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Sublime Spain strikes late to win record fourth Euro crown

BERLIN — Spain’s Mikel Oyarzabal scored four minutes from time as they capped a dominant Euro 2024 campaign with a deserved 2-1 win over England in Sunday’s showpiece for a record fourth title and condemned their opponents to a second straight final defeat.

Mr. Oyarzabal finished off a swift counter-attack for the winner after England had fought back from a goal down for the fourth successive match and seemingly earned extra-time.

After a cautious first half where Spain had 65% possession but England’s Phil Foden managed the only shot on target, the Spaniards struck two minutes after the restart, despite losing influential midfielder Rodri to injury at the break.

Teenager Lamine Yamal, who had been shackled completely in the first half, finally found space down the right and crossed for Nico Williams to slot home past goalkeeper Jordan Pickford.

Spain then enjoyed a purple patch with a series of sharp attacks as England’s previously watertight defense lost its shape and Dani Olmo, Morata and Mr. Williams all had good chances.

For England the “30 years of hurt” after their 1966 World Cup success, which was the soundtrack to their hosting of Euro 96, will now run to at least double that number as they became the first team to lose successive Euro finals. — Reuters

Philippines’ Rico Hoey settles for joint second in Kentucky PGA Tour

THE PHILIPPINES’ Rico Hoey came tantalizingly close to a coveted title in Professional Golfers’ Association (PGA) Tour but faded in the final push and settled for joint second in the ISCO Championship Sunday in Nicholasville, Kentucky.

Mr. Hoey, born in Manila and raised in the US, kissed his golden bid goodbye as he stumbled with a bogey in the first playoff hole to bomb out of a rare five-way sudden death eventually won by Harry Hall of England.

Mr. Hall chipped in a birdie in the third extra hole to seal his maiden championship and bank a cool $720,000. The 28-year-old Pinoy ace runnerup honors with Americans Matt NeSmith, Zac Blair and Pierceson Coody in his best finish in the prestigious tour worth $268,000 (about P15.7 million).

Mr. Hoey, who previously competed for the Philippines in the Putra Cup, was in contention at the Keene Trace Golf Club through and through. He even had the lead at 23-under after sinking his fourth birdie of the day in the 15th hole. But he closed with a bogey on the par-4 No. 18, where his second shot flew the green and found the rocky edge of the water hazard, which paved the way for the playoff.

“Four rounds in the 60s is all I can ask for and I thought I played great,” said Mr. Hoey, who settled for a closing 69 and a chance in the playoff after earlier rounds of 64, 66 and 67.

“It kind of sucks on 18, but I hit a great shot, hit a great tee ball and hit a great second shot. Adrenaline’s pumping, I’ve never really been in that situation where it like comes down to it,” he added.

In the first playoff hole in the 18th, Mr. Hoey failed to convert a mid-range par putt to get the boot alongside fellow bogey-scorer Mr. Blair while Mr. Hall, NeSmith and Coody, with their pars, moved forward to the next.

After identical pars again in the second extra hole also in the 18th, Mr. Hall finally edged Mr. NeSmith and Mr. Coody in the third — the par-3 No. 9 — to ice it. — Olmin Leyba

PHL’s Falcons AP Bren beaten by Malaysia’s Selangor Red Giants in Southeast Asia Cup

PHILIPPINE team Falcons AP Bren fell prey to Malaysia’s Selangor Red Giants, 3-4, to settle for a runner-up finish in the Mobile Legends: Bang Bang (MLBB) Southeast Asia Cup (MSC) at the Esports World Cup over the weekend in Riyadh, Saudi Arabia.

AP Bren, the reigning M5 World Champion, erased a 2-3 deficit to force a clincher in the thrilling best-of-seven duel only to fold down the stretch to the rising Malaysian squad led by a bevy of Filipino imports.

It’s the first-ever MLBB international title for Malaysia with Filipino aces John “Innocent” Banal and Mark “Kramm” Rusiana making their mark under the guidance of Pinoy mentor Michael “Arcadia” Bocado.

The Philippines had dominated the regional tournament with three titles in the seven editions. Coincidentally, AP Bren was not among the previous Philippine champions albeit it had stamped its class in the world stage with two titles in the M2 and M5.

Selangor Red Giants were coming off a championship run in the MLBB Pro League (MPL) Malaysia Season 13 before claiming the scalp of no less than the powerhouse AP Bren that just ruled the M5 World Championship last December.

Ace player Muhammad Haqqullah “Sekysss” Ahmad Shahrul Zaman was named the Finals MVP with solid support from compatriots Hazziq “Stormie” Rizwan and Muhammad Qayyum Ariffin Bin “Yums” Mohd Suhairi.

Selangor pocketed a grand prize of $1,000,000 as the majority of the whopping $3-million prize pool.

David Charles “FlapTzy” Canon, Marco “Super Marco” Requitano, Michael “KyleTzy” Sayson, Vincent Joseph “Pandora” Unigo, Angelo Kyle “Pheww” Arcangel and Rowgien “Owgen” Unigo made up the AP Bren squad that took home a $500,000 prize.

AP Bren went undefeated throughout the tournament, including a 3-1 semifinal win against fellow Filipino squad Team Liquid ECHO for a sweet vengeance after losing to the latter in the MPL Philippines Season 13 finals last summer. — John Bryan Ulanday

Argentina clinches record 16th Copa America with 1-0 extra-time win over Colombia

MIAMI GARDENS, Florida — Defending champions Argentina won a record 16th Copa America title by beating Colombia 1-0 thanks to an extra-time goal from substitute Lautaro Martinez at the Hard Rock Stadium in Florida on Sunday.

The game, which was delayed by more than an hour after thousands of fans without tickets tried to enter the stadium, was a cagey affair over 90 minutes but opened up in the extra period.

Mr. Martinez, the tournament’s leading scorer, latched onto a precise through ball from Giovani Lo Celso before lifting his effort over advancing Colombia goalkeeper Camilo Vargas in the 112th minute to spark wild celebrations among Argentina fans.

Argentina’s latest title comes on the back of their triumphs at the 2022 World Cup and 2021 Copa America, and gives eight-times Ballon d’Or winner Lionel Messi the perfect sendoff in what is likely his last international tournament.

The win also marked Angel di Maria’s final Argentina match after the 36-year-old said last year he would retire from international football after the Copa, while defender Nicolas Otamendi, 36, is also set to end his international career.

Colombia started the match by pressing high up the pitch and Jhon Cordoba hit the post in the seventh minute before Jefferson Lerma and Richard Rios had long-range efforts saved by Argentina goalkeeper Emiliano Martinez.

Mr. Messi appeared to hurt his ankle in the 36th minute after a collision with Santiago Arias and while he got back to his feet after receiving treatment he was clearly hampered for the remainder of the half.

Colombia went on the offensive again in the second half with Arias and Davinson Sanchez coming close to scoring.

Argentina soaked up the pressure well but were dealt a blow in the 66th minute when Mr. Messi limped off due to the ankle injury.

They continued to grow into the contest and had a goal disallowed for offside but Colombia held on as the match went to extra time.

The defending champions continued to push forward in extra time, testing Vargas with a shot from Nico Gonzalez before Mr. Martinez finally found the breakthrough.

Argentina’s win saw them move ahead of Uruguay after the pair had been tied on 15 Copa title. It also ended a record 28-match unbeaten streak for Colombia, whose last defeat also came against ‘La Albiceleste’ in February 2022.

In a small consolation for Colombia, midfielder and captain James Rodriguez was named player of the tournament, after notching six assists to break Mr. Messi’s previous record of five assists in a single edition of the Copa America. — Reuters

Joe Biden calls for national unity after Trump shooting

US PRESIDENT Joseph R. Biden delivers an address to the nation from the Oval Office of the White House in Washington, DC on July 14, 2024. — POOL VIA REUTERS

WASHINGTON — US President Joseph R. Biden used the formal setting of the White House Oval Office on Sunday to ask Americans to lower the political temperature and remember they are neighbors after a would-be assassin wounded Republican rival Donald Trump.

Mr. Trump’s shooting at a rally in Pennsylvania on Saturday “calls on all of us to take a step back,” Mr. Biden said. Thankfully Mr. Trump was not seriously injured, he said.

“We can’t allow this violence to be normalized. The political rhetoric in this country has gotten very heated. It’s time to cool it down,” he said. “We all have a responsibility to do this.”

“In America we resolve our differences at the ballot box. Now that’s how we do it. At the ballot box. Not with bullets,” Mr. Biden said in a speech that was about seven minutes long, and carried live by major news networks and the conservative channel Fox News.

It was Mr. Biden’s third use of the formal setting of the Oval Office to comment on issues of major importance to Americans since he took power in 2021. This time, it is less than four months to go before the Nov. 5 election, and Mr. Biden’s political future is in doubt.

Mr. Biden’s appearance allowed him to demonstrate the power of incumbency, an important symbolic image as he battles some in his own Democratic Party who want the 81-year-old leader to step aside from seeking re-election out of concerns he lacks the mental acuity for another four-year term.

Mr. Biden ran through some of the US’s multiple instances of political violence in recent years, including the Jan. 6, 2021, assault on the US Capitol by Trump loyalists and the hammer-beating injury of Paul Pelosi, husband of former House Speaker Nancy Pelosi, in 2022.

“Violence has never been the answer,” Mr. Biden said.

Four US presidents have been assassinated and several escaped assassination attempts. Multiple presidential candidates have been shot, some fatally.

White House officials hope the Trump shooting attempt might ease the pressure on Mr. Biden to step aside by prompting Democrats to rally around him.

Mr. Biden garbled a few words and phrases in his address, a regular occurrence for the president, but one in the spotlight after his faltering June 27 debate performance. After he finished the address, Fox News Channel and other conservative news outlets highlighted his stumbles.

Mr. Biden’s Oval address was a rare one. Last October he made a prime-time speech to comment on the Gaza and Ukraine conflicts and in June of 2023 he spoke when a deal was reached with Republicans to avoid a breach of the US debt ceiling.

His campaign has called off verbal attacks on Mr. Trump to focus instead on the future. Within hours of Saturday’s shooting, Mr. Biden’s campaign was pulling down television ads and suspending other political communications.

“Tonight I’m asking every American to recommit,” Mr. Biden said. “Hate must have no safe harbor.”

But he said it is fair to contrast his vision with that of the former president, and that he planned to do so soon. Mr. Biden called off a trip to Texas on Monday for a civil rights address but will go to Las Vegas Tuesday for a speech. — Reuters

Thai economy faces upheaval due to factory closures, cheap imports

BANGKOK’s skyline is photographed during sunset in Bangkok, Thailand, July 3, 2023. — REUTERS

BANGKOK — When Chinese electric vehicle maker BYD opened its first Southeast Asian factory in Thailand earlier this month, the nation of 66 million people basked in the limelight and won praise for its industrial vision.

What, however, received less attention was an announcement by another big automobile manufacturer — Suzuki Motor — just a few weeks earlier that it will shutter a Thai factory that produced as many as 60,000 cars a year.

The Japanese automaker’s move mirrors those by scores of other companies in Southeast Asia’s second-biggest economy which is bearing the brunt of cheap imports from China and a slide in industrial competitiveness due to factors including rising energy prices and an ageing workforce.

Thailand has witnessed nearly 2,000 factory closures in the last year, upending its manufacturing sector that contributes nearly a quarter of its gross domestic product (GDP).

It is weighing on the $500-billion economy and on workers such as Chanpen Suetrong.

The 54-year-old spent nearly two decades at the V.M.C. Safety Glass factory in central Samut Prakan province, checking the automotive and building products that rolled off the production line.

Ms. Chanpen said she was unexpectedly told in April that the factory was shutting down, leaving her without a job.

“I don’t have any savings. I have hundreds of thousands of baht of debt,” said the sole breadwinner in a family of three that includes an ailing husband and a teenage daughter. “I’m old, where will I go to work? Who will hire me?”

Monchai Praepriwngam, a director at V.M.C. Safety Glass, declined to comment on why the factory closed.

The manufacturing sector’s woes have left Prime Minister Srettha Thavisin, who took power last year, struggling to fulfil his promise of bringing average annual gross domestic product growth to 5% over his four-year term, up from 1.73% in the past decade.

“The industrial sector has slumped and capacity utilization has fallen below 60%,” Mr. Srettha told parliament last week. “It is clear that the industry needs to adapt.”

Supavud Saicheua, chairman of the state planning agency National Economic and Social Development Council, said Thailand’s decades-long manufacturing-driven economic model is broken.

“The Chinese are now trying to export left, right and center. Those cheap imports are really causing trouble,” Mr. Supavud told Reuters.

“You have to change,” Mr. Supavud said, arguing that Thailand should refocus on making products that China wasn’t exporting while strengthening its agriculture sector. “No ifs or buts.”

ADAPT, OR CLOSE
The factory closures between July 2023 and June 2024 increased 40% from the preceding 12 months, according to the latest Department of Industrial Works data that has not been previously reported.

As a result, job losses jumped by 80% during the same period, with more than 51,500 workers left without work, the data shows.

The number of new factory openings has also slowed down, with large factories closing and small factories opening instead, Kiatnakin Phatra Bank’s research division said in a June note.

The impact has spread to industries that are the main driving force of the economy, including the automobile industry, it said.

Meanwhile, smaller manufacturers are grappling with a rise in production costs on the back of steepening energy prices and relatively high wages, said Sangchai Theerakulwanich, chairman of the Federation of Thai SME.

“We compete with multinational businesses,” he said. “Manufacturers unable to adapt quickly had to close business or change to make something else.”

Starting this month, Thailand is collecting a 7% value-added tax on cheap imported goods priced less than 1,500 Thai baht ($41), mostly from China, but such products are still exempted from customs duties.

Nava Chantanasurakon, vice chairman of the Federation of Thai Industries, said his group has asked the government to look at measures to prevent tariff evasion amid the US-China trade war and high barriers for some Chinese goods in other regions.

For now, Thailand’s economy is projected to grow only about 2.5% this year — among the factors that have left a majority of Thais dissatisfied with Prime Minister Srettha’s performance.

Srettha has argued that his party’s controversial and delayed 500 billion-baht handout scheme that has met a barrage of criticism — including from the central bank — is essential: “It will be strong medicine to revive the economy.”

Without a steady income, Ms. Chanpen said she was waiting for the 10,000 baht ($276) handout that 50 million Thais will be eligible to receive under the plan.

“The economy was bad during the previous government,” she said, “but even after the new government has come, the economy is still as bad as before.” — Reuters

Kuwait announces ‘giant’ oil discovery

REUTERS

CAIRO — Kuwait Petroleum Corporation (KPC) said on Sunday it had made a “giant” oil discovery in the Al-Nokhatha field east of the Kuwaiti island of Failaka, with oil reserves estimated at 3.2 billion barrels.

KPC’s CEO Sheikh Nawaf Saud Nasir Al-Sabah said in a video posted by the company on X that the new discovery’s reserves were equivalent to the country’s entire production in three years.

The initial estimated area of the newly discovered oil well is around 96 square km, KPC said in its statement.

It added that the preliminary estimates of the hydrocarbon reserves present at the well were estimated at approximately 2.1 billion barrels of light oil, and 5.1 trillion standard cubic feet of gas, which correspond to 3.2 billion barrels of oil equivalent. — Reuters

Suspect came within inches of killing Trump, but left few clues as to why

Republican presidential candidate and former U.S. President Donald Trump is assisted by U.S. Secret Service personnel after gunfire rang out during a campaign rally at the Butler Farm Show in Butler, Pennsylvania, U.S., July 13, 2024. — REUTERS

BETHEL PARK, Pennsylvania — The portrait pieced together so far of the 20-year-old nursing home aide who allegedly tried to assassinate Donald Trump at an election rally reveals frustratingly little about why he would make such an attempt — or how he managed to come so close to killing the former president.

The early details that have emerged about Thomas Matthew Crooks, who was shot dead by law enforcement, show a young man working an entry-level job near his hometown in Pennsylvania, where he graduated from high school in 2022 with a reputation as a bright but quiet classmate. His high school counselor described him as “respectful” and said he never knew Mr. Crooks to be political.

The FBI said on Sunday that Mr. Crooks’ social media profile does not contain threatening language, nor have they found any history of mental health issues. They said he acted alone and have not identified a motive.

What is unique about Crooks — when compared to other recent shooters who opened fire at schools, churches, malls and parades — is that he came within inches of killing a presidential candidate.

On Saturday afternoon, Crooks slipped onto a rooftop location 150 yards (140 meters) from the stage where Mr. Trump was speaking in Butler, Pennsylvania. He then began firing an AR-15-style semiautomatic rifle, purchased by his father, officials said.

The gunfire killed a 50-year-old man, critically wounded two other spectators, and struck Mr. Trump’s ear — an assassination attempt that has further inflamed an already bitter US political divide. The FBI said it was probing the shooting as “an assassination attempt and potential domestic terrorism.”

A resident of Bethel Park, about an hour away from where the shooting occurred, Crooks was a registered Republican who would have been eligible to cast his first presidential vote in the Nov. 5 election in which Trump is challenging President Joseph R. Biden. Public records show his father is a registered Republican and his mother a registered Democrat, and that as a 17-year-old Crooks made a $15 donation to a Democratic Party cause.

The suspect was a member of a local shooting club named Clairton Sportsmen’s Club, the club confirmed to the media on Sunday while condemning the shooting and calling it a “senseless act of violence.”

Crooks was employed as a dietary aide at a nursing home at the time of the shooting, the home’s administrator said in a statement.

“We are shocked and saddened to learn of his involvement as Thomas Matthew Crooks performed his job without concern and his background check was clean,” said Marcie Grimm, administrator of the Bethel Park Skilled Nursing and Rehabilitation Center.

NEVER KNOWN TO BE POLITICAL
Two years ago, Crooks graduated from the local high school, where he showed no particular interest in politics, according to one classmate who asked not to be identified. Crooks’ interests centered on building computers and playing games, the classmate said in an interview.

“He was super smart. That’s what really kind of threw me off was, this was, like, a really, really smart kid, like he excelled,” the classmate said. “Nothing crazy ever came up in any conversation.”

Jim Knapp, who retired from his job as the school counselor at Bethel Park High School in 2022, said Crooks had always been “quiet as a churchmouse,” “respectful” and kept to himself, although he did have a few friends.

He rarely came across Crooks because “he wasn’t a needy type kid,” Mr. Knapp said. Crooks was content to occasionally eat lunch by himself in the school cafeteria, said Mr. Knapp, who would engage such students to see if they wanted company.

“Kids weren’t calling him names, kids weren’t bullying him,” Mr. Knapp said.

Knapp said he never knew Crooks to be political in any way, even as other kids would sometimes wear Trump or Biden attire. He added that he couldn’t recall Crooks ever being disciplined in school.

“Anybody could snap, anybody could have issues,” he said. “Something triggered that young man and drove him to drive up to Butler yesterday and do what he did.”

Residents near the Crooks’ home described feeling shocked and unsettled that an assassination attempt has been linked to a person from the sedate city of 33,000 people.

“Bethel Park is a pretty blue-collar type of area, and to think that somebody was that close is a little insane,” said Wes Morgan, a 42-year-old who works at an investment management company and bikes with his children on the same street as the Crooks’ residence.

A couple standing on the porch of their nearby brick ranch-style home was left processing the events and spotlight on their neighborhood.

“There’s never been a gun issue. There’s never been the police being called,” Mary Priselac, 67, said alongside her husband. “You kind of have to wonder what didn’t he get in life? What led to this extreme?”

Crooks’ gun — an AR-style-5.56 caliber rifle — had been legally bought, the FBI officials said, adding that the FBI believed it had been purchased by the suspect’s father. The officials said “a suspicious device” was found in the suspect’s vehicle, which was inspected by bomb technicians and rendered safe.

Bruce Piendl, owner of Allegheny Arms and Gunworks in Bethel Park, said guns were part of the culture in the area. “You have to understand in western Pennsylvania we have a rich tradition of hunting and fishing and outdoor stuff,” he said. “Within 10 miles (16 km) of here, there are a ton of gun clubs.”

Mr. Piendl said his record show he did not sell any firearms to the shooter but declined to say whether he sold any to his family.

“That’s between me and God,” Mr. Piendl said. — Reuters

Angkas awareness reaches nationwide, transforms stigma into opportunity as Filipinos support formalizing habal-habal

Angkas has come a long way in shaping and changing public perception about motorcycle taxis (MC Taxis). The company’s efforts have not only increased awareness but have also created significant advocacy that has led to the industry’s success. According to WR Numero, a leading research firm in the Philippines, awareness of Angkas is notably high, with 48% of Filipinos recognizing the brand. Furthermore, the study reveals that 45% of Filipino participants now use habal-habal for transportation, with 14% reporting regular usage and 11% using it two to four times weekly.

A recently published study by WR Numero reveals that 58% of Filipinos “agree with or strongly support” the legitimization of habal-habal, an unregulated motorcycle transport service. Additionally, 78% of Filipinos consider having an advocate in Congress essential, underscoring the significance of MC Taxis in the lives of Filipino commuters. The WR Numero Philippine Public Opinion Monitor, a pioneering and innovative public opinion research initiative, surveyed individuals 18 years and older nationwide regarding habal-habal. These findings highlight Angkas’ instrumental role in bringing nationwide awareness and advocacy for the motorcycle taxi industry.

Since its inception in 2016, Angkas has tirelessly worked to dispel the belief that using motorcycles to ferry passengers is unsafe, proving that with proper training and education, motorcycle taxis can be a viable and safe alternative form of transportation. The company has set new standards in the industry, demonstrating its commitment to safety and reliability. By 2019, Angkas had established its safety credentials with a remarkable 99.997% safety record, as presented in multiple court and congressional hearings. This success led to the Department of Transportation (DoTr) forming a technical working group (DoTr-TWG) to pilot a feasibility study on MC Taxis, with Angkas and 2 other players participating.

Transitioning from the achievements of Angkas, George Royeca, co-founder and now CEO, has emerged as a leading transport advocate. For nearly a decade, Mr. Royeca has championed job opportunities for habal-habal riders and provided legitimate two-wheel transport options for commuters. His visionary leadership has been central to Angkas’ success and the elevation of the motorcycle taxi industry.

In its early days, Angkas faced multiple threats of termination due to regulatory challenges and skepticism about the safety of MC Taxis. Mr. Royeca addressed these concerns by implementing rigorous biker training and promoting excellent service delivery to ensure safety and viability. To date, over 50,000 motorcycle drivers have been lifted out of poverty through Angkas, thanks to Mr. Royeca’s biker welfare initiatives like reliable loan programs, benefits, and incentives that formalized the once-informal habal-habal sector.

Mr. Royeca’s dedication to the motorcycle taxi industry and his advocacy efforts have paved the way for significant developments. The strong support (58%) for legitimizing habal-habal riders underscores the success of Mr. Royeca and Angkas in advocating for the inclusion of the informal sector in the country’s labor force and in offering commuters a safe, quick, and comfortable transport experience. Currently, Congress is working on regulatory laws for MC Taxis, structured according to the TWG’s recommendations. Mr. Royeca and Angkas’ belief in habal-habal riders has paved the way for this historic development in the local transport industry.

Angkas’ success in reaching nationwide consciousness and creating awareness and advocacy has been pivotal in the motorcycle taxi industry’s growth. George Royeca’s leadership and relentless advocacy have made him a champion of the industry and the 18 million-strong motorcycle rider community. Together, Angkas and George Royeca continue to drive forward the industry, ensuring a brighter future for millions of motorcycle riders across the Philippines.

 


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[B-Side Podcast] Untying the knot: Exploring divorce in Filipino society

Follow us on Spotify BusinessWorld B-Side

The Philippines is one of two countries in the world that does not allow divorce for married couples. On June 10, 2024, however, the Philippine House of Representatives transmitted House Bill No. 9349 – or the approved bill for absolute divorce – to the Senate.

What are the implications of this bill? If passed into law, how will it affect Filipino society?
In this episode, BusinessWorld discusses some of these possibilities with Jemy I. Gatdula, the dean of the University of Asia and the Pacific’s Institute of Law.

Interview by Patricia Mirasol
Editing by Jayson Mariñas

Follow us on Spotify BusinessWorld B-Side

King Charles set for October visit to Australia and Samoa, palace says

KING CHARLES III —DAN MARSH-FLICKR

Britain’s King Charles and Queen Camilla will travel to Australia and Samoa in October but not New Zealand as the monarch continues his cancer treatment, Buckingham Palace said on Sunday.

Some British and Australian media outlets had questioned whether the trip would take place at all in the weeks that followed news of the King’s cancer diagnosis, which was made public on Feb. 5.

The palace confirmed that Charles and Camilla will attend the Commonwealth Heads of Government Meeting in Samoa, scheduled to take place between Oct. 21 and Oct. 25.

The tour will not extend to New Zealand, however, as had been planned initially.

“The King’s doctors have advised that such an extended program should be avoided at this time, to prioritize His Majesty’s continued recovery,” a Buckingham Palace spokesperson said.

The programs in Australia and Samoa would be subject to doctors’ advice and could be modified accordingly, the palace said.

Buckingham Palace also published new portraits of the king and queen on Sunday, wearing Australian and New Zealand decorations and insignia.

The 75-year-old King returned to public duties at the end of April for the first time since his diagnosis for an unspecified form of cancer. Buckingham Palace said that his diary would be managed carefully to minimize any health risks. – Reuters

China’s economy falters as property, consumer pain worsens

RALF LEINEWEBER-UNSPLASH

 – China’s economy grew much slower than expected in the second quarter, as a protracted property downturn and job insecurity squeezed domestic demand, keeping alive expectations Beijing will need to unleash even more stimulus.

The world’s second-largest economy grew 4.7% in April-June, official data showed, its slowest since the first quarter of 2023 and missing a 5.1% analysts’ forecast in a Reuters poll. It was also down from the 5.3% expansion in the previous quarter.

“Overall, the disappointing GDP data shows that the road to hitting the 5% growth target remains challenging,” said Lynn Song, chief economist for Greater China at ING.

“A negative wealth effect from falling property and stock prices, as well as low wage growth amid various industries’ cost cutting is dragging consumption and causing a pivot from big ticket purchases toward basic ‘eat, drink and play’ theme consumption,” he added.

China’s yuan and stocks fell following the disappointing data.

The figures come as Beijing seeks to shore up economic confidence at a highly anticipated third plenum, a key leadership meeting that starts Monday, although conflicting requirements such as boosting growth and cutting debt complicate those plans.

The government is aiming for economic growth of around 5.0% for 2024, a target that many analysts believe is ambitious and may require more stimulus.

On a quarterly basis, growth came in at 0.7% from a downwardly revised 1.5% in the previous three months.

To counter soft domestic demand and a property crisis, China has boosted infrastructure investment and ploughed funds into high-tech manufacturing.

 

CONSUMER PAINS

China’s National Bureau of Statistics said while bad weather accounted for some of the hit to growth in the second quarter, the economy faced increasing external uncertainties and domestic difficulties in the second half of this year.

Economic growth in China has been uneven with industrial output outstripping domestic consumption, fanning deflationary risks amid the property downturn and mounting local government debt.

While solid Chinese exports have provided some support, rising trade tensions now pose a threat.

Broadly reflecting those trends, separate date on Monday showed factory output growth beating expectations in June but still slowing from May while retail sales growth also missed forecasts.

That follows data released earlier this month that showed China’s exports up 8.6% in June from a year earlier, and imports unexpectedly shrinking 2.3%, suggesting manufacturers are frontloading orders to get ahead of tariffs from trade partners.

Consumer prices, meanwhile, also missed expectations and factory deflation persisted.

“Among all the monthly figures released today, the highlight is the weak retail sales,” said Xing Zhaopeng, senior China strategist at ANZ.

Retail sales grew 2.0% year-on-year in June, missing the 3.3% growth forecast in the poll.

“Household consumption remains very week… with employers slashing salaries and high youth unemployment, households will still be cautious going forward,” Mr. Xing added.

There was even more pain in China’s battered property sector with new home prices falling at the fastest pace in nine years in June and struggling to find a bottom despite government support measures.

Property investment fell 10.1% in the first half of 2024 from a year earlier, and home sales by floor area fell 19.0%, deeper than a 20.3% slump in the first five months of the year.

China’s central bank governor Pan Gongsheng last month pledged to stick to a supportive monetary policy stance.

Analysts polled by Reuters expect a 10-basis points cut in China’s one-year loan prime rate as well as a 25-basis points cut in banks’ reserve requirement ratio in the third quarter.

Citi analysts expect the government to unleash another round of property-supporting measures after a meeting of the Politburo, a top decision-making of the ruling Communist Party expected in late July.

Authorities in May allowed local state-owned enterprises to buy unsold completed homes, with the central bank setting up a 300 billion yuan relending loan facility for affordable housing. – Reuters