UN Security Council backs Israel-Hamas ceasefire

June 11, 2024 | 5:37 pm

UNITED NATIONS — The United Nations (UN) Security Council on Monday backed a proposal outlined by President Joseph R. Biden for a ceasefire between Israel and Hamas in the Gaza Strip and urged the Palestinian militants to accept the deal aimed at ending the eight-month-long war.

Hamas welcomed the adoption of the US-drafted resolution and said in a statement that it is ready to cooperate with mediators over implementing the principles of the plan “that are consistent with the demands of our people and resistance.”

Russia abstained from the UN vote, while the remaining 14 Security Council members voted in favor of the resolution supporting a three-phase ceasefire plan laid out by Mr. Biden on May 31 that he described as an Israeli initiative.

“Today we voted for peace,” US Ambassador to the UN Linda Thomas-Greenfield told the council after the vote.

The resolution welcomes the new ceasefire proposal, states that Israel has accepted it, calls on Hamas to agree to it and “urges both parties to fully implement its terms without delay and without condition.”

Algeria, the only Arab member of the council, supported the resolution because “we believe it can represent a step forward toward an immediate and lasting ceasefire,” Algeria’s UN Ambassador Amar Bendjama told the council.

“It offers a glimmer of hope to the Palestinians,” he said. “It’s time to halt the killing.”

The resolution also goes into detail about the proposal, and spells out that “if the negotiations take longer than six weeks for phase one, the ceasefire will still continue as long as negotiations continue.”

ISRAEL’S GOALS
However, it did not contain enough detail for Moscow. Russia’s UN Ambassador Vassily Nebenzia asked what Israel had specifically agreed to and said the Security Council should not be signing up to agreements with “vague parameters.”

“We did not wish to block the resolution simply because it, as much as we understand, is supported by the Arab world,” Mr. Nebenzia told the council.

Israel’s UN Ambassador Gilad Erdan was present for the vote, but did not address the council. Instead, senior Israeli UN diplomat Reut Shapir Ben Naftaly told the body that Israel’s goals in Gaza had always been clear.

“Israel is committed to these goals — to free all the hostages, to destroy Hamas’ military and governing capabilities and to ensure that Gaza does not pose a threat to Israel in the future,” she said. “It is Hamas that is preventing this war from ending. Hamas and Hamas alone.”

The council in March demanded for an immediate ceasefire and unconditional release of all hostages held by Hamas.

For months, negotiators from the US, Egypt and Qatar have been trying to mediate a ceasefire. Hamas says it wants a permanent end to the war in the Gaza Strip and Israeli withdrawal from the enclave of 2.3 million people.

Israel is retaliating against Hamas, which rules Gaza, over an Oct. 7 attack by its militants.

More than 1,200 people were killed and over 250 taken hostage by Hamas on Oct. 7, according to Israeli tallies. More than 100 hostages are believed to remain captive in Gaza.

Israel launched an air, ground and sea assault on the Palestinian territory, killing more than 37,000 Palestinians, according to Gaza health authorities. — Reuters

Le Pen and Bardella: France’s far-right double act now zeroing in on power

June 11, 2024 | 5:36 pm

Bardella-Le Pen — PRESIDENT of the French far-right National Rally (Rassemblement National-RN) party Jordan Bardella and Marine Le Pen, parliamentary party leader of the French far-right National Rally, attend a political rally in Marseille, France, March 3, 2024. — REUTERS

PARIS — In a glossy video released days before the European Parliament elections, France’s far-right double act appeared side by side in brilliant white shirts to deliver their final address.

“Do your patriotic duty,” said Marine Le Pen, the leading figure of the National Rally (RN) party and de facto frontrunner for the 2027 presidential election. “I ask you to go to vote for Jordan Bardella. Offer France the most beautiful victory.”

The video has notched nearly 5 million views since it was posted on Mr. Bardella’s wildly popular TikTok account two days ago. It’s part of a slick political rebrand, overseen by Ms. Le Pen and her 28-year-old party president Mr. Bardella, that has allowed the RN to shed its racist reputation as the former National Front, and storm to victory in Sunday’s vote.

The RN’s strong showing, which forced Mr. Macron into calling a snap legislative election that could finally hand the far right real power in France, is partly due to the formidable political tag team that Mr. Bardella and Ms. Le Pen have formed, experts said. They have fused youthful enthusiasm with battle-hardened experience to devastating electoral effect. “They’re very complementary,” said Philippe Marliere, a French politics professor at University College London.

The sharp-suited Bardella, son of an Italian immigrant mother who grew up in the rough outskirts of Paris, has polished the RN’s reputation, Mr. Marliere said. Mr. Bardella also broadened its appeal by attracting younger, blue-collar voters hit by inflation and job insecurity to a party once known for an older, middle-class and arch-conservative clientele, he added.

The RN won in every major age group in Sunday’s election, except among the over-65s, where it was tied with Mr. Macron’s ticket, according to a BFM TV exit poll.

Overall, the RN won 31.37% of the vote, the official tally showed, more than double the Macron coalition’s 14.6%.

Emile Chabal, professor of contemporary history at the University of Edinburgh, said Mr. Bardella and Ms. Le Pen had detoxified the RN by retooling it as the party of the working class.

“While they have retained many aspects of the party’s DNA — especially its anti-immigration policies and a hostility to Islam — they have managed to wrap these up in a protectionist language … (that) appeals particularly to a younger middle-aged demographic,” he said. “In 2024, the RN can fairly lay claim to being the party of the French working classes.”

Mr. Bardella will be the party’s candidate for prime minister in the upcoming early election to be held on June 30 and July 7, RN deputy chairman Sebastien Chenu said on RTL Radio on Monday.

On his TikTok account, where he has 1.5 million followers, Mr. Bardella often posts videos of himself with adoring young fans. In acerbic TV appearances, he has distinguished himself as Le Pen’s clean-cut attack dog, Mr. Marliere said.

“It’s a convenient arrangement for political purposes to let Marine Le Pen fully concentrate on the big prize, the (2027) presidential election,” he said.

However, alongside his pugnacious media presence, Mr. Bardella has often let himself down with unforced errors and gaps on the nitty gritty of policy, Mr. Marliere said. Ms. Le Pen might fret that as prime minister, Mr. Bardella’s inexperience could lead to charges of incompetence, potentially dooming her 2027 chances, he added.

And even before the snap vote, Mr. Bardella is likely to face a grilling on issues outside his comfort zone, especially on economic policy and Ukraine, a source close to Mr. Macron said.

“For legislative elections, he will be more exposed,” the source said. “He will be asked: Who do you name for finance minister? What do you do for your first 100 days?”

Alternatively, if Mr. Bardella shines, Ms. Le Pen, 55, may fear being eclipsed by her young protege.

“If he looks more appealing or successful, there might be attempts to make him the 2027 presidential candidate,” said Sudhir Hazareesingh, a French politics expert at Oxford University, especially as Ms. Le Pen has already lost three presidential elections, two of them to Mr. Macron.

“But Bardella is still very young so he can afford to wait a little, and let her fail rather than look too ambitious.” — Reuters

Singapore Airlines offers compensation to passengers on severely turbulent flight

June 11, 2024 | 5:35 pm

SINGAPORE Airlines has sent offers of compensation to passengers on board a flight last month that encountered severe turbulence that led to dozens of injuries and one death, the carrier said on Tuesday.

Passengers with minor injuries have been offered $10,000 and those with serious injuries can discuss an offer to meet their specific needs, the airline said.

“Passengers medically assessed as having sustained serious injuries, requiring long-term medical care, and requesting financial assistance are offered an advance payment of $25,000 to address their immediate needs,” that will form part of any final settlement, it added.

A 73-year-old passenger died of a suspected heart attack and dozens were injured after flight SQ321 from London to Singapore encountered what the airline described as sudden, extreme turbulence while flying over Myanmar. It diverted and landed in Bangkok, Thailand.

Passengers said crew and those not strapped in left the floor or their seats and slammed into the cabin ceiling, cracking it in places. A Bangkok hospital treating passengers said there were spinal cord, brain and skull injuries.

As of June 4, more than two weeks after the May 20 flight, 20 passengers were still receiving medical care in hospitals in Bangkok, according to the airline. It did not respond immediately to a request for an updated figure.

Singapore Airlines said it would refund airfares for all passengers on board the flight and they would receive delay compensation in accordance with regulations in the European Union or Britain.

A preliminary report by Singapore’s Transport Ministry said a rapid change in gravitational force and a 54-meter (177-foot) altitude drop likely caused passengers and crew to become airborne.

It said the plane was likely flying over an area of “developing convective activity,” a term referring to developing bad weather.

There were 211 passengers, including many Australians, British and Singaporeans, and 18 crew members on the flight.

The incident has put seatbelt practices in the spotlight, with airlines typically allowing passengers to undo belts during normal cruise conditions, while recommending they keep them on. — Reuters

Four American educators stabbed in park in northeast China, says US media and officials

June 11, 2024 | 5:34 pm

BEIJING — Four American educators from a small Iowa university were injured in a stabbing attack in a public park in northeast China’s Jilin province on Monday, according to US media and US government officials.

Iowa Representative Adam Zabner told Reuters his brother was one of the victims.

“My brother, David Zabner, was wounded in the arm during a stabbing attack while visiting a temple in Jilin City, China,” he said.

The group had been visiting a temple in Beishan Park when they were attacked by a man with a knife, he added. There were no reports of a motive.

A video of people lying on the ground in a park covered in blood were circulating on X on Monday, though no trace of the images could be found on Chinese social media. Reuters was able to identify the location based on Chinese characters written on a wall, the wall’s structure and the layout of the path. Reuters was not able to confirm when the video was shot.

No statements on the incident have been issued by Chinese authorities or reports found in Chinese media.

“I spoke to David a few minutes ago, he is recovering from his injuries and doing well. My family is incredibly grateful that David survived this attack,” Adam Zabner said.

The educators from Cornell College were visiting a partner university, Beihua, in Jilin City.

“We are working through proper channels and requesting to speak with the US Embassy on appropriate matters to ensure that the victims first receive quality care for their injuries and then get out of China in a medically feasible manner,” Iowa’s Congress representative Mariannette Miller-Meeks wrote on X.

Iowa Governor Kim Reynolds wrote on X that she was in touch with the US State Department on the “horrifying” attack.

College spokesperson Jen Visser told CNN the US State Department was aware of reports of a stabbing incident in China and was monitoring the situation.

China’s President Xi Jinping this year pledged to invite 50,000 young Americans to China for study programs to boost people-to-people ties, but a State Department Level 3 travel advisory to China warning of possible arbitrary detention and exit bans remains in place.

There are currently fewer than 900 American exchange students studying in China compared to over 290,000 Chinese students in the United States, according to US data. — Reuters

Study shows elephants might call each other by name

June 11, 2024 | 5:33 pm

WASHINGTON — Over the years, researchers who study elephants have noticed an intriguing phenomenon. Sometimes when an elephant makes a vocalization to a group of other elephants, all of them respond. But sometimes when that same elephant makes a similar call to the group, only a single individual responds.

Could it be that elephants address each other by the equivalent of a name? A new study involving wild African savannah elephants in Kenya lends support to this idea.

The researchers analyzed vocalizations – mostly rumbles generated by elephants using their vocal cords, similar to how people speak – made by more than 100 elephants in Amboseli National Park and Samburu National Reserve.

Using a machine-learning model, the researchers identified what appeared to be a name-like component in these calls identifying a specific elephant as the intended addressee. The researchers then played audio for 17 elephants to test how they would respond to a call apparently addressed to them as well as to a call apparently addressed to some other elephant.

The elephants responded more strongly on average to calls apparently addressed to them. When they heard such a call, they tended to behave more enthusiastically, walk toward the audio source and make more vocalizations than when they heard one apparently meant for someone else.

The study’s findings indicate that elephants “address one another with something like a name,” according to behavioral ecologist Mickey Pardo of Cornell University and formerly of Colorado State University, lead author of the study published on Monday in the journal Nature Ecology & Evolution.

“Certainly, in order to address one another in this way, elephants must learn to associate particular sounds with particular individuals and then use those sounds to get the attention of the individual in question, which requires sophisticated learning ability and understanding of social relationships,” Pardo said.

“The fact that elephants address one another as individuals highlights the importance of social bonds – and specifically, maintaining many different social bonds – for these animals,” Pardo added.

Elephants, Earth’s largest land animals, are highly intelligent, known to have keen memory and problem-solving skills and sophisticated communication. Previous research has shown that they engage in complicated behavior – visual, acoustic and tactile gestures – when greeting each other.

Why would an elephant call to another elephant by “name”?

“We don’t know exhaustively, but from our analysis it appears commonly during contact calls where an elephant calls to another individual – often by name,” said Colorado State University conservation biologist and study co-author George Wittemyer, chair of the scientific board of the conservation group Save the Elephants.

“It was also common among a mother’s rumbles to her calves, often to calm them down or check in with them. We thought we would find it in greeting ceremonies, but it was less common in those types of vocalizations,” Wittemyer added.

Using individual-specific vocal labels – names – is rare, but not unprecedented, in the animal kingdom. Dolphins and parrots have been shown to do this, too. But when they do it, they just imitate vocalizations made by the other animal. In elephants, the vocal labels are not simply imitating the sounds made by the addressee.

“Instead, their names seem to be arbitrary, like human names,” Pardo said. “Addressing individuals with arbitrary names likely requires a capacity for some degree of abstract thought.”

“I think this work highlights how intelligent and interesting elephants are, and I hope that engenders greater interest in their conservation and protection,” Wittemyer added.

Might people one day be able to “talk” with elephants?

“That would be fantastic, but we are a long way off from that,” Wittemyer said. “We still don’t know the syntax or basic elements by which elephant vocalizations encode information. We need to figure that out before we can make deeper progress on understanding them.” — Reuters

BSP wants inflation firmly settled near target midpoint, governor says

June 11, 2024 | 1:36 pm

MANILA – The Philippine central bank wants inflation firmly settled near the middle of its 2.0%-4.0% target range, its governor said on Tuesday.

“We are hawkish, but less than before,” Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona told the Reuters Global Markets Forum.

Mr. Remolona said the central bank is happy where inflation is going, adding policymakers were more concerned about inflation than growth.

Annual inflation quickened for a fourth straight month in May to 3.9% from 3.8% the previous month, bringing the five-month average to 3.5%.

The central bank, which kept its benchmark rate steady at its last five meetings, will meet on June 27 to review policy. — Reuters

Hong Kong rule of law ‘profoundly compromised’, says British judge

June 11, 2024 | 1:06 pm

Hong Kong-buildings-skyline — MAN CHUNG-UNSPLASH

LONDON/HONG KONG – The rule of law in Hong Kong is profoundly compromised in areas where the government has strong opinions, a British judge who resigned last week from the top Hong Kong appeals court said on Monday.

Jonathan Sumption is one of two British judges who resigned shortly after a landmark verdict in which 14 prominent democratic activists were convicted for subversion amid a national security crackdown on dissent.

Some lawyers say the resignations challenge the assumption, long held by some legal professionals, that having foreign jurists on the top court helps protect the city’s international image after China imposed a national security law on Hong Kong in 2020 in response to mass pro-democracy protests.

Explaining his eventual decision to resign, Mr. Sumption said Hong Kong authorities were paranoid about political dissent.

“Hong Kong, once a vibrant and politically diverse community is slowly becoming a totalitarian state. The rule of law is profoundly compromised in any area about which the government feels strongly,” Mr. Sumption wrote in an editorial published on the Financial Times website.

Hong Kong’s leader John Lee disagreed with Sumption’s comments and said judges did not have expertise in political matters. He also accused Britain and other countries of attempting to interfere in Hong Kong’s legal affairs.

Chinese and Hong Kong authorities say the national security law is necessary and has brought stability.

“Some UK officials and politicians try to weaponise the UK’s judicial influence to target China and HKSAR (Hong Kong)” Lee told reporters.

“A judge is entitled to his personal political preferences, but that is not a judge’s area of professional expertise.”

While some departing foreign judges on the top court have voiced concerns at Hong Kong’s tightened security laws, none has gone as far as Mr. Sumption.

The resignations swell the number of British jurists who have severed ties to Hong Kong’s highest court amid a years-long crackdown on dissent under the mainland’s national security law.

Another judge on the court, Canada’s Beverley McLachlin, announced on Monday that she would step down when her three-year term expired on July 29.

Britain, which handed Hong Kong back to China in 1997, has said the security law that punishes offenses such as subversion with terms of up to life in jail has been used to curb dissent and freedom.

Many of Hong Kong’s democratic campaigners have been arrested, detained or forced into exile, civil society groups have been shuttered and liberal media outlets forced to close.

Last month, 14 pro-democracy activists were found guilty and two acquitted in the landmark subversion trial that critics say further undermined the city’s rule of law and its reputation as a global financial hub.

The verdicts in Hong Kong’s biggest trial against the democratic opposition came more than three years after police arrested 47 democratic activists in dawn raids on homes across the city.

“The real problem is that the decision is symptomatic of a growing malaise in the Hong Kong judiciary,” Mr. Sumption wrote. – Reuters

IMF reaches staff level agreement with Kenya

June 11, 2024 | 1:04 pm

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

NAIROBI – Kenya has reached a staff level agreement with the International Monetary Fund on Tuesday, the organization said, paving the way for the disbursement of about $976 million.

The deal has to be approved by the fund’s executive board in Washington before disbursement of the money.

The fund said in a statement that if its Executive Board approves a second review of Kenya’s Resilience and Sustainability Facility, it would have immediate access to $120 million.

Although the East African nation has been facing liquidity challenges since 2022, it managed to sell a new $1.5 billion Eurobond from international markets in February, albeit at a steep price, to partly buy back another Eurobond that is maturing in June.

The issuance assuaged investor concerns about a potential default, restored foreign investors confidence in the East African economy and caused the shilling currency to strengthen against the dollar.

The fund said despite this, a worsening in the primary fiscal balance in 2023/24 and tax collection shortfalls was expected to keep domestic borrowing needs high.

“As a result, interest payments have increased, putting pressure on public debt even after the latter benefited from a strengthened shilling,” IMF said.

Kenya’s current IMF lending deal, which is for a total of $3.6 billion, was first agreed in April 2021. It has since been extended and expanded.

The current review is the seventh under the program.

Last week, the central bank governor said Kenya will use part of a part of a $1.2 billion World Bank budget support loan to make a payment of roughly $500 million on a Eurobond maturing this month. – Reuters

Apple’s AI push could reinvigorate iPhone sales as customers look to upgrade

June 11, 2024 | 1:00 pm

SAN FRANCISCO – Apple’s developer conference on Monday was about more than infusing its software with the latest artificial intelligence technology, including from ChatGPT.

It was also about selling more iPhones.

Facing choppy consumer spending and resurgent tech rivals, Apple has looked to AI as a way to invigorate its loyal fan base of more than 1 billion customers and to reverse a sales decline for its biggest-selling product.

The software, which requires at least an iPhone 15 Pro or Pro Max to operate, may encourage a cascade of new purchases, several analysts said. Some predicted the biggest upgrade cycle come autumn since Apple’s release of the iPhone 12 in 2020, which drew consumers in part through 5G connectivity.

“What we saw today was more compelling than anything we’ve seen since,” analyst Gil Luria of D.A. Davidson said.

The company showcased what it called Apple Intelligence, its take on generative AI that can conjure text, images and other content on command.

Apple demonstrated how its AI could generate custom emojis, a cartoon to text friends or edits making an email sound more professional. Its digital aide Siri could prompt users if they wanted ChatGPT’s help too.

Some analysts voiced skepticism, predicting consumers would not race to Apple stores to get more AI on their phones.

“Perhaps there may be enough in the new and improved Siri-powered, intelligently Apple devices to stanch some of the device revenue that’s been hemorrhaging lately, but there isn’t enough to create a new band of followers,” said Forrester analyst Dipanjan Chatterjee.

Tejas Dessai of Global X added, “Investors clearly want a more comprehensive and ambitious strategy from Apple when it comes to AI.” The company’s stock fell 2% on the news.

UPGRADE TO AI

Like them or not, Apple’s AI features won’t come to every iPhone.

The company said smartphone customers have to upgrade to the iPhone 15 Pro or Pro Max that Apple began selling in September 2023. The AI, built so it can process data privately on a user’s device, depends on chips in Apple’s newer smartphones.

In Wedbush Securities analyst Dan Ives’ view, that represents a big opportunity. He estimated some 270 million iPhones had not been upgraded in four years.

“We estimate 15%+ of the Apple installed base will upgrade to iPhone 16 as Apple Intelligence is the killer app many have been waiting for,” Ives said.

The iPhone 16 release is expected sometime this autumn.

Gene Munster, a managing partner at Deepwater Asset Management, said another feather in Apple’s cap was its easy-to-use integration with ChatGPT. “They’re really taking the friction out of using AI,” he said.

Apple’s iPhone revenue for its fiscal year that ended in September 2023 was $200.6 billion, down from $205.5 billion the prior year, the company’s latest annual report showed.

Still, AI is just a part of Apple’s draw to consumers. They may primarily want a bigger iPhone display or better camera, but the AI updates would appeal to early adopters and stand apart for their ability to take actions in and across apps, said Martin Yang of Oppenheimer & Co. – Reuters

Indians get hooked on 10-minute grocery apps, squeezing small retailers

June 11, 2024 | 12:57 pm

MUMBAI – In a middle-class suburb of Mumbai, workers at SoftBank-backed Swiggy’s grocery warehouse race against time to deliver orders within 10 minutes. Their speed is tracked by the seconds on a screen that flashes red warnings for slowness.

Outside in sweltering heat, Swiggy’s bikers, sporting the firm’s trademark bright orange T-shirt, frantically collect packed grocery orders to deliver them nearby, while others return to tackle another shipment assigned on their app and waiting.

“Ideally, one needs to get done with the entire (pickup) process in 1 minute 30 seconds,” warehouse manager Prateek Salunke said.

Swiggy warehouses are mushrooming across India to deliver everything from milk and bananas to condoms and roses within minutes – a business model that is reshaping how Indians shop.

It is also threatening millions of mom-and-pop stores that for decades dominated the grocery trade in a country where big supermarkets are relatively scarce and are located in more affluent neighborhoods or malls.

Indians long relied on visits to small neighbourhood outlets for groceries or got free deliveries from them via phone orders, before the rise of e-commerce triggered by Amazon AMZN.O and Walmart’s Flipkart over the past decade.

But the US giants, which offer location-dependent same-day or next-day delivery, are not as fast with groceries as Swiggy and its rivals Zepto and Zomato’s ZOMT.NS Blinkit, which are ushering a “quick commerce” boom.

Goldman Sachs said in April quick deliveries account for $5 billion, or 45% of India’s $11 billion online grocery market currently. As shoppers prioritise convenience and speed, quick commerce will account for 70% of the online grocery market set to touch $60 billion by 2030, it forecast.

IPO-bound Swiggy started as a restaurant food delivery business in 2014 and is valued at $10 billion, but it is now switching gears to bet more on the “last-minute” grocery business in India, the world’s third-largest retail market after China and the United States.

“We are training our guns to focus on a market much larger than food,” a December 2023 confidential Swiggy strategy document seen by Reuters said of its Instamart service.

Its target? “21-35 year old, time-starved urban consumers who value convenience”, the document said.

Swiggy did not respond to requests for comment on the document or its broader strategy.

The company doubled its warehouse count to 500 in 25 cities last year and has plans to increase it to 750 before April 2025, said an executive at one of Swiggy’s financial investors, which also include Prosus, Qatar Investment Authority and Singapore’s GIC.

Globally, COVID-19 lockdowns spurred fast-delivery startups, helping the likes of Turkey’s Getir to expand, only to see the interest dissipate as shoppers returned to physical outlets after the pandemic. Luxembourg-based Jokr scaled back from the U.S. market in 2022.

India is witnessing a different trend.

Sumat Chopra, a partner at consultancy Kearney, said quick commerce firms were benefiting from availability of cost-effective warehousing space and “pampered” Indian consumers’ long-time habit of ordering just a few items from neighborhood stores by phone.

Swiggy will even take an order for a single mango, though it could cost about twice as much as walking to a nearby shop.

Many consumers are willing to pay up to save time.

Mumbai lawyer Natasha Kavalakkat, 27, who has a hectic daily schedule, uses quick delivery apps like Swiggy and Zepto to order apples and bread. She said getting juice packs delivered within minutes just before a party was a game-changer.

“This is too convenient.”

VICTIMS OF THE BOOM

The rise of quick commerce means many smaller retail stores are reeling under pressure.

Suburban Mumbai grocer Prem Patel’s business had thrived in recent years, allowing him to refurbish his store and install air conditioning. He’s not happy anymore.

“No one buys milk from malls and supermarkets. That was our uniqueness. But these apps have changed the game,” said Patel, whose daily sales have halved to about 25,000 rupees ($300).

Four retailer associations in four Indian states, representing 90,000 grocery shops of the country’s estimated 13 million, told Reuters monthly sales were dropping by 10% to 60% for some due to rise of quick commerce apps.

Some traditional stores are responding by becoming more tech-savvy.

Hiren Gandhi, who chairs a retail association in Gujarat state, has asked members to create WhatsApp groups to take orders and deliver goods quickly in a 6.4-km (4-mile) radius.

“Around 500 stores have taken steps to innovate and sustain their business,” he said.

HIGH REVENUE, NO PROFITS YET

Swiggy’s financials for its Instamart quick commerce division are not public, but the internal document showed its annualized order value trebled from $340 million in December 2021 to $1 billion in September last year. The business is still loss-making, the executive at Swiggy’s investor said.

Swiggy’s main rival, Zomato, is India’s biggest food delivery business but acquired quick commerce company Blinkit in 2022. Goldman Sachs said Blinkit is more valuable to Zomato than food delivery and is forecast to post orders worth $2.7 billion this year, nearly 60% higher than estimated last year.

Zomato, in a May regulatory disclosure, said Blinkit had broken even for the first time, but it expected its operating profit to “hover around zero for the next few quarters”. It did not respond to a request for further comment.

Analysts warn reliance only on big urban cities to lure customers and high spending on promotional discounts and marketing that keeps profits at bay could prove risky for quick commerce firms in the low-margin groceries business.

But Swiggy and Blinkit are already diversifying beyond groceries into higher-margin products.

On Swiggy’s app, shoppers can order fitness products and electronics such as a $132 Xiaomi 1810.HK air purifier, while Blinkit said it sold a record number of roses, bouquets and teddy bears in a single day on Valentine’s Day in February.

Swiggy’s Instamart was launched as an “Indian version of 7 Eleven (on the cloud)“, its internal document said, but “we are changing our positioning” to an “online Supermarket”. – Reuters

Philippines must prepare as external threats grow, president says

June 11, 2024 | 12:53 pm

20240312 pbbm and scholz joint presscon yd-33 — PRESIDENT FERDINAND R. MARCOS, JR. — PPA POOL

MANILA – Philippine President Ferdinand Marcos Jr said the country should be prepared for any eventuality because of more pronounced external threats driven by heightened tension in the Indo-Pacific.

The Philippines‘ proximity to Taiwan puts it in China’s area of interest, Mr. Marcos said in a speech to troops at a military camp in Isabela province, in a northern region facing the democratically governed island which is viewed by Beijing as its own territory.

“The external threat now has become more pronounced, has become more worrisome, and that is why we have to prepare,” Mr. Marcos told the troops on Monday. His remarks were shared by the presidential palace on Tuesday.

The Philippines was not trying to redraw lines of sovereign territory including its exclusive economic zone, and the country was committed to defend itself while engaging in diplomacy, Mr. Marcos said.

China’s embassy in Manila did not immediately respond to a request for comment.

The Philippines has a longstanding territorial spat with China, which claims almost all of the South China Sea, a conduit for more than $3 trillion in annual ship commerce.

The Permanent Court of Arbitration in The Hague invalidated China’s claims in 2016, a decision Beijing has rejected. – Reuters

Cheers to Father’s Day indulgences at Seda Manila Bay

June 11, 2024 | 12:00 pm

In appreciation for everything he provides us, Dad deserves a treat on his special day. This Father’s Day, raise your glass to the main man in your life with Seda Manila Bay’s special room package and a mouthwatering array of dining gastronomies to create an unforgettable experience for all dads.

Dad-ventures by the Bay

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Put the spotlight and plan quality time with Dad amid a relaxing staycation from June 14 to 17 priced at P8,500 net. Reward them for a comfortable overnight stay in Deluxe Rooms that include a breakfast buffet for two and, a 20% discount at Misto and Straight Up Bar. In addition, dads will bring home a special token from Gouache Waxed Canvas, American Crew, and Jade’s Temple, as well as a complimentary massage at the hotel spa to revitalize their minds and body.

A Date with Dad: Father’s Day Special Lunch Buffet

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Take Dad on a heartfelt date repleted with family bonding over a scrumptious spread with Father’s Day Lunch Buffet. Indulge in a medley of Misto’s well-loved international classics and local favorites on June 16 from 11:30 AM to 2:00 PM. To mark the occasion, Makina Watches will showcase its premium collections with a product display at the hotel lobby from June 15 to 16. All fathers dining in will also receive exclusive treats from Nike, Karabella Gelato, and Pup Up.

Honor your dad with a delightful Father’s Day retreat at Seda Manila Bay and celebrate this special day with moments that you will cherish forever.

For more information about the hotel, please visit manilabay.sedahotels.com, contact (02) 5304-8888, or follow Seda Manila Bay’s Facebook page at www.facebook.com/sedamanilabay.

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