Alcaraz, Sinner stay on course for Wimbledon meeting

July 8, 2024 | 7:25 pm

LONDON — Defending champion Carlos Alcaraz and world number one Jannik Sinner stayed on track for a blockbuster Wimbledon showdown by reaching the quarterfinals, while women’s second seed Coco Gauff was sent tumbling out on a soggy Sunday.

French Open champion Mr. Alcaraz, who is looking to defend his Wimbledon trophy and complete what is dubbed the “Channel Slam” in reference to the English Channel that separates Britain and France, battled past Metz-born Ugo Humbert 6-3 6-4 1-6 7-5.

“I think I’m getting better and better every match that I’m playing,” said Mr. Alcaraz, who was happy to avoid another five-set tussle after being taken the distance by Frances Tiafoe in the previous round.

“I’m feeling really comfortable on the court and hitting good points, good shots.”

American 12^th seed Tommy Paul set up a last-eight meeting with the 21-year-old Spaniard after the Queen’s Club champion downed Roberto Bautista Agut 6-2 7-6(3) 6-2.

Italian Mr. Sinner, who could face Mr. Alcaraz in the semifinals in a rematch of their Roland Garros meeting, was equally impressive in his 6-2 6-4 7-6(9) win over 14^th seed Ben Shelton.

“I’m happy how I handled the situation,” said Mr. Sinner, who neutralized the feisty American’s big serves to prevail.

“It was obviously very, very tough to play against him, one of the best servers we have on tour, very aggressive player.

“I’m happy how I returned today. Yeah, I think that’s for sure one of the keys today.”

The 22-year-old will next meet fifth seed Daniil Medvedev, who he defeated in January to win his maiden Grand Slam title at the Australian Open.

Russian Medvedev progressed when Bulgarian 10^th seed Grigor Dimitrov retired from their clash while trailing 5-3.

Mr. Sinner’s fellow Italian Jasmine Paolini also advanced thanks to an injury to her opponent, as the teary Madison Keys withdrew at 5-5 in the deciding set of their encounter with a suspected groin problem.

“I hope she recovers soon. We played a really good match. Of course, it’s not the easiest to end like this,” Ms. Paolini said.

“But I have to say that a part of me is happy to be here in the quarterfinal in Wimbledon.”

There was heartbreak for British fans as their last hope Emma Raducanu was dumped out by 123^rd-ranked qualifier Lulu Sun who sealed a 6-2 5-7 6-2 win over the 2021 US Open winner.

Reigning Flushing Meadows champion Coco Gauff did not fare any better as she was hammered 6-4 6-3 by fellow American and 19^th seed Emma Navarro.

Donna Vekic overcame several rain delays to get past Spain’s Paula Badosa 6-2 1-6 6-4 and book a clash with Sun. — Reuters

France shifts to the left, but policy paralysis looms

July 8, 2024 | 6:28 pm

France-Marianne statue — THE STATUE of Marianne is seen among fireworks after partial results in the second round of the early French parliamentary elections, in Paris, France, July 7, 2024. — REUTERS

PARIS — France faced a hung parliament and the prospect of taxing negotiations starting Monday to form a government, after a surprise left-wing surge blocked Marine Le Pen’s quest to bring the far right to power.

The leftist New Popular Front (NFP) emerged as the dominant force in the National Assembly after Sunday’s election, but with no single group securing a working majority the possibilities include the NFP forming a minority government or the building of a broad, unwieldy coalition.

The result delivered a stinging blow to President Emmanuel Macron and leaves the euro zone’s second largest economy in limbo, heralding a period of political instability just weeks before Paris hosts the Olympic Games.

Mr. Macron ended up with a hugely fragmented parliament, in what is set to weaken France’s role in the European Union and further afield and make it hard for anyone to push through a domestic agenda.

The left won 182 seats, Mr. Macron’s centrist alliance 168 and Ms. Le Pen’s National Rally (RN) and allies 143, interior ministry data cited by Le Monde newspaper showed.

“According to the logic of our institutions, Emmanuel Macron should today officially invite the New Popular Front to nominate a prime minister,” said Green leader Marine Tondelier, one of a number of NFP figures seen as potential candidates for the post. “Will he or won’t he? As this president is always full of surprises, we’ll see,” she said on RTL radio.

Prime Minister Gabriel Attal said he would tender his resignation, but it was not clear whether the president would accept it immediately, given the daunting task ahead to form a government. Attal said he would be willing to stay on in a caretaker role.

“I will of course do my duties as long as it’s needed — it cannot be otherwise on the eve of a date (the Olympics) that is so important for our country,” Mr. Attal said as it became clear Mr. Macron’s alliance had endured a humbling setback.

STRONGLY DIVIDED
Parties from the NFP — made up of the French Communist Party, hard-left France Unbowed, the Greens and the Socialist Party — met overnight for first talks on how to proceed.

France Unbowed’s firebrand leader Jean-Luc Melenchon said the new prime minister should hail from NFP. However, the bloc has no leader, and its parties are strongly divided over who they could select as a suitable premier.

Some prominent centrist figures, including Edouard Philippe, a former prime minister under Mr. Macron, said they were ready to work on a pact to ensure a stable government, but were not prepared to work with Mr. Melenchon’s France Unbowed — a force seen by many French centrists as just as extremist as the RN.

Yael Braun-Pivet, a lawmaker from Mr. Macron’s party who was the National Assembly leader before the election, said French political culture would have to evolve, becoming less antagonistic and more cooperative across party lines.

“The message I’m hearing from the voters is ‘no one has an absolute majority, so you have to work together to find solutions to our problems’,” she said on France 2 television.

The euro fell on Sunday after the vote projections were announced.

“There’s really going to be a vacuum when it comes to France’s legislative ability,” said Simon Harvey, head of FX analysis at Monex Europe in London.

UNIFIED ANTI-RN VOTE
For Ms. Le Pen’s RN, the result was a far cry from weeks during which opinion polls consistently projected it would win comfortably. The left and centrist alliances cooperated after the first round of voting last week by pulling scores of candidates from three-way races to build a unified anti-RN vote.

In his first reaction, RN leader Jordan Bardella, Ms. Le Pen’s protege, called the cooperation between anti-RN forces a “disgraceful alliance” that he said would paralyze France.

Ms. Le Pen, who will likely be the party’s candidate for the 2027 presidential election, said however that Sunday’s ballot, in which the RN made major gains compared with previous elections, had sown the seeds for the future. “Our victory has been merely delayed,” she said.

As darkness fell on Sunday, the statue of Marianne in Place de la Republique was lit up by fireworks amid celebrations by left-wing supporters. Marianne is a national symbol of France, representing reason, liberty and the ideals of the republic.

Baptiste Fourastié, a 23-year-old designer in Place de la Republique, said: “We weren’t expecting it, neither were the polls. We are happy that the French people succeeded once more in blocking the far right.”

However he was worried that the right may grow in strength and win next time if the next government is not beyond reproach.

“It will be difficult with a hung parliament, but better than if it was the far right (ahead),” Mr. Fourastié said. — Reuters

2024 could be world’s hottest year as June breaks records

July 8, 2024 | 6:28 pm

Spain-weather-tourist — A tourist cools herself off with a fan, as people are silhouetted against the strong sun, during sunset at the Aldehuela lookout, amid the third heatwave of the summer, in Ronda, Spain, Aug. 11, 2023. — REUTERS

BRUSSELS — Last month was the hottest June on record, the European Union’s climate change monitoring service said on Monday, continuing a streak of exceptional temperatures that some scientists said puts 2024 on track to be the world’s hottest recorded year.

Every month since June 2023 – 13 months in a row — has ranked as the planet’s hottest since records began, compared with the corresponding month in previous years, the European Union’s Copernicus Climate Change Service (C3S) said in a monthly bulletin.

The latest data suggest 2024 could outrank 2023 as the hottest year since records began after human-caused climate change and the El Niño natural weather phenomenon both pushed temperatures to record highs in the year so far, some scientists said.

“I now estimate that there is an approximately 95% chance that 2024 beats 2023 to be the warmest year since global surface temperature records began in the mid-1800s,” said Zeke Hausfather, a research scientist at Berkeley Earth.

The changed climate has already unleashed disastrous consequences around the world in 2024.

More than 1,000 people died in fierce heat during the haj pilgrimage last month. Heat deaths were recorded in New Dehli, which endured an unprecedentedly long heatwave, and amongst Greek tourists.

Friederike Otto, a climate scientist at Imperial College London’s Grantham Institute, said there was a “high chance” 2024 would rank as the hottest year on record.

“El Niño is a naturally occurring phenomenon that will always come and go. We can’t stop El Niño, but we can stop burning oil, gas, and coal,” she said.

The natural El Niño phenomenon, which warms the surface waters in the eastern Pacific Ocean, tends to raise global average temperatures.

That effect subsided in recent months, with the world now in neutral conditions before cooler La Niña conditions are expected to form later this year.

Greenhouse gas emissions from burning fossil fuels are the main cause of climate change.

Despite promises to curb global warming, countries have so far failed collectively to reduce these emissions, pushing temperatures steadily higher for decades.

In the 12 months ending in June, the world’s average temperature was the highest on record for any such period, at 1.64 degrees Celsius above the average in the 1850-1900 pre-industrial period, C3S said. — Reuters

India’s tea prices soar as extreme weather slashes output

July 8, 2024 | 6:28 pm

MUMBAI — India’s tea prices have been soaring and are expected to stay high as heatwaves and floods during the peak harvesting season slash output in key producing regions.

The price rise could support the beleaguered Indian tea industry, which has been struggling with rising production costs amid a negligible rise in tea prices in the past decade.

“Extreme weather events are hurting tea production. Excessive heat in May, followed by ongoing flooding in Assam, are reducing output,” said Prabhat Bezboruah, a senior tea planter and former chairman of India’s Tea Board.

Production was also affected by the government’s decision to ban 20 pesticides, Mr. Bezboruah said.

India’s tea production in May plunged more than 30% from a year earlier to 90.92 million kg, its lowest for that month in more than a decade, hurt by excessive heat and scant rainfall.

In the north-eastern state of Assam, which accounts for more than half the country’s output, more than 2 million people have been affected by severe river flooding in July.

The upside in tea prices started after a heatwave reduced production from April onwards amid good demand, said Kalyan Sundaram, secretary of the Calcutta Tea Traders’ Association.

In the last week of June, average tea prices surged to 217.53 rupees ($2.61) per kg, marking a near 20% increase from a year before, according to data compiled by the Tea Board.

Tea production improved in June after good rainfall gave respite from the heatwave, but again flooding in July has limited plucking in many districts of Assam, said a Jorhat-based tea planter.

“July is typically a peak production month, but this year we anticipate a shortfall of 15 to 20 million kg,” the planter said.

India produced a record 1.394 billion kg of tea in 2023, but in 2024 production could fall by around 100 million kg, said Bezboruah.

The production shortfall should drive prices significantly higher, but financially weak and indebted producers are struggling to bargain with powerful buyers in peak production months, said a Kolkata-based trader.

More than half of India’s total tea production is plucked during July to October.

Average tea prices in 2024 could be 16% to 20% higher than last year, but the increase is unlikely to reduce tea exports, as many buyers are boosting their purchases following the pesticide bans, said Bezboruah.

India’s tea exports in the first four months of 2024 jumped 37% from a year ago to 92 million kg, according to the commerce ministry.

The country exports the CTC (crush-tear-curl) grade mainly to Egypt and the United Kingdom, with the orthodox variety shipped to Iraq, Iran and Russia. — Reuters

Boeing to plead guilty to fraud in probe of 737 MAX crashes

July 8, 2024 | 6:17 pm

NEW YORK/WASHINGTON — Boeing has agreed to plead guilty to a criminal fraud conspiracy charge and pay a fine of $243.6 million to resolve a US Department of Justice (DoJ) investigation into two 737 MAX fatal crashes, the government said in a court filing on Sunday.

The plea deal, which requires a judge’s approval, would brand the planemaker a convicted felon in connection with crashes in Indonesia and Ethiopia over a five-month period in 2018 and 2019 that killed 346 people.

The settlement drew swift criticism from victims’ families who wanted Boeing to face a trial and suffer harsher financial consequences.

The DoJ push to charge Boeing has deepened an ongoing crisis engulfing Boeing since a separate January in-flight blowout exposed continuing safety and quality issues at the planemaker.

A guilty plea potentially threatens the company’s ability to secure lucrative government contracts with the likes of the US Defense Department and NASA, although it could seek waivers.

Boeing became exposed to criminal prosecution after the Justice Department in May found the company violated a 2021 settlement involving the fatal crashes.

Still, the plea spares Boeing a contentious trial that could have exposed the company’s decisions ahead of the fatal crashes to even greater public scrutiny. It would also make it easier for the planemaker, which will have a new chief executive officer later this year, to try to move forward as it seeks approval for its planned acquisition of Spirit AeroSystems.

A Boeing spokesperson confirmed it had “reached an agreement in principle on terms of a resolution with the Justice Department.”

As part of the deal, the planemaker agreed to spend at least $455 million over the next three years to boost safety and compliance programs. Boeing’s board will have to meet with relatives of those killed in the MAX crashes, the filing said.

The deal also imposes an independent monitor, who will have to publicly file annual progress reports, to oversee the firm’s compliance. Boeing will be on probation during the monitor’s three-year term.

Lawyers for some of the victims’ families said they planned to press Judge Reed O’Connor, who has been overseeing the case, to reject the deal.

In a separate document filed to the court, they cited O’Connor’s statement in a February 2023 ruling: “Boeing’s crime may properly be considered the deadliest corporate crime in US history.”

The deal is a “slap on the wrist,” said Erin Applebaum, a lawyer at Kreindler & Kreindler LLP representing some of the victims’ relatives.

DEEPENING CRISIS AT BOEING
The DoJ on June 30 offered a plea agreement to Boeing and gave the company until the end of the week to take the deal or face a trial on a charge of conspiring to defraud the Federal Aviation Administration (FAA), which the DoJ in its Sunday court filing said was “the most serious readily provable offense.”

The fraud centered around knowingly false representations Boeing made to the FAA about new software that saved money by requiring less intensive training for pilots.

The Maneuvering Characteristics Augmentation System (MCAS) software feature was designed to automatically push the airplane’s nose down in certain conditions. It was tied to the two crashes that led to the FAA grounding the MAX fleet for 20 months, an action that cost Boeing $20 billion and was lifted by the government in November 2020.

A panel blew off a new Boeing 737 MAX 9 jet during a Jan. 5 Alaska Airlines flight, just two days before the 2021 deferred agreement that had shielded the company from prosecution over the previous fatal crashes expired. Boeing faces a separate ongoing criminal probe into the Alaska Airlines incident.

The agreement only covers Boeing’s conduct before the fatal crashes and does not shield the planemaker from any other potential investigations or charges related to the January incident or other conduct.

The deal also does not shield any executives, the DoJ filing said, though charges against individuals are seen as unlikely due to the statute of limitations. A former Boeing chief technical pilot was charged in connection with the Boeing fraud agreement but acquitted by a jury in 2022.

The agreed penalty will be Boeing’s second fine of $243.6 million related to the fatal crashes — bringing the full fine to the maximum allowed. The company paid the fine previously as part of 2021’s $2.5-billion settlement. The $243.6-million fine represented the amount Boeing saved by not implementing full-flight simulator training for MAX pilots.

Families of the victims last month pressed the Justice Department to seek as much as $25 billion.

The DoJ and Boeing are working to document the full written plea agreement and file it in federal court in Texas by July 19, the DoJ said in the court filing. — Reuters

Could Kamala Harris beat Donald Trump in November’s presidential race?

July 8, 2024 | 6:16 pm

WASHINGTON — She worries Republican donors, has name recognition, and Democratic Party heavyweights are beginning to line up behind her.

Vice President Kamala Harris would be President Joseph R. Biden’s natural successor if he bowed to growing pressure and stepped aside as the Democratic candidate in the 2024 election, top Democrats say.

Now party donors, activists and officials are asking: Does she have a better chance than Mr. Biden of beating Donald Trump? Mr. Biden has said repeatedly he is staying in the race.

Ms. Harris, 59, a former US senator and California attorney general, would be the first woman to be president of the United States if she becomes the party’s nominee and prevails in the Nov. 5 election. She is the first African American and Asian person to serve as vice president.

Her 3-1/2 year White House tenure has been characterized by a lackluster start, staff turnover, and early policy portfolios including migration from Central America that did not produce major successes.

As recently as last year, many inside the White House and the Biden campaign team privately worried Ms. Harris was a liability for the campaign. The situation has changed significantly since then, Democratic officials have said, as she stepped forward on abortion rights and courted young voters.

She “is proud to be his running mate and looks forward to serving at his side for four more years,” the Biden Harris campaign told Reuters.

SOME POLLS FAVOR HARRIS
Recent polls suggest Ms. Harris could do better than Mr. Biden against Mr. Trump, the Republican candidate, although she would face a tight contest.

A CNN poll released on July 2 found voters favor Mr. Trump over Mr. Biden by six percentage points, or 49% to 43%. Ms. Harris also trailed Mr. Trump, 47% to 45%, within the margin of error.

It also found independents back Harris 43%-40% over Trump, and moderate voters of both parties prefer her 51-39%.

A Reuters/Ipsos poll after last week’s televised debate between Trump and a faltering Biden found Harris and Trump were nearly tied, with 42% supporting her and 43% backing him.

Only former first lady Michelle Obama, who has never expressed any interest in joining the race, polled higher among possible alternatives to Biden.

Internal polling shared by the Biden campaign after the debate shows Harris with the same odds as Biden of beating Trump, with 45% of voters saying they would vote for her versus 48% for Trump.

Influential Democrats including US Representative Jim Clyburn, who was key to Mr. Biden’s 2020 win; Rep. Gregory Meeks, a New York congressman and senior member of the Congressional Black Caucus; and Summer Lee, a House Democrat from Pennsylvania have signaled Ms. Harris would be the best option to lead the ticket if Mr. Biden chooses to step aside.

House Minority Leader Hakeem Jeffries has also privately signaled the same to lawmakers, a Congressional aide said.

Ms. Harris is taken so seriously, two Republican donors told Reuters they would prefer for Mr. Trump to face Mr. Biden than her.

“I would prefer Biden to stay in place”, rather than be replaced by Harris, said Pauline Lee, a fundraiser for Trump in Nevada after the June 27 debate, who said she thought Mr. Biden had proved himself to be “incompetent.”

And some on Wall Street, an important Democratic fundraising center, are starting to indicate a preference.

“Biden is already behind Trump, and is unlikely to be able to overcome that gap given where his campaign is currently. Having VP Harris likely improves Democrats’ odds of taking the White House,” said Sonu Varghese, global macro strategist at Carson Group, a financial services company, after the debate. “There’s potentially more upside for her chances than Biden’s at this point.”

A majority of Americans see Ms. Harris in a negative light, as they do both men running for president.

Polling outlet Five Thirty Eight said 37.1% of voters approve of Ms. Harris and 49.6% disapprove. Those numbers compare to 36.9% and 57.1% for Mr. Biden, and 38.6% and 53.6% for Mr. Trump.

WOMEN, BLACK VOTERS, GAZA
Since the Supreme Court repealed women’s constitutional right to abortion in 2022, Ms. Harris has become the Biden administration’s foremost voice on reproductive rights, an issue Democrats are betting on to help them win the 2024 election.

Some Democrats believe Ms. Harris could energize Democratic-leaning groups whose enthusiasm for Mr. Biden has faded, including Black voters, young voters and those who do not approve of Mr. Biden’s handling of the Israel-Hamas war.

“She would energize the Black, brown, and Asian Pacific members of our coalition … she would immediately pull the dispirited youth of our country back into the fold,” said Tim Ryan, a former Democratic Congressman from Ohio, in a recent op-ed.

Democratic and Republican suburban women may also be more comfortable with her then Mr. Trump or Mr. Biden, he said.

As vice president, Ms. Harris’s public Israel strategy is identical to Mr. Biden’s, although she was the first senior leader of the US government to call for a ceasefire in March.

“Simply swapping out the candidate does not address the central concern” of the movement, said Abbas Alawieh, a member of the national “Uncommitted” movement that withheld votes for Mr. Biden in the primary based on his support of Israel.

If Mr. Biden were to step aside, there could be a competition between other Democrats to become the nominee.

If the party were then to choose another candidate over Harris, some Democrats say it could lose the support of many Black voters who were critical to Biden’s election win in 2020.

“There is no alternative besides Kamala Harris,” said Adrianne Shropshire, executive director of Black voter outreach group BlackPAC.

“If the Democratic Party thinks that they have problems now with their base being confused … Jump over the Black woman, the vice president, and I don’t think the Democratic Party actually recovers.”

LEFT-LEANING, TARGETED ATTACKS
However, Ms. Harris may struggle to reel in moderate Democrats and the independent voters who like Mr. Biden’s centrist policies, some Democratic donors said. Both parties seek independents to help pull them over the finishing line in presidential elections.

“Her greatest weakness is that her public brand has been associated with the far-left wing of the Democratic Party … and the left wing of the Democratic party cannot win a national election,” said Dmitri Mehlhorn, a fundraiser and adviser to LinkedIn co-founder and Democratic megadonor Reid Hoffman. “That is the challenge that she will have to overcome if she is the nominee.”

Ms. Harris would take over money raised by the Biden campaign and inherit campaign infrastructure, a critical advantage with just four months before election day on Nov. 5.

But any Democratic campaign still needs to raise hundreds of millions of dollars more before November to be successful, strategists say. And there, Harris could be a liability.

“I can tell you we have a really tough time raising money for her” said a source at the Democratic National Committee.

As a presidential candidate ahead of the 2020 election, Harris lagged Biden in raising money. She dropped out of the race in December 2019, the same month her campaign reported $39.3 million in total contributions. Biden’s campaign reported $60.9 million in the same period.

However, Mr. Biden’s campaign raised a record $48 million in the 24 hours after he named Ms. Harris as his running mate in 2020.

Ms. Harris’ prosecutorial background could shine in a head-to-head debate against Mr. Trump, some Democrats said.

“She is incredibly focused and forceful and smart, and if she prosecutes the case against the criminality of Donald Trump, she will rip him apart,” said Mehlhorn.

Republican attacks on Harris are ramping up as she has been floated as a possible Biden replacement. Conservative talking heads are re-circulating criticism leveled at her during the 2020 race, including from some Democrats, that Ms. Harris laughs too much, that she is untested, and unqualified.

On July 6 the New York Post, owned by the conservative News Corp, ran a column headlined “America may soon be subjected to the country’s first DEI president: Kamala Harris,” that said her political rise was because of her party’s diversity, equity and inclusion “stranglehold.”

Kelly Dittmar, a political science professor at Rutgers University, said the attacks are part of a long history of objectifying and denigrating women of color in politics.

“Unfortunately the reliance on both racist and sexist attacks and tropes against women running for office is historically common and persists to this day,” said Kelly Dittmar. — Reuters

Custom pedestrian lanes amp up the excitement for Puregold’s ‘Nasa Atin ang Panalo‘ concert

July 8, 2024 | 3:40 pm

Photo-1-OL — On the corner of General Malvar and General Aguinaldo Avenue, the standard white pedestrian lanes have been transformed into a colorful and vibrant piece of eye-catching street art. The colorful pedestrian lanes are set to commemorate the upcoming Puregold “Nasa Atin ang Panalo” Thanksgiving Concert.

Commuters and motorists passing through Araneta City have spotted a colorful and creative new touch to the everyday urban landscape. On the corner of General Malvar and General Aguinaldo Avenue, the standard white pedestrian lanes have been transformed into a colorful and vibrant piece of eye-catching street art commemorating the upcoming Puregold “Nasa Atin ang Panalo” Thanksgiving Concert.

The special pedestrian lanes resemble the bar codes one might find on groceries while shopping at Puregold. Two lanes highlight the four artists collaborating with Puregold on their “Nasa Atin ang Panalo” musical initiative — BINI, SB19, Flow G, and SunKissed Lola. The other two lanes serve as a reminder for the upcoming “Nasa Atin ang Panalo” concert to be held at Araneta Coliseum on July 12^th.

After three successful ticketing events in Puregold Qi Central, Taytay, and Parañaque branches, the “Nasa Atin ang Panalo” concert sold out all its ticketing tiers. Thousands of fans representing the diverse fanbase of BINI, SB19, Flow G, and SunKissed Lola are expected to witness headlining performances. The night will celebrate Original Pinoy Music, with guest appearances from Gloc-9, Skusta Clee, Letters from June, Esay Belanio, and Kahel.

The special pedestrian lanes resemble the bar codes one might find on groceries while shopping at Puregold and include the names of the superstar acts collaborating with Puregold: BINI, Flow G, SB19, and SunKissed Lola.

The pedestrian lanes were designed and executed by a team of artists from Marahuyo Studio. The artists involved include Anthony Marahuyo, John Carlo Decrepito, Paul Denvir Delmonte, John Roland Alipis, Rheydene Ortega, Rica Permejo, Aina Arena, Charmaine Camba, Alexis John Arena, Jefferson Parajas, and Michael Autos.

The newly unveiled art functions on multiple levels. Not only does it catch the eye of the general public but also serves as a reminder of the momentous musical event set to come on July 12^th.

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Samsung Electronics workers strike as union voice grows in South Korea

July 8, 2024 | 2:22 pm

HWASEONG, South Korea – Samsung Electronics workers began a three-day strike for better pay on Monday, with their union pointing to further action should South Korea’s biggest conglomerate continue to fall short of its demands.

The National Samsung Electronics Union (NSEU), whose roughly 30,000 members make up almost a quarter of the firm’s South Korean workforce, also wants an extra day of annual leave for unionized workers and changes to the employee bonus system.

Low participation and automated production means the strike is unlikely to have a significant impact on output at the world’s biggest memory chipmaker, analysts said. Still, it signals a decline in staff morale at a pivotal point in the chip industry as tech firms embrace artificial intelligence.

The union’s first industrial action last month involved coordinating annual leave to stage a mass walkout, which Samsung said had no impact on business activity. The firm said on Monday there was no disruption in production.

The union, which did not disclose last month’s strike participation levels, said 6,540 workers will be striking this week, mostly at manufacturing sites and in product development. It said the strike includes workers who monitor automated production lines and equipment so operations could be affected.

Union officials said about 3,000 strikers attended a rally in the rain near Samsung’s headquarters in Hwaseong, south of Seoul.

Union president Son Woo-mok disputed media reports of low participation, telling Reuters that the five-year-old union did not have enough time to educate members about the issues.

“Education about labour unions … has not been enough. But I don’t think this participation is low because our union is still young compared to other unions,” he said.

Lee Hyun-kuk, the union’s vice president, said there could be further strikes if Samsung does not improve its proposals.

Samsung’s proposals include flexibility in pay and annual leave conditions but do not meet union demands of increased pay and leave, Lee told Reuters.

Union officials also want equality in the bonus system. They said bonuses for rank-and-file workers are calculated by deducting the cost of capital from operating profit, whereas those for executives are based on personal performance goals.

“I was telling people that I was proud to work at Samsung, but the truth is I am not,” said Park Jun-ha, 20, an engineer at Samsung’s chip packaging lines who joined the firm in January, adding that he was not satisfied with its “opaque” bonus scheme.

The union’s membership has grown since Samsung pledged in 2020 to stop discouraging organized labor. Its growing voice is demanding attention just as Samsung struggles to navigate competition in chips used for artificial intelligence (AI) applications, analysts said.

Samsung’s share price performance has lagged compatriot chip rival SK Hynix, with union officials blaming Samsung’s AI woe on slow development in high bandwidth memory (HBM) chips that are in high demand for use in AI processors.

Even so, Samsung estimated a more than 15-fold rise in second-quarter operating profit on Friday, as rebounding chip prices driven by the AI boom lifted earnings from the year prior’s low comparison base.

Its share price was up 0.2% in afternoon trade on Monday after rising as much as 1.72% earlier in the session to its highest since January 2021. Last week, it jumped 6.9% on preliminary quarterly earnings that exceeded analyst estimates. – Reuters

US, Australia commit to better Pacific banking as China influence grows

July 8, 2024 | 2:10 pm

flags-forum — PACIFIC ISLANDS FORUM/FORUMSEC.ORG

BRISBANE – US and Australian officials said on Monday they were committed to improving financial connectivity in the Pacific, as lenders and policymakers from across the region met to discuss bolstering banking services amid increasing interest from China.

Pacific Island countries are facing challenges as Western banks end long-term relationships with their counterparts in small nations in the region and others look to close operations, limiting access to US dollar-denominated bank accounts.

Australian Assistant Treasurer Stephen Jones said Canberra wanted to be the partner of choice in the Pacific, whether in banking or defense.

“We would be concerned if there were nations operating within the region whose principle objective was advancing their own national interest as opposed to the interests of the pacific island nations,” Mr. Jones said on the first day of the two-day Pacific Banking Forum in Brisbane, when asked about Chinese banks stepping into the vacuum.

He declined to say whether China fit that description. Australia and the US are co-hosting the forum.

Washington has also boosted efforts to support Pacific Island countries to curb China’s influence.

“We recognize the economic and strategic significance of the Pacific region, and we are committed to deepening our engagement and collaboration with our allies and partners to bolster financial connectivity, investment, and integration,” said US Treasury Undersecretary Brian Nelson, who is responsible the department’s terrorism and financial intelligence office.

Western banks are de-risking to meet financial regulations, which has made it harder to do business in Pacific Island nations, in turn undermining financial resilience in these countries, according to experts.

Neither the US nor Australia have yet to make detailed announcements at the forum, much of which is closed to media, but their comments come as Western nations who have traditionally held sway in the Pacific grow increasingly concerned about China’s regional influence.

Beijing has signed key defense, trade and financial deals in the region. Bank of China has opened offices across the region and signed an agreement with Nauru to explore opportunities there earlier this year after an Australian bank said it would pull out of the country.

Mr. Nelson told those attending the meeting that the US recognized and is committed to addressing bank de-risking across the Pacific.

“There is a lot to be gained by promoting financial integration around the world,” he added. “But conversely, when correspondent banking relationships dwindle, the consequences can be substantial.”

Mr. Nelson said over the past decade correspondent banking relationships in the Pacific had declined at twice the rate of the global average. The World Bank and Asia Development Bank is working on programs to improve corresponding banking relations.

US Treasury Secretary Janet Yellen said in a virtual address to the meeting that Washington’s focus was on supporting the Pacific’s economic resilience, including through strengthening access to correspondent banks.

“The United States is committed to an Indo-Pacific that is free and open, connected, prosperous, secure, and resilient. A strong and connected Pacific region has benefits for the United States and for the global economy,” she said. – Reuters

Dubai’s high-end property sales undented by drop in listings, consultancy says

July 8, 2024 | 2:05 pm

downtown-4045037_1280 — STOCK PHOTO | Image by Olga Ozik from Pixabay

DUBAI – The number of homes worth $10 million or more that were sold in Dubai held steady in the first half of the year despite a drop in listings, an industry report showed on Monday, as demand from the international ultra-rich stayed strong.

A total of 190 homes worth an overall $3.2 billion were sold in the six months to end June compared with 189 properties for $3.3 billion in the same period of 2023, according to provisional data from property consultancy Knight Frank.

The total number of deals held up despite a 65.5% year-on-year drop in the number of such luxury homes available on the market in the second quarter, the report showed.

“This is a strong sign of the ‘buy-to-hold’ buyer profile that has taken root in the market,” Faisal Durrani, Knight Frank’s head of research for Middle East and North Africa (MENA), was quoted as saying in the report.

The trend suggests international high-net worth individuals “are largely focused on purchasing homes in the city for personal use, rather than to ‘flip’, which was a defining feature of the previous two market cycles,” he added.

Home to the world’s tallest tower, the United Arab Emirates’ Dubai is the Middle East’s biggest tourism and trade hub, attracting a record 17.15 million international overnight visitors last year.

It is seeking to grow its economy through tourism, building a local financial centre and by attracting foreign capital, including into property, with property purchase and rental prices showing no signs of fizzling out.

The report showed palm tree-shaped artificial island Palm Jumeirah was the most sought-after area, recording 21 sales of homes worth $10 million or more in the second quarter, accounting for 26% of sales in the period.

It was followed by Emirates Hills with 10% and the District One area with 7.8% of such deals.

Sales of properties worth $25 million or more jumped 25% in the second quarter compared with the first three months of the year to a total of 15 homes.

Last year Dubai ranked first globally for the number of home sales above $10 million, selling nearly 80% more such properties than second-placed London. – Reuters

Philippines and Japan sign defense pact, with eyes on China

July 8, 2024 | 2:01 pm

Philippines-Japan Flag — PHILSTAR FILE PHOTO

MANILA – The Philippines and Japan have signed a reciprocal access agreement (RAA) allowing them to deploy their forces on each other’s soil, a milestone in their security relations amid rising tensions in the Indo-Pacific, an official said on Monday.

Philippine defense minister Gilberto Teodoro and Japanese foreign minister Yoko Kamikawa signed the deal in a ceremony in Manila witnessed by Philippine President Ferdinand Marcos Jr, presidential communications secretary Cheloy Garafil said in a message.

The agreement creates a framework to facilitate military cooperation, such as making the entry of foreign personnel and equipment easier for the visiting force.

The deal, the first of its kind to be signed by Japan in Asia, would take effect after ratification by both countries’ legislatures, officials said.

A Japanese military presence in the Philippines could help Manila counter Chinese influence in the South China Sea, where Beijing’s expansive maritime claims conflict with those of a number of Southeast Asia nations.

An international tribunal in 2016 said China’s claims had no legal basis, a ruling that Beijing rejects.

Both the Philippines and Japan, two of the United States’ closest Asian allies, have taken a strong line against what they see as aggressive behavior by Chinese vessels amid decades-old disputes over maritime sovereignty.

Japan does not have any claim to the South China Sea, but has a separate maritime dispute with China in the East China Sea, where they have repeatedly faced off.

In December 2023, Japan announced its biggest military build-up since World War Two, in a step away from its post-war pacifism. Tokyo has sought to strengthen defense ties with other nations due to its concerns about China’s behavior, including pressure on Taiwan, freedom of navigation and trade disputes.

Japan has supported the Philippines’ position in the South China Sea and has expressed serious concern over China’s actions, including recent incidents that resulted in damage to Philippine vessels and injured a Filipino sailor.

The Philippines has a Visiting Forces Agreement (VFA) with the United States and Australia. Tokyo, which hosts the biggest concentration of US forces abroad, has similar RAA deals with Australia and Britain, and is negotiating another with France.

Japan has agreed to provide the Philippines with coastal surveillance radars, the first cooperation project under its Official Security Assistance program that is aimed at helping boost deterrence capabilities of partner countries.

The scope of Japanese military aid is limited by a self-imposed ban on lethal equipment exports. – Reuters

[B-SIDE Podcast] Achieving energy transition goals through flexible power supply

July 8, 2024 | 1:34 pm

Follow us on Spotify BusinessWorld B-Side

The Philippines outlined renewable energy targets in its National Renewable Energy Program for 2020 to 2040, but what factors need to be in place for the Philippines to reach these targets? Why is flexibility in power generation important?

In this episode, BusinessWorld discuss renewable energy in the Philippine and global contexts with Kari Punnonen, head of energy business of Wärtsilä, a power solutions provider for the marine and energy markets.

Interview by Patricia Mirasol

Editing by Jayson John D. Marinas

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