Home Blog Page 1949

Barcelona outclasses Atletico Madrid in 3-0 triumph, climbs to 2nd

MADRID — Barcelona cruised to an emphatic 3-0 win at Atletico Madrid on Sunday with goals from Joao Felix, Robert Lewandowski and Fermin Lopez, to move second in the LaLiga standings.

The hosts dominated the early exchanges, but Barcelona grabbed the lead in the 38th minute following a fine passing move with Mr. Lewandowski teeing up Felix for an easy close-range finish.

Mr. Lewandowski extended the advantage two minutes into the second half as Raphinha stole the ball from Atletico’s Rodrigo de Paul to set up the Pole for his 13th league goal of the season.

The visitors seemed untroubled by coach Xavi Hernandez being sent off in the first half and Mr. Lopez sealed the rout in the 65th minute with a towering header off Mr. Lewandowski’s second assist of the night.

“It was probably the most complete game. It was a match similar to the one against Napoli,” said Xavi referring to their midweek win in the Champions League.

“It’s an ideal match for our methodology and philosophy of play. We are Barca, nobody relaxes here. We are going to try to improve and compete for the two most important titles.

“I am passionate and I want my team to win. For me the sending off was unnecessary and unfair but we have to accept it.”

Barcelona moved above Girona, who were beaten 1-0 by Getafe on Saturday, in the table with 64 points, eight behind leaders Real Madrid.

Atletico, who were reduced to 10 men in stoppage time following Nahuel Molina’s red card, suffered their first home loss of the season to leave them fifth with 55 points, one adrift of Athletic Bilbao in the last Champions League qualifying berth. — Reuters

South Korea’s Yoon warns of tech threat to democracy at summit

STOCK PHOTO | Image by Gerd Altmann from Pixabay

SEOUL — South Korean President Yoon Suk Yeol on Monday called fake news and disinformation based on artificial intelligence (AI) and digital technology threats to democracy, as his country hosted a gathering of senior global officials including from Britain, the European Union (EU) and the United States.

Speaking at the opening of the Summit for Democracy, Mr. Yoon said countries had a duty to share experiences and wisdom so that artificial intelligence and technology could be employed to promote democracy. Technological disparity among countries is a major challenge, Mr. Yoon said, describing it as a root case of how some countries fall behind in economic prosperity and fail to make progress on democracy.

“Fake news and disinformation based on artificial intelligence and digital technology not only violates individual freedom and human rights but also threatens democratic systems,” Mr. Yoon said.

South Korea is hosting the third Summit for Democracy conference, an initiative of US President Joseph R. Biden aimed at discussing ways to stop democratic backsliding and erosion of rights and freedoms.

Digital threats to democracy, and how technology can promote democracy and universal human rights, are expected to be the main agenda of the three-day meetings.

“As authoritarian and repressive regimes deploy technologies to undermine democracy and human rights, we need to ensure that technology sustains and supports democratic values and norms,” US Secretary of State Antony Blinken told the summit.

Like-minded governments and their people are working together to promote free and fair elections, Mr. Blinken said, noting that safeguarding democracy was a collective effort.

Neither Mr. Blinken nor Mr. Yoon mentioned any countries or leaders by name.

European Commission Vice-President for Values and Transparency Vera Jourova said 2024 is an election year around the globe and cited threats such as disinformation campaigns from the Kremlin among other actors.

The Kremlin has repeatedly denied accusations of spreading false or misleading information.

Hours before the summit started, North Korea fired several short-range ballistic missiles into the sea for the first time in two months in its latest show of force.

The conference also kicked off just after Russian President Vladimir Putin was declared victor in a record post-Soviet landslide in a presidential election on Sunday.

The result means Mr. Putin, who rose to power in 1999, is set to start a new six-year term that will see him overtake Josef Stalin and become Russia’s longest-serving leader in more than 200 years if he completes it.

A White House National Security Council spokesperson criticized the election and said they were “obviously not free nor fair given how Mr. Putin has imprisoned political opponents and prevented others from running against him.”

Mr. Putin told reporters he regarded Russia’s election as democratic and said protests organized by supporters of opposition leader Alexei Navalny, who died in an Arctic prison last month, against him had no effect on the election’s outcome.

The summit is also being attended by British Deputy Prime Minister Oliver Dowden, who said democracy faced threats on multiple fronts, including cyberattackers disrupting campaigns, populists embracing falsehoods, and “autocrats holding sham elections.”

Speaking at a separate session, Mr. Blinken said Washington was releasing the first guidance of its kind for tech companies to help prevent attacks on human rights defenders online. — Reuters

Reading the ruins of Amazon fires, scientists see crisis ahead

REUTERS

QUERENCIA, Brazil — The Amazon is battling record early-year fires, fueling fears of a worse climate crisis to come as blazes kill vegetation that is key to absorbing planet-warming carbon dioxide.

Fanned by drought, high winds and human felling, the forest is suffering unprecedented fires this early in the year, satellite images show, with the dry season still to reach critical parts of the Amazon.

“Traditional as well as scientific knowledge point to dire times ahead,” said Sinea do Vale of the Indigenous Council of Roraima, the Brazilian state worst hit by February’s unprecedented blazes.

“If emissions do not drop drastically, we will keep suffering,” do Vale told the Thomson Reuters Foundation.

Fire is currently concentrated in the northern Amazon, satellite data shows, with Brazil, Guyana, Suriname and Venezuela registering a record number of blazes in February, according to data gathered this century by Brazil’s National Institute for Space Research (INPE).

In January, more than 941 hectares of Brazil’s Amazon were burned, more than triple the damage chalked up at this time last year, according to MapBiomas, a Brazilian network of scientists, non-profits, universities and technology firms.

This February, 3,158 fire episodes were registered by INPE in Brazil’s Amazon — beating 2007’s previous record of 1,761.

The Amazon’s carbon emissions reached a record high for that month, according to 22 years of data from European Union’s Copernicus Atmosphere Monitoring Service.

“What we are seeing right now is a result of 2023’s drought… The landscape has become extremely inflammable, so that any spark may become a blazing fire,” said Ane Alencar, a researcher at the IPAM Amazonia environmental institute. 

SMOKE SIGNAL?
January and February blazes typically account for a small share of the Amazon’s annual fires.

Scientists fear, however, that this year’s early record could signal a more widespread crisis ahead, as decades of human intervention and the ongoing severe drought — driven by the El Niño climate pattern — turn forest to fuel.

Fires open the way for highly flammable grass to grow, which in turn “generates even more catastrophic fires over the next years,” said IPAM’s Leonardo Maracahipes-Santos.

“Especially if combined with severe drought,” he added from a 36-metre (120-ft) tower set up by IPAM in Querencia, southern Amazon, to investigate the changing forest.

Viewed from above, the Amazon unrolls towards the horizon, cut short by soy fields. Under a canopy of green, Mr. Maracahipes-Santos points to a fire scar on a nearby tree.

“Flames embrace the tree and unite on the opposite side, forming a triangle. Even when the tree doesn’t die immediately, this opening makes it more vulnerable,” he said.

DEFORESTATION
With more dead trees, the ground becomes ever dryer and flammable, said Liana Anderson of Brazil’s National Center for Monitoring and Early Warning of Natural Disasters.

Plus, fires are “increasingly used as a weapon against traditional populations” in areas of dispute where farmers, loggers and hunters are fighting for land, she said.

The worst fires typically come between July and November, when the forest’s southern and eastern fringes are at their driest, while rain drenches the northern Amazon.

Even during unusually dry seasons, rainforest fires are not sparked naturally and must be deliberately ignited. Land grabbers and farmers burn the forests over years so areas can be re-purposed, mostly for cattle ranching.

According to Manoela Machado, a researcher at the US-based Woodwell Climate Research Center, Brazil’s Amazon has undergone exceptionally high levels of deforestation since 2019.

Although rates have been declining, deforestation remains high, she said, especially in the southern and eastern fringes.

“If there is deforestation, there will be fire,” she added.

EXTREME WEATHER
A key unknown is the amount of rain that will hit the southern and eastern Amazon in coming months — and whether it will be enough to recharge the forest’s soil and rivers.

This week, Brazil’s National Water Agency said key Amazon rivers were below their average levels for the month, and predicted that rainfall would dip below the average for eastern Amazon and parts of its southern fringes from March through May.

“It is not raining enough,” said Alencar from IPAM.

Scientists say climate change increases the likelihood of drastic events, from drought to flood.

At the same time, large swaths of forest are vanishing to deforestation and fire, making it less resilient.

Some scientists fear this combination may push the forest to a tipping point of no return.

Instead of absorbing planet-heating carbon, the forest would die out, becoming a net carbon emitter and accelerating climate change — a shift already detected in some areas.

Deforestation rates have dropped in the forest since 2023, when President Luis Inacio Lula da Silva came to power vowing to restore environmental protections. But the dangers remain high.

“Climate is increasingly dryer and warmer, providing more dry fuel, and there is a greater motivation to burn. This cycle will not end if there is not a stop to deforestation,” said Manoela Machado, from the Woodwell Center. — Thomson Reuters Foundation

China warns citizens in Singapore to stay away from gambling

STOCK PHOTO | Image by Thorsten Frenzel from Pixabay

 – China’s embassy in Singapore on Monday urged its citizens in the city-state to stay away from all forms of betting, saying gambling overseas violates Chinese laws.

The warning comes as Beijing intensifies its efforts to crack down on Chinese citizens gambling across Southeast Asia, a popular tourist destination.

In a statement, the embassy “solemnly reminded” the majority of Chinese in Singapore to enhance their legal awareness and stay away from gambling. Singapore is home to two casinos, one operated by Las Vegas Sands and the other Genting Singapore.

“Even if overseas casinos are legally opened, cross-border gambling by Chinese citizens is suspected of violating the laws of our country,” the embassy said, adding that embassies and consulates may not be able to provide consular protection for violations.

China has been intensifying its crack down on cross-border, off-shore and online gambling, sending similar warnings to several countries as it tries to curb these illegal activities and threats to citizens abroad.

“Cross-border gambling may also bring risks such as fraud, money laundering, kidnapping, detention, trafficking, and smuggling,” the Chinese embassy in Singapore said in its statement on Monday.

The Chinese embassies in South Korea and Sri Lanka also issued similar warnings recently.

On Feb. 22, law enforcement agencies in China and the Philippines cooperated to repatriate more than 40 Chinese nationals engaged in offshore gambling, according to a statement from the Chinese embassy in the Philippines.

“The Chinese government has always opposed any form of gambling and opposes Chinese citizens leaving the country to engage in the gambling industry, the embassy said.

In addition, the ministers of public security of China and Vietnam agreed to enhance law enforcement cooperation and signed a memorandum of understanding on working together to combat cross-border gambling.

The Chinese embassy in Singapore said the Ministry of Public Security of China opened a reporting platform for combating cross-border and online gambling, where Chinese citizens can pass on clues and suspected activity. – Reuters

Swiss industry leans on central bank to grant relief from strong franc

 – Swiss industry is urging the country’s central bank to broaden its focus from fighting inflation to help them deal with the strong Swiss franc, which is eating into profits as the global economy cools and demand drops.

Over the past year, the safe-haven currency has appreciated significantly against the dollar and the euro, helping curb imported price pressures, but creating a headache for exporters already facing slacker business from Germany and China.

The pleas from industry come as the Swiss National Bank prepares to take its next interest rate decision on March 21 – having long met its core mandate of bringing inflation to within a 0-2% range.

“Once this legal mandate is fulfilled, the SNB also has a mandate to take the economic situation into consideration, and this naturally includes softening the impact of currency shocks for industry,” said Stefan Brupbacher, director at Swissmem, which represents big manufacturers including engineering groups ABB, Siemens and lift-maker Schindler.

“We will never tell the SNB what it should do…yet we expect the SNB to take – within its mandate – the situation of the export industry into consideration.”

The SNB’s next rate decision is finely balanced. Meanwhile the mood within Swiss industry is fragile after the franc appreciated sharply in late 2023.

Martin Hirzel, a board member at Swiss farm machinery maker Bucher, said the franc’s strength came at the “worst possible moment” as firms battled to win new orders after a weak 2023.

“And in this moment we have this appreciation of 5 to 7% against the euro which makes Swiss products more expensive, or companies see their margins disappear,” said Hirzel, who is also president at Swissmem.

Foreign orders fell 9.1% last year, the organisation said, while a Swiss index of purchasing managers in manufacturing has been in contraction territory for a year.

 

MANUFACTURERS FRET

The franc’s strength is a major worry, according to a recent survey by Swissmechanic, which represents more than 1,300 smaller manufacturers. Confidence in the sector is at its lowest level since the COVID-19 pandemic, the study showed.

Swissmechanic president Nicola Tettamanti said Switzerland had both very good products and a very strong currency.

“A major problem for us is when the euro or dollar drops very quickly against the franc,” said Tettamanti, whose owns and manages Tecnopinz, a maker of precision components for machine tools.

The company, near Lugano in southern Switzerland, is already feeling the slowdown.

“We have probably lost orders that we would have won if the euro was stronger,” he told Reuters.

Companies struggle to pass on higher prices because of soft demand. But if prices stay the same, profits suffer, curbing their ability to invest.

Manufacturing is a pillar of Switzerland’s export-oriented economy, contributing around 22% to its GDP. Almost three-quarters of Swiss-made products are sold abroad.

Although the franc has retreated slightly since the start of the year, it is still nearly 3% higher against the single currency and 6% stronger against the greenback than last March.

Now inflation is under control, the SNB needs to see what it can do to help exporters, said Tettamanti.

He suggested the SNB should focus on managing its currency reserves to prevent an excessive appreciation in the franc by buying euros when necessary.

Traders last week priced in a roughly 40% chance of a 25 basis point SNB cut from the current rate of 1.75%, although the probability has since narrowed to 29%.

The bank, which conducts regular surveys of Swiss businesses, declined to comment on its policy intentions.

Some economists think the time is right for the SNB to change tack with inflation tame.

“The Swiss economy is facing a double problem of weaker demand abroad as well as a strong franc, so cutting interest rates would be a good way to help,” said Karsten Junius, chief economist at J.Safra Sarasin, forecasting a 25-basis-point cut.

Others disagree – for now.

“The SNB will be laser-focused on inflation,” said Gero Jung, chief economist at Swiss private bank Mirabaud.

“It will be watching what happens with industry, but inflation is what matters most.” – Reuters

Apple in talks to let Google’s Gemini power iPhone AI features, Bloomberg News says

BW FILE PHOTO

Apple is in talks to build Google’s Gemini artificial intelligence (AI) engine into the iPhone, Bloomberg News reported on Monday, citing people familiar with the situation.

Apple also recently held discussions with the Microsoft-backed OpenAI and has considered using its model, the report added.

Apple and Google are in active negotiations to let the iPhone maker license Gemini to power some new features coming to the phone’s software this year, Bloomberg said.

Apple is preparing new capabilities as part of its upcoming iPhone iOS 18 based on its own homegrown AI models, but it is seeking a partner to power generative AI features, including functions for creating images and writing essays based on simple prompts, the report said.

The two parties have not decided the terms or branding of an AI agreement or finalized how it would be implemented, Bloomberg said, adding it was unlikely that any deal would be announced until June, when Apple plans to hold its annual Worldwide Developers Conference.

Both companies have an existing deal for Google to be the default search engine on Apple’s Safari web browser.

Apple, Google and OpenAI did not immediately respond to a Reuters request for comment outside business hours.

Apple has been slower in rolling out generative AI, which can generate human-like responses to written prompts, than rivals Microsoft and Google, which are weaving them into products.

Last month, Apple CEO Tim Cook said the company plans to disclose later this year more about its plans to put generative AI to use, adding that the company is investing “significantly” in the area. – Reuters

Philippines’ San Miguel secures bank financing for $3-billion airport

REUTERS

MANILA – Philippine conglomerate San Miguel Corp said on Monday it has already secured financing from banks for its P170.6 billion ($3 billion) operation and overhaul of the country’s main airport.

Banks have already committed to financing the project, on top of an equity share from the consortium, San Miguel President Ramon Ang told reporters after signing a 15-year concession agreement.

In February, San Miguel and partners that include South Korea’s Incheon International Airport Corp, won the government auction for the airport project, beating India’s GMR Airports Consortium and a group of Philippine tycoons. — Reuters

Invest your money in 3 easy steps

GCash, AB Capital Securities partner to make investing simpler for everyday Filipinos

Diving into the stock market can be quite daunting, especially for beginners looking to grow their extra funds. However, with the right guidance, starting one’s investment journey can not only be simple, butalso rewarding

In a concerted effort to make investing more accessible to Filipinos nationwide, GCash, the country’s top finance app and largest cashless ecosystem, has forged an alliance with one of the leading stock brokerage firms, AB Capital Securities Inc. (ABCSI) to offer a beginner-friendly stock trading platform through GStocks PH.

According to Jong Layug, Group Head of Wealth Management, “Our collaboration with ABCSI is a testament to our commitment to helping Filipinos achieve financial freedom by providing them an easy, affordable, and accessible way to invest for their future. We are proud to team up with one of the leading stock brokerage firms in the country, sharing the same mission of enabling finance for all.”

GStocks PH is ABCSI’s online retail securities trading services made accessible through the GCash App, where investors can buy, sell, and manage their securities in companies listed on the Philippine Stock Exchange (PSE).

To start investing, one can simply log onto the GCash App, tap the GInvest icon on the dashboard, select GStocks PH, and select ABCSI as their broker of choice.

This trading service was developed to guide more Filipinos in unlocking the value of investing for their financial growth. Aspiring investors can easily follow these simple steps to begin their wealth-building path:

Step 1: Open a trading account instantly       

Fully verified GCash users can create a trading account without the hassle of signing and submitting multiple documents. By simply opening the GStocks PH feature on the GCash app and clicking “Get Started”, users can select AB Capital as their broker of choice. From there, they will be redirected to the online trading platform, where they can register for either a basic or a full account, bringing them one giant leap closer to their investment dreams.

“Through GStocks PH, we break down complicated investment terminology and processes in the hopes of reaching more of our countrymen,” Mark Ilao, GCash Head of Market Education, said.

Step 2: Top up your trading account in just a few taps

Once registered, users can seamlessly top up and withdraw funds using the GCash wallet, eliminating the need to link a bank account. With GStocks PH, users can enjoy the convenience of zero charges on AB Capital transfers to and from their GCash wallet.

“Users can directly fund their accounts anytime and anywhere, without having to coordinate with agents or go to physical branches. We designed it this way to provide investors with the peace of mind that goes with having full autonomy and control over their finances,” Ilao added.

Step 3: Start investing in well-loved brands

Once the trading account is sufficiently funded to cover the stock and standard fees, investing in stocks becomes as simple as tapping the “Buy/Sell” button on the screen and selecting a desired stock on the Market Page. With a selection of over 280 PSE-listed companies nationwide, users can then click the “Buy” button on the stock page, and input the desired number of shares.

“Even if we offer the convenience and flexibility that most stock platforms fail to provide, we collaborate with and strictly adhere to PSE’s standards. For instance, trades may only be placed from 9:00 am to 2:59 pm everyday, except on weekends and holidays,” Ilao shared.

GStocks PH’s convenient and accessible interface makes it so beginner-friendly that anyone can easily invest in local stocks. Through the platform, GCash enables investment rookies with the tools they need to kickstart their journey to financial growth.

“Keeping Filipinos well-informed about their finances is a shared responsibility among financial service providers, regulators, and consumers, as it not only boosts financial wellbeing but collectively strengthens the foundation of a resilient community. It is our hope at GCash that economic prosperity becomes a right for every Filipino and not just a privilege to enjoy, and we believe that investment education plays a crucial role in making that possible,” Layug concluded.

Want to do more with your money? Simple na mag-invest via GStocks PH. No GCash yet? Download the GCash App on the Apple App Store, Google Play Store, or Huawei App Gallery. Kaya mo, i-GCash mo!

 


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

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

Singlife Philippines and UNO Digital Bank team up to democratize access to life insurance

(From left) UNO Digital Bank customer franchise director Lester Cruz, president and CEO Manish Bhai, and chairnan Kalidas Ghose with Singlife Philippines co-founder and executive director Sherie Ng, and deputy chief commercial officer Kame Amado-Gomez

Digital insurance provider Singlife Philippines and UNO Digital Bank announce their partnership aimed at simplifying financial control and protection. This partnership marks a crucial move towards empowering every Filipino to assert control over their finances and improve their living and lifestyle.

Singlife’s commitment to accessible protection

Singlife Philippines is on a mission to democratize access to life insurance in the country. The company does this by developing innovative life insurance products that are tailor-fit to meet customers’ needs and budgets.

The company is teaming up with top finance companies in the country to ensure that obtaining insurance is straightforward and available to more people.

“Singlife Philippines and Uno Digital Bank are aligned in our all-digital approach, leveraging cutting-edge technology to solve customer pain points. This partnership empowers every consumer to be in control and have access to cost-effective and convenient ways to procure insurance policies and further accelerate our mission to democratize access to financial protection,” Sherie Ng, co-founder and executive director of Singlife Philippines, said.

Elevated banking experience: UNO Digital Bank

UNO Digital Bank, known for its array of digital banking services, shares a vision parallel to that of Singlife Philippines. Committed to delivering simpler, better and more accessible banking experiences, the bank empowers individuals with seamless financial control.

Through this strategic partnership, the bank’s customers can now access a range of affordable and comprehensive Singlife insurance plans directly within the UNO app, which include the following:

  • Cash for medical costs: This product provides financial coverage for hospitalization and 125 critical conditions, ensuring that individuals and families can access quality healthcare without financial strain.
  • 3-in-1 protection plan: This product provides affordable financial coverage against dengue, COVID-19 and accidents for as low as ?79/month. This gives meaningful coverage of up to ?750,000 to you and your family at an affordable cost.
  • Cash for income loss (accidents): This product provides monthly cash support of up to seven years in the event of income loss arising from death or disability due to accidents. This helps individuals and their loved ones maintain financial stability during challenging times.

Holistic financial solutions

This collaboration strengthens Singlife’s and Uno Digital Bank’s commitment to making financial protection products more accessible by reaching more audiences. Both companies aim to offer individuals holistic financial well-being, empowering them to make informed decisions that secure their future.

“Uno inspires to be at the leading edge of financial innovation and bring best-in-class products and services to the tens of millions of ordinary Filipinos who are served by the traditional banks. The access to products and services is expected to help them improve their life by offering them flexibility, convenience, personalization and control. Our partnership with Singlife will serve a significant step towards achieving our mission,” Kalidas Ghose, chairman of Uno Digital Bank, shared.

“Uno is on a mission to provide one trusted platform to meet your entire life’s financial needs. This means one place that allows you to save, borrow, transact, protect and invest. We have already started our journey in offering multiple options to our customers to save, borrow and transact in the past years and we are very excited to introduce the phase of protect and to take the first step with Singlife Philippines. With this partnership we are one step closer to making a holistic experience for our customers,” Manish Bhai, president and CEO of Uno Digital Bank, added.

Singlife’s products are now available on the Uno app. Download the app at https://unobank.onelink.me/kSCw/c9klm1bm.

To learn more about Singlife Philippines, visit www.singlife.com.ph. For more information about Uno Digital Bank, visit https://uno.bank.

 


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

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

Blinken says authoritarian regimes using tech to undermine democracy

US Secretary of State Antony Blinken. Official White House — CAMERON SMITH VIA FLICKR

 – US Secretary of Sate Antony Blinken said on Monday technology should be employed to sustain democratic values in the face of efforts by authoritarian and repressive regimes to deploy technology to undermine democracy and human rights.

Like-minded governments and their people were working together to promote free and fair elections, Blinken said, noting safeguarding democracy was a collective effort.

“As authoritarian and repressive regimes deploy technologies to undermine democracy and human rights, we need to ensure that technology sustains and supports democratic values and norms,” he said at the opening of the Summit for Democracy in South Korea. – Reuters

North Korea fires ballistic missiles as Blinken visits Seoul

 – North Korea fired short-range ballistic missiles into the sea on Monday for the first time in two months, as US Secretary of State Antony Blinken visited Seoul for a conference hosted by President Yoon Suk Yeol on advancing democracy.

South Korea’s military said several short-range missiles flew about 300 km (186 miles) after being fired between 7:44 a.m. and 8:22 a.m (2244 to 2322 GMT Monday) from Pyongyang, the North’s capital, landing off the east coast.

It condemned the launches as a “clear provocation” and said it was sharing information on them with the United States and Japan.

Japan’s defense ministry said three missiles were launched and travelled about 350 km, with a maximum altitude of 50 km.

Japanese Prime Minister Fumio Kishida condemned the launches after his country’s coast guard also reported the firing of what it said appeared to be a ballistic missile and specified that it had already ended its flight.

Japan later said that it had detected what appeared to be a second ballistic missile launch by the North, and that both fell outside its exclusive economic zone area.

“North Korea’s series of actions threaten the peace and security of our region and the international community, and are absolutely unacceptable,” Mr. Kishida said, calling the launch a violation of U.N. resolutions.

North Korea’s military has been conducting exercises using conventional weapons in recent weeks, often personally overseen by the isolated state’s leader, Kim Jong Un.

The show of force by Pyongyang comes just after the militaries of South Korea and the United States finished 10 days of large-scale annual joint military drills last Thursday.

On Sunday, the South Korean military also mobilised marines, attack helicopters and amphibious assault vehicles in drills aimed at surging troop numbers to reinforce western islands near the sea border with North Korea. The North shelled the islands in 2010.

Mr. Blinken is among senior officials from around the world attending the Summit for Democracy conference, which opens on Monday. He will also meet his South Korean counterpart, foreign minister Cho Tae-yul.

The summit is an initiative of US President Joe Biden aimed at discussing ways to stop democratic backsliding and erosion of rights and freedoms worldwide.

In its last ballistic launch on Jan. 14, North Korea fired what it said was an intermediate range hypersonic missile using solid fuel on to test new booster engines and a maneuverable warhead.

A month later, it launched multiple cruise missiles off its east coast, including what it said was a new anti-ship missile. – Reuters

DBP opens new office of Lipa Lending Center in Lipa City

Photo shows DBP President and Chief Executive Officer Michael O. de Jesus (right) leading the ribbon-cutting ceremony with Batangas Province Provincial Administrator Wilfredo Racelis (left) and Cabuyao City Mayor Dennis Felipe Hain during the inauguration of the DBP South Luzon Lending Group and the DBP Lipa Lending Center.

State-owned Development Bank of the Philippines (DBP) has opened the new lending offices of DBP Lipa Lending Center and DBP South Luzon Lending Group in Lipa City, Batangas as it aims to bring its suite of financial services, particularly its development financing programs, closer to the people of Batangas and Laguna provinces.

Located at the 4th Floor of the FNR Building along CM Recto Avenue in Lipa City, the DBP South Luzon Lending Group and DBP Lipa Lending Center are tasked to extend much-needed credit assistance to key sectors in the region such as social services, agriculture, and infrastructure and logistics.

 


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

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