPROCAL TARIFFS
Mr. Trump has promised detailed information on Tuesday or Wednesday on his reciprocal tariff plan. He has long complained about the European Union’s (EU) 10% tariff on auto imports, much higher than the US car rate of 2.5%. However, the US applies a 25% tariff on pickup trucks, a vital source of profit for Detroit automakers like General Motors.

Overall, the US trade-weighted average tariff rate is about 2.2%, according to World Trade Organization data, compared to 12% for India, 6.7% for Brazil, 5.1% for Vietnam and 2.7% for the EU.

Indian Prime Minister Narendra Modi is preparing tariff cuts ahead of a Wednesday meeting with Mr. Trump that could boost American exports, Indian government officials said.

Mr. Trump has previously called India a “very big abuser” on trade, and his top economic adviser Kevin Hassett singled out the country as having “enormously high” tariffs in a CNBC interview.

Mr. Trump had already threatened to impose tariffs of 25% on all imports from America’s two largest trading partners, Canada and Mexico, saying they must do more to halt the flow of drugs and migrants across the US border. After some border security concessions, Mr. Trump paused the tariffs until March 1. — Reuters

S. Korea spy agency says DeepSeek ‘excessively’ collects personal data

February 11, 2025 | 7:13 pm

SEOUL — South Korea’s spy agency has accused Chinese AI app DeepSeek of “excessively” collecting personal data and using all input data to train itself, and questioned the app’s responses to questions relating to issues of national pride.

The National Intelligence Service (NIS) said it sent an official notice to government agencies last week urging them to take security precautions over the artificial intelligence (AI) app.

“Unlike other generative AI services, it has been confirmed that chat records are transferable as it includes a function to collect keyboard input patterns that can identify individuals and communicate with Chinese companies’ servers such as volceapplog.com,” the NIS said in a statement issued on Sunday.

Some government ministries in South Korea have blocked access to the app, citing security concerns, joining Australia and Taiwan in warning about or placing restrictions on DeepSeek.

The NIS said DeepSeek gives advertisers unlimited access to user data and stores South Korean users’ data in Chinese servers. Under Chinese law, the Chinese government would be able to access such information when requested, the agency added.

DeepSeek also provided different answers to potentially sensitive questions in different languages, the NIS noted.

It cited one such question as asking for the origin of kimchi — a spicy, fermented dish that is a staple in South Korea.

When asked about it in Korean, the app said kimchi is a Korean dish, the NIS said.

Asked the same question in Chinese, it said the dish originated from China, it said. DeepSeek’s responses were corroborated by Reuters.

The origin of kimchi has at times been a source of contention between South Koreans and Chinese social media users in recent years.

DeepSeek has also been accused of censoring responses to political questions such as the 1989 Tiananmen Square crackdown, which prompt the app to suggest changing the subject: “Let’s talk about something else.”

DeepSeek did not immediately respond to an e-mailed request for comment.

When asked about moves by South Korean government departments to block DeepSeek, a Chinese foreign ministry spokesperson told a briefing on February 6 that the Chinese government attached great importance to data privacy and security and protected it in accordance with the law.

The spokesperson also said Beijing would never ask any company or individual to collect or store data in breach of laws. — Reuters

Seeking AI boom, France and EU promise to cut red tape on technology

February 11, 2025 | 7:12 pm

ai-chip-artificial-intelligence-future-technology-innovation — STOCK PHOTO | Image by Rawpixel.Com from Freepik

PARIS — Europe will cut back on regulation to make it easier for artificial intelligence (AI) to flourish in the region, French President Emmanuel Macron told an AI summit in Paris on Monday, urging investment in the European Union (EU) — and more specifically in France.

The EU’s digital chief Henna Virkkunen also promised that the bloc will simplify its rules and implement them in a business-friendly way.

As US President Donald Trump has torn up his predecessor’s AI guardrails to boost US competitiveness, pressure has built on the EU to pursue a lighter-touch approach to AI regulation to help keep European companies in the tech race.

“We will simplify,” Mr. Macron said. “It’s very clear we have to resynchronize with the rest of the world.”

Using the example of the gothic Notre-Dame cathedral, which was rebuilt in record time after a devastating fire, thanks to special, simplified regulation, Mr. Macron said: “The Notre-Dame approach will be adopted for data centers, for authorization to go to the market, for AI and attractiveness.”

After his speech, the Grand Palais venue hosting the summit switched to a nightclub atmosphere with a DJ playing music and the words “let’s innovate” and “free yourself” booming from the sound system, while spotlights swirled from a balcony.

Mr. Trump’s early moves on AI have underscored how far the strategies to regulate AI in the United States, China and EU have diverged.

And many at the two-day summit that started on Monday pushed the EU to soften its own rulebook.

“Europe’s productivity is dependent on using this emerging technology,” Alphabet Chief Executive Officer Sundar Pichai said.

Mr. Pichai called for ecosystems of AI innovation and adoption like one he said was growing in France. “How do we create more of these pockets in more places?”

In an interview with Reuters, Ms. Virkkunen, a European Commissioner, said she had gotten the message.

“I agree with industries on the fact that now, we also have to look at our rules, that we have too much overlapping regulation,” she said.

“We will cut red tape and the administrative burden from our industries,” she said.

European lawmakers last year approved the bloc’s AI Act, the world’s first comprehensive set of rules governing the technology.

MORE INVESTMENT
Meanwhile, France hopes that world leaders at the summit will agree to a joint, non-binding text that says the AI revolution should be inclusive and sustainable.

But it was unclear whether the United States would be supportive. US Vice-President JD Vance could spell out the United States’ views when he gives a speech at the summit on Tuesday.

Mr. Macron announced private sector investments in AI in France totaling some 109 billion euros ($113 billion).

That will include French startup Mistral’s announced opening of a data centre in the wider Paris region.

Clem Delangue, the CEO of Hugging Face, a US company with French co-founders that is a hub for open-source AI online, said the size of the announced investments in France “has reassured us … that there’s going to be ambitious enough projects in France.”

Separately, one early outcome from the summit was the launch of Current AI, a partnership of countries such as France and Germany and industry players including Google and Salesforce.

With an initial $400 million in investment, the partnership will spearhead public-interest projects such as making high-quality data for AI available and investing in open-source tools. It is aiming for up to $2.5 billion in capital over five years.

Current AI founder Martin Tisné told Reuters a public-interest focus was necessary to avoid AI having downsides like social media has had. “We have to have learned the lessons,” he said.

RISKS
Not everyone in Paris agreed with taking a lighter-touch approach to AI regulation.

“What I worry about is that… there will be pressures from the US and elsewhere to weaken the EU’s AI Act and weaken those existing protections,” said Brian Chen, policy director at Data & Society, a US-based nonprofit.

Labor leaders expressed concerns on the impact of AI on workers, including what happens to workers whose jobs are taken over by AI and are pushed into new, less-protected jobs. — Reuters

Trump loosens enforcement of US law banning bribery of foreign officials

February 11, 2025 | 7:11 pm

WASHINGTON — US President Donald Trump on Monday signed an executive order directing the Justice Department to pause prosecutions of Americans accused of bribing foreign government officials while trying to win or retain business in their countries.

Mr. Trump’s order pauses enforcement of the nearly half-century-old Foreign Corrupt Practices Act (FCPA) and directs Attorney General Pam Bondi to review current and past actions related to the law and prepare new guidelines for enforcement.

The law, enacted in 1977, prohibits companies that operate in the United States from bribing foreign officials. Over time, it has become a guiding force for how American businesses operate overseas.

“It’s going to mean a lot more business for America,” Mr. Trump told reporters while signing the order in the Oval Office on Monday.

Mr. Trump wanted to strike down FCPA during his first term in office. He has called it a “horrible law” and said “the world is laughing at us” for enforcing it.

Anti-corruption watchdog Transparency International said FCPA made the United States a leader in addressing global corruption.

Mr. Trump’s executive order “diminishes — and could pave the way for completely eliminating – the crown jewel in the US’s fight against global corruption,” Gary Kalman, executive director of Transparency International US said in a statement.

A White House factsheet said the law makes American companies less competitive.

“US companies are harmed by FCPA over-enforcement because they are prohibited from engaging in practices common among international competitors, creating an uneven playing field,” the fact sheet said.

Mr. Trump’s directive calls for “revised, reasonable enforcement guidelines” from the Justice Department that will not hamper American firms competing abroad, the factsheet added.

Over the years, a wide range of multinational firms have come under Justice Department scrutiny over the law, including Goldman Sachs, Glencore and Walmart.

In 2024, the Justice Department and the Securities Exchange Commission filed 26 FCPA-related enforcement actions, and at least 31 companies were under investigation by year end, the White House factsheet said. — Reuters

Driving global change: 2025 conference on tax policies and ESG investments

February 11, 2025 | 3:50 pm

As the global economy shifts toward sustainability, the 2025 International Tax and Investment Conference is set to address the intersection of tax policies, investment opportunities, and environmental, social, and governance (ESG) frameworks. Organized by the Asian Consulting Group (ACG) in collaboration with Asia CEO, the conference will be held on March 26, 2025, at the Manila Marriott Hotel.

Under the theme “FAST FORWARD 2025: Promoting ESG Investing in the Philippines,” the event will explore how embedding ESG principles into financial and policy frameworks can drive sustainable economic resilience. The discussions will highlight the F.A.S.T. industries — Fashion, Film, and Arts (F), AI, Food, and Agriculture (A), Sustainable Cities and Communities (S), and Travel and Tourism (T) — as catalysts for investment and business growth.

The event will feature a keynote address by Secretary Frederick Go, Special Assistant to the President for Investment and Economic Affairs, alongside discussions on regulatory incentives for ESG investment, risk mitigation in green financing, and corporate sustainability strategies. The launch of Mon Abrea’s latest book, Reimagining the World Without Climate Change, alongside Season 3 of Thought Leaders and Game Changers, reinforces his commitment as thought leader, an advocate and founder of ACG.

“This year’s conference extends beyond taxation and investment strategies — it’s about shaping a greener, more sustainable economy,” said Mon Abrea, Founder and CEO of ACG.

The conference is expected to convene government and business leaders, policy makers, and foreign investors, fostering discussions that will influence business strategies and regulatory frameworks moving forward a more sustainable future.

For registration and inquiries, please contact itic@acg.ph or +63 917-627-8805 or visit https://itic2025.helixpay.ph/.

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.

HONOR Philippines transforms digital retail experience with TikTok Shop breakthrough

February 11, 2025 | 3:17 pm

HONOR Philippines is proving that tech innovation goes beyond devices; it extends to how brands connect with consumers. Through a bold and data-driven approach to e-commerce, the leading global provider of smart devices has emerged as a standout performer on TikTok Shop, leveraging the platform’s full ecosystem to drive visibility, engagement, and sales.

In the fourth quarter of 2024, HONOR recorded a 1.7x performance increase compared to Q1 to Q3, securing its place among TikTok Shop’s Top 20 brands in the Phones & Tablets category and ranking #13 overall. The brand’s success is rooted in a strategic fusion of product innovation, content creation, and precision advertising, all guided by TikTok Shop’s ACE Indicator System, which focuses on Assortment, Content, and Empowerment to measure and optimize seller performance.

By implementing targeted product drops, viral content strategies, and high-impact ad placements, HONOR achieved a 174% growth in gross merchandise value (GMV) in Q4 2024 compared to the first three quarters of the year. These results highlight the brand’s ability to translate digital engagement into tangible sales, setting a new standard for tech retail in the fast-evolving social commerce landscape.

Driving Sales Through Strategic Product Launches

A key factor in HONOR’s success was its well-timed product launches and compelling offers tailored to TikTok Shop’s unique shopping experience. The introduction of the HONOR X7c during the 11.11 Paskong Panalo Sale served as a major growth driver, amplifying brand visibility during a peak sales period.

In addition, HONOR strengthened its online presence by rolling out exclusive discounts, including 10% off for the HONOR X9b during regular sales and up to 30% off with TikTok Pay Later. TikTok Pay Later is a credit-based payment method available on TikTok Shop, offering customers a “shop now, pay later” experience. Eligible users can access credit limits of up to PHP 50,000, repayable in up to 12 installments. This feature allows for flexible payment options, enhancing the shopping experience on TikTok. These incentives boosted sales and positioned HONOR as a top-performing brand within its category.

“We strategically time our product launches to coincide with major sales events, ensuring maximum consumer engagement and higher conversion rates,” said Stephen Cheng, Vice President of HONOR Philippines. “By aligning our releases with peak shopping periods, we create heightened anticipation and provide customers with exclusive deals, making our offerings even more compelling. On the other hand, TikTok Shop provides the perfect platform for us to showcase our innovations, offering customers both quality and value in a seamless shopping experience,” Stephen added.

Optimizing product listings also played a crucial role in HONOR’s growth. By strategically highlighting each device’s unique selling points, the brand drove a 114% increase in Shop Tab GMV and a threefold increase in non-affiliate GMV, proving the effectiveness of its organic and affiliate-driven sales strategies.

Engaging Content Fuels Consumer Connection

HONOR Philippines has also leveraged the power of content-driven commerce, turning TikTok Shop into a hub for immersive shopping experiences. The brand conducted daily livestreams, averaging 12 hours per day, to directly engage with potential buyers and build real-time connections.

This commitment to live selling paid off significantly, leading to a 400% increase in Live GMV during the 12.12 Paskong Panalo sale compared to regular business days. Quarter-on-quarter, live selling revenue skyrocketed eightfold, demonstrating the growing consumer demand for interactive and engaging shopping experiences.

Beyond livestreams, HONOR also amplified its presence by participating in viral challenges and trending short-form content, further boosting customer interaction. One of its most successful sessions even recorded a gross profit margin (GPM) of 17.72, proving that highly engaging content translates directly into stronger sales.

Leveraging TikTok Shop’s Tools for Sustained Growth

Beyond content and product strategy, HONOR Philippines has fully embraced TikTok Shop’s advertising and campaign ecosystem to strengthen its digital commerce leadership. The brand actively joined weekly and monthly platform-wide campaigns, reinforcing its commitment to long-term growth.

HONOR also maximized TikTok Shop’s precision-targeted ad formats, including Product Showcase Ads (PSA), Video Shopping Ads (VSA), and Live Shopping Ads (LSA). This investment in digital advertising resulted in a 4.5x increase in return on ad spend (ROAS) and secured HONOR a spot among the top 11 brands in the Phones & Tablets category during the 12.12 sale.

@sellwithtiktokshop_ph Honor Philippines is taking TikTok Shop by storm, reaching more customers and driving massive growth! 🚀📱 Leading up to the 2.2 Campaign, they’re going LIVE non-stop to showcase their top products, exclusive deals, and exciting surprises. 🎉 📅 Live Schedule: January 27 – February 3 ⏰ Up to 24 HOURS of non-stop streaming! Don’t miss out! #TikTokShopSuccessStory #SellWithTikTokShop #GrowWithTikTokShop ♬ original sound – Sell with TikTok Shop PH

“Our strategic approach to TikTok Shop’s ad solutions has been instrumental in reaching the right audiences and driving impactful results,” Stephen Cheng, Vice President of HONOR Philippines, added. “By leveraging data insights and optimizing our campaigns, we’ve strengthened our visibility and customer connections, setting the stage for continuous growth.”

Setting the Standard for Digital Retail Excellence

As the e-commerce landscape continues to evolve, HONOR Philippines showcases how brands can successfully blend technology, content, and strategic marketing to thrive in the digital marketplace. Through well-timed product launches, immersive livestreams, and data-driven ad placements, the brand has positioned itself as a leader in the competitive smart device industry.

“HONOR Philippines has truly leveraged TikTok Shop to its full potential, using the platform’s unique tools to connect with local consumers in meaningful ways,” said Franco Aligaen, Marketing Lead at TikTok Shop Philippines. “Their success is a testament to how TikTok Shop empowers local brands, like HONOR, to compete on a global scale by combining innovation with a deep understanding of their audience, whether through live sessions, exclusive promotions, or creative content.”

Beyond its strong numbers, HONOR’s success underscores the transformative power of digital commerce. As the brand continues to refine its approach and expand its reach, it sets a compelling precedent for how businesses can thrive in the ever-evolving world of online retail.

For more information on HONOR Philippines’ latest offerings, visit their official TikTok Shop page.

Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.

Driving national development through R&D initiatives

February 11, 2025 | 1:41 pm

The Department of Science and Technology (DoST) launched eight research and development (R&D) programs under its initiative ELEV8PH: Pushing S&T Frontiers for National Development.

“We selected 8 big-ticket R&D programs that we think will facilitate the economic development of the country,” DoST secretary Renato U. Solidum, Jr. told BusinessWorld.

Interview by Edg Adrian Eva
Video editing by Jayson Mariñas

OpenAI CEO says board will reject Musk’s $97 billion offer, the Information reports

February 11, 2025 | 12:42 pm

OpenAI CEO Sam Altman told staff in a message that the company’s board of directors intends to make clear it has no interest in Elon Musk’s “supposed bid”, the Information reported on Monday.

Earlier in the day, a consortium led by Musk offered $97.4 billion to buy the nonprofit that controls OpenAI. – Reuters

Hong Kong will file complaint to WTO on US tariffs, official says

February 11, 2025 | 12:31 pm

HK_2009EAG_HongKong11thGold_LightweightMensDoubleSculls_Flags — Wikimedia Commons

HONG KONG – Hong Kong will file a complaint on recent U.S. tariffs imposed on the city to the World Trade Organization, claiming the U.S. has completely ignored the city’s status as a separate customs territory, chief secretary Eric Chan said on Tuesday.

“This is absolutely inconsistent with the WTO rules. Of course, they have totally disregarded Hong Kong is a separate customs territory,” Mr. Chan, the China-ruled city’s number two official, told reporters.

“We will file a complaint to the WTO regarding this unreasonable arrangement,” he said without giving specifics.

Mr. Chan was responding to a U.S. decision to impose 10% tariffs on goods from the Asian financial hub as U.S. President Donald Trump targets Chinese imports.

The U.S. Postal Service last week suspended all inbound mail and packages from China and Hong Kong, then reversed that decision soon afterwards.

The move to stop accepting parcels from China and Hong Kong had caused chaos and confusion among retailers and express shipping firms over how to deal with the U.S. tariffs.

“All I can say is the policies are mercurial,” said Mr. Chan.

Mr. Trump’s move also included closing the “de minimis” duty exemption for packages valued at under $800, with the stated aim of stopping the flow of fentanyl and precursor chemicals into the United States.

Hong Kong has long been known as a free and open trading hub, but China’s imposition on Hong Kong of a sweeping national security law in 2020 drew criticism from the U.S. and led it to end the former British colony’s special status under U.S. law, escalating tensions between China and the U.S.

The U.S. subsequently stipulated that goods made in Hong Kong for export to the U.S. needed to be labelled as made in China, ending one of Hong Kong’s longstanding competitive advantages as a trading hub. – Reuters

Musk-led group makes $97.4 billion bid for control of OpenAI

February 11, 2025 | 12:23 pm

A consortium led by Elon Musk said on Monday it has offered $97.4 billion to buy the nonprofit that controls OpenAI, another salvo in the billionaire’s fight to block the artificial intelligence startup from transitioning to a for-profit firm.

Mr. Musk’s bid is likely to ratchet up longstanding tensions with OpenAI CEO Sam Altman over the future of the ChatGPT maker at the heart of a boom in generative AI technology. Mr. Altman on Monday promptly posted on X: “no thank you but we will buy twitter for $9.74 billion if you want.”

Mr. Musk cofounded OpenAI with Mr. Altman in 2015 as a nonprofit, but left before the company took off. He founded the competing AI startup xAI in 2023.

Mr. Musk, the CEO of Tesla and owner of tech and social media company X, is a close ally of President Donald Trump. He spent more than a quarter of a billion dollars to help elect Mr. Trump, and leads the Department of Government Efficiency, a new arm of the White House tasked with radically shrinking the federal bureaucracy. Mr. Musk recently criticized a $500 billion OpenAI-led project announced by Trump at the White House.

OpenAI is now trying to transition into a for-profit from a nonprofit entity, which it says is required to secure the capital needed for developing the best AI models.

Mr. Musk sued Mr. Altman and others in August last year, claiming they violated contract provisions by putting profit ahead of the public good in the push to advance AI. In November, he asked a U.S. district judge for a preliminary injunction blocking OpenAI from converting to a for-profit structure.

Mr. Musk’s lawsuit against OpenAI and Mr. Altman says the founders originally approached him to fund a nonprofit focused on developing AI to benefit humanity, but that it was now focused on making money.

“It’s time for OpenAI to return to the open-source, safety-focused force for good it once was,” Mr. Musk said in a statement on Monday. “We will make sure that happens.”

Mr. Musk and OpenAI backer Microsoft did not immediately respond to requests for comment.

“Musk’s bid puts another wrinkle into OpenAI’s quest to remove the nonprofit’s control over its for-profit entity,” said Rose Chan Loui, executive director of the UCLA Law Center for Philanthropy and Nonprofits.

“This bid sets a marker for the valuation of the nonprofit’s economic interests,” she said. “If OpenAI values the nonprofit’s interests at less than what Musk is offering, then they would have to show why.”

The consortium led by Mr. Musk includes his AI startup xAI, Baron Capital Group, Emanuel Capital and others.

XAI could merge with OpenAI following a deal, according to the Wall Street Journal which first reported Musk’s offer earlier on Monday. XAI recently raised $6 billion from investors at a valuation of $40 billion, sources have told Reuters.

‘THROWING A WRENCH’

“This (bid) is definitely throwing a wrench in things,” said Jonathan Macey, a Yale Law School professor specializing in corporate governance.

“The nonprofit is supposed to take money to do whatever good deeds, and if OpenAI prefers to sell it to somebody else for less money, it’s a concern for protecting the interests of the beneficiaries of the not-for-profit.”

OpenAI was valued at $157 billion in its last funding round, cementing its status as one of the most valuable private companies in the world. SoftBank Group 9984.T is in talks to lead a funding round of up to $40 billion in OpenAI at a valuation of $300 billion, including the new funds, Reuters reported in January.

Aside from any antitrust implications, a deal this size would need Musk and his consortium to raise enormous funds.

Mr. Musk’s stock in Tesla is valued at roughly $165 billion, according to LSEG data, but his leverage with banks is likely to be thin after his $44 billion buyout of what was then called Twitter in 2022.

To finance such a bid, Musk could sell part of his stake in Tesla or take a loan against his stake, or use his stake in rocket company SpaceX that is worth tens of billions of dollars as collateral, according to an uninvolved investment banker, who requested anonymity.

“Musk’s offer to buy OpenAI’s nonprofit should significantly complicate OpenAI’s current fundraising and the process of converting into a for-profit corporation,” said Gil Luria, analyst at D.A. Davidson.

“The offer seems to be backed by more credible investors … OpenAI may not be able to ignore it. It will be the fiduciary responsibility of OpenAI’s board to decide whether this is a better offer, which could call into question the offer from SoftBank.” – Reuters

1...1,4991,5001,501...13,730 Page 1,500 of 13,730