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Kalibo airport upgrade removed from PPP pipeline 

CAAP

THE GOVERNMENT has removed the proposed privatization of the upgrade and operations of the Kalibo International Airport Project from its public-private partnership (PPP) pipeline but added 14 new projects. 

In a document released to reporters, the PPP Center said the P3.62-billion upgrade, expansion, operations and maintenance of the Kalibo International Airport has been delisted from the pipeline. 

There was no reason given for the delisting. 

Mega7 Construction Corp. had submitted an unsolicited proposal to operate, upgrade and maintain the Kalibo International Airport, which is one of two airports serving Boracay island. 

Last year, the PPP Center said it was expecting to award the Kalibo project in 2025. 

Meanwhile, the PPP Center said it added 14 new projects, which project the number of PPPs in the pipeline to 187 with a value of P2.64 trillion as of April 11.  

Out of the 14 new projects, 11 are local projects while three are at the national level.  

Four of these new projects are unsolicited proposals. 

The biggest one is the Iloilo Global City project of the Iloilo city government and Iloilo Global City Corporation (IGCC).  

Another unsolicited project is the P5.31 billion Subic International Airport Project with Cerberus Asia Pacific Investments, LLC. as its private partner and the Subic Bay Metropolitan Authority as its implementing agency. 

The P4.3-billion Philippine Coast Guard Maritime Modernization Program is backed by the Maritime Technology Group. 

Another unsolicited proposal is the P3.97-billion Last Mile Schools Green Energy and Connectivity Project of the Department of Education and WeGen Energy Philippines. 

This project seeks to provide electricity and satellite internet connections to 3,000 schools in geographically isolated and disadvantaged areas by installing hybrid solar photovoltaic systems. 

Data from the PPP Center also showed nine solicited PPPs of the provincial government of Palawan. 

This includes the P3-billion 50-megawatt solar power plant under the Solar Power Garden Project; and the expansion of the El Nido Port Integrated Terminal Exchange (P1.75 billion), and Buliluyan Port Integrated Terminal Exchange (P1.75 billion). 

Other projects in Palawan include the P600-million Sewage and Solid Waste Treatment Facility, P580-million Sandoval Airport Development Project, P400-million Multi-Specialization Hospital and the P150-million Calauit Safari Park Improvement Project. 

The rest of the PPP projects in Palawan include the development of Dumaran Magrove Forest River Cruise and Farm Tourist Sites, both with an estimated cost of P100 million. 

Meanwhile, the P17-million Tagbilaran City Dialysis Center was also added to the PPP pipeline. 

Also, the PPP Center removed the P2.1-billion Bacolod Super City Project and P2.54 billion USWAG Condominium Complex Project from the list and placed “under implementation.” – ARAI

Fish for the faithful

Simple, affordable, and most of all, observant of Lenten dietary traditions (no meat), Mega Prime Foods has released recipes using their canned mackerel products for Lent-compliant (and surprisingly nutritious) dishes.

MACKEREL SINIGANG

Ingredients:

2 cans Mega Mackerel in brine or tomato sauce

1 medium onion, quartered

2 medium tomatoes, quartered

1 radish, sliced

1 eggplant, sliced

1 bunch kangkong (water spinach) or spinach

2-3 green finger chilies

1 packet sinigang mix (tamarind soup base)

6 cups water

Salt and pepper to taste

Procedure:

Drain the Mega Mackerel if using the brine variety. If using the tomato sauce variety, set aside the sauce.

In a large pot, bring 6 cups of water to a boil.  Add the onions and tomatoes. Let it boil for about 5 minutes.

Gently add the mackerel, including the tomato sauce if using that variety. Add the radish, eggplant, and green chilies. Cook for another five minutes.

Add the sinigang mix and stir well. Simmer for 10 minutes or until the vegetables are tender.

Add the kangkong or spinach and cook for an additional 2 minutes. Season with salt and pepper to taste. Serve hot with steamed rice.

MACKEREL SPRING ROLL

Ingredients:

1 can of Mega Mackerel in tomato sauce, drained

1 pack Mega Prime sotanghon (vermicelli noodles), soaked in warm water until soft and drained

1 cup shredded carrots

1 cup shredded cabbage

1 small cucumber, julienned

1/2 cup fresh mint leaves

1/2 cup fresh cilantro leaves

1/2 cup fresh basil leaves

1 small bell pepper, julienned

10 rice paper wrappers

For the sauce:

1/2 cup hoisin sauce

2 tablespoons peanut butter

1 tablespoon soy sauce

1 tablespoon rice vinegar

1 teaspoon sesame oil

1 clove garlic, minced

Water to thin (if needed)

Instructions:

Fill a large shallow dish or pie plate with warm water.

Dip one rice paper wrapper into the water for about 10 to 15 seconds, until it becomes soft and pliable. Lay it flat on a clean, damp kitchen towel or cutting board.

Layer fillings one by one. Start with the mackerel, then sotanghon and the rest of the vegetables.

Fold the bottom of the wrapper over the filling, then fold in the sides, and roll up tightly to enclose the filling. Be careful not to tear the rice paper. Repeat with the remaining wrappers and filling.

In a hot pan, drizzle a little oil and fry the spring rolls until crispy.

In a small bowl, whisk together the hoisin sauce, peanut butter, soy sauce, rice vinegar, sesame oil, and minced garlic until smooth. Add water as needed to reach your desired consistency.

Arrange the spring rolls on a serving platter. Serve immediately with the dipping sauce on the side.

FILIPINO MACKEREL CURRY

Ingredients:

2 cans Mega Mackerel in Tomato Sauce

2 potatoes, peeled and cubed

2 carrots, peeled and sliced

1 red bell pepper, sliced

1 green bell pepper, sliced

2 cloves garlic, minced

1 onion, chopped

1 tablespoon curry powder

1 can (400ml) coconut milk

1 tablespoon cooking oil

Salt and pepper to taste

Fresh basil leaves for garnish

Procedure:

Open the cans of Mega Mackerel in Tomato Sauce and drain the sauce. Set the fish aside.

In a large pan or skillet, heat the cooking oil over medium heat. Add the minced garlic and chopped onion. Sauté until fragrant and translucent.

Add the cubed potatoes and sliced carrots to the pan. Stir and cook for about 5 minutes until the vegetables start to soften.

Sprinkle the curry powder over the vegetables. Stir well to coat the vegetables with the curry powder.

Pour the coconut milk into the pan. Stir to combine with the vegetables and curry powder.

Let the mixture simmer over medium-low heat for about 10 to 15 minutes, or until the potatoes and carrots are tender and cooked through.

Gently add the fish to the pan, being careful not to break them apart. Stir gently to incorporate the fish with the vegetables and curry sauce.

Add the sliced red and green bell peppers to the pan. Stir well to combine.

Season the curry with salt and pepper to taste. Adjust the seasoning according to your preference.

Let the curry simmer for another five minutes to allow the flavors to meld together and the sauce to thicken slightly.

Garnish the Filipino curry with fresh basil leaves for added flavor and freshness.

Serve with steamed rice.

Philippine money market group says banks cautious of trade risks

BW FILE PHOTO

(UPDATE) President Donald Trump’s ever-changing tariff onslaught is overshadowing the Philippines’ sound economic fundamentals and will likely keep banks selective in deploying funds, according to the head of the group representing fixed-income traders.  

“I haven’t seen this level of uncertainty,” Justin Robert Ladaban, president of the Money Market Association of the Philippines, said in an interview late Monday. “Unlike in the pandemic where responses were pretty much similar across jurisdictions, it’s not the case now.” 

Global markets saw intense volatility last week, with multiple markets posting record losses and gains as the Trump administration rolled out tariffs, pared them back for most countries and ended up hiking them dramatically for China. The flip-flops have been keeping investors on edge as they seek assets that can hold out against the unprecedented shocks to global trade. 

During the COVID-19 pandemic, it made more sense for banks to buy bonds than to lend to consumers, said Mr. Ladaban, who’s also the head of trading at Philippine Bank of Communications. 

“Now the play is really for the spreads rather than the trading gains,” he said. “That’s also why we’ve seen some bias towards lending,” he said, noting the preference to put funds into activities that will generate less volatile income. 

Citing the prospect of trade wars, Philippine central bank Governor Eli Remolona last month said uncertainty indexes are close to their levels at the start of the COVID-19 pandemic and exceed those during the global financial crisis.  

The 17% threatened tariff on Philippines’ exports to the US is lower than for Southeast Asian neighbors like Vietnam, Thailand and Indonesia. Still, a 90-day pause on the new tariffs and countries seeking talks with Washington mean things could still change. 

Mr. Ladaban said growth in personal incomes can help fuel demand for consumer loans, noting that the country’s “relatively subdued inflation” makes consumer lending attractive “given the spreads that we see.” 

The Bangko Sentral ng Pilipinas last week resumed easing, cutting its key interest rate by 25 basis points to 5.5% and signaling more to come, thanks to restrained price pressures.  

“Like the rest of the world, we’re looking at slower growth, but unlike the rest of the world, we’re looking at lower inflation,” Governor Remolona said at an April 10 briefing in Manila. 

Mr. Ladaban expects the central bank to continue easing.  

“We’ve been seeing a relatively weak dollar these last couple of weeks,” he said. “If that persists and inflation remains under control, I don’t see why the BSP would consider a halt in cutting its key rates.” 

The peso has gained nearly 2% against the dollar this year, while inflation has averaged 2.2% in the first three months. The central bank is reviewing if it can lower its inflation target range of 2%-4% for 2026.  

In its financial stability report, the BSP said high household borrowing, including unsecured consumer loans, raises concerns over bad debts and liquidity stress. As matters stand, banks have high capital buffers and ample liquidity, which would allow the financial system to absorb potential losses and support economic activity, it said. 

Meanwhile, the money market group head said the nation’s capital market is bound to develop as the economy continues to grow. 

Among the initiatives pushed by the group and other industry associations is the inclusion of non-bank financial institutions in the market for bond repurchase agreements. It’s also pushing for the group’s status as a self-regulatory organization for the Philippine repo market and for the extension of repos’ maximum tenor from the current 90 days, Mr. Ladaban said. — Bloomberg

WHO says member states reach agreement to tackle future pandemics

THE World Health Organization (WHO) logo is seen on the exterior of entry door at WHO Headquarters in Geneva, Switzerland, on July 19, 2023. — WHO/PIERRE ALBOUY

GENEVA (UPDATE) – Members of the World Health Organization reached a landmark agreement on Wednesday on how to learn from COVID-19, which killed millions of people in 2020-22, and prepare the world for future pandemics.

Sticking points on the road to the deal included how to share drugs and vaccines fairly between wealthy countries and poorer ones.

The legally binding pact is widely seen as a victory for the global health agency at a time when multilateral organisations like the WHO have been battered by sharp cuts in US foreign funding.

“After more than three years of intensive negotiations, WHO member states took a major step forward in efforts to make the world safer from pandemics,” the health body said in a statement.

US negotiators left the discussions after President Donald Trump began a 12-month process of withdrawing the US – by far the WHO’s largest financial backer – from the agency when he took office in January. Given this, the US would not be bound by the pact.

“This is a historic moment and a show, that with or without the US, countries are committed to working together and to the power of multilateralism,” Nina Schwalbe, the founder of global health think tank Spark Street Advisors, told Reuters.

This is only the second time in the WHO’s 75-year history that member countries have reached a binding agreement – the last being a tobacco control accord in 2003.

The agreement, still subject to adoption by the World Health Assembly in May and ratification by members, addresses structural inequities about how drugs or vaccines and health tools are developed.

Its article nine requires governments to establish national policies setting access conditions in research and development agreements and to ensure that pandemic-related drugs, therapeutics and vaccines are globally accessible — for the first time in an international health agreement.

“The deal essentially gives WHO members more teeth in terms of their preparedness, response and prevention of future pandemics,” Ricardo Matute, Policy Engagement Advisor with the Governing Pandemics Team at the Global Health Centre, Geneva Graduate Institute, told Reuters.

Measures include allowing the WHO to have an overview of global supply chains of medical materials such as masks and vaccines. It will also enable more local production of vaccines and other treatments during a pandemic.

SHARING HEALTH KNOWLEDGE
Major impasses had held up an agreement.

Hours were spent debating article 11 on technology transfer — the sharing of knowledge, skills, and manufacturing capabilities — to help especially lower income countries produce pandemic-related vaccines, therapeutics, and diagnostics locally.

The accord requires participating manufacturers to allocate a target of 20% of their real-time production of vaccines, therapeutics, and diagnostics to the WHO during a pandemic. A minimum 10% are donations and the rest is reserved at affordable prices.

The deal will be taken to the WHO Assembly in May, when the text of the agreement may be adopted. That is not guaranteed because an annex to the accord on Pathogen Access and Benefit Sharing is yet to be agreed, and will require further negotiations, health sources said.

Once approved by the assembly, member states that joined the discussions must ratify the deal.

Health experts hope the accord will drive greater government investment in pandemic preparedness amid funding cuts to global health.

“Leaders should be investing now in pandemic preparedness and emergency response … We can’t afford another pandemic, but we can afford to prevent one,” Helen Clark, co-chair of The Independent Panel for Pandemic Preparedness, said in a statement. – Reuters

Japan crosses 10 million visitors through March at fastest ever pace

A KIMONO-CLAD woman takes photos of cherry blossoms at Shinjuku Gyoen park in Tokyo, Japan, April 9, 2016. - REUTERS

TOKYO – Japan crossed the 10 million visitor mark at the fastest ever pace this year, reaching that level already in March, official data showed on Wednesday, as the weak yen propelled an unprecedented tourism boom.

Arrivals of foreign visitors for business and leisure reached 3.5 million last month, bringing the total through the first quarter to 10.54 million, data from the Japan National Tourism Organization (JNTO) showed.

Last year, Japan reached 10 million visitors in April.

For the whole of 2025, tourist arrivals are on pace to eclipse last year’s all-time level of 36.87 million. The nation’s famed cherry blossom season helped boost demand in March, which saw record arrivals for any single month among travellers from the United States and Canada, the JNTO said.

The boom in tourist numbers, and their spending, has been a welcome boost to Japan’s economy. Purchases by visitors, classified as exports in national accounts, are now Japan’s second-biggest export sector after autos and ahead of electronic components.

Spending by foreign visitors in the January–March amounted to 2.27 trillion yen ($16 billion), preliminary data from the transport ministry showed, up 28.4% from last year.

Last year, visitors spent a record 8.1 trillion yen, up 53% from the prior year. – Reuters

Canon announces new video-centric EOS, PowerShot cameras

Canon Marketing (Philippines), Inc.

CANON has announced two new cameras, the EOS R50 V and PowerShot V1, which are equipped with video-centric features to cater to the needs of content creators. 

“The PowerShot V Series and EOS V Series cameras are for Filipino creators with a growing enthusiasm for capturing life’s moments and creating enjoyable video content. These cutting-edge tools are designed with portability, ease of use, and high-quality output in mind. Whether it’s vlogging, livestreaming, or crafting short films, these cameras empower creators to elevate their storytelling with the versatility and reliability Canon is known for,” Canon Marketing (Philippines), Inc. Director for Consumer Information and Imaging Jian Liu said. 

Both cameras are lightweight and have key buttons designed for one-handed recording, the company said. They have several video recording modes and can be used as a webcam for livestreaming. 

The EOS R50 V is an interchangeable lens camera that has a 24.2-megapixel (MP) APS-C sensor. 

“It is designed for aspiring creators who desire better operability and video production versatility,” Canon said. 

The camera has Cinema EOS features, a new Slow & Fast Motion movies mode, color filters and a new Cinema View feature. It also has a 3-mic noise reduction technology and features support for Linear Pulse Code Modulation 24-bit 4-channel audio input. 

“Users shooting stills and video in crowded scenes such as events, concerts, and sports will benefit from the Register People Priority mode. Usually, found in more advanced camera models, the mode prioritizes pre-registered individuals for detection and tracking,” Canon said. 

“Support for UVC and UAC 4K 60p livestreaming through a single USB-C cable to a PC makes it possible for users to live cast concerts and sporting events. This ensures smoother action and footage in vivid detail, making it ideal for viewing on a large home theatre screen. The EOS R50 V is compatible with the Live Switcher Mobile Multi-Camera app, allowing users to combine video streaming from the camera with those from other smart devices for multi-angle livestreaming.” 

The camera also has a vertical shooting tripod socket on the side, an auto-rotating information display, and a grip design and button layout for easy vertical shooting. 

Meanwhile, the PowerShot V1 is the brand’s first video-centric all-in-one compact camera. It has a 22.3-megapixel 1.4-inch type sensor and an integrated zoom lens with a 17-52 millimeter (mm) equivalent for video recording and 16-50mm equivalent for photos. 

“The PowerShot V1 combines the video-centric concept of the PowerShot V10 with the versatility of the PowerShot G7 X Mark III — updated with a major boost in core features. Creators can now shoot higher-quality images and enjoy better low light capabilities with the new compact camera,” Canon said. 

The company also announced a new lens, the RF-S14-30mm f/4-6.3 IS STM PZ, which it said is its first lens with built-in power zooming. 

“The fixed-length design keeps the center of gravity consistent when zooming, an important feature when used with a gimbal or other similar equipment,” it said. — BVR

HONOR launches latest flagship Magic7 Pro smartphones in the Philippines 

HONOR Philippines

TECHNOLOGY brand HONOR last week launched in the Philippines its latest flagship smartphone, the Magic7 Pro. 

The HONOR Magic7 Pro, priced at P59,999, has artificial intelligence (AI) capabilities that boost the phone’s display and hardware performance and enhance its photography features. 

The smartphone is available for pre-order at HONOR Experience and Partner Stores and the brand’s official Lazada, Shopee, and Tiktok Shop stores until April 25 with free JBL Soundgear Frames worth P9,499. It comes in two colors, namely Lunar Shadow Grey and Black. 

“We are excited to introduce our latest flagship, the HONOR Magic7 Pro, which seamlessly integrates both on-device and cloud AI capabilities to deliver a more intuitive, intelligent, and secure user experience. We have adopted a range of innovative approaches to reinvent the smartphone from the fundamental operating system and hardware level, bringing true intelligence to the device,” Stephen Cheng, vice-president of HONOR Philippines, said in a statement. 

The HONOR Magic7 Pro is powered by the Snapdragon 8 Elite mobile platform and is equipped with Qualcomm’s Oryon CPU and Adreno GPU.  

“Coupled with the industry’s first AI Real-Time Rendering technology, supported by HONOR’s on-device AI capabilities and Snapdragon’s heterogeneous computing architecture, the device delivers PC-level graphics and nearly full-frame gameplay, allowing users to enjoy an unparalleled and responsive gaming experience,” the brand said. “Featuring the first AI Predictive Scheduling Engine, the device utilizes AI scene prediction and precise frame rate recognition for optimal system management, ensuring industry-leading frame rate stability with fluctuations below 0.2.” 

The flagship runs on MagicOS 9.0 and supports on-device AI features for text and image comprehension, translation, and note-taking. 

“To safeguard users against potential deepfake scams and ensure online security, the HONOR Magic7 Pro stands as the industry’s first commercial device that integrates groundbreaking on-device AI Deepfake Detection technology. This feature employs advanced algorithms to identify manipulated content through analyzing pixel-level synthetic imperfections, border compositing artifacts, inter-frame continuity, and more, protecting users from potential deepfake scams during video calls,” HONOR said. 

“Gemini’s overlay offers quick access to Google AI assistance and context-aware help with what’s on the screen. With Gemini extensions, users can find and take action from information from the Google apps and services like Maps, YouTube, Flights, and Hotels. Users can even create captivating images for fun, inspiration, work, and anything in between with Gemini,” it added. 

The Magic7 Pro also features the HONOR AI Falcon Camera System with a 50-megapixel (MP) main camera, a 50MP wide lens, and a 200MP telephoto camera. 

“Harnessing the power of both the Light and Shadow Portrait Large Model, the Capture Enhancement Large Model, and the Telephoto Enhancement Large Model, the HONOR Magic7 Pro integrates the AI HONOR Image Engine — the industry’s first mobile imaging system with hybrid (device-cloud) AI large models, providing users with a sophisticated and intelligent photography experience with elevated imaging capabilities,” the company said. 

The phone also has various camera modes and features, including the Harcourt Portrait Modes, the AI Enhanced Portrait feature, AI Super Zoom, AI Motion Sensing Capture, and HD Super Burst. 

Meanwhile, the phone also has AI-enabled eye-comfort display features as well as dust and water-resistant capabilities. — BVR

Samsung starts rollout of One UI 7 to Galaxy devices

Samsung Electronics Co., Ltd.

SAMSUNG Electronics Co., Ltd. has started rolling out One UI 7, it announced on Friday. 

“One UI 7 will begin rolling out in the Philippines within April, expanding to more Galaxy smartphones and tablets in the following weeks, including the Galaxy S24 series, Galaxy S24 FE, the Galaxy S23 series, Galaxy S23 FE, Galaxy Z Fold6 and Z Flip6, Galaxy Z Fold5 and Z Flip5, the Galaxy Tab S10 series and the Galaxy Tab S9 series,” it said in a statement. 

The new user interface is built for artificial intelligence (AI), Samsung said, and allows for better user personalization and control. 

It features a simplified home screen and redesigned One UI widgets and lock screen. 

“For added convenience, Now Bar provides real-time updates that matter most right on the lock screen. So, during a morning run, users can easily check their progress and see what song is playing in your Galaxy Buds — all with a simple swipe, without unlocking their phone,” the company said. 

One UI 7 is also meant to support AI-driven experiences, it added. 

“With Galaxy AI, users can simplify everyday tasks, minimizing the need to switch between applications. AI Select intuitively recommends by understanding context… Writing Assist allows users to easily summarize or automatically format contents in which texts can be selected,” Samsung said. 

Other features include Drawing Assist and Audio Eraser. 

The interface also supports deeper Google Gemini integration, it added. — BVR 

Meta’s Zuckerberg eyed Instagram spinoff amid antitrust scrutiny, document shows 

Meta Platforms Inc. Chief Executive Officer Mark Zuckerberg. — REUTERS

WASHINGTON — Meta CEO Mark Zuckerberg considered spinning off popular photo-sharing app Instagram in 2018 over concerns about the growing risk of antitrust scrutiny, according to a document shown at a trial in Washington on Tuesday. 

The document was shown during Zuckerberg’s second day of testimony at the high-stakes trial, in which the US Federal Trade Commission (FTC) is seeking to unwind Meta’s acquisitions of prized assets Instagram and WhatsApp. 

“I wonder if we should consider the extreme step of spinning Instagram out as a separate company,” Zuckerberg said in the memo. At the time, the company was mulling plans to reorganize the social media company and link its apps together more closely. 

Zuckerberg pushed back in the memo, saying consolidation was likely to yield “strong business growth” but cautioning that it also could erode the value of flagship app Facebook’s social network, with scant promise that the company would get to keep its full “family of apps” in the end. 

Meta ultimately did not spin off Instagram, instead proceeding with the plan to integrate its apps the following year. But the fact that Zuckerberg even considered the idea is a stunning sign of how seriously he took the threat of precisely the type of antitrust trial proceeding now. 

“As calls to break up the big tech companies grow, there is a non-trivial chance that we will be forced to spin out Instagram and perhaps WhatsApp in the next 5-10 years anyway,” he wrote then, noting the possibility that the “next Democratic president” could take action to break up tech companies. 

“This is one more factor that we should consider since even if we wanted to keep those apps together, we may not be able to,” he said. 

The FTC ultimately sued Meta in 2020, during President Donald Trump’s first term. Trump’s antitrust enforcers sued Alphabet’s Google the same year, accusing it of monopolizing search. 

Zuckerberg also downplayed the impact of a spinoff on the company’s fortunes at the time in his memo, although Meta has argued publicly since then that attempts to break it up would be damaging. 

“While most companies resist break ups, the corporate history is that most companies actually perform better after they’ve been split up. The synergies are usually less than people think, and the strategy tax is usually greater than people think,” he wrote. 

‘INSTAGRAM WAS BETTER’
Zuckerberg’s testimony comes as Meta is defending itself years after the release of other damning statements plucked from Facebook’s own documents, like a 2008 email in which he said, “it is better to buy than compete.” 

The FTC accuses Meta of holding a monopoly on platforms used to share content with friends and family, where its main competitors in the United States are Snap’s Snapchat and MeWe, a tiny privacy-focused social media app launched in 2016. 

Platforms where users broadcast content to strangers based on shared interests, such as X, TikTok, YouTube and Reddit, are not interchangeable, the FTC argues. 

The case is widely seen as a test of the new Trump administration’s promises to take on Big Tech companies. 

Zuckerberg testified earlier in the day that Meta bought Instagram because it had a “better” camera than the one his company was trying to build at the time. 

The acknowledgement likewise appeared to support allegations by the FTC that Meta had used a “buy or bury” strategy to snap up potential rivals, keep smaller competitors at bay and maintain an illegal monopoly. 

Asked by an attorney for the FTC whether he thought fast-growing Instagram could be destructive to Meta, then known as Facebook, Zuckerberg said he believed Instagram had a better camera than the one his company was building. 

“We were doing a build vs. buy analysis” while in the process of building a camera app, Zuckerberg said. “I thought that Instagram was better at that, so I thought it was better to buy them.” 

The company argues that his past intentions are irrelevant because the FTC has defined the social media market inaccurately and failed to account for stiff competition Meta has faced from ByteDance’s TikTok, Alphabet’s YouTube and Apple’s messaging app. 

Zuckerberg also acknowledged that many of the company’s attempts at building its own apps had failed. 

“Building a new app is hard and many more times than not when we have tried to build a new app, it hasn’t gotten a lot of traction,” Zuckerberg told the court. 

“We probably tried building dozens of apps over the history of the company and the majority of them don’t go anywhere,” he said. — Reuters 

US oil production to peak by 2027 as shale boom fades, EIA forecasts

MODELS of oil barrels and a pump jack are displayed in this illustration photo taken on Feb. 24, 2022. — REUTERS

NEW YORK — US oil production will peak at 14 million barrels per day in 2027 and maintain that level through the end of the decade, before rapidly declining, the US Energy Information Administration said on Tuesday.

Oil output from the world’s largest producer will fall to about 11.3 million bpd in 2050, from around 13.7 million bpd this year, the statistical arm of the US Department of Energy said in its Annual Energy Outlook.

The forecasts show that the nearly two-decades old US shale boom is drawing closer to its end, challenging US President Donald Trump’s vision of unleashing higher domestic oil supply.

The DOE in a statement blamed former US President Joe Biden’s policies for charting a “disastrous path” for American energy production and said the EIA outlook is based on policies in place as of the end of last year.

US oil output set new records under Biden’s presidency in both 2023 and 2024, and new drilling permits were issued faster under Biden than Trump’s first term.

As for Trump’s policies, his sweeping tariffs against US trading partners are discouraging shale drillers, who face higher costs on steel and equipment, the Paris-based International Energy Agency said on Tuesday. The advisor to industrialized nations slashed its global oil demand and US oil output forecasts for 2025.

Even as the oil industry welcomed Trump’s early moves to ease permitting requirements and expand drilling opportunities, heightened price volatility from an uncertain market outlook has forced producers to scale back investments, Global X research analyst Kenny Zhu said.

US shale oil production will peak at 10 million bpd in 2027, up from about 9.69 million bpd this year, the EIA said. It will then decline to about 9.33 million bpd by 2050, the agency said.

POST-PANDEMIC DEMAND BOOM FADING
The post-pandemic recovery in US oil demand will end next year, forecasts showed. Total product supplied, the EIA’s measure of demand, will edge up from 20.51 million bpd this year to 20.52 million bpd next year, EIA data showed.

Before the COVID-19 pandemic, in 2019, US oil consumption averaged 20.54 million bpd. The all-time record high was in 2005 at 20.80 million bpd.

The EIA last week lowered its global oil demand growth forecasts for this year and next, citing potentially weaker economic activity due to an intensifying US trade war with China.
The agency also sharply cut its oil price forecasts and reduced its outlook for US oil production growth for 2025 and 2026 as a result of the demand uncertainty.

It now expects Brent crude, which serves as the international benchmark, to average $67.87 a barrel this year, down from its earlier forecast of $74.22.

US benchmark West Texas Intermediate crude oil will average $63.88 a barrel in 2025, EIA said last week, nearly $7 below its prior forecast.

Brent futures, were trading slightly below $65 a barrel on Tuesday, down about 13% so far this year. WTI futures USwere trading around $61.25, down about 14% so far this year. — Reuters

China Q1 GDP growth beats expectations, but US tariff shock dims outlook

A person rides a scooter past a construction site of residential buildings by Chinese developer Country Garden, in Tianjin, China Aug. 18, 2023. — REUTERS

BEIJING — China’s first-quarter economic growth beat expectations, underpinned by solid consumption and industrial output even as policymakers brace for the impact of US tariffs that analysts say pose the biggest risk to the Asian powerhouse in decades.

President Donald Trump has ratcheted up tariffs on Chinese goods to eye-watering levels, prompting Beijing to slap retaliatory duties on US imports in an intensifying trade war between the world’s two biggest economies that markets fear will lead to a global recession.

Data on Wednesday showed China’s gross domestic product (GDP) grew 5.4% in the January-March quarter from a year earlier, unchanged from the fourth quarter, but beat analysts expectations in a Reuters poll for a rise of 5.1%.

The outlook is expected to dim, however, as Washington’s tariff shock hits the crucial export engine, heaping pressure on Chinese leaders as they try to keep the world’s second-largest economy on an even keel and prevent mass job losses.

Government stimulus boosted consumption and supported investment, said Xu Tianchen, senior economist at the Economist Intelligence Unit, calling the 5.4% pace “a very good start.”

“In each of the past two years China had a high-flying first quarter and an underwhelming second quarter,” Xu said, adding that “a forceful and timely policy response” is needed given the additional pressure stemming from US tariffs.

A string of recent data has pointed to an uneven economic recovery, with bank lending beating expectations and factory activity picking up speed. But higher unemployment and persistent deflationary pressures are fuelling concerns over weak demand.

Moreover, analysts say a surge in China’s March exports – driven by factories rushing shipments to beat the latest Trump tariffs – will reverse sharply in the months ahead as the hefty US levies take effect.

“UNPRECEDENTED” CHALLENGE
For 2025, the economy is expected to grow at a subdued 4.5% pace year-on-year, the Reuters poll showed, slowing from last year’s 5.0 pace and falling short of the official target of around 5.0%. Many analysts have sharply slashed their GDP forecasts for this year.

UBS has downgraded its forecast on China’s 2025 growth to 3.4% from 4%, on the assumption that Sino-US tariff hikes will remain in place and that Beijing will roll out additional stimulus.

“We think the tariff shock poses unprecedented challenges to China’s exports and will set forth major adjustment in the domestic economy as well,” analysts at UBS said in a note.
While several other countries have been swept up in US tariffs, Trump has targeted China for the biggest levies.

Last week, Trump lifted duties on China to 145%, prompting Beijing to jack up levies on US goods to 125% and dismissing US trade actions as “a joke”.

On a quarterly basis, the economy expanded 1.2% in the first quarter, slowing from 1.6% in October-December.

Retail sales, a key gauge of consumption, rose 5.9% year-on-year in March after gaining 4.0% in January-February, while factory output growth quickened to 7.7% from 5.9% in the first two months. Both numbers topped analysts’ forecasts.

The retail sales uptick was driven by sharp double-digit gains in home electronics and furniture sales, helped by the government’s consumer goods trading scheme.

But China’s property downturn remained a drag on overall growth.

Property investment fell 9.9% year-on-year in the first three months, extending the 9.8% drop in January-February. March new home prices were unchanged on month.

AMPLE ROOM FOR STIMULUS
Policymakers have repeatedly said the country has ample room and tools to bolster the economy and premier Li Qiang this month pledged to roll out more support measures.

Beijing has put boosting consumption as the top priority this year as they try to cushion the impact of the Trump administration’s tariffs on its trade sector.

The Politburo, a top decision-making body of the ruling Communist Party, is expected to hold a meeting later this month to set its policy agenda for the coming months.

In March, China unveiled fiscal measures, including a rise in its annual budget deficit.

Officials have flagged more fiscal and monetary stimulus to cope with rising headwinds.

That followed a blitz of monetary easing steps late last year.Earlier this month, Fitch downgraded China’s sovereign credit rating, citing rapidly rising government debt and risks to public finances, suggesting a tricky balancing act for policymakers seeking to expand consumption to guard against a trade downturn. — Reuters

Love, Purpose, Impact: The leadership principles of Zephaniah ‘Khalid’ Mesa at KPC BALL 2025

Zephaniah “Khalid” Mesa

At the grand celebration of the KPC BALL 2025: Celebration of Breakthroughs and Success, one of the evening’s most moving moments came when Zephaniah “Khalid” Mesa took the stage. Held at the prestigious Okada Manila in honor of KPC’s 5th anniversary, the event paid tribute to the Top 100 Importers whose breakthroughs drive the country’s economic growth. But beyond accolades and milestones, the night became a testament to purpose-led leadership.

Mr. Mesa, the visionary behind thriving ventures such as Zion Philippines, Pablings Barbershop, and Hope Urban Villa, Inc., offered more than just a success story — he shared his vision of  truth. “Meeting God in 2021 changed everything,” he said. “From that point on, it was no longer just about business — it was about building lives, restoring hope, and honoring Him in all that I do.”

He spoke with candor and conviction, reflecting on how his faith became the foundation of his leadership. For Mr. Mesa, real breakthroughs don’t just happen in boardrooms — they begin in the heart. His approach, rooted in love, empathy, and accountability, has reshaped the way he builds companies and uplifts communities.

Beyond his business ventures, Mr. Mesa also leads with impact. He founded Veryfyd, a platform designed to create a safer, more authentic online space by fighting scams and fake accounts. Through his Change Life Cares Foundation, Inc., he supports scholars and organizes outreach efforts such as feeding programs and medical missions. As the head of Lawyers for Christ (LFC), he empowers legal professionals to provide justice for those who need it most.

Mr. Mesa’s message deeply resonated with the event’s theme — a Celebration of Breakthroughs and Success — reminding everyone in the room that true breakthroughs aren’t just measured in numbers or titles, but in how many lives are touched along the way.

In a ballroom filled with industry giants, strategic minds, and accomplished achievers, it was Mr. Mesa’s heartfelt call to lead with love that left the most lasting impression. His words reminded everyone that leadership, when grounded in faith and compassion, becomes a force for transformation — not just in business, but in life.

 

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