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Milo vows to nurture champions of tomorrow

MILO vowed to continue nurturing champions in the next six decades and beyond after helping blaze the trail for Filipino world champions — across all sports — in line with its 60th anniversary.

Marking an unbelievable milestone since first venturing into Philippine sports sixty years ago, recognized the triumphant athletes of yesterday and today with hopes of paving the way for more achievers of tomorrow.

Weightlifter Hidilyn Diaz-Naranjo, the country’s first and only Olympic gold medalist, headlined the event at the Ayala Malls TriNoma in Quezon City with volleyball icon Alyssa Valdez, rising karateka Jamie Lim, basketball great Chris Tiu and two-sport legend Bea Lucero-Lhuiller (taekwondo and gymnastics), who served as one of the first Milo ambassadors.

Hundreds of aspiring kids, accompanied by their ever-supportive parents, played a bevy of sports with their idols, symbolizing Milo’s belief in its famous line that goes: “great things start from small beginnings.”

“You need to have a dream. It’s all in the heart, mindset, discipline and grit in the things that they do everyday,” said Ms. Diaz-Naranjo, who has built a weightlifting academy for future Filipino lifters.

And that will start from the ground up as Milo, known for “bringing out the champion in every Filipino” has lined up a boatload of events for its 60th anniversary celebration, headlined by marathon races nationwide.

After staging three simultaneous races in Lipa, Laoag and Cebu, Milo will have stops next in Manila, Puerto Princesa, Legaspi, Cavite, Roxas, Iloilo, Bacolod, General Santos, Davao, Tarlac and Cagayan De Oro for the National Finals.

In partnership with the Philippine Sports Commission, Philippine Olympic Committee and Department of Education, Milo has also launched 30 Summer Sports Clinics and 300 Barangay Leagues for basketball and the booming volleyball sport. — John Bryan Ulanday

Lakers set up play-in rematch with New Orleans Pelicans

LEBRON JAMES — REUTERS

LEBRON JAMES had a triple-double, Anthony Davis had a double-double and the visiting Los Angeles Lakers dominated the New Orleans Pelicans 124-108 in the regular-season finale Sunday.

Mr. James finished with 28 points, 17 assists and 11 rebounds and Mr. Davis had 30 points and 11 rebounds as the Lakers (47-35) clinched the No. 8 seed and set up a rematch with the seventh-seeded Pelicans (49-33) in a play-in game Tuesday night in New Orleans.

Austin Reaves added 20 points, D’Angelo Russell scored 19 and Rui Hachimura had 11 for L.A.

CJ McCollum scored 25 points to lead New Orleans. Herbert Jones added 18, while Larry Nance, Jr. and Brandon Ingram, returning from a 12-game absence due to a hyper-extended knee, scored 13 each.

Zion Williamson had 12, Trey Murphy III 11 and Jose Alvarado 10 for New Orleans, which saw its four-game winning streak end. The Pelicans fell from No. 6 in the West and into the play-in because Phoenix defeated Minnesota 125-106 and won the tie-breaker with the Pelicans for No. 6.

L.A. never trailed in the game, leading by as many as 23 points in the first half and outscoring New Orleans 68-42 in points in the paint for the game. The Lakers won the season series 3-1 as the visiting team prevailed for the first time.

Mr. Reaves made one 3-pointer and Mr. Russell added two to start L.A.’s third-quarter scoring and help the Lakers expand their lead to 85-57.

Mr. Davis scored eight of his 14 first-quarter points as the Lakers opened a 17-7 lead. Ingram scored the Pelicans’ final nine points as they trimmed the lead to 30-24 at the end of the period.

Taurean Prince and Mr. James each made a pair of layups and L.A. increased the lead to 15 points early in the second quarter. New Orleans got within 12 before Mr. Reeves scored five points, Mr. James had a three-point play and an assist and the Lakers matched their biggest lead of the half, 60-37.

Mr. Nance scored seven points, making one of four 3-pointers in the final 3:39 of the half that helped the Pelicans creep within 70-53 at halftime. — Reuters

Thunder earn West’s No. 1 seed in blowout win vs Mavericks

SHAI Gilgeous-Alexander scored 15 points in just 16 minutes as the Oklahoma City Thunder left no doubt, blowing out the visiting Dallas Mavericks 135-86 on Sunday.

The Thunder (57-25) finished the regular season with a five-game winning streak to claim the top spot in the Western Conference for the first time since the 2012-13 season.

With the Mavericks’ (50-32) playoff position set, they sat all of their starters other than Tim Hardaway, Jr.

That included Luka Doncic and Kyrie Irving, who rested for the second consecutive game as Dallas prepares for its playoff opener against the Clippers.

Oklahoma City had no such certainty going into the day, as they were part of a three-way tie with Denver and Minnesota for the top spot in the West. The Oklahoma City Thunder held both the tiebreaker with the Nuggets and the three-way tiebreaker. Denver winning sealed the Thunder’s playoff position.

Oklahoma City quickly made it apparent they would take care of their part, scoring the game’s first 11 points to build a lead it would never relinquish.

That didn’t stop Oklahoma City from stretching its lead. The Thunder led by as many as 55 in the third quarter and led by as many as 58 in the fourth. — Reuters

When Facebook blocks news, studies show the political risks that follow

REUTERS

SINCE Meta blocked links to news in Canada last August to avoid paying fees to media companies, right-wing meme producer Jeff Ballingall says he has seen a surge in clicks for his Canada Proud Facebook page.

“Our numbers are growing and we’re reaching more and more people every day,” said Mr. Ballingall, who publishes up to 10 posts a day and has some 540,000 followers.

“Media is just going to get more tribal and more niche,” he added. “This is just igniting it further.”

Canada has become ground zero for Facebook’s battle with governments that have enacted or are considering laws that force internet giants – primarily the social media platform’s owner Meta and Alphabet’s Google – to pay media companies for links to news published on their platforms.

Facebook has blocked news sharing in Canada rather than pay, saying news holds no economic value to its business.

It is seen as likely to take a similar step in Australia should Canberra try to enforce its 2021 content licensing law after Facebook said it would not extend the deals it has with news publishers there. Facebook briefly blocked news in Australia ahead of the law.

The blocking of news links has led to profound and disturbing changes in the way Canadian Facebook users engage with information about politics, two unpublished studies shared with Reuters found.

“The news being talked about in political groups is being replaced by memes,” said Taylor Owen, founding director of McGill University’s Centre for Media, Technology and Democracy, who worked on one of the studies.

“The ambient presence of journalism and true information in our feeds, the signals of reliability that were there, that’s gone.”

The lack of news on the platform and increased user engagement with opinion and non-verified content has the potential to undermine political discourse, particularly in election years, the studies’ researchers say. Both Canada and Australia go to the polls in 2025.

Other jurisdictions including California and Britain are also considering legislation to force internet giants to pay for news content. Indonesia introduced a similar law this year.

BLOCKED
In practice, Meta’s decision means that when someone makes a post with a link to a news article, Canadians will see a box with the message: “In response to Canadian government legislation, news content can’t be shared.”

Where once news posts on Facebook garnered between 5 million and 8 million views from Canadians per day, that has disappeared, according to the Media Ecosystem Observatory, a McGill University and University of Toronto project.

Although engagement with political influencer accounts such as partisan commentators, academics and media professionals was unchanged, reactions to image-based posts in Canadian political Facebook groups tripled to match the previous engagement with news posts, the study also found.

The research analyzed some 40,000 posts and compared user activity before and after the blocking of news links on the pages of some 1,000 news publishers, 185 political influencers and 600 political groups.

A Meta spokesperson said the research confirmed the company’s view that people still come “to Facebook and Instagram even without news on the platform.”

Canadians can still access “authoritative information from a range of sources” on Facebook and the company’s fact-checking process was “committed to stopping the spread of misinformation on our services”, the spokesperson said.

A separate NewsGuard study conducted for Reuters found that likes, comments and shares of what it categorized as “unreliable” sources climbed to 6.9% in Canada in the 90 days after the ban, compared to 2.2% in the 90 days before.

“This is especially troubling,” said Gordon Crovitz, co-chief executive of New York-based NewsGuard, a fact-checking company which scores websites for accuracy. Mr. Crovitz noted the change has come at a time when “we see a sharp uptick in the number of AI-generated news sites publishing false claims and growing numbers of faked audio, images and videos, including from hostile governments … intended to influence elections.”

Canadian Heritage Minister Pascale St-Onge in an emailed statement to Reuters called Meta’s blocking of news an “unfortunate and reckless choice” that had left “disinformation and misinformation to spread on their platform … during need-to-know situations like wildfires, emergencies, local elections and other critical times”.

Asked about the studies, Australian Assistant Treasurer Stephen Jones said via email: “Access to trusted, quality content is important for Australians, and it is in Meta’s own interest to support this content on its platforms.”

Mr. Jones, who will decide whether to hire an arbitrator to set Facebook’s media licencing arrangements, said the government had made clear its position to Meta that Australian news media businesses should be “fairly remunerated for news content used on digital platforms.”

Meta declined to comment on future business decisions in Australia but said it would continue engaging with the government.

Facebook remains the most popular social media platform for current affairs content, studies show, even though it has been declining as a news source for years amid an exodus of younger users to rivals and Meta’s strategy of de-prioritizing politics in user feeds.

In Canada, where four-fifths of the population is on Facebook, 51% obtained news on the platform in 2023, the Media Ecosystem Observatory said. 

Two-thirds of Australians are on Facebook and 32% used the platform for news last year, the University of Canberra said.

Unlike Facebook, Google has not indicated any changes to its deals with news publishers in Australia and reached a deal with the Canadian government to make payments to a fund that will support media outlets. — Reuters

US news organizations urge Biden, Trump to commit to debates

Donald Trump and Joseph R. Biden are seen in this file photo of a presidential campaign debate in Cleveland, Ohio, US, Sept. 29, 2020. — OLIVIER DOULIERY/POOL VIA REUTERS

A DOZEN leading US news organizations collectively urged US President Joseph R. Biden and former President Donald Trump on Sunday to publicly commit to debating each other during the run-up to the November election.

“Debates have a rich tradition in our American democracy, having played a vital role in every presidential election of the past 50 years, dating to 1976,” the 12 news outlets said in a joint statement.

The statement suggested that debates for the current race be sponsored, as they have every election cycle since 1988, by the nonpartisan Commission on Presidential Debates.

“Though it is too early for invitations to be extended to any candidates, it is not too early for candidates who expect to meet the eligibility criteria to publicly state their support for — and their intention to participate in — the commission’s debates planned for this fall.”

Network television outlets accounted for nine of the letter’s signatories — ABC News, CBS News and NBCUniversal News Group (encompassing NBC News and MSNBC), as well as Fox, CNN, C-SPAN, the PBS NewsHour, Nextstar’s NewsNation and Spanish-language Univision.

Rounding out the group were The Associated Press wire service, National Public Radio and Gannett’s national newspaper USA Today.

Mr. Trump, who refused to debate his rivals before winning the Republican primary race last month, has in recent weeks been challenging Mr. Biden to engage in a one-on-one matchup with him, offering to debate the incumbent Democrat “anytime, anywhere, anyplace.”

Last Thursday, Mr. Trump’s top two campaign advisers sent a letter to the debates commission calling for an accelerated debates timetable, holding more than the usual three events and starting them earlier in the campaign cycle than usual.

Mr. Biden has not committed to debate Mr. Trump but has not ruled it out either, saying last month it would depend on the former president’s behavior.

Mr. Biden’s camp has been concerned that once on stage Mr. Trump will not abide by rules set by the Commission, and some Biden advisers say they would prefer not to elevate Mr. Trump by putting him on the same stage with the Democratic incumbent.

Mr. Biden has a lead among registered voters of 41% to 37% over Mr. Trump, a Reuters/Ipsos poll found on Wednesday.

Asked during a trip to Las Vegas in early February about Mr. Trump calling for Mr. Biden to debate him, Mr. Biden said, “If I were him, I would want to debate me too. He’s got nothing to do.”

Mr. Biden and Mr. Trump faced each other in two televised presidential election debates during the 2020 campaign. — Reuters

Gulf states, vulnerable but influential, seek to stop new Iran-Israel war

AN anti-missile system operates after Iran launched drones and missiles towards Israel, as seen from Ashkelon, Israel, April 14, 2024. — REUTERS

DUBAI/RIYADH — Gulf states are pushing to stop a full-blown regional war after Iran’s unprecedented retaliatory strikes on Israel, sources in the region said, fearing new escalation could put them on front lines of a conflagration and ruin plans to reshape the region.

Saudi Arabia and the United Arab Emirates (UAE) in particular may be well placed to triangulate between Iran, Israel and the United States after diplomatic advances in recent years that benefited all those countries.

Allies of Washington, Gulf monarchies have sought to stabilise ties with Iran and Israel to resolve longstanding security concerns and allow them to focus on national projects.

The UAE and Bahrain signed a normalization deal with Israel in 2020 and Saudi Arabia was considering a similar agreement also involving a US defense pact until the Gaza war torpedoed diplomacy. Riyadh also buried the hatchet with Iran last year after years of feuding.

However, the policy of detente now faces its greatest ever threat as the risk to wider regional peace raised by Israel’s conflict with Iran-backed Hamas in Gaza since Oct. 7 comes to a head.

A direct war between Israel and Iran could swiftly expand to Gulf states whose air space lies between the pair, and which host several military bases of the United States, which has vowed to defend its ally Israel.

“Nobody wants an escalation. Everybody wants to contain the situation,” said a Gulf source close to government circles, adding that there was probably wide telephone diplomacy under way.

“The pressure is not on Iran alone. The pressure is now on Israel not to retaliate,” said the source, adding that the fallout of an Israeli attack on key Iranian sites “will affect all the region.”

Another Gulf source with knowledge of official thinking said Gulf states, Iraq and Jordan are pushing both Iran and Israel’s main backer the United States not to escalate. Washington was already pressing Israel to show restraint, both sources said.

At the same time, the United States was using Gulf countries to convey messages to Iran not to escalate any further, the source with knowledge of official thinking added.

“It is clear that America is using Gulf Arab allies to convey messages between Iran and the Americans. Saudi Arabia is maintaining contacts with Iran and there is an understanding to contain things,” the source said.

Reuters has requested comment from both Saudi Arabia and the UAE on how they are handling the crisis.

Still, both the sources as well as analysts in the Gulf believed the most dangerous moment may have passed.

“The Iranians took their shot,” said Abdulaziz al-Sager, head of the Gulf Research Centre close to government circles, indicating that for Tehran, the escalatory phase was over, and adding that Washington did not want an escalation from Israel.

RISKS
There have been many recent reminders of Gulf states’ vulnerability.

Iran on Saturday seized a cargo ship in the Strait of Hormuz, the narrow stretch of water through which most Gulf energy exports pass, and has threatened to close shipping lanes there entirely.

Meanwhile Yemen’s Iran-backed Houthi group, against which Saudi Arabia was fighting for years until moving towards a peace deal in December, has repeatedly attacked shipping and deployed drones towards Israel skirting Saudi airspace in recent months.

The Houthis had several times attacked key Saudi Arabian energy facilities in recent years before the peace talks gained momentum last year and retain the capacity to do so again.

In 2019 they hit key facilities in Saudi Arabia that process the vast majority of the country’s crude output and in 2022 they attacked three oil tanker trucks in the UAE.

“A conflagration will see the price of oil shooting up. The traffic of oil will be affected,” the source said, describing likely outcomes of a wider regional war.

De facto Saudi ruler Crown Prince Mohammed bin Salman has for years tried to focus on his ambitious vision to develop mega projects in the kingdom free from geopolitical distractions.

Saudi economic ambitions were at the heart of Riyadh’s push for detente with Iran, but the kingdom was also very concerned about security, said Saudi analyst Aziz Algashian.

“It’s not just about the projects in our prosperous region… It doesn’t want to be caught in the crossfire between Israel, Iran and the United States,” he said.

The war in Gaza had already put policies of entente under strain.

The United Arab Emirates and Bahrain made peace with Israel in 2020 through the so-called ‘Abraham accords’ and Saudi Arabia was considering following suit in return for US security commitments.

Meanwhile, Saudi Arabia and Iran last year put aside decades of destructive feuding that had fuelled conflicts around the region with a deal to restore diplomatic ties and avoid harming each other’s interests.

But the devastation in Gaza has derailed further moves towards peace with Israel, and Iran’s backing of regional Shi’ite Muslim allies that have targeted US bases in Iraq and elsewhere has raised concerns in the Gulf.

The fact that detente might allow Gulf states to bring down regional tensions was probably regarded in Riyadh and Abu Dhabi as confirmation their policy was working, Algashian said.

“If there wasn’t Saudi-Iranian normalization and rapprochement, Saudi Arabia would be far more anxious right now,” he said. — Reuters

US growth may be a global boon, but inflation could derail the train

RAWPIXEL.COM/FREEPIK

 – US economic growth that keeps motoring above its potential is emerging as a key prop for an ongoing global expansion, but spillovers from persistently high inflation and tight monetary policy in the world’s largest economy could pose new risks to a hoped-for “soft landing” around the world.

As global financial leaders gather in Washington this week for the spring meetings of the International Monetary Fund and World Bank, the outlook for the world’s short-term economic fortunes may center on whether the surprising U.S. success is being driven more by constructive forces like increased labor supply and productivity or by outsized fiscal deficits that continue stoking demand and, potentially, inflation.

One answer supports what Chicago Federal Reserve President Austan Goolsbee has labeled a “golden path” where strong growth and falling inflation coexist, not only in the US but in other countries tied to it through exchange rates and trade channels that have kept imports near record highs. The other may point to a bumpy ride ahead if the Fed concludes that U.S. demand remains too strong for inflation to fall, and decides it has to postpone expected interest rate cuts or – in the extreme – resort to rate hikes it had all but taken off the table.

Recent data have not been helpful, with inflation stalled well above the US central bank’s 2% target for the first quarter of the year, gross domestic product still expanding above potential at 2.4% for the January-March period, according to an Atlanta Fed tracker, and Fed officials hedging their words about when the rate cuts might start.

“We’re not yet where we want to be on inflation,” Richmond Fed President Thomas Barkin said last week, capping a seven-day run over which US jobs data showed firms hired an additional 303,000 workers in March, two to three times the estimated non-inflationary pace, and new inflation data further reversed the trends Fed policymakers relied on last year to pivot towards rate cuts in 2024. Data on inflation expectations, closely monitored by the Fed, also points to progress having stalled.

The data registered quickly in markets that lowered the outlook for a Fed monetary easing, something global officials no doubt have noticed ahead of discussions this week that may center on whether the world’s post-pandemic bout of inflation and tight monetary policy is ending, or simply on hold until it is clear what happens in the US

 

WATCHING FROM ABROAD

The IMF’s latest World Economic Outlook summary of the global economy will be released on Tuesday.

But recent US data already have had repercussions.

Though the European Central Bank has kept its rate-cut and inflation outlooks intact for now, ECB President Christine Lagarde’s press conference on Thursday was dominated by questions of just how far the euro zone’s monetary policy could diverge from that of the Fed if US inflation persists. Other central bankers were more explicit that an extended inflation fight in the US would constrain what they might be able to do.

“It’s not just about whether the Fed can decide to act in June or a bit later, it’s the entire monetary policy for maybe a year that is under question,” Per Janssondeputy governor of Sweden’s Riksbank, told reporters, adding there was “not a zero chance” that the Fed might have to discuss whether further hikes in borrowing costs are needed.

That is not the baseline. The Fed’s last round of economic projections, issued in March, showed none of its policymakers anticipated needing to move the US central bank’s benchmark overnight interest rate above the current 5.25%-5.50% range, where it has been since July.

But there was also a wedge creeping in, with minutes of the Fed’s March 19-20 policy meeting showing that “some participants” said overall financial conditions may not be as tight as suspected, “which could add momentum to aggregate demand and put upward pressure on inflation,” the sort of dynamic that, if sustained, could argue for higher rates.

Strong growth in the face of the highest policy rate in a quarter of a century has raised a series of questions for the Fed – and by extension for the global economy – about whether the impact of monetary policy is just slow to be felt, with a US nosedive coming, or whether aspects of the economy like labor participation and productivity have changed for the better.

 

ELEVATED RISKS

The US Congressional Budget Office recently raised its outlook for potential US economic growth on the basis of increased immigration and labor productivity, factors that would allow the economy to expand without generating inflation.

While Fed officials have acknowledged that both forces helped bring down the pace of price increases last year at a surprisingly fast rate – paving the way for what some have dubbed an “immaculate disinflation” – it’s unclear how deep that well goes.

If it’s determined the economy remains too strong or financial conditions too loose for a full return of inflation to the Fed’s target, the U.S. divergence now helping pull the world upward may turn into a tight-money drag.

“I think the Fed’s in watching-and-waiting mode,” with perhaps only a single quarter-percentage-point rate cut this year, said Karen Dynan, a Harvard University professor and non-resident senior fellow at the Peterson Institute for International Economics.

While she does expect tighter policy to “take the edge off” demand and slow the US economy, worse outcomes can’t be ignored as long as the inflation problem persists.

“It’s really a ‘soft landing’ forecast … but I do think the risks of recession are somewhat elevated in the United States and other countries,” she said. – Reuters

China says Hong Kong must ‘tightly hold’ national security line to safeguard development

MAN CHUNG-UNSPLASH

 – China’s top official on Hong Kong affairs said the city should “tightly hold” onto the bottom line of national security to safeguard development, in a speech coming weeks after the enactment of sweeping new security laws.

“To move towards governance and prosperity, we need to tightly hold onto the bottom line of national security in order to safeguard the high quality development of Hong Kong,” said the director of Beijing’s Hong Kong and Macau Affairs Office, Xia Baolong, in a speech to mark an annual national security day.

Hong Kong in March enacted a new national security law, also known as article 23, that updates or introduces new laws to prohibit treason, sabotage, sedition, the theft of state secrets and espionage, with jail terms of up to life imprisonment.

Mr. Xia, however, sought to emphasize that the law posed no threat to investors, at a time when the city has faced Western criticism of a protracted crackdown on dissent, and has struggled economically and financially.

“For the general public of Hong Kong and foreign investors, this law is the protector of their rights, freedoms, property and investment,” Mr. Xia said.

“Investors from all over the world can come to Hong Kong to invest in new businesses bravely and without concerns,” he added. “Hong Kong remains the best place in the world to do business and make money and achieve your dreams.”

Some foreign governments including the United States and Britain, however, have criticized the new law as fresh tool for authorities to clamp down on dissent. The legislation adds to another national security law China directly imposed on Hong Kong in 2020 in response to mass pro-democracy protests.

Beijing, however, says the laws are necessary to safeguard the city’s stability and prosperity.

The US Consulate General in Hong Kong said on Saturday that visitors to the city should “exercise increased caution” with the State Department updating its travel advisory given the new national security legislation.

Canada also updated its advisory recently, saying people needed to “exercise a high degree of caution in Hong Kong due to the risk of arbitrary enforcement of local laws”.

The security laws have so far been used to jail scores of leading Hong Kong democrats including Joshua Wong, while liberal media outlets and civil society groups have been shut down.

More than 290 people have been arrested under the Beijing imposed national security law so far. Of these, 174 people and five companies have been charged, including prominent China critic and businessman Jimmy Lai — who is currently on trial and could face life imprisonment. – Reuters

Southeast Asia ‘woefully off track’ on green investment, Bain says

 – South East Asia is “woefully off track” on green investments to reduce emissions and needs new policies and financial mechanisms to help bridge the gap, the global consultancy Bain & Company said on Monday.

With energy consumption in the region expected to grow 40% this decade, climate-warming carbon dioxide emissions remain on the rise, with the region still dependent on fossil fuels, said an annual report compiled by Bain, green investment group GenZero and Standard Chartered Bank.

While green investment grew 20% last year, it is way short of the $1.5 trillion required this decade, and emissions in the 10 countries in the region could overshoot their 2030 pledges by 32% if they continue on their current trajectory, it warned.

“We believe that an acceleration of effort by countries, corporates and investors is imperative as Southeast Asia remains woefully off-track,” said Kimberly Tan, GenZero’s managing director.

Clean energy accounts for just 10% of total supplies, and fossil fuel subsidies are around five times higher than renewable investments. High capital costs, as well as uncertain grid and tariff regulations, have also made it harder to finance renewable projects.

Meanwhile, only four of the 10 countries in the region – Indonesia, Malaysia, Singapore and Vietnam – have made progress in putting a price on carbon.

The report called for more policies and incentives, greater regional cooperation and a sustained focus on technologies that are already deployable.

“The good news is that Southeast Asia is very early on its decarbonization journey so benefits from having many levers to reduce emissions today,” said Ms. Tan. “Many of these are low-hanging fruit.”

The report identified 13 “investable ideas” that could bring in $150 billion in revenues by 2030, including sustainable agriculture and utility-scale renewable energy plants.

South East Asia is the second worst performing region when it comes to renewables investment, behind only Sub-Saharan Africa, according to an April report by Singapore’s Economic Development Board and the McKinsey consultancy.

The report said annual solar installations needed to rise from the current rate of 5 gigawatts to 35 GW over the 2030-2050 period if regional net-zero pledges are to be met.

“We have all the resources, but the ‘unlock’ isn’t happening yet,” said Vishal Agarwal, a McKinsey senior partner. – Reuters

Apple loses top phonemaker spot to Samsung as iPhone shipments drop, IDC says

BW FILE PHOTO

Apple’s smartphone shipments dropped about 10% in the first quarter of 2024, hurt by intensifying competition by Android smartphone makers aiming for the top spot, data from research firm IDC showed on Sunday.

Global smartphone shipments increased 7.8% to 289.4 million units during January-March, with Samsung 005930.KS, at 20.8% market share, clinching the top phone maker spot from Apple.

The iPhone-maker’s steep sales decline comes after its strong performance in the December quarter when it overtook Samsung as the world’s No.1 phone maker. It’s back to the second spot, with 17.3% market share, as Chinese brands such as Huawei gain market share.

Xiaomi, one of China’s top smartphone makers, occupied the third position with a market share of 14.1% during the first quarter.

South Korea’s Samsung, which launched its latest flagship smartphone lineup – Galaxy S24 series – in the beginning of the year, shipped more than 60 million phones during the period.

Global sales of Galaxy S24 smartphones jumped 8%, compared to last year’s Galaxy S23 series during their first three weeks of availability, data provider Counterpoint previously said.

In the first quarter, Apple shipped 50.1 million iPhones, down from 55.4 million units it shipped same period last year, according to IDC.

Apple’s smartphone shipments in China shrank 2.1% in the final quarter of 2023 from a year earlier.

The drop underscores the challenges facing the U.S. firm in its third biggest market, as some Chinese companies and government agencies limit employees’ use of Apple devices, a measure that mirrors U.S. government restrictions on Chinese apps on security grounds.

The Cupertino, California-based company in June will hold its Worldwide Developers Conference (WWDC), where it will highlight updates to the software powering iPhones, iPads, and other Apple devices.

Investors are closely watching for updates on artificial intelligence development at Apple, which has so far spoken little about incorporating the AI technology into its devices. The company earlier this year lost the crown as the world’s most valuable company to Microsoft. – Reuters

US will not take part in any Israeli retaliatory action against Iran

AN anti-missile system operates after Iran launched drones and missiles towards Israel, as seen from Ashkelon, Israel, April 14, 2024. — REUTERS

 – President Joe Biden warned Prime Minister Benjamin Netanyahu the US will not take part in a counter-offensive against Iran, an option Netanyahu’s war cabinet favors after a mass drone and missile attack on Israeli territory, according to officials.

The threat of open warfare erupting between the arch Middle East foes and dragging in the United States put the region on edge, triggering calls for restraint from global powers and Arab nations.

“The Middle East is on the brink. The people of the region are confronting a real danger of a devastating full-scale conflict. Now is the time to defuse and de-escalate,” United Nations Secretary-General Antonio Guterres told a Security Council meeting called on Sunday in response to the strikes.

Deputy US Ambassador to the U.N. Robert Wood called on the council to unequivocally condemn Iran’s attack.

“Let me be clear: if Iran or its proxies take actions against the United States or further action against Israel, Iran will be held responsible,” he said.

Still, Mr. Biden told Mr. Netanyahu the US would not participate in any Israeli counter-offensive against Iran over the attack, a White House official said.

US State Antony Blinken and Defense Secretary Lloyd Austin also spoke to counterparts including in Saudi Arabia, Turkey, Egypt and Jordan, stressing the need to avoid escalation, the importance of a coordinated diplomatic response, and emphasizing the U.S. will continue to support Israel’s defense.

 

LITTLE SERIOUS DAMAGE

Iran launched the attack over a suspected Israeli strike on its embassy compound in Syria on April 1 that killed top Revolutionary Guards commanders and followed months of clashes between Israel and Iran’s regional allies, triggered by the war in Gaza.

However, the attack by more than 300 missiles and drones caused only modest damage in Israel. Most were shot down by Israel’s Iron Dome defense system and with help from the US, Britain, France and Jordan.

The only serious injury reported within Israel was a 7-year-old who was hurt by shrapnel.

There also was little serious property damage reported. Authorities said an Israeli Air Force base was hit but continued to operate as normal.

Asian shares fell and gold prices rose on Monday as risk sentiment took a hit, though oil prices dipped.

“An attack was largely priced in the days leading up to it. Also the limited damage and the fact that there was no loss of life means that maybe Israel’s response will be more measured,” said Warren Patterson, head of commodities strategy at ING.

“But clearly, there is still plenty of uncertainty and it all depends on how Israel now responds.”

Israeli officials said Mr. Netanyahu’s five-member war cabinet favored retaliation in a meeting on Sunday, although the panel was divided over the timing and scale of any such response.

Two senior Israeli ministers signaled retaliation was not imminent and that Israel would not act alone.

“We will build a regional coalition and exact the price from Iran in the fashion and timing that is right for us,” centrist minister Benny Gantz said ahead of a war cabinet meeting.

Defense Minister Yoav Gallant also said Israel had an opportunity to form a strategic alliance “against this grave threat by Iran.”

Israel remained on high alert, but authorities lifted some emergency measures that had included a ban on some school

activities and caps on large gatherings.

Iranian army chief of staff Major General Mohammad Bagheri said on television, “Our response will be much larger than tonight’s military action if Israel retaliates against Iran,” and told Washington that its bases could also be attacked if it helped Israel retaliate.

Iranian Foreign Minister Hossein Amirabdollahian said Tehran had informed the United States its attack on Israel would be limited and for self-defense and that regional neighbors had been informed of its planned strikes 72 hours in advance.

Turkish, Jordanian and Iraqi officials said on Sunday that Iran gave wide notice days before the attack, but U.S. officials said Tehran did not warn Washington and was aiming to cause significant damage.

The leaders of the Group of 7 nations condemned Iran’s attack and said they would work to stabilize the situation, warning in a statement that Tehran risked “an uncontrollable regional escalation.”

 

MOTIVATIONS FOR ATTACK DEBATED

Analysts debated whether Iran’s attack was calibrated to cause genuine devastation in Israel, or to save face at home after vows of revenge while avoiding a major new war.

“I think the Iranians took into consideration the fact that Israel has a very, very strong multi-layer anti-missile system and they probably took into consideration that there will not be too many casualties,” said Sima Shine, a former senior Mossad official at the Institute for National Security Studies in Tel Aviv.

In Gaza, Iran’s attack drew applause as rare payback for an Israeli offensive that has killed at least 33,000 people.

“We have been slaughtered for over six months and no one dared to do anything. Now Iran, after its consulate was hit, is hitting back at Israel and this brings joy into our hearts,” said Majed Abu Hamza of Gaza City.

The war in Gaza, which Israel invaded after an attack by Iran-backed Hamas on Oct. 7, has spread to fronts with Iran-aligned groups in Lebanon, Syria, Yemen and Iraq.

In Israel, although there was alarm at the first direct attack from another country in more than three decades, the mood contrasted with the trauma after the Hamas-led attack on Oct.7.

“I think we’ve been given license to respond now. I mean it was a major attack from Iran… I imagine Israel will respond and may be over quickly and get back to normal life,” said Jeremy Smith, 60.

In Iran, state television showed small gatherings in several cities celebrating the attack, but in private some Iranians were worried about Israel’s response.

“Iran gave Netanyahu a golden opportunity to attack our country. But we, the people of Iran, will bear the brunt of this conflict,” said Shima, a nurse, from Tehran. –  Reuters

UK home, business property insurance payouts hit $6 bln in 2023

— REUTERS/TOBY MELVILLE/FILE PHOTO

 – Britain’s homes and businesses received 4.86 billion pounds ($6.07 billion) in property insurance payouts in 2023, up 18% from a year earlier, as weather-related home claims hit a record high, the Association of British Insurers said on Monday.

Weather-related home damage claims rose 36% to 573 million pounds, with homes battered by a succession of storms last autumn, the ABI said in a statement. High winds, storm debris, flooding and burst pipes contributed to the losses, it added.

Insurance companies worldwide are facing higher claims from natural catastrophes, industry sources say, which they attribute to the effects of climate change and to a rise in building in areas exposed to extreme weather.

Insurers are facing more storm losses than in the past in Britain and other parts of Europe, they add, with inflation and supply chain issues contributing to an increase in the cost of repairs, and therefore to the size of payouts.

Winter storms in northwestern Europe in early 2023 led to insured losses of more than $4 billion, above the previous 10-year average of $2.5 billion, according to Swiss Re.

“We continue to press the government for further investment in flood defense and maintenance, as well as calling for changes to the planning system to discourage building where flooding might be more likely,” ABI policy adviser Louise Clark said.

The average UK home insurance premium rose 13% year on year in the fourth quarter of 2023, recent data from the ABI showed.

Britain’s insurer-funded Flood Re reinsurance program helps insurers make home insurance more affordable. But it is not available for homes built after January 2009.  – Reuters