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New warnings about land reclamation from Florida

FREEPIK

ON JUNE 24, 2021, at about 1:22 a.m. in the oceanside Miami suburb of Surfside, Florida, a 12-story beachfront condominium named Champlain South partially collapsed, killing 98 people.

Back then, I warned through Philippine media that Champlain South was 40 years old, and that over time its concrete slowly absorbed salty sea air that rusted its steel reinforcing bars. This caused “concrete cancer,” fatally weakening it. Strong vibrations from pile-driving during construction of the Eighty Seven Park condo next door have also been blamed.

My worry was that much construction in Metro Manila uses much Pinatubo lahar sand, which is exceptionally porous. Furthermore, any construction on Manila Bay reclamations would doubtless also use Pinatubo sand, and the salty bay breezes would especially threaten those structures.

I have warned for many years about the dangers that confront people who build and live on reclaimed nearshore: land subsidence, earthquake-generated liquefaction and tsunamis, storm surges and waves from the strong typhoons that climate change is making more frequent.

Now, news from Miami has yet another serious implication for reclaimed land along Manila Bay.

It is described in a recent CNN report (“Dozens of luxury condos and hotels in Florida are sinking, study finds”: cnn.com/2024/12/23/climate/florida-condos-hotels-sinking/index.html). The title of the scientific study that CNN reported on says it all: “InSAR Observations of Construction-Induced Coastal Subsidence on Miami’s Barrier Islands, Florida” (emphasis mine).

In short, buildings already standing on reclaimed land will subside or suffer damage as construction of new buildings as far away as 320 meters cause the land to vibrate, expel the water between sediment grains, and settle.

Along the 15-mile (24-kilometer) stretch from Golden Beach South to Miami Beach, 35 buildings in which tens of thousands of people live, have subsided an average of 2.6 inches per decade from 2016 to 2023. These buildings include two massive Trump edifices, and both Ritz-Carlton Residences and Surf Club Towers. The underlying rocks are young coralline limestone with interfingered sandy layers; not the best foundation, but with more strength and structural integrity than Manila Bay reclamations.

The multinational research was conducted by marine, earth, and atmospheric scientists of the University of Miami, the California Institute of Technology, the University of Houston, and several German institutions. It was led by the University of Miami’s Dr. Falk Amelung. How the ground subsided was monitored from space with satellites using “InSAR” – Interferometric Synthetic Aperture Radar.

This is the same technique that Filipino scientists collaborating with Dr. Amelung used to evaluate land subsidence in the Metro Manila region (published in 2020 as Eco, Rodrigo C., Kelvin S. Rodolfo, Jolly Joyce Sulapas, A. M. Morales Rivera, A. M. F. Lagmay, and F. Amelung, “Disaster in slow motion: Widespread land subsidence in and around Metro Manila, Philippines quantified by InSAR time-series analysis.” JSM Environmental Science & Ecology 8, no. 1.)

The 2021 Champlain South disaster has also been blamed on strong vibrations from pile-driving during construction of the Eighty Seven Park condo next door.

What this all means is that structures built on Manila Bay reclamations may not even need natural forces to damage or destroy them: vibrations and subsidence from newer structures being built hundreds of meters away can do the job.

I have given up my efforts to convince the powers-that-be to stop the reclamations. Instead, I appeal to the common sense of would-be investors.

If you want to buy or build on reclaimed land, first make sure you can buy damage insurance.

If you cannot get insurance, be forewarned.

If the financial backers of reclamation are so certain such investments are safe, surely they will be glad to be the insurers themselves.

If they refuse to do so, what does that tell you?

Have a happy, environmentally, ecologically, and financially sound New Year!

 

Kelvin S. Rodolfo, PhD is the professor emeritus of Earth & Environmental Sciences at the University of Illinois, Chicago and a senior research fellow at the Manila Observatory.

Greece presents strategy vs youth internet addiction

PHILIPPINE STAR/MIGUEL DE GUZMAN

THE GREEK government announced on Monday a national strategy to protect minors from internet addiction and excessive social media use.

Greek Prime Minister Kyriakos Mitsotakis said protecting children’s well-being was a societal imperative, although he voiced doubts regarding the effectiveness of a complete ban on social media.

Instead, he said the challenge for the future was how to design apps with children and teenagers in mind.

He was speaking in a debate with a 16-year-old as part of an event to mark the launch of the strategy whose main pillars are strengthening parental controls, age verification and engagement with social media platforms.

On Monday, Greece launched a dedicated website, providing user-friendly guides and instructions on parental control features, and next year it will roll out a digital wallet application that will serve as a parental control and age verification system. — Reuters

Malayan Insurance expects losses from typhoons to dent 2024 income

MALAYAN Insurance Co., Inc. expects its 2024 bottom-line growth to be affected by typhoons, its top official said.

“I mean, we’re still trying to grow, but definitely that (typhoons) has an impact on the bottom line because of all the losses,” Malayan Insurance President and Chief Executive Officer Paolo Y. Abaya told BusinessWorld.

“These climate change-related catastrophes have really hurt… So, it hasn’t been that good because of those catastrophes,” Mr. Abaya added.

Malayan Insurance booked a net income of P600.77 million in 2023, data from the Insurance Commission (IC) showed.

Its net premiums written stood at P4.72 billion, with premiums earned at P4.27 billion and gross premiums written at P15.05 billion.

The overall performance of the nonlife insurance industry could likewise be affected by natural disasters, Mr. Abaya said.

The nonlife insurance sector’s net premiums written increased by 10.19% to P53.13 billion as of end-September 2024 from the same period last year, IC data showed. Its net income grew by 17.17% to P6.41 billion.

Despite this, Malayan Insurance still expects its 2024 top line to grow by 5-10%, Mr. Abaya said. For this year, they see “flat or modest” premium growth amid elevated global reinsurance costs.

“It’s been very hard. It’s been a hard market lately, and it will probably continue to be hard next year… Everywhere around the world is getting hit by climate change right now. So, it’s driving all the prices to go up,” Mr. Abaya said.

“It’s really the reinsurance cost driving up all of these charges, especially if you’re in property.”

In the Philippines, nonlife premium rates have gone up by about 10-15% because of high reinsurance costs, Malayan Insurance Chief Operating Officer Eden R. Tesoro earlier said.

This has caused the company to stop writing premiums for several clients, resulting in a 5-6% loss in gross premiums written, she said, although some are still opting to stay despite high prices, offsetting losses. — A.M.C. Sy

SEC eyes rules on expanded PHL fundraising

THE SECURITIES and Exchange Commission (SEC) is set to release guidelines that would expand fundraising and investment opportunities in Philippine capital markets, it said in a statement on Wednesday.

“The SEC is preparing new guidelines that will expand fundraising and investment opportunities in the Philippine capital market and, at the same time, strengthen the protection of investors and other financial consumers,” it said.

Last year the corporate regulator issued draft guidelines on the issuance and disclosure of Sukuk bonds and defining seasoned issuers and the extension of shelf registration.

The SEC also released proposed changes to the rules covering registrars of qualified institutional and individual buyers, cryptocurrency asset service providers and the so-called Philippine Green Equity.

On Dec. 26, it proposed rules on the issuance and disclosure of Sukuk bonds.

One of the provisions in the proposed guidelines is that eligible issuers of Sukuk bonds include the National Government, special purpose vehicles (SPV) created for sukuk issuance and publicly listed companies through an SPV.

“The guidelines seek to further the administration’s agenda to promote the development of Islamic banking and finance in the country and to create the opportunity for other Philippine issuers to access the sukuk market in the future,” the SEC said.

Sukuk bonds are Islamic financial certificates, similar to a bond in Western finance, that comply with Islamic religious law commonly known as Shari’ah.

The issuances should adhere to Islamic principles and must be structured to prohibit elements such as interest, uncertainty and investments in businesses that deal with prohibited goods or services.

The SEC also issued draft rules on seasoned issuers and shelf registration on Dec. 26. The rules seek to update the definition of terms to include the seasoned issuer, which means any issuer designated by the commission as having demonstrated its compliance with requirements on size, listing history and track record.

The draft also covers the extension of shelf registration granted to seasoned issuers, allowing them to extend the offering period for additional tranches of securities beyond the original three-year period.

The SEC also released draft guidelines for Philippine green equity, which is a complement to sustainable debt instruments. The green equity label expands the range of sustainable investment products in the market.

Meanwhile, the regulator also issued rules on cryptocurrency asset service providers to improve investor protection.

The commission also issued draft rules on qualified institutional and individual buyers. The rules reinforce the SEC’s authority to verify the procedures of authorized registrars in accrediting qualified buyers.

Public comments for the guidelines on Sukuk bonds and seasoned issuers and the extension of shelf registration will be accepted until Jan. 26, while public comments on Philippine green equity will be open until Jan. 25.

The SEC will accept public comments on the guidelines for crypto asset providers until Jan. 18, while comments on the rules on qualified institutional buyers will be entertained until Jan. 10. — Revin Mikhael D. Ochave

Dating in 2025: Women refuse to settle for less, says Bumble

FREEPIK

BUMBLE, the global dating app that empowers women to make the first move, has unveiled its 2025 dating trends. After shifting away from the pursuit of perfection and prioritizing emotional openness and shared values in 2024, the year 2025 is described as a “transitional year” for women as they embrace greater self-honesty and refuse to make compromises.

Meihui Chen, communications lead for Bumble in Asia Pacific, said that out of 41,294 Gen Z and millennial Bumble members surveyed worldwide, nearly two in three female respondents (64%) said Filipina women are determined to not compromise or alter their standards just to find a partner.

“Instead, they are going all-in on everything they want and deserve — with a renewed sense of hope and sureness that what they are looking for is out there,” Ms. Chen said in a written interview.

It is not like a checklist to fulfill but rather women prioritizing more intangible characteristics that they think their partners should have, Ms. Chen added.

“Now, more and more people are taking a step back to figure out what truly matters to them in a relationship. They’re determined to find something real and lasting — and for women, this shift is huge.”

In 2025, singles, especially women, are expected to seek more stability, emotional vulnerability, shared community values, and self-acceptance, while turning to platonic male friendships at key moments to help navigate their dating lives.

“You can really see this in the rise of ‘micro-mance’ — little, thoughtful gestures like sending a playlist, sharing inside jokes, or going for a casual morning coffee walk. Women are less interested in finding the ‘perfect partner’ according to a checklist and more focused on these small but meaningful moments that show true emotional connection,” Ms. Chen explained. 

“Micro-mance” is being embraced by 97% of Filipino singles in the survey, who appreciate expressions of love through smaller gestures which leave a big impact.

Other dating hot takes for 2025 are emerging, as Bumble’s latest survey reveals significant shifts in Filipino dating trends. DWM (Date With Me) shows that 66% of Filipino singles are embracing more authentic dating content on social media, appreciating not only the highs but also the lows of relationships, which fosters healthier relationship goals and reduces feelings of loneliness.

In On The Same (Fan) Page, 56% of Filipino singles find unique and quirky interests increasingly attractive, with 62% of women leaning into their passions while dating.

Meanwhile, Male-Casting and Future-Proofing highlight evolving conversations around masculinity, with 61% of women pushing for more diverse views on positive masculinity, and 65% of Filipino women prioritizing stability in their relationships due to uncertainties about the future.

In a shift toward more meaningful connections, Guys That Get It highlights a growing trend where Filipino women are turning to their male friends for help in choosing potential partners. About 34% of women rely on their male friends to help pick dates, while 58% seek advice from the men in their lives to better understand men’s dating behavior. — Edg Adrian A. Eva

A crypto optimist’s guide for 2025

STOCK PHOTO | Image by Diana.Grytsku from Freepik

BEFORE I undertake the hard task of predicting where the crypto industry will go in 2025, let’s take a minute to recall where it has been. The bout of exuberance we are currently experiencing was preceded by three episodes of crypto summers followed by crypto winters — roughly three years of generally rising Bitcoin prices, and increasing capital flows and popular interest, followed by 14 months or so of sliding Bitcoin prices and serious questions about the future of crypto.

It’s tempting to assume this is the eternal pattern — in which case Bitcoin’s price might increase to around $500,000 in 2025, followed by a crash around the end of the year to a low around $100,000 in 2026 — but that misses the main point. The industry has made substantial progress. In 2014, many people thought Bitcoin and other cryptocurrencies would not survive, and that the underlying blockchains would never be more than a minor technology for niche applications. In 2018, most assumed crypto would not disappear, but that it would never deliver a social revolution comparable to the internet. In 2022, the question was whether the sector could integrate with existing regulation and financial markets or survive as an outlaw alternative similar to the dark web.

2025 will go a long way toward answering that last question. There are reasons to think the Cold War between crypto innovators and governments will end, allowing capital to move more freely between traditional and crypto sectors. Bitcoin and the “respectable” crypto projects, backed by major venture capital firms and traditional financial institutions, could emerge into full sunlight, with projects developed by “two gals in a garage” and shadowy groups of hackers, anarchists and libertarians still in the shadows but perhaps out of the crosshairs of law enforcement. This would lead to further Bitcoin appreciation. Or crypto could remain in legal limbo with the associated volatility, with only Bitcoin and projects controlled by traditional companies having clear rules. This would not crash Bitcoin prices, but it might limit the upside.

Even in the bull scenario, crypto will continue to experience the booms and busts of technology stocks, but perhaps not the long and deep winters of the past, nor the dizzying returns of the summers. If peace negotiations fail, which also seems a plausible outcome, crypto is now mature enough to survive and even to gain strength from regulatory repression. (Disclosure: I am an active crypto investor and have venture capital investments and advisory relations with companies in the space.)

Here are five technologies that have been around for some time and are actively employed today that could see widespread adoption in 2025. If they fail, the historical pattern will probably repeat, and we can expect another crypto winter.

DECENTRALIZED DIGITAL IDENTITIES
The dream is for individuals to store all their personal information in encrypted form on a blockchain that ensures both privacy — so that only the individual can authorize someone to see the information; and trustworthiness — authorized viewers can be confident any shared information is accurate. A decentralized system requires some type of valuable crypto tokens to pay for processing power, and to underwrite security and accuracy. Not only would this be a major crypto achievement in itself, it would make many other crypto projects feasible.

In a world where personal information is tracked in centralized conventional databases and is often inaccurate, relying on things such as photo IDs and signatures, traditional institutions have an advantage. But in a DDI world, crypto is the natural way to handle transactions, give permissions, enforce contracts and organize collective activity.

I don’t expect everyone to get a decentralized digital identity in 2025, but it will be a major plus for crypto if one or more DDI systems such as Polygon ID or World ID can sign up a few million users. If not, if such an obviously good idea can’t attract a critical mass of technophiles, perhaps crypto isn’t all it’s cracked up to be.

ORACLES
A related idea is crypto solutions to getting trustworthy information online. This is a different kind of trust than that given to traditional sources such as government information, news media or textbooks — it’s information that will pay you if it’s wrong. Instead of evaluating the source of the information — its credentials, track record and incentives — your trust is based on the amount you collect if it turns out to be false.

Oracles such as Chainlink and Band already exist and are used in many crypto systems. In 2025, we may see some emerge for general information that gets widespread attention. Like DDIs, this would be a major application on its own, and one that opens the door for progress in other applications.

ZERO-KNOWLEDGE PROOFS
This is another approach to getting trustworthy information online and accelerating crypto acceptance. Zero-knowledge proofs have been used to prove the solvency of crypto exchanges since 2023, and 2025 could be the year they emerge for noncrypto applications. (Disclosure: I am a paid adviser to a crypto ZKP provider.) ZKPs do not merely promise money if information is wrong, they prove mathematically that it is true. Their scope is more limited than oracles. An oracle can answer any question while existing ZKPs can only answer questions about blockchain-encoded information. They can tell you a crypto exchange is solvent or, with the help of DDIs, that a social media platform has no users under the age of 13, but not whether the Los Angeles Dodgers won the 2024 World Series.

SYNERGY WITH AI
AI can benefit from the accurate information supplied by oracles and ZKPs, and also exploit DDIs to make better decisions without endangering individual privacy. There is a benefit in the other direction; AIs could become major users of crypto services in 2025. Moreover, human consumers of AI information, such as a farmer relying on an AI tool to integrate weather reports, agriculture price forecasts and other data to select an optimal planting scheme, will likely want the trust services available in crypto. They’ll want to know that the proposed crop allocation really came from the AI and that it is either provably true or backed by a significant financial bond. The two technologies together could be far more powerful and socially transformative than either on its own.

Major breakthroughs in this area are unlikely in 2025, but we could see crossover projects announced. If increasing numbers of decisions are turned over to computers, these computers will need the kind of communication and coordination tools offered by emerging crypto applications. Moreover, as more activity is coordinated by crypto, human users will likely rely more on AI to manage things.

CHIPS AND DATA CENTERS
Hardware issues may seem out of place among the sophisticated abstract software ideas above, but crypto requires massive computing power, as do AI and other emerging fields that link naturally with crypto such as computational biology. We have shortages of chips, and data centers to support the chips, and there are real questions about how to get enough electricity to run it all. Moreover, the processing sector raises sensitive national security issues.

How these questions play out in 2025 will have a major impact on the future direction of crypto and other processing-intensive sectors. Increasing supply of increasingly powerful chips, with plenty of capital and regulatory support for building and connecting data centers, and abundant electricity should accelerate progress. Without those things, we could see progress slowed or halted.

A related question is who will own the data centers. Will large providers and users such as Amazon.com, Inc. supply their own processing needs and rent out processing to smaller users? Will independent data centers sell to the highest bidders? Will governments impose controls on the market? The answers to these questions in 2025 will help us understand the future direction of crypto.

BLOOMBERG OPINION

‘Toughest’ phone HONOR X9c 5G set for Jan. 10 launch in the Philippines

HONOR is attempting a 500-feet drop test for its HONOR X9c 5G smartphone.

HONOR PHILIPPINES is set to unveil in the country its “most durable” and “toughest” smartphone, the HONOR X9c 5G, on Jan. 10.

The X9c 5G, which the company dubs as “the toughest phone of 2025,” will be launched on HONOR’s Facebook page next week, it said in a statement.

The smart devices provider said it expects higher sales and a stronger market presence this year, with the HONOR X9c 5G’s launch set to kick off 2025.

“HONOR’s expectation for next year is to achieve higher sales and expand its market presence in the Philippines. With its innovative technology and consumer-focused approach, HONOR anticipates significant growth,” it said in an e-mail to BusinessWorld.

“The company is confident that the launch of its most durable smartphone yet in January 2025, equipped with durability, long-lasting battery life, Google Mobile Services, and advanced AI (artificial intelligence) features, will drive higher sales and strengthen its position in the competitive market.”

The HONOR X9c 5G is the latest device in the brand’s X9 series and aims to solve durability and performance issues found in modern smartphones, it said.

“Designed for active individuals and professionals, it addresses the demand for robust, long-lasting devices with seamless 5G connectivity, advanced camera capabilities, and extended battery life,” HONOR said.

The target market for the phone includes tech-savvy users, professionals seeking reliable devices, and consumers looking for premium features while remaining budget-friendly, it said.

The new smartphone’s all-angle triple defense feature has an SGS 5-Star rating for drop resistance and can withstand up to two-meter drops. It also has an IP65M water resistance rating.

“It can be submerged up to 25cm deep for a maximum of five minutes,” HONOR Philippines said.

“The biggest surprise of HONOR for the HONOR X9c 5G is the boiling test… With its heat resistance, the toughest phone can take extreme temperatures ranging from -40°C cold to 70°C hot,” it added.

The HONOR X9c 5G’s front screen and back camera are made with super double tempered glass said to be harder than steel, with the back cover featuring anti-drop technology and its screen having shock-absorbing material to reduce drop impact.

It has a three-layer protection design and metal monitoring system.

2025 OUTLOOK
As it looks to capture a larger share of the Philippine smartphone market, HONOR plans to continue introducing durable and feature-rich smartphones at competitive prices that address consumers’ needs, it said.

The company is looking to replicate its success in China in the Philippine market, it added.

“HONOR remains committed to its core mission of upgrading and innovating the technology it offers. We ensure that our Filipino market can connect with and enjoy the best features of our latest devices.”

For this year, smartphone sales will likely be influenced by technological advancements, consumer preferences, market competition, pricing strategies, and economic conditions such as inflation, HONOR said.

“HONOR plans to address these challenges by offering competitive pricing, maintaining high-quality standards, and emphasizing the value proposition of its devices to appeal to budget-conscious consumers.”

The company saw a spike in its shipments in 2024 compared with the previous year, signaling its growing regional presence, it added. — Beatriz Marie D. Cruz

Bitcoin more than doubles in 2024 on spot ETF approval, Trump euphoria

ANDRÉ FRANÇOIS MCKENZIE-UNSPLASH

BITCOIN more than doubled in 2024 driven by the US markets regulator’s approval for exchange-traded funds (ETF) tied to its spot price, and optimism over easing regulatory hurdles with Donald J. Trump set to return to the White House.

The world’s largest and most well-known cryptocurrency hit $100,000 earlier in December, a milestone that has ignited ‘animal spirits’ among supporters of the once-nascent asset class.

A more than 120% surge in Bitcoin last year and a nearly 50% jump in ether, the second-largest cryptocurrency, have propelled the sector’s market value to roughly $3.5 trillion, according to CoinGecko data.

More gains are in store for 2025, according to analysts.

“We remain convinced $100,000 is not the final milestone. We expect Bitcoin to hit a cycle-high of $200,000 in late 2025,” analysts at brokerage Bernstein wrote in a client note earlier in December.

MicroStrategy, a software firm that has become the world’s largest corporate holder of Bitcoin, had seen its shares surge nearly five-fold in 2024.

The stock, which joined the benchmark Nasdaq-100 index recently, is now seen as a proxy for Bitcoin, with its movement closely tied to sentiment towards the digital asset. Several smaller companies are following its playbook and allocating portions of their cash to Bitcoin.

“We expect Bitcoin to emerge as the new-age premier ‘store of value’ asset eventually replacing gold over the next decade and becoming a permanent part of institutional multi-asset allocation and a standard for corporate treasury management,” the Bernstein note said.

Much of the optimism began in January 2024 when the US Securities and Exchange Commission approved the first ETFs to track the spot price of Bitcoin, marking a watershed moment for the broader crypto industry.

The move gave the sector institutional legitimacy and improved its mainstream appeal as traditional finance heavyweights including BlackRock and Fidelity launched the products.

The victory of Mr. Trump, who has promised to make the United States the “crypto capital of the planet,” further bolstered the industry’s position later last year. Crypto advocates donated millions during the election, hoping to elect candidates that favor the sector.

Most crypto stocks have also benefited from the industry-wide rally. The big winners of 2024 are MicroStrategy, crypto exchange Coinbase and Bitcoin miner Hut 8.

On the other hand, several other crypto miners have reeled under shrinking margins due to higher energy and hardware costs, missing last year’s rally.

Shares of Riot Platforms, Marathon Digital and Bit Digital lost between 26% and 32% last year. — Reuters

LRTA 11-month revenue tops P1 billion

PHILIPPINE STAR/MIGUEL DE GUZMAN

THE LIGHT Rail Transit Authority (LRTA), which operates Light Rail Transit Line-2 (LRT-2), posted P1.17 billion in revenue in January to November 2024, surpassing 2023 sales.

The amount was 7.33% higher than a year earlier, according to data posted on its website. Passenger traffic reached 48.58 million, 8.05% higher than a year ago.

For November, LRTA gross revenue climbed 9.8% to P115.47 million from a year earlier. Passengers reached 4.81 million, up 10.3%.

For the first three quarters of last year, LRTA had already surpassed pre-pandemic revenue levels.

In the nine months to September, the operator of the LRT-2 generated a gross revenue of P934.47 million from fare collection, climbing 21.34% from a year earlier.

In the January to September, LRTA said passenger volume rose to 38.91 million from 35.91 passengers a year earlier. The volume was still below the 47.16 million passengers recorded from January to September 2019. — AEOJ

Liam Payne’s manager, hotel staff failed ‘vulnerable’ singer before death, judge says

Liam Payne in a scene from 2013’s One Direction: This Is Us. — IMDB

AN ARGENTINE judge argued that the manager of former One Direction singer Liam Payne and employees of the hotel where he was staying failed the popstar in the moments before his death and allowed charges against them to proceed, according to a statement from the prosecutor’s office on Monday.

Mr. Payne fell to his death from a hotel balcony in Buenos Aires in October last year.

Mr. Payne’s manager as well as the manager of the hotel and its head of reception are charged with manslaughter in relation to the former pop superstar’s death. They face up to five years in prison if convicted.

A hotel employee and a local waiter are accused of plying Mr. Payne with cocaine during his stay, and face up to 15 years in prison. The judge in her decision on Friday ordered them jailed ahead of their trial.

“Taking Payne up to his room in the state he was in was to put his life at risk,” the judge said in her decision, which was released with the prosecutor’s statement. “It was obvious that he was vulnerable.”

Mr. Payne’s autopsy showed that at the time of his death he had “large quantities” of cocaine and alcohol in his system, according to the statement.

Mr. Payne allegedly purchased cocaine at least four times from the hotel employee and waiter over a three-day period.

Footage from the lobby of the Casa Sur hotel in the posh Palermo neighborhood showed that minutes before Mr. Payne’s death on Oct. 16, 2024 he was seen unconscious and being carried up to his room by three people.

The hotel receptionist headed the group, and was then seen with the hotel manager in the hallway outside Mr. Payne’s room, according to the statement.

“Payne’s consciousness was altered and there was a balcony in the room. The proper thing to do was to leave him in a safe place and in company until a doctor arrived,” the judge said.

She added that evidence showed that Mr. Payne attempted to leave his room through the balcony but due to the state he was in he fell.

Mr. Payne’s manager, identified only by his initials “RLN,” left the hotel less than an hour before the fall. The judge argued that he should not have entrusted the hotel employees with Mr. Payne’s wellbeing.

The judge barred the manager, who is a US citizen, from leaving Argentina. — Reuters

A new calendar

MARISSA GROOTES-UNSPLASH

ONLY OLD-FASHIONED (aka “analog”) people still keep desk diaries with two pages in one week for noting appointments and other transactions like purchase of stocks. So what if it’s lately been mostly blank since the cellphone notes all the appointments and reminders, with alarms. The calendar is still like comfort food — nice to have around.

Economists note the market optimism that a new calendar brings. It is called the “January Effect.” There is the accountant’s report for the just finished fiscal year when all the assets are booked “at market.” Then, there are the new challenges for the business, maybe a change in leadership. All these are captured in the “annual report” that comes out after the first quarter of the new year.

Even if January is not really a new beginning but just a continuation of time, the artificial divide of a new year turns the page. The feeling of a new start is psychological, even if it is an accounting divide as well. Current problems linger and somehow the new month does not start from zero but some other big number, sometimes negative. The new year is not like the old magic slate where you just lifted the page and the blank one was restored, waiting to be written on.

It is not just corporations that are affected by the January Effect. Relationships too have the illusion that the year is a new starting line, even when unresolved issues of fiscal irresponsibility, thoughtlessness, and verbal cruelty persevere. That’s why couples sometimes make joint new year’s resolutions — I will not forget to send you flowers on Valentine’s even if it costs me a week’s salary. Since there is no formal review of these promises like the budget process in a corporation, commitments slide and come up only when a fiery exchange of words occurs. Also, there is no variance analysis acceptable to justify why something has been done or not done.

The January Effect provides a healthy dose of optimism. It gives a boost of energy, a sense of temporary invincibility that this new year, contrary to the historical evidence of other years, will somehow be different in a positive way. The goal of fireworks is not just to exorcise the bad things of the outgoing year (even if the loud noise and staccato bursts disturb the neighbors more than the evil elves) but also to build a firewall between one year and the next.

We seldom now see the old representation of the old man exiting the scene wearing the sash of the old year — how did he get so ancient-looking in one year? That guy needs some AI uplift — and the baby, often with a horn for blowing, walking forth as the personification of the new year. Both characters wear sashes to denote the old and new year.

The January Effect often refers to the stock market and the economy. It seems that listed companies naturally get a bump in price and volume in the first month. It’s not all about Trump.

Still, on a personal basis, the January Effect can refer to a list of to-dos including such goals as weight loss, eating healthier, and restarting relationships that blew up when gifts were opened. These lists are not necessarily written down or even adhered to. By April the resolutions may have already been forgotten.

The new calendar also ushers in elections. The busy five months ahead will fill billboards and airwaves with names and faces of candidates and their slogans, along with the advocacies of never-before-heard causes to accommodate celebrities with no links at all with what their parties seem to be promoting, including safe mining, clean air, health coverage. Dynasties too will again slug it out with each other.

January is named after the Roman deity Janus with his two faces joined back-to-back, looking back and looking ahead. This original January Effect may be more realistic. We may only have the illusion of a fresh beginning… just the change of a new year to remember when writing checks to pay for condominium dues and car stickers.

A new milestone does not always start with a new calendar. Maybe things turn for the better just before Easter… or the next calendar.

 

Tony Samson is chairman and CEO of TOUCH xda

ar.samson@yahoo.com

Beijing unveils plans to boost driverless vehicle use in capital

Self-driving Car | Adobe Stock Photo

BEIJING — China’s capital Beijing passed new regulations on Tuesday to encourage autonomous driving technology in the city, with authorities planning to eventually allow driverless public buses and taxis.

Autonomous vehicles that pass road testing and safety assessments will be allowed to apply for road trials, the state-backed Beijing Daily newspaper reported, which said the new regulations take effect from April 1.

The city supports the use of autonomous vehicles for private cars, urban buses, trams and taxis, it said, adding that it wants to encourage the construction of intelligent road infrastructure to support such transport.

In a separate notice published on Monday, the central Chinese city of Wuhan also said it had approved regulations to promote the development of intelligent connected vehicles.

Chinese authorities have been aggressively greenlighting trials for self-driving technology with at least 19 cities conducting robotaxi and robobus tests, Reuters reported in August.

Companies with large robotaxi fleets in use in China include Apollo Go, a subsidiary of technology giant Baidu, which planned to deploy 1,000 robotaxis in Wuhan by end-2024.

Pony.ai, which floated in the US market in November, plans to expand its robotaxi fleet nationwide to over 1,000 by 2026 from 250 in 2024.

Other firms exploring robotaxi opportunities in the world’s largest auto market include WeRide, AutoX and SAIC Motor.

US electronic vehicle giant Tesla also aims to bring full self-driving (FSD) to China in the first quarter of 2025, pending regulatory approval, and has said it will start producing its own robotaxi in 2026. — Reuters

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