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Latvia routs Georgia, 83-55, with Gilas Pilipinas watching

WARNING shots fired by powerhouse host Latvia.

With Gilas Pilipinas keenly watching in one section of the sold-out Arena Riga, the world No. 6 Latvians clobbered No. 23 Georgia, 83-55, to get the FIBA Olympic Qualifying Tournament rolling Tuesday night in Riga (early yesterday in Manila).

Latvia flaunted its prowess from the three-point area, raining 12 triples on its Baltic rivals to set the tone for the rousing win in Group A.

This was most pronounced in the second quarter when the Latvians hit five consecutive treys, three of which came from Davis Bertans of the Charlotte Hornets, to break away from a slim 17-13 advantage.

Arturs Strautins topscored with 18 spiked by a perfect 4-of-4 marksmanship from deep while Mareks Mejeris produced 11 markers, seven rebounds and four assists to lead Latvia’s master class performance ahead of its clash with the Filipinos Wednesday night (early today).

No matter how tall the odds are, coach Tim Cone and his Gilas 11 aren’t backing down.

“We’re not here to win a game, we’re here to win the tournament, we’re in for the whole thing,” Mr. Cone said in his pep talk after practice shown on One Sports.

It’s practically a double-header slate as the Nationals take on Latvia first and eight and a half hours later Thursday battle Georgia in what could be the deciding match in this group for the last spot to the crossover semis.

“Losing there tomorrow (against Latvia) does not knock us out but when we allow the first one to affect us in the second one, then we’re going to be knocked out,” Mr. Cone said in spelling out the scenarios.

His players are in full battle mode already.

“Ever since we got together, everybody’s been locked in from the jump,” Gilas guard Chris Newsome said in a separate One Sports interview.

“The learning curve is really quick. The coaching staff did a great job preparing us. The scouting report that they did is definitely on point so it’s really going to be on us to go out there and execute,” he added. — Olmin Leyba

Rublev crashes out of Wimbledon to Grand Slam debutant Comesana; Swiatek defeats Kenin

LONDON — Russian sixth-seed Andrey Rublev crashed out of Wimbledon in the first round on Tuesday, losing 6-4 5-7 6-2 7-6(5) to world No.122 Francisco Comesana of Argentina, playing his first match at a Grand Slam.

Mr. Rublev, who last year reached the quarterfinal at Wimbledon, where he was defeated by Novak Djokovic, frequently lost his temper, screamed out loud, and ranted at his courtside coaching team.

At one point in the third set the 26-year-old, who also had a meltdown at the French Open in May, smashed his racket repeatedly over his knee, leaving it bloody and bruised for the rest of the match.

Indeed, Comesana thoroughly belied his lack of experience — contesting only his second grass court match at any level, professional or junior — and played with poise and control from the start.

The 23-year-old broke Mr. Rublev for a 3-2 lead in the first set and then held to win it, much to the frustration of Mr. Rublev.

Mr. Rublev broke back early in the second and began to assert himself, frequently wrong-footing Mr. Comesana or drawing him into long rallies and overpowering him with powerful forehand shots.

Mr. Comesana fought his way back from three set points down twice in the second set before losing it. But the Argentinian, who fired down 21 aces in all, powered through the rain-interrupted third set and narrowly outdid Mr. Rublev for guile and accuracy in the fourth before drawing an unforced error from the Russian to finish the match in style.

SWIATEK DOWNS KENIN
Only once in her 21 previous Grand Slam appearances had Iga Swiatek perished in the first round — at Wimbledon in 2019.

When this year’s All England Club draw pitted her against fellow Grand Slam champion Sofia Kenin, there were fears that Ms. Swiatek could be in for another short, and not very sweet, stay at the grasscourt major.

After all, the Polish top seed has yet to find her comfort zone on grass, having never reached a final on the sport’s slickest surface, and she was also up against a rival who had toppled crowd favorite Coco Gauff in the opening round just 12 months ago.

Despite some jittery service games early on, with the first four games featuring nine break points and both players dropping serve, it took Ms. Swiatek just 79 minutes to safely negotiate past the potential first-round banana skin and demolish Ms. Kenin 6-3 6-4 on Tuesday under a closed Court One roof.

She dealt with being break point down in the opening game by firing down an unreturnable serve.

She remained unfazed when she squandered four break point chances in the very next game by converting the fifth with a thunderbolt backhand winner.

She took it in her stride when she was broken in the next game by immediately breaking Ms. Kenin again, this time to love for a 3-1 lead. — Reuters

Biden faces growing doubts from Democrats about his 2024 re-election

PRESIDENT JOE BIDEN/FACEBOOK

WASHINGTON – Some elected Democrats loyal to President Joe Biden raised fresh questions on Tuesday about his 2024 re-election bid, with one calling for him to step aside, a shift after many defended him in the wake of last week’s shaky debate performance.

Whether Mr. Biden continues his 2024 bid for president after his halting debate performance against Republican presidential candidate Donald Trump is largely his decision, Democrats and political strategists have said.

But Mr. Biden is under pressure. Some donors have called for him to step aside, and other Democrats are worrying openly that he is not equipped to beat Trump in November.

There are 25 Democratic members of the House of Representatives preparing to call for Biden to step aside if he seems shaky in coming days, according to one House Democratic aide.

A second House Democratic aide said moderate House Democrats in competitive districts – often called “frontliners” – were getting hammered with questions in their districts this week.

A Reuters/Ipsos poll taken after the debate showed one in three Democrats think Mr. Biden should end his re-election bid.

US Representative Lloyd Doggett became the first congressional Democrat to call for Mr. Biden to withdraw from the presidential race on Tuesday. He told NBC News in an interview that he hoped other Democratic lawmakers would follow his lead.

“It looks like the dam has broken,” the second aide said.

Former House Speaker Nancy Pelosi emphasized Biden’s multiple legislative accomplishments during an interview with MSNBC Tuesday but said it was legitimate to ask whether his debate performance was a one-night thing or a broader health problem. She said Trump should be given the same scrutiny.

“I think it’s a legitimate question to say, ‘Is this an episode or is this a condition?’ And so when people ask that question, it’s legitimate, of both candidates,” Ms. Pelosi said.

Immediately after the debate, Ms. Pelosi had shown strong support. “Joe Biden’s decision to go forward is a decision that we will all embrace because of the record he has and the performance that will come with it,” she said then.

White House Press Secretary Karine Jean-Pierre said on Tuesday that Biden did not have an “episode,” just a bad night.

Vice President Kamala Harris, asked in a CBS News interview about Doggett’s demand, said: “Look, Joe Biden is our nominee. We beat Trump once and we’re gonna beat him. Period.”

Mr. Biden, speaking at a campaign event in Virginia on Tuesday evening without a teleprompter, blamed his performance on a lack of sleep and said his campaign had raised $38 million since the debate.

“The fact is that you know, I wasn’t very smart. I decided to travel around the world a couple times, going through around 100 time zones … before … the debate. Didn’t listen to my staff and came back and nearly fell asleep on stage,” he said. “That’s no excuse but it is an explanation.”

Some Democrats suggested Mr. Biden should be thinking about the broader party’s future.

“He has to be honest with himself,” Democratic Representative Mike Quigley, a moderate from Illinois, told CNN on Tuesday. “It’s his decision. I just want him to appreciate at this time just how much it impacts, not just his race, but all the other races coming in November.”

US Representative Jim Clyburn, the Democrat often credited with securing Mr. Biden’s nomination in the 2020 presidential race, told MSNBC Tuesday he would support Vice President Kamala Harris to be the Democratic nominee if Mr. Biden stepped aside.

Representative Jared Golden, a Maine Democrat, predicted on Tuesday that Trump would win the election, as did Washington state Democratic Rep. Marie Gluesenkamp Perez.

 

BIDEN TO TALK TO GOVERNORS, CONGRESS

The president and his campaign are scrambling to bolster support. Mr. Biden will hold a meeting with Democratic governors virtually and in person at the White House on Wednesday and speak to lawmakers this week, White House officials said.

One of the House Democratic aides said members were disappointed about the lack of outreach thus far.

Doggett told NBC News he had asked the White House to speak personally with Mr. Biden about his call for him to drop out, but had not heard back from him.

Mr. Biden’s campaign held difficult phone calls on Sunday and Monday with important funders who questioned his plans to stay in the race.

Asked Tuesday why Mr. Biden had not done more media interviews or press conferences after his debate raised questions, Jean-Pierre pointed to his visit to a Waffle House in Atlanta on the evening of the debate and subsequent interactions with supporters.

Mr. Biden is scheduled to do an interview with ABC this week and plans to hold a news conference at the NATO summit next week. The Democratic Hill aide said a lot was riding on the ABC interview, with lawmakers looking to see that he can handle rapid-fire questions and not just orchestrated campaign appearances.

Meanwhile, Mr. Biden’s campaign said it and its Democratic allies raised $264 million in the second quarter, including $127 million in June and a record “grassroots” fundraising haul on the day of Mr. Biden’s debate. – Reuters

Japan’s first new banknotes in 20 years use holograms to defeat counterfeits

Japan's Prime Minister Fumio Kishida shows new banknotes with Bank of Japan (BOJ) Governor Kazuo Ueda, on the day of the new notes of 10,000 yen, 5,000 yen and 1,000 yen went into circulation, at the BOJ headquarters in Tokyo, Japan July 3, 2024. REUTERS/Issei Kato/Pool

TOKYO – Japan began circulating its first new banknotes in 20 years on Wednesday, featuring three-dimensional portraits of the founders of financial and female education institutions in an attempt to frustrate counterfeiters.

The notes use printed patterns to generate holograms of the portraits facing different directions, depending on the angle of view, employing a technology that Japan’s National Printing Bureau says is the world’s first for paper money.

Though existing bills stay in use, train stations, parking lots and ramen shops are scrambling to upgrade payment machines while the government pushes consumers and businesses to use less cash in its bid to digitise the economy.

The new 10,000-yen ($62) note depicts Eiichi Shibusawa (1840-1931), the founder of the first bank and stock exchange, who is often called “the father of Japanese capitalism”.

The new 5,000-yen bill portrays educator Umeko Tsuda (1864-1929), who founded one of the first women’s universities in Japan, while the 1,000-yen bill features a pioneering medical scientist, Shibasaburo Kitasato (1853-1931).

Currency authorities plan to print about 7.5 billion newly-designed bills by the end of the current fiscal year. They will add to the 18.5 billion banknotes worth 125 trillion yen already in circulation as of December 2023.

“Cash is a secure means of payment that can be used by anyone, anywhere, and at any time, and it will continue to play a significant role” even when alternative payment methods prevail, Bank of Japan Governor Kazuo Ueda told a Wednesday ceremony celebrating the new notes.

The central bank has been conducting experiments on digital currencies, but the government has made no decision on whether to issue a digital yen.

 

‘NO SALES IMPACT’

The first renewal of paper money since 2004 spurred businesses to upgrade payment machines for cash-loving customers.

Although cashless payments in Japan have almost tripled over the past decade to make up 39% of consumer spending in 2023, that share lags global peers and should rise to as high as 80% to improve productivity, the government says.

Roughly 90% of bank ATMs, train ticket machines and retail cash registers are prepared to accept new bills, but only half of restaurant and parking ticket machines are ready, the Japan Vending Machine Manufacturers Association says.

Nearly 80% of 2.2 million drink vending machines nationwide also need upgrades, it added.

“It might take until year-end to respond to this,” said Takemori Kawanami, an executive at ticket machine company Elcom. “That’s too slow, but we are short of components,” he added, as client orders for upgrades exceeded expectations.

Many Japanese fast-food restaurants such as ramen shops and beef bowl stores rely on ticket machines to cut labour costs, but some small business owners battling inflation are unhappy at the extra investment the new bills entail.

“The machine replacement has no sales impact, so it’s only negative for us, on top of rising costs of labour and ingredients,” said Shintaro Sekiguchi, who spent about 600,000 yen for ticket machines at three ramen shops he runs in southern Tokyo.

As cashless payments grow, Sekiguchi hankered for a cutting-edge machine that could offer clients various payment options, but could only afford cash-only equipment.

“Our ramen doesn’t have high unit prices, so running the shop for a day or two would hardly pay for the replacement,” he added. – Reuters

Alaska glaciers may hit irreversible melting point sooner than expected, study finds

HIKERS are seen at Harding Icefield in Kenai Fjords National Park, Alaska, US, July 15, 2017. — REUTERS

GLACIERS in the Juneau Icefield in southeastern Alaska are melting at a faster rate than previously thought and may reach an irreversible tipping point sooner than expected, according to a study published on Tuesday.

Researchers at Newcastle University in England found that glacier loss in the ice field, located just north of Alaska’s capital city of Juneau, has accelerated rapidly since 2010.

Glacier melt is a major contributor to rising sea levels, a threat to coastal settlements worldwide. Current rates of ice melt could result in a permanent decline of Juneau Icefield, researchers said.

“As glacier thinning on the Juneau plateau continues and ice retreats to lower levels and warmer air, the feedback processes this sets in motion is likely to prevent future glacier regrowth,” Bethan Davies, senior lecturer at Newcastle University and the study’s lead, said in a press release.

In the study, published in the journal Nature Communications, researchers found that the ice field’s volume shrank between 2010 and 2020 at twice the yearly rate recorded from 1979 to 2010.

Juneau Icefield, which runs along Alaska’s border with the Canadian province of British Columbia, has lost a little less than a quarter of its earlier ice volume, according to records going back to 1770, the researchers said. The press release did not give an estimate of when the ice field could completely disappear at its current rate of volume loss.

Every glacier in Juneau Icefield mapped in 2019 had receded relative to their position in 1770, and 108 glaciers had disappeared completely.

“Alaskan ice fields — which are predominantly flat, plateau ice fields — are particularly vulnerable to accelerated melt as the climate warms since ice loss happens across the whole surface, meaning a much greater area is affected,” said Ms. Davies.

Scientists have long warned that warming global temperatures, driven by the release of greenhouse gases from the fossil fuel industry, are eating away at glaciers and ice sheets around the world, contributing to higher sea levels that threaten populous coastal cities.

Alaska contains some of the world’s largest ice fields, including the Juneau Icefield, which ranks as the fifth largest in North America. The ice field is about 1,500 square miles, according to the US Forest Service, or about the size of Rhode Island. 

The researchers believe the same conditions thinning the Juneau plateau could affect similar ice fields across Canada, Greenland, Norway and other high-Arctic locations.

Current projections suggest Juneau Icefield’s volume loss will remain consistent until 2040 and accelerate again after 2070, but the researchers believe those projections may need to be updated to reflect their study’s findings. — Reuters

Fed’s Powell says US on ‘disinflationary path,’ but more data needed before rate cuts

REUTERS

SINTRA, Portugal — The US is back on a “disinflationary path,” US Federal Reserve Chair Jerome Powell said on Tuesday, but policy makers need more data before cutting interest rates to verify that recent weaker inflation readings provide an accurate picture of the economy.

Data for May showed the Fed’s preferred measure of inflation did not increase at all that month, while the 12-month rate of price increases has ebbed to 2.6%, still above the US central bank’s 2% target but on the way down after a scare in the first months of the year.

“We just want to understand that the levels that we’re seeing are a true reading on what is actually happening with underlying inflation,” Mr. Powell said at a monetary policy conference in Portugal sponsored by the European Central Bank.

“I think the last reading… and the one before it to a lesser suggest that we are getting back on the disinflationary path,” Mr. Powell said. “We want to be more confident that inflation is moving sustainably down toward 2%… before we start… loosening policy.”

Powell would not comment on when US rate cuts might begin, but acknowledged the Fed has entered a sensitive phase in its deliberations in which the risks to its inflation and employment goals “have come back much closer to balance” — meaning neither can take full priority in setting policy.

In particular, some closely watched measures of the job market suggest the US economy may be at a point where further progress on inflation will involve the sort of tradeoffs with rising unemployment that the Fed has so far avoided.

“You can’t know that with precision,” Mr. Powell said, “but it is understood that we have two-sided risks.”

The US unemployment rate has been at or below 4% for more than two years, a fact that many Fed policy makers have used to argue for patience in deciding when to cut the central bank’s benchmark policy rate.

“Given the strength we see in the economy we can approach the question carefully,” Mr. Powell said, while also noting that policy makers don’t want to keep policy too tight for too long and “lose the expansion.”

‘WARNING SIGNS’
In separate comments to CNBC, Chicago Fed President Austan Goolsbee said he felt there were “warning signs that the real economy is weakening,” and though conditions still remain strong, the Fed needed to be careful not to keep monetary policy at such a tight level longer than needed.

The unemployment rate, while low by historical standards, has risen steadily from 3.4% in April of 2023 to 4% as of May. The US Labor department will release the monthly employment data for June on Friday.

The challenge for the Fed is deciding how and when to signal that a policy change is imminent, particularly given that further progress in lowering inflation is expected to be slow.

Mr. Powell said on Tuesday that inflation is not likely to be back at the 2% target until late next year or in 2026. But he also anticipated it will have fallen to between 2% and 2.5% a year from now, which he said would be a “great outcome.”

Mr. Goolsbee and others have argued that at some point falling inflation should trigger lower interest rates to keep the inflation-adjusted “real” cost of borrowing from increasing.

US short-term interest rate futures were little changed on Tuesday, with prices continuing to imply that the Fed would deliver its first rate cut in September and a second one in December.

The Fed has kept its benchmark policy interest rate steady in the 5.25%-5.5% range since last July, and still described inflation as “elevated” in its June 12 policy statement.

Whether the Fed ends up cutting in September or winds up on a more delayed timetable will hinge on coming employment and inflation reports, including the monthly jobs report on Friday and the July 11 release of the consumer price index for June.

The Fed will hold its next policy meeting on July 30-31.

While the timing of an initial rate cut may matter little to the larger economic outcomes the Fed is seeking, policy makers are sensitive to the signal they will send by cutting rates.

They want to be sure, in particular, that the first reduction in borrowing costs becomes the start of a full monetary easing cycle that brings rates steadily down to a level where the Fed feels it is neither encouraging nor discouraging businesses and households to invest and spend.

For many officials that has been an argument in favor of being patient and waiting longer to make the first rate cut. — Reuters

Standard Chartered Bank supports financial inclusion and sustainability in the Philippines

Standard Chartered Bank (SCB), the oldest international bank in the country, has been helping drive the development of the Philippine economy since 1872 by striving to be an enabler of growth by supporting liquidity, shoring up investor sentiment. As a long-standing partner of the Republic of the Philippines (RoP), SCB supports efforts to accelerate digital transformation and achieve long-term sustainable and inclusive economic growth.

The bank has been a staunch partner of the RoP in advancing its commitment to sustainable development and financial inclusion. SCB was among the banks mandated as joint lead managers and joint bookrunners for the Philippines’ maiden offering of $1-billion Islamic or sukuk bonds. Early this year, the bank supported the government’s $2-billion dual tranche global bond sale. Funds raised from the 25-year sustainability bonds will support the government’s refinancing programs and expenditures in line with the Republic’s sustainable finance framework, where SCB acted as a sustainability structuring bank.

The bank acts as the Republic’s sovereign credit rating adviser since 2010 and has assisted the government in achieving positive rating actions and upgrades, resulting in strong investment grade credit ratings by both S&P and Fitch, establishing the country as a strong investment destination to offshore investors.

Recently, SCB Philippines has been recognized by prestigious institutions and publications reflecting its leadership position in delivering innovative and bespoke banking solutions in response to changing market trends and client needs.

The Asset Triple A Treasurise Awards 2024 recognized Standard Chartered as Best Service Provider as E-Solutions Partner for the third consecutive year, demonstrating the bank’s commitment to invest in platforms and capabilities to deliver optimal client experience. The bank also won Best Solution Healthcare Award for its digital solution to IDS Medical Systems Philippines, Inc. (IDSMED) for the use of Straight2Bank payment link which provides seamless online collections from various InstaPay and PESONet participating firms and Best Solution E-Commerce-Media-Technology Award for its Virtual Account solution deployed to Ksher Philippines to aid in reconciliation and ensuring all collections are accounted for and properly identified.

The bank also won Best Bank for Cash Management in the Philippines at the 2024 Global Finance’s World’s Best Treasury & Cash Management Systems & Services Awards highlighting the bank’s leadership position in transaction banking for product development, breadth of coverage and service excellence.

The bank’s Financing and Securities Services also received recognition as Best Sub-custodian Bank in the Philippines at The Asset Triple A Sustainable Investing Awards 2024 (for the 4th consecutive year) and Global Finance’s Best Sub-custodian Bank Awards 2024 (for the 5th consecutive year). These awards highlight the bank’s market leadership through mandates won, product innovation and service quality.

The bank also received the Best Sustainability Bond — Philippines Award for the RoP $1.25-billion sustainability bond issued in January 2023 from The Asset Triple A Awards 2024, testament to SCB’s leadership in bringing innovation to Philippine issuers consistent with our focus on sustainable finance.

The Philippine Dealing System Holdings Corp. & Subsidiaries (PDS Group) also recognized Standard Chartered as among the Top 4 Corporate Issue Manager/Arrangers at the PDS Awards 2024.  The bank was also recognized as part of the Top 5 Fixed Income Dealing Participants. These awards highlight the bank’s contribution to the growth and stability of the Philippine financial markets.

SCB was also recognized Best in Foreign Market Coverage (First Place) for the second consecutive year at the 2023 Fund Managers Association of the Philippines, Inc. (FMAP) Awards highlighting the bank’s capabilities and commitment to serve its clients amid the changing markets.

SCB Philippines Chief Executive Officer Mike Samson reaffirms, “Standard Chartered Bank is committed to support the nation’s development as well as our clients’ growth and strategic aspirations. We will continue to leverage our unique position in the Philippines and the ASEAN region to deliver sustainable growth for all our stakeholders.”

 

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Taiwan says China seizes fishing boat near Chinese coast

CHINESE AND TAIWANESE flags are seen in this illustration, Aug. 6, 2022. — REUTERS

TAIPEI – Chinese officials boarded and then seized a Taiwanese fishing boat operating near China’s coast close to a Taiwan-controlled island and took it to a Chinese port, the Taiwan coast guard said late on Tuesday in a further escalation of tensions.

China views democratically governed Taiwan as its own territory and has ramped up pressure on Taipei since President Lai Ching-te took office in May, a man Beijing accuses of being a “separatist”.

The fishing boat was operating near the Taiwan-administered Kinmen islands, which sit next to the Chinese cities of Xiamen and Quanzhou, on Tuesday night when it was boarded and seized by two Chinese maritime administration boats, Taiwan’s coast guard said.

Taiwan sent it own coast guard ships to assist and broadcast warnings asking China to release the fishing boat, but China’s ships broadcast back saying not to interfere, Taiwan’s coast guard said in a statement.

Taiwan’s ships then backed off to avoid a conflict and the Taiwanese fishing vessel was then taken to a Chinese port, it added.

China’s Taiwan Affairs Office did not answer calls seeking comment outside of office hours.

Chinese maritime enforcement and coast guard ships have been regularly operating around Kinmen since February after two Chinese fishermen died trying to flee Taiwan’s coast guard. – Reuters

AI coding startup Magic seeks $1.5-billion valuation in new funding round, sources say

FREEPIK

Magic, a US startup developing artificial-intelligence models to write software, is in talks to raise over $200 million in a funding round valuing it at $1.5 billion, just several months after its last capital raise, three sources told Reuters.

Investors including Jane Street are expected to participate in the round, which could triple Magic’s valuation from its last round, despite earning no revenue and having no product for sale, according to sources who requested anonymity to discuss private matters.

The startup, which has about 20 employees, was last valued at $500 million after the previous February fundraising, according to PitchBook data. It has raised $140 million since it was founded in 2022, from backers including Nat Friedman and Daniel Gross’ NFDG Ventures, as well as Alphabet’s CapitalG.

Magic declined to comment. Jane Street did not respond to a request for comment.

Magic’s new round is the latest fundraising in one of the most promising applications of generative AI technologies. Software developers represent a significant cost for tech companies, and tools that can generate code or assist developers in more efficient programming are highly attractive.

The early success of Microsoft’s GitHub has further stoked investors’ enthusiasm. In April, coding-assistant startup Augment raised $252 million, while Cognition, developer of the AI-powered coding assistant Devin, secured $175 million in a round led by Founders Fund at a $2 billion valuation.

Investors say they see GitHub Copilot’s success as proof of how large the market is. GitHub reported 40% higher year-over-year revenue in the latest quarter, driven by Copilot, which has 1.3 million paid subscribers.

“The success of Microsoft has validated the commercial market for AI code assistants, leading everyone to believe there is clear market demand and a customer willingness to pay for the right product. The opportunity is enormous, with likely multiple winners in this category,” said Brian Dudley, partner at Adams Street Partners.

While commercially available products like GitHub Copilot or OpenAI’s ChatGPT can suggest how to complete lines of code, the next frontier for coding assistants is to design and write entire software applications without human help.

Magic and a few other startups are trying to achieve this by training their own large language models for coding-specific tasks. This effort is cost-intensive, however, for purchasing data, chips and electricity.

Magic plans to spend its funding on improving its own models that support long-context windows, which refer to AI systems that can process more data in one query, the sources added.

Magic’s ability to understand and process a large amount of context at once is due to an innovative design that goes beyond the traditional “transformer model” commonly used in large language models such as OpenAI’s GPT models, according to one of the sources.

Poolside AI, a Paris-based startup that is taking a similar approach to Magic, is in talks to raise $450 million at a $2-billion valuation, TechCrunch reported in June. Poolside also has no commercially-available products. – Reuters

Philippine diving town swaps trash for rice to clean up its beaches

STOCK PHOTO | Image by flockine from Pixabay
MABINI, Philippines – Green campaigners in a diving resort in the Philippines have come up with a novel way to clean up the town’s shores – offering to swap a bag of rice for every sack of trash gathered by local residents.
Mabini in Batangas province is known for its vibrant corals and marine biodiversity, but a rising tide of plastic pollution poses an increasing threat to marine animals such as sea turtles, said volunteer Giulio Endaya.
“They’ve been known to eat straws and plastic bags, and the fish also eat microplastics that have been broken down in the shore,” Mr. Endaya said.
But since the rice-for-trash program began nearly two years ago, more than 4.3 metric tons (9,400 pounds) of plastic waste have been collected, he added.
In turn, 2.6 tons (5,700 pounds) of rice have been distributed. The rice is handed out in 1-kg bags (2.2 pounds) – enough to meet a small family’s daily needs.
Private donors and small companies contribute funding to the program, which also helps low-income families reduce their food bills following a sharp rise in rice prices in recent years.
“In a month I need four-and-a-half sacks of rice, now all I have to buy is two sacks, which is a big help,” resident Janeth Acevedo, 46, said as she sorted through trash that she had gathered.
The Philippines is the world’s largest contributor to plastic waste in the ocean, accounting for 36% of the global total, according to an updated April 2022 report by the Our World in Data project at the University of Oxford. – Reuters

OPPO to unveil its newest AI Phone — the OPPO Reno12 Series 5G — on July 12

It’s the dawn of a new era for OPPO, one of the country’s leading global smart device brands, as it welcomes its newest AI Phone, the OPPO Reno12 Series 5G on July 12.

Coming in two variants, the OPPO Reno12 5G and OPPO Reno12 Pro 5G, the newest addition to the brand’s series of Portrait Experts promises to deliver cutting-edge and intuitive AI technology, in line with the company’s goals of making the AI smartphone experience accessible to more Filipinos.

AI Portrait: The Future-Forward Portrait Expert

The OPPO Reno12 Series 5G packs exciting AI imaging features such as the upgraded AI Eraser 2.0, which now has a “Remove People” capability for easier and faster removal of photobombers. This is on top of improved accuracy for Smart Lasso and Paint Over options from the initial introduction of the feature last April in the OPPO Reno11 Series 5G. The OPPO Reno12 Series 5G also features AI Studio, a pre-installed app that lets you transform any photo of yourself into your own digital avatar or profile picture with a variety of creative filters and likenesses to choose from.

Living up to the Reno Series’ renowned photography standard, the OPPO Reno12 5G boasts a 50MP Sony LYT-600 Sensor with an All Pixel Omni-Directional PDAF and OIS for its main camera while the OPPO Reno12 Pro 5G features a  50MP telephoto portrait camera.

Both selfie cameras of the OPPO Reno12 5G (32MP) and OPPO Reno12 Pro 5G (50MP) are equipped with advanced AI Portrait capabilities that support both autofocus and Portrait Mode, allowing users to switch between different zoom levels to frame the perfect shot. The Natural Tone feature of both phones will intelligently adjust exposure based on the scene, which will help provide more realistic lighting effects and skin tones for individual and group photos.

AI LinkBoost: Seamless Connectivity Anywhere, Anytime

The OPPO Reno 12 Series 5G is set to redefine connectivity standards with AI LinkBoost, a next-generation proprietary communication technology developed by OPPO. It features a 360º Surround Antenna solution consisting of nine individual antennas  that can provide robust  connectivity, even in the most challenging scenarios. Moreover, its BeaconLink technology enhances Bluetooth uplink capabilities by 300%,enabling device-to-device voice calls over Bluetooth at a distance of up to 200 meters in a completely disconnected environment.

As proof of the AI LinkBoost’s capability to enhance connectivity, OPPO collaborated with Smart Communications to put the OPPO Reno12 Series 5G in a series of  trials including areas with weak signal, network switching, crowded area and recovery tests. OPPO Reno12 5G and OPPO Reno12 Pro 5G gave impressive results and bested competing brands in all four (4) categories.

Space-Craft inspired and Classic Design

The OPPO Reno12 Series 5G embraces the future with its design and colorways. Its space-craft inspired and metallic design gives a futuristic vibe to the phones while still maintaining a classic feel, making it a trendy phone for all ages. The OPPO Reno12 5G comes in Astro Silver, Sunset Pink, and Matte Brown while the OPPO Reno12 Pro 5G comes in Nebula Silver and Space Brown.

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BSP seen to have ‘slower’ easing cycle

The main office of the Bangko Sentral ng Pilipinas in Manila. — BW FILE PHOTO

THE BANGKO SENTRAL ng Pilipinas (BSP) may delay its easing cycle amid continued risks to the inflation outlook, the peso’s depreciation and a hawkish US Federal Reserve, analysts said.

“We expect BSP to start its cutting cycle only after the Fed (i.e., in October), which is when we also expect inflation to be more entrenched within BSP’s 2-4% target,” Nomura Global Markets Research said in a report.

According to Nomura data, the Philippines was among the top countries facing “underlying inflationary pressures” in Asia, second only to Singapore.

Nomura sees the BSP cutting rates by 50 basis points (bps) this year and another 100 bps in 2025.

The Monetary Board only has three policy review meetings left for the year — Aug. 15, Oct. 17 and Dec. 19.

Citi economist for the Philippines Nalin Chutchotitham said there is a chance the BSP will have a “slower” easing cycle.

“In any case, we note the risk of slower rate cuts, which most likely depend on the speed of inflation decline, the timing of the Fed’s rate cuts and potential depreciation pressure on the peso,” she said in a commentary.

Fed officials earlier signaled the possibility of rate cuts being pushed back to as late as December.

The peso has been trading at the P58-per-dollar range since May, when it sank to the level for the first time since November 2022.

However, Citi still forecasts that the BSP will begin cutting rates by August for a total of 75 bps this year.

“We continue to maintain our call for 25-bp rate cuts in August, October, and December 2024, followed by 25-bp rate cuts in February, May, and August 2025 as our base case,” she said.

Citi said that weaker-than-expected growth will also pave the way for reducing rates.

“Negative output gap projection supports monetary easing. While growth has been resilient so far, first-quarter 2024 gross domestic product (GDP) growth at 5.7% was below market’s expectation,” Ms. Chutchotitham said.

The government is targeting 6-7% growth this year.

Meanwhile, Diwa C. Guinigundo, the country analyst for the Philippines of GlobalSource Partners and former BSP deputy governor, said he sees just one rate cut by the BSP this year.

“One rate cut is therefore more likely, as the forward guidance has been quite confirmatory so far,” he said in a brief, though did not specify the timing of the cut.

“A second reduction in November or December is, as usual, data-driven both in terms of actual and projected inflation rates in the next two years. The balance of risks would also be an important metric for the BSP,” he added.

Mr. Guinigundo also said June inflation could breach the BSP’s 2-4% target amid higher food prices and the impact of the peso depreciation.

“Higher domestic production of basic commodities like grains and meat and timely importation in case of some shortfall would be key to sustained stabilization of price pressures and inflation. Non-monetary measures are important complementary policy intervention,” he said.

Inflation likely settled at 3.9% in June, based on the median estimate in a BusinessWorld poll of 14 analysts conducted last week. This would mark the seventh straight month that inflation settled within the BSP’s 2-4% target. June inflation is set to be released on Friday (July 5).

“Although difficult to pin down, a good computation of the country’s output gap will also help in ensuring that an early or more easing would not dislodge inflation expectation and add inflationary pressure to an otherwise manageable inflation scenario,” Mr. Guinigundo said.

BSP Governor Eli M. Remolona, Jr. has said that the central bank can begin policy easing as early as August.

He signaled the BSP can cut rates by a total of 50 bps this year — a 25-bp cut in the third quarter and another in the fourth quarter. — Luisa Maria Jacinta C. Jocson

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