Home Blog Page 1647

Israel gives the US its demands for ending war in Lebanon, Axios reports

TAYLOR BRANDON-UNSPLASH

Israel gave the United States a document last week with its conditions for a diplomatic solution to end the war in Lebanon, Axios reported on Sunday, citing two U.S. officials and two Israeli officials.

Israel has demanded its IDF forces be allowed to engage in “active enforcement” to make sure Hezbollah doesn’t rearm and rebuild its military infrastructure close to the border, Axios reported, citing an Israeli official.

Israel also demanded its air force have freedom of operation in Lebanese air space, the report added.

A US official told Axios it was highly unlikely that Lebanon and the international community would agree to Israel’s conditions.

The White House could not be immediately reached outside regular business hours. The US State Department did not immediately respond to a request for comment.

The embassies of Israel and Lebanon in Washington did not immediately respond to a request for comment.

White House special envoy Amos Hochstein is visiting Beirut on Monday to discuss a diplomatic solution to the conflict, the report added. – Reuters

Vietnam PM says aiming to lift 2024 growth above 7%

MATT W NEWMAN-UNSPLASH

 – Vietnam’s gross domestic product is expected to grow by 6.8%-7.0% this year, Prime Minister Pham Minh Chinh told parliament on Monday, before adding that the government was aiming to lift growth above the top end of that range. The country’s public debt is under control and well below a mandated ceiling set by the National Assembly, Mr. Chinh said at a the start of a month-long parliament session in Hanoi.

In 2025, Mr. Chinh said Vietnam would aim for growth of 7.0%-7.5%, supported by a credit growth target of 15% and public investment, including spending on transport infrastructure.

He said Vietnam will also seek to attract foreign investment and expand its export markets. “Numerous challenges are lying ahead, but no challenge can slow us down,” Mr. Chinh said.

The Southeast Asian country, a regional industrial hub, reported its strongest economic growth in two years in the September quarter, lifted by exports, industrial production and rising foreign investment, although Typhoon Yagi caused extensive damage last month that could affect future growth.

Mr. Chinh pledged there would not be any power shortages next year. In 2023, rolling power cuts affected industrial production.

He also said Vietnam would continue its fight against corruption and strengthen its defense capabilities. – Reuters

Indonesia’s Prabowo to swear in cabinet of over 100 ministers, deputies

INDONESIA’S new president, Prabowo Subianto, shouts after being inaugurated at the House of Representative building in Jakarta, Oct. 20, 2024. — REUTERS

 – Indonesia’s newly minted leader, President Prabowo Subianto, officially swore in his cabinet on Monday, a team which analysts said reflected continuity of his predecessor’s main policies.

Mr. Prabowo took office on Sunday as the eighth Indonesian president, taking the mantle from Joko “Jokowi” Widodo. In a fiery speech to lawmakers, he promised to eradicate corruption and aim to reach self-sufficiency in food and energy.

Mr. Prabowo’s cabinet has 48 ministries with over 100 ministers and deputies, including re-appointments of Sri Mulyani Indrawati as finance minister and Bahlil Lahadalia as energy minister.

Sri Mulyani will preside over Prabowo’s main programs, including giving free meals to about 20 million children which could cost the state budget 71 trillion rupiah ($4.60 billion) in the first year, a number intended to keep the annual fiscal deficit under a legislated ceiling of 3% of gross domestic product.

A former World Bank managing director, Sri Mulyani has earned plaudits for reforming the taxation system while working under two presidents before Prabowo.

Other key re-appointments include chief economic minister Airlangga Hartarto and Erick Thohir as the state-owned enterprises minister.

Mr. Prabowo’s re-appointments show his intention to continue the policies of Jokowi, especially on the economy, said analyst Burhanuddin Muhtadi.

“Prabowo does not want to take further risks and that’s why he chose key figures that served under Jokowi,” he said, adding these appointments give Prabowo some political security.

Indonesia’s new foreign minister is Mr. Sugiono, the deputy of Mr. Prabowo’s political party and second-in-command of the parliamentary commission overseeing foreign policy.

Luhut Pandjaitan, Jokowi’s senior minister who spearheaded Indonesia’s mineral processing industry, has been named the head of the country’s National Economic Council.

Mr. Prabowo’s cabinet differs in some aspects from Jokowi’s as some ministries have been broken up or renamed. Education and culture ministries are separate, as well as environment and forestry.

Ahead of the swearing in, Mr. Prabowo held a meeting with China’s visiting Vice President Han Zheng, according to a post on his official social media platform X and China’s foreign ministry. – Reuters

US, Canadian navies sail through Taiwan Strait week after war games

https://bit.ly/3M35ndK

 – A US and a Canadian warship sailed through the sensitive Taiwan Strait together on Sunday less than a week after China conducted a new round of war games around the island, with Beijing denouncing the mission as “disruptive”.

The US navy, occasionally accompanied by ships from allied countries, transits the strait around once a month. China, which claims Taiwan as its own territory, also says the strategic waterway belongs to it.

The US Navy’s 7th Fleet said on Monday that the destroyer USS Higgins and the Canadian frigate HMCS Vancouver made a “routine” transit on Sunday “through waters where high-seas freedom of navigation and overflight apply in accordance with international law”.

The transit demonstrated the United States’ and Canada’s commitment to upholding freedom of navigation for all countries, it said in a statement.

“The international community’s navigational rights and freedoms in the Taiwan Strait should not be limited. The United States rejects any assertion of sovereignty or jurisdiction that is inconsistent with freedoms of navigations, overflight, and other lawful uses of the sea and air,” it said.

China’s Eastern Theatre Command said its forces monitored and warned the ships.

“The actions of the United States and Canada caused trouble and are disruptive to peace and stability across the Taiwan Strait,” it added.

Taiwan’s defense ministry said the US and Canadian ships sailed in a northerly direction and Taiwan’s armed forces kept watch, adding the situation was “as normal”.

China staged the war games last Monday it said were a warning to “separatist acts” and which drew condemnation from the Taiwanese and US governments.

The US and Canadian navies last sailed such a joint mission in November of last year.

China says it alone has jurisdiction over the nearly 180 km (110 miles) wide waterway that is a major passageway for international trade. Taiwan and the United States dispute that, saying the Taiwan Strait is an international waterway.

Taiwan’s government rejects Beijing’s sovereignty claims saying only the island’s people can decide their future. – Reuters

Australia’s Qantas told to pay $114,000 to 3 sacked workers in landmark outsourcing case

REUTERS

 – A court on Monday ordered Australia’s Qantas Airways to pay a combined A$170,000 ($114,000) to three baggage handlers it unlawfully sacked in 2020, implying a big damages bill for a lawsuit involving about 1,700 former workers whose jobs were outsourced.

Federal Court Judge Michael Lee said Qantas must pay each of the fired workers A$30,000, A$40,000 and A$100,000 respectively for non-economic loss to reflect the “harm sustained” when the airline laid off them and their colleagues to prevent industrial action.

The carrier must use those payouts as “test cases” as it negotiates with a union on a total damages bill for all of the former ground workers. Qantas had claimed the sackings were warranted as a cost-cutting measure during the COVID-19 pandemic and fought the industrial lawsuit all the way to the High Court.

Lee said he found if Qantas had not illegally outsourced its ground handling operations in 2020, it would have done so lawfully in 2021 to help save about A$100 million a year.

Though the ruling did not give a final payout figure, it sets the tone for the last major legal battle for the airline as it tries to recover from a reputational horror stretch in relation to its actions during and immediately after pandemic restrictions from 2020 to 2022.

The airline said it May it would pay A$120 million to settle a regulator lawsuit accusing it of selling tickets on already cancelled flights in the months after Australia’s international border reopened. It was also accused of pressuring the federal government to stop rival Qatar Airways from offering more flights to Australia.

“Qantas says it’s turned over a new leaf,” said Michael Kaine, national secretary of the Transport Workers Union that brought the industrial dismissal case.

“It’s time to prove it. After relentlessly prolonging this case and denying workers justice, Qantas must do everything in its power to ensure appropriate compensation.”

Qantas CEO Vanessa Hudson, who started in the role in November 2023, said in a statement the company apologized to the workers impacted by its decision “and we know that the onus is on Qantas to learn from this”.

Lee, the judge, told Qantas and the TWU to discuss compensation for all the sacked workers and return to court on Nov. 15. – Reuters

Trump hands out french fries in Pennsylvania, Harris visits Georgia churches in swing-state appeals

US Vice-President Kamala Harris and former US President Donald Trump are seen in a combination of file photographs. — REUTERS FILE PHOTO

 – With the US presidential election just over two weeks away, Democrat Kamala Harris visited two churches on Sunday while her Republican rival, Donald Trump, visited another kind of American temple: a McDonald’s, where he again accused Harris of lying about having previously worked at the fast-food chain.

Both candidates were scrambling for votes in the most competitive states, with Ms. Harris, the US vice president, appealing to early voters in Georgia and Mr. Trump, the former president, campaigning in Pennsylvania ahead of the Nov. 5 election.

Ms. Harris highlighted the heroism of those who responded to Hurricane Helene, which caused deaths and destruction in Florida earlier this month. She drew a contrast between her vision for America and the harsh rhetoric of the current political climate, although she did not mention Trump by name.

“At this point across our nation, what we do see are some trying to deepen division among us, spread hate, sow fear and cause chaos,” she told thousands of congregants at the New Birth Missionary Baptist Church, in Stonecrest, Georgia.

Some measured the strength of a leader as “who you beat down” instead of being guided by “kindness and love,” she said, urging congregants to vote for a more compassionate future.

Ms. Harris was more direct in an interview with MSNBC when asked about Mr. Trump’s comments at an earlier rally in Pennsylvania in which he called her a “shit vice president,” telling civil rights leader Al Sharpton: “The American people deserve so much better.” At a McDonald’s in suburban Philadelphia, Trump removed his suit jacket, put on a black and yellow apron and cooked batches of french fries, something he said he had wanted to do “all my life.”

The former president dipped wire baskets of potatoes in sizzling oil before salting them and handing them out to some of his supporters through the drive-through window of the restaurant, which had been closed to the general public. Thousands of people lined the street opposite the restaurant to watch.

“I like this job,” said Mr. Trump, whose adoration for fast food has been well chronicled. “I’m having a lot of fun here.”

Mr. Trump has said the McDonald’s visit was intended in part as a jab at Ms. Harris, who says she worked at the fast-food chain during her college years in California. Mr. Trump claims Harris never worked there but has provided no evidence to back that up.

Ms. Harris spokesperson Ian Sams said the stunt was a sign of the real-estate mogul’s desperation.

“All he knows how to do is lie,” he said. “He can’t understand what it’s like to have a summer job because he was handed millions on a silver platter, only to blow it.”

The Harris campaign said Mr. Trump’s visit also belied his opposition to an increase in the federal minimum wage and his support for a rule that could make it more difficult for workers to win legal claims against the parent company if a franchise owner violated minimum-wage and overtime laws.

 

“HAPPY BIRTHDAY”

Ms. Harris, who was raised in the teachings of the Black church and sang in a church choir, marked her 60th birthday on Sunday while campaigning outside of Atlanta.

At Divine Faith Ministries International in Jonesboro, Georgia, music icon Stevie Wonder performed, singing his hit “Higher Ground” and a version of Bob Marley’s “Redemption Song.”

Asked about polls showing a lack of enthusiasm for her candidacy among Black men who have been a reliable voting bloc for Democrats, Harris told Sharpton she was working to earn their votes as well.

“There’s this narrative about what kind of support we are receiving from Black men that is just not panning out in reality,” Harris said. “Because why would Black men be any different than any other demographic of voter? They expect that you earn their vote.”

Ms. Harris will need strong results in the majority non-white cities of Detroit and Atlanta and their surrounding suburbs to repeat President Joe Biden’s 2020 wins in Michigan and Georgia.

At a campaign event in Lancaster, Pennsylvania, Mr. Trump extended birthday wishes to Ms. Harris, drawing boos from his crowd.

“Happy birthday, and many more, and I mean it,” Mr. Trump said, although he continued to criticize Harris’s policies and speculating that his opponent may have “a cognitive problem.” – Reuters

Cuba grid collapses again, hurricane heaps on misery

PHILSTAR

 – Cuba’s electrical grid collapsed again on Sunday, the fourth such failure in 48 hours, with a hurricane making landfall to compound the island’s misery and threaten further havoc on its decrepit infrastructure.

Cuba earlier on Sunday had said it was making headway restoring service after multiple false starts, though millions of people remained without electricity more than two days after the grid’s initial collapse.

“Restoration work began immediately,” the country’s energy and mines ministry said on X.

Hurricane Oscar made landfall on the Caribbean island on Sunday, bringing strong winds, a powerful storm surge and rain to parts of eastern Cuba and threatening to further complicate the government’s efforts to reestablish service.

Cuba’s meteorological survey warned of “an extremely dangerous situation” in eastern Cuba, while the U.S. National Hurricane Center reported winds of 75 miles per hour (120 kph) as the storm made its way across the island.

“On the forecast track, the center of Oscar is expected to continue moving across eastern Cuba tonight and Monday, then emerge off the northern coast of Cuba late Monday and cross the central Bahamas on Tuesday,” the Hurricane Center said.

The Communist-run government canceled school through Wednesday – a near unprecedented move in Cuba – citing the hurricane and the ongoing energy crisis. Officials said only essential workers should report to work on Monday.

The repeated grid collapses marked a major setback in the government’s efforts to quickly restore power to exhausted residents already suffering from severe shortages of food, medicine and fuel.

The multiple setbacks in the first 48 hours also underscored the complexity of the work and the still precarious state of the country’s grid.

Cuba had restored power to 160,000 clients in Havana just prior to the grid’s Sunday collapse, giving some residents a glimmer of hope.

But housewife Anabel Gonzalez, of old Havana, a neighborhood popular with tourists, said she was growing desperate after three days without power.

“My cell phone is dead and look at my refrigerator. The little that I had has all gone to waste,” she said, pointing to bare shelves in her two-room home.

Energy and mines minister Vicente de la O Levy told reporters earlier on Sunday he expected the grid to be fully functional by Monday or Tuesday but warned residents not to expect dramatic improvements.

It was not immediately clear how much the latest setback would delay the government’s efforts.

Cuba’s national electrical grid first crashed around midday on Friday after the island’s largest power plant shut down, sowing chaos. The grid collapsed again on Saturday morning, state-run media reported.

By early evening on Saturday, authorities reported some progress restoring power before announcing another partial grid collapse.

 

RISING TENSIONS

Reuters reporters witnessed two small protests overnight after a grid failure left Havana in the dark late Saturday, one on the outskirts of the capital in Marianao and the other in the more central Cuatro Caminos. Various videos of protests elsewhere in the capital began to crop up on social media late on Saturday, though Reuters was not able to verify their authenticity.

Energy Minister O Levy said the blackouts were bothersome to residents, but he said most Cubans understood and supported government efforts to restore power.

“It is Cuban culture to cooperate,” O Levy told reporters on Sunday. “Those isolated and minimal incidents that do exist, we catalog them as incorrect, as indecent.”

Internet traffic dropped off sharply in Cuba over the weekend, according to data from internet monitoring group NetBlocks, as vast power outages made it all but impossible for most island residents to charge phones and get online.

“Network data show that Cuba remains largely offline as the island experiences a second nationwide power outage,” Netblocks said on Saturday.

The government has blamed weeks of worsening blackouts – as long as 10 to 20 hours a day across much of the island – on deteriorating infrastructure, fuel shortages and rising demand.

Cuba also blames the U.S. trade embargo, as well as sanctions instituted by then-President Donald Trump, for ongoing difficulties in acquiring fuel and spare parts to operate and maintain its oil-fired plants.

The US has denied any role in the grid failures.

Cuba depends on imports to feed its largely obsolete, oil-fired power plants. Fuel deliveries to the island have dropped significantly this year as Venezuela, Russia and Mexico, once important suppliers, have slashed their exports to Cuba.

Ally Venezuela – struggling to supply its own market – cut by half its deliveries of subsidized fuel to Cuba this year, forcing the island to search for more costly oil on the spot market.

Mexico, another frequent supplier, appeared also to have cut fuel flows to Cuba during a presidential election year.

Recently elected President Claudia Sheinbaum has not said if the state-supported supply to Cuba will continue under same terms under her administration. – Reuters

EXPLAINER | Urgent calls to pass the “Teen Pregnancy Prevention Bill Now!

The enactment of the “Teenage Pregnancy Prevention Bill” is an urgent call from nearly four hundred civil society organizations and government agencies to the Senate, as the country’s problem of teenage pregnancy remains high.

The bill seeks to protect Filipino children and youth by implementing accurate, age- and development-appropriate comprehensive sexuality education in schools and communities.

Easier access to information and services, including contraceptives; access to well-trained health personnel, and social protections, are among the other solutions that the bill aims to provide.

“If we pass this bill, we take care of the 10 to 14-year-olds, we take care of the 15 to 19-year-olds, and we address the P33 billion economic loss due to teenage pregnancy,” Myline Mirasol Quiray, head, knowledge management and communications division of Commission on Population and Development.

Related article: https://www.bworldonline.com/health/2024/09/24/623638/senate-urged-to-prioritize-passage-of-teen-pregnancy-prevention-bill/

Interview by Edg Adrian A. Eva
Editing by Jayson John D. Mariñas

Joint Foreign Chambers to present Arangkada Lifetime Achievement Award to Secretary Pascual on Oct. 24

On Oct. 24, 2024 (Thursday), at their annual flagship Arangkada Philippines Forum, the Joint Foreign Chambers of the Philippines (JFC) will honor former Department of Trade and Industry (DTI) Secretary Alfredo Pascual with the annual Arangkada Lifetime Achievement Award. Every year, the award honors a person who has, by writing, word, or deed in the public, private, and/or non-profit sector(s) over a period of at least 25 years, contributed to significant and enduring improvements in the conditions and environment for business in the Philippines. The award presentation is scheduled for 2:35 p.m. at the Marriott Grand Ballroom in Pasay City, and will be followed by an acceptance speech from Secretary Pascual. A full schedule of the full-day forum can be found here.

The 13th Arangkada Philippines Forum will bring together hundreds of public and private sector leaders to discuss reforms and strategies to upskill the country’s workforce and accelerate economic growth, in light of demographic shifts and technological advancements. The forum will feature top government officials, including Senate President Francis “Chiz” Escudero, Chairman of the House Committee on Higher and Technical Education Mark Go, and leaders from the Department of Labor and Employment, Commission on Higher Education, and Department of Trade and Industry, among others, business leaders and heads of business groups, and representatives from international organizations like the World Bank, Asian Development Bank, and International Labor Organization. It will also be attended by industry experts, members of the diplomatic community, academe, and media. To register for the 2024 Arangkada Philippines Forum, visit www.arangkadaphilippines.com/forum2024.

“We extend our heartfelt congratulations to Secretary Pascual on this year’s Arangkada Lifetime Achievement Award. We have greatly appreciated his partnership in promoting investments and trade between the Philippines and the countries we represent, and we particularly value his work to support Micro, Small, and Medium Enterprises (MSMEs) during his tenure. This award is a testament to his contributions to the acceleration of the country’s economic growth. We are excited to present it to him during our annual forum on Oct. 24th,” said the Joint Foreign Chambers.

“I am honored to receive the Lifetime Achievement Award from the Joint Foreign Chambers. The Joint Foreign Chambers have been a steadfast partner in the work to promote trade and investments, driving meaningful progress in our nation’s economic development. I look forward to participating in their forum and speaking about the vital role of investing in the Filipino workforce — an essential driver of our shared vision for a more inclusive, resilient, and globally competitive Philippine economy. Together, we can continue building a future that uplifts every Filipino and enhances our standing in the global market,” said Secretary Pascual.

With this award, the JFC acknowledges Secretary Pascual’s 44 years of public service, especially his most recent achievements as the former Secretary of the Department of Trade and Industry. During his tenure, the DTI launched a series of successful investment roadshows across the globe. These initiatives significantly boosted the country’s visibility on the international stage, drawing investments in key sectors such as renewable energy, information and communication technology, construction, real estate, and logistics. Prior to this, he also held pivotal positions at the Asian Development Bank, the Institute of Corporate Directors, and the Management Association of the Philippines, where he showed his sincere commitment to national development and inclusive progress.

Fitting to the Arangkada forum theme of “Upskill, Upscale, Uplift,” Mr. Pascual’s commitment to improving the skills of the Filipino workforce was reflected during his term as the President of the University of the Philippines, where he introduced reforms to encourage greater focus on research, improve school facilities and information systems, and raise its international standings.

The 2024 Arangkada Philippines Forum is proudly supported by leaders in the industry, including Coca-Cola Philippines, First Philippine Holdings, ICTSI, SGV & Co., Capital One, Marubeni, Royal Cargo, AIG, BDO, Cargill, Converge, and Eastern Communications. The event is also supported by key business groups, civil organizations, and media partners, such as the Advanced Manufacturing Workforce Development Alliance, Asia Society Philippines, ConnectedWomen, Employers Confederation of the Philippines, Financial Executives Institute of the Philippines, Fintech Alliance PH, German-Philippine Chamber of Commerce and Industry, Makati Business Club, Management Association of the Philippines, PepsiCo, Philippine Exporters Confederation Inc., Philippine Mining Club, PwC Philippines, Royal Danish Embassy Manila, Semiconductor and Electronics Industries in the Philippines Foundation Inc., BusinessWorld, Inquirer.net, Philippine Daily Inquirer, and the Philippine Star.

The JFC is a coalition of the American, Canadian, European, Japanese, and Korean chambers as well as the Philippine Association of Multinational Companies Regional Headquarters, Incorporated (PAMURI). It supports and promotes open international trade, increased foreign investment, and improved conditions for business to benefit both the Philippines and the countries the JFC members represent.

 


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

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

Investment, regulatory and policy discussions on issues impacting the Philippines’ natural gas industry

Taking centerstage on Nov. 19, 2024 at the newly built Grand Ballroom of Lanson Place Mall of Asia in Philippines, the 4th Biennial Philippine Natural Gas Investment Summit features executive presentations from the industry’s thought leaders and key decision-makers to deep dive into issues impacting the Philippines’ natural gas market outlook.

THE 4TH PHILIPPINE NATURAL GAS INVESTMENT SUMMIT IS THE PERFECT LEARNING AND NETWORKING PLATFORM DESIGNED FOR: 

  • Economists and Financial Analysts 
  • Energy Sector Executives 
  • Environmental Managers and Consultants 
  • EPC and O&M Contractors 
  • Government Departments and Agencies 
  • Investment Bankers and Investors 
  • Large Energy Users 
  • Legal and Financial Advisors 
  • Policymakers 
  • Regulators 
  • Renewable Energy Developers 
  • Technical Consultants

Registration Fee:

BusinessWorld Subscriber: PhP15,000.00 

Non-Subscriber: PhP20,000.00

For more information, you may visit https://pcm-asia.org/4pngis or contact Ed Gallinero at +632 8800-9201, +63 926-006-4333 or evg@pcm-asia.org.

 


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

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

Watch Republic launches 2024 Fall-Winter Collections and its new campaign: Life Beyond the Clock

As the one-stop shop for top watch brands in the Philippines, Watch Republic believes that timepieces reflect life and lifestyles. Their curated selection of watches embodies the #WatchRepublic vision to make timepieces affordable gateways to self-expression — offering quality watches that speak to various lifestyles and empower individuals in every moment whether working, playing, or indulging in life’s luxuries.

Watch Republic’s Life Beyond the Clock was a watch fair event last Sept. 27-29 at OneAyala Malls, which set off the alarm for the upcoming Fall-Winter 2024 Collections with interactive activities, raffles, free drinks, and exclusive discounts. The event was an invitation to look beyond the ticking of the clock and to make the most of every moment, a reiteration of their brand philosophy: Work. Play. Indulge.

#LifeBeyondtheClock was in partnership with Zalora, Asia’s online fashion destination, to connect with online customers, not only beyond the clock but also beyond platforms. Panco Cafe also brought elevated coffee beverages to the watch fair as the event’s official coffee partner.

Featured brands include Timex, Axis, Police, Titan, Guess, and more. Watch Republic also introduced two new brands to the roster, building on the vision of speaking to every lifestyle and expanding their lineup of high-end watches with Fastrack and Daniel Wellington.

They featured their Fall-Winter collections in their distinct styles, seamlessly blending the #WorkPlayIndulge areas.

Timex Marlin Automatic

Timex brought their analog roots to Life Beyond the Clock’s Work area with an interactive maze wheel. They further embraced 170 years of the analog life with their tote bag customization station that lets you design a tote that captures the essence of timeless craftsmanship. On the other hand, Titan’s wishing wall focused on collecting different stories of resilience, strength, and passion that embody the Titan spirit — rewarding the most compelling and inspiring story with a Titan Gift Surprise.

Axis Charles Multifunction

The Play area of the event featured Axisphotobooth as the perfect place to Make Time for Memories. They also sent a reminder to find the simple joys in life through a word search board and a vanity booth to make time for self-love and care.

Police Tough Gear

Police remained faithful to their daring and bold image with Audacity Land. Attendees tried out the upgraded features of Police’s new smartwatches and gave them a taste of the metaverse in a Virtual Reality booth experience full of fun games and prizes.

Fastrack

Fastrack entered the Watch Republic scene as the quirkiest fashion-forward youth brand of Titan Company Limited. They emerged as a frontrunner in delivering the best smartwatches to complement your dynamic lifestyle — your gateway to a seamless fusion of style and technology. Fastrack created a quirky and dynamic experience in the Play area with their Bike’d juice blender station, resonating with their offbeat thinking and trendy aesthetics.

Guess Majesty and Majestic

Guess featured a human-sized interactive mirror booth in the Indulge area, reflecting a luxurious and rewarding lifestyle for you to Indulge in. 40 years of iconic trends, timeless style, and innovative designs render Guess as a true pioneer in the world of fashion timepieces.

Daniel Wellington Petite Mini

Watch Republic welcomed Daniel Wellington to the roster with its refreshing minimalist approach. Standing out with clean and timeless designs, Daniel Wellington presented The Lounge as space for guests to enjoy free refreshments from Panco Cafe. The space blended relaxation and elegance, creating the right atmosphere to indulge in aromatic Australian coffee while exploring the curated display of watches.

To complete the event, Watch Republic OneAyala shop offered a 20% discount on regular items for the duration of the event. Zalora also extended this offer on their platform during their 10.10 Campaign last Oct. 8-16. The new Fall-Winter watch collections will also be available in-store and online. Visit Watch Republic stores nationwide to catch the featured Fall-Winter watches from Watch Republic.

Display Area

About Newtrends International Corp.:

One of the Philippines’ leading companies in the distribution, retailing and marketing of international lifestyle accessories with focus on timepieces, writing instruments, and jewelries. NIC has been in the business since 1992 and has grown from a single brand distributor to a multi-category distributor and retailer with more than 30 brands in its portfolio.

About Watch Republic:

Life these days moves from work to play and Watch Republic has the perfect piece suited for one’s hectic schedule, style, and moods. As the official distributor of big watch brands like Timex, Esprit, Orient, Ingersoll, Nixon, and more, we are the go-to hub for watch aficionados and the modern urban professionals who want to work, play, and indulge.

Watch Republic offers a wide selection of watch designs from heritage and classic models to novelty and designer styles, from sports multi-function and digital watches to mechanical and analog. Here, you will find timepieces that combine the well thought designs and solid craftsmanship. Watch Republic is the place where style is everything. 

Staying true to our vision to deliver stylish, quality timepieces that fit your lifestyle, we offer additional services like personalization and strap customization to turn your watch into a keepsake suited to your taste.

Find your signature timepiece today at Watch Republic.

 


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

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

BoP surplus balloons to $3.5B in September

REUTERS

By Luisa Maria Jacinta C. Jocson, Reporter

THE PHILIPPINES’ balance of payments (BoP) position posted a surplus in September, the widest in nearly four years, the Bangko Sentral ng Pilipinas (BSP) said.

Data from the BSP showed the BoP ballooned to a $3.526-billion surplus in September from $88 million in August. It was also a turnaround from the $414-million deficit in the same period a year ago.

The September BoP also marked the biggest monthly surplus in close to four years or since $4.236 billion in December 2020.

“The BoP surplus in September 2024 reflected inflows mainly from the National Government’s (NG) net foreign currency deposits with the BSP and net income from the BSP’s investments abroad,” the central bank said.

The BoP measures the country’s transactions with the rest of the world. A surplus shows that more money entered the Philippines, while a deficit means more funds left.

At its end-September position, the BoP reflected a final gross international reserve (GIR) level of $112.7 billion, higher than $107.9 billion as of end-August.

The dollar reserves were enough to cover 4.5 times the country’s short-term external debt based on residual maturity.

It was also equivalent to 8.1 months’ worth of imports of goods and payments of services and primary income.

An ample level of foreign exchange buffers safeguards an economy from market volatility and is an assurance of the country’s capability to pay debts in the event of an economic downturn.

YEAR TO DATE
Meanwhile, the country’s BoP position registered a $5.117-billion surplus in the January-September period, widening from the $1.736-billion surplus a year earlier.

“Based on preliminary data, this cumulative BoP surplus reflected mainly the narrowing trade in goods deficit alongside the continued net inflows from personal remittances, trade in services, and net foreign borrowings by the NG,” it said.

Latest data from the local statistics authority showed that the trade gap in the January-August period narrowed by 4.35% to $34.3 billion from the $35.86-billion deficit a year ago.

“Furthermore, net foreign direct and portfolio investments contributed to the BoP surplus,” the BSP added.

Separate data from the central bank showed that net inflows of foreign direct investments rose by 7.5% to $5.256 billion in the first seven months from $4.888 billion a year earlier.

Meanwhile, foreign portfolio investments yielded a net inflow of $1.998 billion in the January-August period, surging by 542.9% from the $310.77-billion net inflows a year ago.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the BoP surplus ballooned amid the proceeds of the NG’s latest dollar bond offering.   

The government raised $2.5 billion from its issuance of triple-tranche US dollar-denominated global bonds at end-August. This marked its second global bond offering this year.

Mr. Ricafort also noted continued growth in remittances and business process outsourcing revenues, among others.

“This partly reflects the record GIR recently that is equivalent to more than 8 months of imports and more than double versus the international standard of three to four months, thereby would fundamentally provide a greater cushion for the peso exchange rate,” he said.

Separate BSP data showed the country’s GIR rose to a record high of $112 billion at end-September amid a surge in foreign currency deposits.

“The current account also contributed to this as exports might have accelerated and imports slowed down due to currency depreciation,” John Paolo R. Rivera, a senior research fellow at the Philippine Institute for Development Studies, said in a Viber message.

In the first half of the year, the country’s current account deficit stood at $7.1 billion, accounting for 3.2% of GDP. The BSP expects the current account deficit to reach $6.8 billion this year, equivalent to 1.5% of GDP.

“Increase in income from foreign investments, remittance inflows, sale of assets may have also contributed to this,” Mr. Rivera added.

Mr. Ricafort said that stronger dollar inflows in the coming months could further support the BoP. He also noted the upcoming holiday season, which would boost remittances and exports.

For 2024, the BSP expects the country’s BoP position to end at a $2.3-billion surplus, equivalent to 0.5% of GDP.