Home Blog Page 1967

US House passes $95-billion aid package for Ukraine, Israel

IMAGE VIA ARCHITECT OF THE CAPITOL

WASHINGTON — The US House of Representatives on Saturday with broad bipartisan support passed a $95-billion legislative package providing security assistance to Ukraine, Israel and Taiwan, over bitter objections from Republican hardliners.

The legislation now proceeds to the Democratic-majority Senate, which passed a similar measure more than two months ago. US leaders from Democratic President Joseph R. Biden, Jr. to top Senate Republican Mitch McConnell had been urging embattled Republican House Speaker Mike Johnson to bring it up for a vote.

The Senate is set to begin considering the House-passed bill on Tuesday, with some preliminary votes that afternoon. Final passage was expected sometime next week, which would clear the way for Mr. Biden to sign it into law.

The bills provide $60.84 billion to address the conflict in Ukraine, including $23 billion to replenish US weapons, stocks and facilities; $26 billion for Israel, including $9.1 billion for humanitarian needs, and $8.12 billion for the Indo-Pacific, including Taiwan.

Ukrainian President Volodymyr Zelensky expressed his thanks, saying US lawmakers moved to keep “history on the right track.”

“The vital US aid bill passed today by the House will keep the war from expanding, save thousands and thousands of lives, and help both of our nations to become stronger,” Mr. Zelensky said on X.

The Biden administration is already finalizing its next assistance package for Ukraine so it can announce the new tranche of aid soon after the bill becomes law in order to meet Ukraine’s urgent battlefield needs, a White House official said.

It was unclear how quickly the new military funding for Ukraine will be depleted, likely causing calls for further action by Congress.

Mr. Biden, who had urged Congress since last year to approve the additional aid to Ukraine, said in a statement: “It comes at a moment of grave urgency, with Israel facing unprecedented attacks from Iran and Ukraine under continued bombardment from Russia.”

The vote on passage of the Ukraine funding was 311-112. Significantly, 112 Republicans opposed the legislation, with only 101 in support.

“Mike Johnson is a lame duck … he’s done,” far-right Republican Representative Marjorie Taylor Greene told reporters afterward.

She has been a leading opponent of helping Ukraine in its war against Russia and has taken steps that threaten to remove Mr. Johnson from office over this issue. Ms. Greene stopped short of doing so on Saturday, however.

During the vote, several lawmakers waved small Ukrainian flags as it became clear that element of the package was headed to passage. Mr. Johnson warned lawmakers that was a “violation of decorum.”

Meanwhile, the House’s actions during a rare Saturday session put on display some cracks in what generally is solid support for Israel within Congress. Recent months have seen progressive Democrats express anger with Israel’s government and its conduct of the war in Gaza.

Saturday’s vote, in which the Israel aid was passed 366-58, had 37 Democrats and 21 Republicans in opposition.

Passage of the long-awaited legislation was closely watched by US defense contractors, who could be in line for huge contracts to supply equipment for Ukraine and other US partners.

Mr. Johnson this week chose to ignore ouster threats by hardline members of his fractious 218-213 majority and push forward the measure that includes Ukraine funding as it struggles to fight off a two-year Russian invasion.

The unusual four-bill package also includes a measure that includes a threat to ban the Chinese-owned social media app TikTok and the potential transfer of seized Russian assets to Ukraine.

Some hardline Republicans voicing strong opposition to further Ukraine aid argued the United States can ill afford it given its rising $34-trillion national debt. They have repeatedly raised the threat of ousting Mr. Johnson, who became speaker in October after his predecessor, Kevin McCarthy, was ousted by party hardliners.

“It’s not the perfect legislation, it’s not the legislation that we would write if Republicans were in charge of both the House, the Senate, and the White House,” Johnson told reporters on Friday. “This is the best possible product that we can get under these circumstances to take care of these really important obligations.”

Representative Bob Good, chair of the hardline House Freedom Caucus, told reporters on Friday that the bills represent a “slide down into the abyss of greater fiscal crisis and America-last policies that reflect Mr. Biden and (Democratic Senate Majority Leader Chuck) Schumer and (House Democratic leader Hakeem) Jeffries, and don’t reflect the American people.”

But Republican presidential candidate Donald Trump, who carries huge influence in the party, on April 12 voiced support for Mr. Johnson and in a Thursday social media post said Ukraine’s survival is important for the US — Reuters

China hosts foreign naval officials amid South China Sea tensions

PHILIPPINE STAR/ MICHAEL VARCAS

QINGDAO, China — The Chinese Navy on Sunday kicked off a biennial meeting of top foreign naval officials in the port city of Qingdao, in a show of military diplomacy that will be closely watched for signs of more engagement between China and the United States.

The four-day event with delegations from 30 countries comes during heightened tensions in the South China Sea, as US treaty ally Manila is in an increasingly fraught standoff with Beijing over the strategic waterway, which could be a potential flashpoint for US-China relations.

Pacific Fleet Commander Admiral Stephen Koehler will attend the Western Pacific Naval Symposium on behalf of the United States, according to a source familiar with the matter. Other country delegations include Australia, France, India, South Korea, Russia and Britain, state media reported.

Participants will hold closed-door talks on Monday, with seminars on topics such as addressing maritime security challenges. They will also discuss the Code for Unplanned Encounters at Sea, a set of guidelines formulated a decade ago, meant to de-escalate tensions between militaries at sea. It has not since been updated to cover drone warfare.

A January preliminary meeting discussed the creation of a working group to prevent drone collisions at sea, state media reported.

The event overlaps with annual US-Philippines large-scale joint military drills beginning on Monday, which will occur outside Philippine territorial waters for the first time.

Tensions are particularly high around the Second Thomas Shoal in the South China Sea, where Manila has accused Beijing of “harassment,” including the use of water cannons against Philippine vessels.

The United States, Japan and the Philippines signed a cooperation agreement at a trilateral summit last week, where leaders expressed concerns over China’s “dangerous and aggressive behavior” in the South China Sea, which Beijing slammed as “bloc politics”.

“The US-Philippines joint drills this time cover a bigger region, involve more troops and include exercises out of its original defensive scope such as anti-submarine and anti-missile drills,” said Cao Weidong, a military expert and former researcher at China’s PLA Naval Military Studies Research Institute.

“It is not an issue when the US carries out defensive drills with the Philippines, but when these drills become offensive in nature and pose a threat to neighboring countries, we must not only be on high alert but also respond.”

However, Washington and China resumed top-level military contact on Tuesday, with Defense Secretary Lloyd Austin speaking to his Chinese counterpart for the first time in almost two years, as both countries seek to restore military ties. This month, US and Chinese military officials met in Hawaii.

China is hosting the multilateral meeting for the first time since 2014, coinciding this year with the 75th anniversary of the People’s Liberation Army Navy on Tuesday.

Beijing aims to expand its ocean-going fleet, which some analysts predict will become the world’s biggest by 2035. President Xi Jinping has repeatedly called for a “world-class” military to be established by 2027, the 100th anniversary of the People’s Liberation Army’s founding.

China has yet to launch sea trials for its next aircraft carrier, the Fujian, a key step toward expanding its maritime presence in the Indo-Pacific, as the United States and its allies step up naval operations in the region.

China is involved in maritime or territorial disputes with other attending countries, including Japan. Beijing and Tokyo have accused each other of maritime incursions after a December coast guard confrontation near disputed islands in the East China Sea.

In November, Australia accused China of injuring navy divers using sonar pulses from a Chinese warship.

During the Qingdao meeting, the navy opened several active Chinese warships docked in Qingdao for public visits, including the Guiyang and Shijiazhuang missile destroyers. On a recent guided tour, Reuters journalists saw weapons systems and rescue equipment. Children excitedly posed for photos with missile launchers.

The symposium was last held in Japan in November 2022. Japan, South Korea and the United States met on the sidelines to discuss security challenges in the Indo-Pacific region, including those from North Korea. — Reuters

Political heat prods Japan, South Korea to team up on weak currencies

South Korean won, Chinese yuan and Japanese yen notes are seen on US 100 dollar notes in this file photo illustration. — REUTERS

WASHINGTON — The success of Japan and South Korea at inserting language voicing concern over their currencies in a joint statement with the US last week underscores the political heat they face from stiff inflation that is being aggravated by weak exchange rates.

The matter is all the more urgent with Middle East tensions threatening to push up oil prices and accelerate cost pressures that have already exacted a domestic political toll on both governments. For the US, the statement was a small price to pay to placate a pair of allies it needs to keep on board with a more strategic goal of containing China.

In the first trilateral finance dialogue since last year’s historic three-way leaders summit at Camp David, the US, Japan and South Korea agreed on Wednesday to “consult closely” on currency markets, acknowledging “serious concerns” from Tokyo and Seoul over the slumping Japanese yen and South Korean won.

The US dollar has appreciated broadly this year on prospects for a delay in the US Federal Reserve’s shift to interest rate cuts, but the yen and won have weakened far more against the greenback than most other currencies. On the heels of the statement, the yen rebounded as markets braced for the risk of intervention, with some traders flagging the possibility of coordinated action along the lines of the 1985 “Plaza Accord.” The won stabilized as well.

“The fact such strong language was used in the statement is a huge accomplishment for Japan and South Korea, and underscores the deep ties among the three countries,” said Atsushi Takeuchi, a former Bank of Japan (BoJ) official.

“Given the recognition Washington gave to their concerns, it probably won’t get in the way if Tokyo or Seoul were to intervene in the currency market,” said Takeuchi, who was involved in Japan’s intervention in the market a decade ago.

Exchange rates, however, were just part of a long list of topics discussed during the finance dialogue, which was created under an agreement worked out at the trilateral summit outside of Washington last August.

Reflecting the summit’s focus on countering China’s growing presence in the Asia-Pacific region, the finance ministers vowed to collaborate against “economic coercion and over-capacity in key sectors” by other nations, in a thinly veiled warning to Beijing.

And yet the strong market attention the currency language drew was a political victory for Japan, where Prime Minister Fumio Kishida suffers from slumping approval ratings as the rising cost of living hits households.

While big firms are offering bumper pay hikes this year, Japan’s inflation-adjusted real wages fell for a 23rd straight month in February as pay has yet to rise enough to compensate for the steady increase in prices.

The weak yen is particularly painful for a country like Japan, which is heavily reliant on imports of fuel and food.

EXCHANGE-RATE SENSITIVITY
Cost-push inflation — or price pressures driven by production cost increases — has also been a political headache in South Korea. President Yoon Suk Yeol’s party suffered a big defeat in legislative elections this month amid accusations that the administration had failed to curb inflation.

Bank of Korea Governor Rhee Chang-yong said on Wednesday that sticky domestic inflation was among the factors that complicated the central bank’s decision on when to shift away from tight monetary policy.

“The pivot timing is tricky,” Rhee said at a seminar during the spring meetings of the International Monetary Fund and World Bank in Washington. “We’d like to see more evidence that inflation is going down as we expect.”

Under pressure to slow the yen’s fall, Japanese officials spent considerable time in Washington this week trying to make the case for why they might need to intervene in the currency market.

Finance Minister Shunichi Suzuki said on Wednesday he explained Tokyo’s readiness to take appropriate action against excessive yen moves in a bilateral meeting with US Treasury Secretary Janet Yellen.

The Group of Seven (G7) finance leaders also agreed to a Japanese proposal to reaffirm their commitment that excessive volatility and disorderly moves in the currency market were undesirable.

BoJ Governor Kazuo Ueda on Thursday signaled the central bank’s readiness to raise interest rates if the weak yen’s boost to inflation becomes hard to ignore.

“Both in Japan and South Korea, inflation is very elastic to exchange-rate moves,” Japan’s top currency diplomat Masato Kanda, who was involved in the drafting of the trilateral and G7 statements, told reporters on Wednesday.

“Because both countries import a lot in dollar terms, we’re more worried about exchange-rate volatility.” — Reuters

Tesla cuts prices nearly $2,000 in China

STOCK PHOTO | Image by ElasticComputeFarm from Pixabay

BEIJING — Tesla has cut prices by nearly $2,000 across its models in China, after price cuts in the United States, as it grapples with falling sales and an intensifying price war for electric vehicles (EVs), especially against cheaper Chinese EVs.

Elon Musk’s EV maker cut the starting price of the revamped Model 3 in China by 14,000 yuan ($1,930) to 231,900 yuan ($32,000), its official website showed on Sunday.

Tesla made similar cuts to the Model Y starting price, now 249,900 yuan, the regular version of the Model S to 684,900 yuan and the Model S Plaid to 814,900 yuan. The regular Model X now costs 724,900 yuan and its plaid variant 824,900 yuan.

The carmaker on Friday cut U.S. prices of its Model Y, Model X and Model S vehicles by $2,000. On Saturday it slashed the price of its Full Self-Driving driver assistant software to $8,000 from $12,000 in the United States.

Tesla reported this month that its global vehicle deliveries in the first quarter fell for the first time in nearly four years, as price cuts failed to stir demand.

The EV maker has been slow to refresh its ageing models as high interest rates have sapped consumer appetite for big-ticket items, while rivals in China, the world’s largest auto market, are rolling out cheaper models.

Mr. Musk postponed a planned trip this weekend to India, where he was to have met Prime Minister Narendra Modi, citing obligations at Tesla. The trip was to have included the announcement of plans for Tesla to enter the South Asian market, Reuters has reported on Saturday.

Mr. Musk said last Monday that Tesla will lay off more than 10% of its global workforce as the automaker is bracing for its first annual drop in deliveries.

The announcement came after Reuters reported on April 5 that Tesla had scrapped its plan to develop its long-awaited affordable EV in favor of robotaxis. Musk posted that “Reuters is lying” after the report, without citing any inaccuracies. He has not spoken further about the model, leaving investors clamoring for clarity.

Tesla shares fell 40.8% so far this year.

Since late 2022, Tesla ignited a price war as Mr. Musk pursued volume growth at the expense of margins. — Reuters

IMF, World Bank steering committee stresses accountability as reforms advance

REUTERS

WASHINGTON — The steering committee for both International Monetary Fund (IMF) and the World Bank on Saturday emphasized the need for broader accountability as the institutions implemented reforms to help countries grapple with climate change and other shocks.

“We must hold ourselves accountable more broadly as we become a better and bigger bank,” said Mohammed bin Hadi Al Husseini, the United Arab Emirates’ minister of state for finance, who heads the joint Development Committee this year.

Mr. Al Husseini issued a chair’s statement, rather than a communique, amid disagreements over wars in the Middle East and Ukraine, but referenced economic risks posed by the conflicts. The statement came as this week’s meetings of the IMF and World Bank drew to a close.

Governors of the institutions urged the World Bank to continue to bolster global and regional partnerships, and asked its management to push ahead with country engagement reforms and enhanced country diagnostics.

They also encouraged further collaboration between the World Bank and IMF to help countries mobilize more revenues at home, and on issues such as climate change and pandemic preparedness, as well as debt sustainability. — Reuters

Fed’s rate-cut foot-dragging grates on global peers at IMF meetings

REUTERS

WASHINGTON – Finance chiefs from economies large and small are scrambling to keep pace with the Federal Reserve’s rapid resetting of rate-cut expectations as U.S. inflation data roils markets from London to Brazil.

All insist they are setting policy independently of the Fed and basing it on local conditions. But those conditions are now being buffeted by a sudden likelihood of U.S. interest rates staying higher for longer than had been expected as the year began after a run of hotter-than-expected inflation data.

It’s an unexpected turn that has supercharged the U.S. dollar, stressing other currencies in return and raising the prospect of currency intervention in Asia. It has also forced Latin American central bankers to tailor their rate-cut plans, and even left officials in developed countries wondering whether new constraints on their own easing plans may emerge.

“When the March (U.S. inflation data) scare came, there was a drastic reversal of expectations, and this changed the mood significantly regarding how economic variables will behave worldwide,” Brazil’s Finance Minister Fernando Haddad said in a press conference in Washington on Thursday on the sidelines of the International Monetary Fund and World Bank spring meetings.

“Everything else depends somewhat on this.”

The dollar’s 4.75% appreciation against a basket of currencies this year is creating headaches in many quarters of the globe, but its gains of 9.6% against Japan’s yen and 6.5% versus South Korea’s won have been especially troublesome for two key U.S. trading partners. Those moves led officials from Japan and South Korea this week to huddle urgently with U.S. Treasury Secretary Janet Yellen in hopes of stemming the slides, holding out the possibility of intervention if needed.

Bank of Japan Governor Kazuo Ueda said the Japanese central bank may raise interest rates again if the yen’s declines significantly push up inflation, highlighting the impact currency moves may have on the timing of the next policy shift.

“Policymakers outside the U.S. are trying to address the recent weakness in (developed and emerging market) currencies in one of two ways – by suggesting possible FX intervention, and by tilting central bank rhetoric in a more ‘hawkish’ direction,” Thierry Wizman, global FX and rates strategist at Macquarie, wrote in a note. “Japan is trying both.”

‘NO URGENCY’
Roughly two weeks ago, global central bankers, finance ministers and capital markets had been in broad agreement that the world’s most important policy-setting central bank would shepherd them all down a path of looser credit starting in June.

It was a pivot by the Fed eagerly anticipated around the world, especially among smaller, debt-laden economies with limited ability to control their own borrowing costs or contain disruptive swings in their currencies.

A raft of U.S. economic data unfriendly to that aspiration has since intruded on that consensus, and Fed officials who four weeks ago had conditioned the world to expect a string of three, quarter-percentage-point rate cuts this year have changed their tune.

“I definitely don’t feel urgency to cut interest rates” given the strength of the economy, New York Fed President John Williams said at an event on the sidelines of the IMF and World Bank meetings. “I think eventually … interest rates will need to be lower at some point, but the timing of that is driven by the economy.”

Williams, the influential vice chair of the U.S. central bank’s rate-setting Federal Open Market Committee, was only the latest official to have suddenly turned squeamish about a turn to rate cuts after data showed the U.S. economy motoring at an unexpectedly brisk pace through the first quarter and inflation in particular proving to be unhelpfully sticky.

IMF officials urged Asian central banks to stick to their own knitting and avoid the temptation to lash their policy decisions too closely to anticipated moves by the Fed.

“If central banks follow the Fed too closely, they could undermine price stability in their own countries,” Krishna Srinivasan, the director of the IMF’s Asia and Pacific Department, said during a briefing on the region’s outlook.

The European Central Bank for one seems determined to heed that advice and press ahead with its own plans for a first rate cut in June regardless of the Fed’s reluctance.

“We need to recognize that and conduct monetary policy according to euro zone data,” Bank of Portugal Governor Mario Centeno told Reuters. “If that means we need to cut interest rates before the United States, so be it.”

Meanwhile, Pakistan Finance Minister Muhammad Aurangzeb, struck a sanguine tone even as he pursued talks with the IMF over a new loan program expected to be at least $6 billion.

“The Fed needs to make the decision based on what they see in their inflation trajectory here (in the U.S.) – but overall around the world, most of the central banks are looking to start cutting rates,” he told Reuters in an interview. “Maybe some short-term pressure – but do I see it as a big concern in the medium term? No.” — Reuters

Winning OFW families grateful to OWWA for MOFYA, cite BDO for fostering culture of saving

OWWA Administrator Arnaldo "Arnell" Ignacio (far left) confers the 2023 MOFYA to Amir Hawari, a land-based OF from Zamboanga who was joined by his wife Armina and daughter Nizma. Also joining them onstage was Department of Migrant Workers (DMW) Officer-in-Charge Hans Cacdac

The winners of the Model OFW Family of the Year Awards (MOFYA) — who won the annual search for the best practices on nurturing their family amid challenges — expressed their gratitude to the Overseas Workers Welfare Administration (OWWA) for the honor and to BDO Unibank as well for instilling the value of saving among Overseas Filipino (OF) families.

“BDO has provided us with assistance especially through Kabayan Savings. My mom encouraged me and my younger sibling to open our own account then. It was really a big help because by the time our mother retired from her work abroad, we had enough savings in our account, thanks to BDO,” said Nizma Hawari, the daughter of land-based national winner Amir Hawari from Zamboanga (Region 9).

Amir Hawari’s career overseas spanned over four decades as a purchasing officer at the Saudi Aramco and as stock analyst for inventory at the Qatar Petroleum. A cancer survivor, Hawari said their children’s education was the driving force behind his and his wife Armina’s sacrifices as OFWs. Armina worked as a dialysis nurse at the Hamad Medical Corp. in Qatar.

Because of their hard work, the Hawari family was able to establish numerous business ventures in the Philippines, which are all managed by their six children who are also all college degree holders. 

Amir is also one of the founders and served as a chairman of the Asian Integrated School, the first Filipino-Muslim school established in Doha, Qatar.

“This recognition is not only for me, it also serves as a motivation for all OFWs to further improve their community involvement especially when they retire. There’s no better feeling than the feeling of being loved and recognized by your family, relatives, friends, and fellow kababayans who are also working like you for the sake of their families,” said the Hawari patriarch.

OWWA’s Mr. Ignacio and Mr. Cacdac of DMW bestow the 2023 MOFYA to the family of the late Capt. Jessie Lorenzo, represented by his wife Dr. Amelia Lorenzo, daughter Dr. Jessica and son, Engr. Mark.

Meanwhile, the sea-based winner of this year’s MOFYA, Capt. Jessie Lorenzo from Antique (Region 6), who passed away last year, was represented by his widow, Dr. Amelia Lorenzo, his daughter Dr. Jessica, and son, Engr. Mark.

Daughter Jessica thanked BDO for being the financial partner of choice of her late father. “When my father bought condominium units, it was from the money he saved in BDO. Thank you BDO for the assistance you have given us and to each OF family and community,” daughter Jessica shared. 

Jessica added, “To fellow children of OFs, we should always keep in mind the sacrifices made by our parents and the things they do for our future.”

Upon graduating from the Philippine Merchant Marine Academy, Capt. Lorenzo eventually became the youngest captain in his batch and a naval reservist. Not confining himself to earnings from his seafaring ways, Capt. Lorenzo purchased 28 hectares of land from his first voyage to establish a diverse and sustainable agricultural enterprise.

“We started from scratch. When we got married, he was already chief mate, and I was a dentist. At that time, I was receiving only a certain amount of his allotment for our family. He would take care of our finances. Every time he would disembark, he made sure to make some investments like purchase lands. I never complained because I knew it was all for the sake of our family, especially our two children,” Dr. Lorenzo said. “We are so overwhelmed by this award from OWWA.”

 


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.

Airlines scramble to change routes after Israeli attack on Iran

Airlines quickly changed flight paths over Iran, diverted to alternate airports or returned planes to their departure points on Friday in response to airspace and airport closures after an Israeli attack on Iran, flight tracking data showed.

Iran closed its airports in Tehran, Shiraz and Isfahan after the attack and cleared flights from the western portion of its airspace for a few hours after the attack, according to flight tracking website FlightRadar24.

By 0445 GMT the airports and airspace had reopened, and closure notices posted on a U.S. Federal Aviation Administration database had been removed.

Before the airports reopened, Flydubai said it had cancelled its Friday flights to Iran. One of its earlier flights turned back to Dubai, it said.

An Iran Air flight from Rome to Tehran was diverted to Ankara, Turkey, Flightradar 24 showed.

Emirates, Flydubai, Turkish Air, Wizz Air Abu Dhabi and Belavia were among the carriers continuing to fly over the part of Iran’s airspace that remained open in the initial hours after the attack early on Friday, the tracking website showed.

“We are monitoring the situation closely and will make changes to our flight paths in consultation with the relevant authorities,” Flydubai said in a statement.

The airspace and airport closures in Iran compounded a difficult week for Dubai-based carriers after record rainfall in the United Arab Emirates.

Since Tuesday, 1,478 flights have been cancelled to and from Dubai, approximately 30% of all flights, according to FlightRadar24.

Many Western and Asian airlines had already been steering clear of Iran and its airspace before the Israeli attack, which came days after Iran’s missile and drone attack on Israel.

Germany’s Lufthansa on Wednesday extended a suspension of flights to Tehran until the end of the month, citing ongoing security concerns in the region.

Australia’s Qantas Airways said on Saturday it was rerouting flights between Perth and London on concerns about the Middle East, adding a fuel stop in Singapore as it avoided Iran’s airspace.

Taiwan’s China Airlines said in a statement to it “continues to pay attention to the situation as it develops and plans the most appropriate routes in accordance with the recommendations of the U.S. Federal Aviation Administration (FAA) and the European Union Aviation Safety Agency”.

Etihad Airways, which does not fly to Iran, said it “continuously monitors security and airspace updates, safety is always our highest priority and we would never operate a flight unless it was safe to do so.  — Reuters

World Bank sets goal of expanding healthcare to 1.5 billion people by 2030

SASUN BUGHDARYAN-UNSPLASH

WASHINGTON – The World Bank Group on Thursday unveiled a new goal to help countries deliver affordable healthcare to 1.5 billion people by 2030 by expanding services to remote areas, cutting fees and other financial barriers and focusing on lifetime care.

The development lender said it would deploy financing, its own health expertise and new partnerships with private-sector firms, non-governmental organizations and civil society groups in reaching the target, which it defines as a person receiving treatment by a health care worker through an in-person visit or a telehealth appointment.

The World Bank estimates about 2 billion people around the world face severe financial hardship when paying for health services. This is being exacerbated by climate change, pandemics, conflicts, societal aging, and a projected shortfall of 10 million healthcare workers by 2030, it said.

“Providing a basic standard of care for people throughout their lives is critical for development,” World Bank President Ajay Banga said in a statement. “This ambition won’t be realized with a solo effort. It will require partners, a coalition of public and private sector, working together to expand access to healthcare services.”

The World Bank said financing from its International Development Association fund for the poorest countries will aim to bring healthcare workers into communities where people may otherwise have no access to services.

In middle-income countries, the World Bank said its International Bank for Reconstruction and Development will deploy financing to incentivize government investments in health and regulations that provide market certainty and can attract private-sector investment, including in pharmaceuticals and medical equipment.

The World Bank added that Japan is launching a knowledge hub on its universal healthcare system aimed at enhancing other healthcare ministries’ capacity and expertise, an initiative supported by the World Bank and the World Health Organization. — Reuters

Philippines posts $1.2 billion balance of payment surplus in March

The Philippines’ foreign exchange buffers slipped by 0.8% to $99.8 billion as of end-June, from $100.6 billion as of end-May, central bank data showed. — REUTERS

Manila – The Philippines’ overall balance of payments (BOP) position was a surplus of $1.2 billion in March, compared with a surplus of $1.3 billion in the same month last year, the central bank said on Friday.

The cumulative BOP level for the first quarter was a $238 million surplus.

The Philippine central bank has forecast a $700 million BOP surplus for 2024. — Reuters

S&P cuts Israel’s credit rating on heightened geopolitical risk

REUTERS

Ratings agency S&P Global on Thursday cut Israel’s long-term ratings to A-plus from AA-minus after the confrontation with Iran heightened last weekend and amidst the already elevated geopolitical risks for Israel.

“We forecast that Israel’s general government deficit will widen to 8% of GDP in 2024, mostly as a result of increased defense spending,” S&P Global said in its statement.

The negative outlook reflects the risk that the Israel-Hamas war and the confrontation with Hezbollah could escalate or affect Israel’s economy more than the agency currently expects.

“We currently see several possible military escalation risks, including a more substantial, direct, and sustained military confrontation with Iran,” the statement said.

On Saturday, Iran’s Islamic Revolutionary Guards Corps said it launched dozens of drones and missiles at Israel, an attack which could trigger a major escalation between the regional archenemies, with the U.S. pledging to back Israel.

Earlier this month, Fitch removed Israel from “rating watch negative” and kept its A-plus rating, but cited Israel’s war against Hamas in Gaza as a risk.

In February, Moody’s downgraded the country’s credit rating on war risks. Israeli Finance Minister Bezalel Smotrich said that decision was not based on sound economic reasoning and was tantamount to a pessimistic “manifesto”. — Reuters

Empowering women to stand up against HPV and Cervical Cancer

Cervical cancer is the fourth most common cancer in women globally, according to the World Health Organization (WHO). It is a preventable cancer and highly treatable if diagnosed early. In 2020, cervical cancer claimed the lives of over 300,000 women globally. In the Philippines, 11 women die of the disease each day. This stark reality is a wake-up call for getting to the bottom of cervical cancer and taking steps to eliminate it, so it affects women no further.

Women and their loved ones need to be equipped with the knowledge on how to prevent the disease, identify its initial symptoms all while empowering them to get a proper diagnosis and encouraging them to consult a doctor about their gynecologic health.

Where cervical cancer starts

The most common cause of cervical cancer is the human papillomavirus (HPV), a virus commonly spread through sexual contact. WHO states that 95% of cervical cancer cases are because of persistent, untreated HPV infections. Though pre-cancers rarely cause symptoms, recognizing early warning signs of cancer is essential. Talk to your gynecologist if you are experiencing the following:

  • unusual bleeding between periods, after menopause, or after sexual intercourse
  • increased or foul-smelling vaginal discharge
  • symptoms like persistent pain in the back, legs, or pelvis
  • weight loss, fatigue, and loss of appetite
  • vaginal discomfort
  • swelling in the legs
Beyond myths: Understanding the risks of HPV

Eliminating cervical cancer involves understanding the disease and debunking myths that lead to misinformation so those affected can make better-informed, fact-based health choices.

MYTH: Monogamous people can’t get HPV or cervical cancer.
FACT: Everyone who is sexually active can get HPV.

The risks of contracting HPV extend beyond supposed promiscuous behavior. HPV infections may persist for years before becoming apparent so it can be difficult to trace the source of infection. Preventive measures like safe sex practices are paramount.

MYTH: Only women can get HPV.
FACT: All individuals can get HPV.

While cervical cancer is often associated with women, HPV infections can affect men as well. Men can also suffer from severe health consequences due to HPV, including developing penile or anal cancer.

MYTH: You can only get HPV if you’ve had sexual intercourse.
FACT: You can contract it from intimate skin-to-skin contact.

HPV is usually transmitted through sexual contact, but can also be contracted through close skin-to-skin contact. Non-penetrative sexual activities and oral sex pose potential risks for HPV transmission.

Prevention strategies against HPV

The Centers for Disease Control and Prevention (CDC) states that, in most cases, 9 out of 10 cases of HPV may resolve within two years without causing any health complications. However, persistent HPV infections can lead to the formation of precancerous warts that may progress, if untreated, to the likes of cervical, vaginal, penile, anal, and oropharyngeal cancers. As HPV infections may take years, even decades, to progress into cancers, the CDC recommends the following measures to help lower the chances of developing this disease

  • Immunization against HPV.
  • HPV and cervical cancer screening for women aged 21 to 65.
  • Safe sex practices (ex. condom use, monogamy, etc).

Similarly, the ABC approach – used to prevent the spread of all common sexually transmitted diseases and not just HPV – is encouraged. The USAID defines this approach as population-specific interventions, emphasizing abstinence for the youth and the unmarried; mutual faithfulness; and correct and consistent use of condoms for the sexually active.

A-B-C means:
Abstinence

A straightforward yet effective preventive measure for HPV, abstinent individuals significantly reduce their risk of HPV transmission. This approach is more relevant for those who have not yet initiated sexual activity, or those seeking to minimize their risk of sexually transmitted infections (STIs).

Be Faithful

Faithfulness or monogamy, where a singular sexual partner is assured, is a practice that can reduce the risk of exposure to HPV. However, even within monogamous relationships, there is a potential risk of HPV. The virus can be dormant for extended periods, and one partner may unknowingly carry or acquire an infection before entering the relationship.

Condom Use

Regardless of sexual orientation, the correct and consistent use of condoms as part of safe sex practices should always be carried out. It not only minimizes the risk of HPV transmission but also contributes to overall sexual health.

In the Philippines, medical professionals also suggest incorporating two more localized, population-specific approaches to minimize HPV infections across the country further—becoming ABCDV.

Doctor Consult

Regular gynecological check-ups can detect and address HPV infections early. Examinations like Pap smears and HPV tests are crucial for timely intervention and management. Healthcare providers can also discuss the possibility of HPV vaccination.

Vaccination

Vaccination against HPV is a powerful preventive strategy to curb the incidence of cervical cancer. It is recommended for both males and females, ideally between the ages of nine and fourteen years old. Those older can still consult with their doctor on the possible benefits of an HPV vaccine.

Immunization is also part of WHO’s ongoing plan to eliminate cervical cancer called the 90-70-90 targets:

  • 90% of girls are fully vaccinated with HPV vaccine by age 15.
  • 70% of women are screened with a high-performance test by age 35 and by age 45.
  • 90% of women identified with cervical disease receive treatment (90% with pre-cancer treated, and 90% with invasive cancer managed).

After vaccination, continuous cervical cancer screening is still important. Although the vaccine offers protection against the majority of HPV types linked to cervical cancer, it does not cover all of them. Additionally, those who were vaccinated after becoming sexually active may not fully benefit from the vaccine if they have already been exposed to HPV.

By understanding HPV and cervical cancer, knowing the prevention measures, and advocating for early detection and timely diagnosis, we take part in reducing the global burden of HPV-related diseases and safeguarding the well-being of future generations. Through this, we can strive towards a world where cervical cancer is not only treatable but preventable!

Follow Guard Against HPV to see more information like this and learn more about how to protect yourself and your loved ones!

 


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.