Philippines misses JPMorgan bond index inclusion, officials say

November 13, 2024 | 7:03 pm

Buildings-road-rider-BLOOMBERG — People along a road in Taguig City, Metro Manila, the Philippines on Saturday, April 6, 2024. — VEEJAY VILLAFRANCA/BLOOMBERG

THE Philippines has set its sights on inclusion into JPMorgan Chase & Co.’s local currency emerging market debt index in 2025 after missing the cut this year, officials said.

The country has been in discussion with the US firm for several months, with a survey of investors held midyear and the results released last month, Philippine Treasurer Sharon P. Almanza said in a phone interview on Tuesday.

Authorities are now looking at several financial reforms to lure more foreign investors, with inclusion “hopefully next year,” Finance Secretary Ralph G. Recto told Bloomberg News.

Joining the benchmark is typically a breakout moment for emerging economies, as the move attracts fresh inflows of overseas capital into their debt markets. The news marks a setback for the Philippines after its global peso notes dropped out of the index due to illiquidity in January.

Nonresidents hold only about 4% of the country’s outstanding bills and bonds, Ms. Almanza said. That compares to around 14% in Indonesia, 20% in Malaysia and 10% in Thailand, according to the Asian Development Bank’s regional bond monitoring report.

In an attempt to boost offshore participation and strengthen the domestic capital market, the Bureau of the Treasury is implementing a streamlined tax treaty procedure, it said this week. With the new rules, nonresident investors no longer need to submit several tax documents to the issuer to claim tax treaty benefits.

“Right now, we are still in the onboarding stage,” Ms. Almanza said. “Because it’s still very new, we are working with our custodian banks to disseminate the information and for the investors to submit the requirements for enrollment.”

The Philippines also recently announced steps to revive its interest rate swaps market and allow more participants in its bond repurchase agreements — initiatives that can also boost the liquidity of debt and help develop the local capital market.

Prior to joining the index, countries are typically placed on a watch list and are encouraged to implement market changes to address challenges faced by investors when investing in their debt securities.

Ms. Almanza hopes the treasury’s efforts will improve liquidity next year and raise their chances of index inclusion, adding “we don’t really have a target, but we want to encourage more foreign participation.” — Bloomberg

IMF, World Bank leaders pledge at UN climate summit to work with Trump

November 13, 2024 | 5:27 pm

THE HEADS of the World Bank and International Monetary Fund (IMF) on Tuesday said they would work with the incoming US president, Republican Donald J. Trump, underscoring the importance of private sector funding for developing countries hit by climate change.

IMF chief Kristalina Georgieva told a panel during the United Nations (UN) Conference of the Parties (COP29) climate summit in Azerbaijan that the global lender had worked with Mr. Trump during his previous term and looked forward to doing so again. “They have a mandate from the American people,” she said.

Asked about the impact of Mr. Trump’s election on the IMF’s climate work, Ms. Georgieva said she was confident that the US private sector would continue to invest in green technologies. “It is the business proposition to stay ahead of the curve, and I have no doubt that this will continue,” she said.

The election of Mr. Trump, who is expected to pull the United States back from global efforts to fight climate change, has raised questions about the ability of the IMF and the World Bank — the US is the largest shareholder in both — to ramp up funding for countries around climate-related issues.

This year’s COP29 summit is focused on raising hundreds of billions of dollars to fund a global transition to cleaner energy sources and limit the climate damage caused by carbon emissions by the world’s largest countries, including the US.

Ajay Banga, president of the World Bank, said Mr. Trump’s historical win, which demanded respect, highlighted the bank’s work to become more efficient and effective, while encouraging increasing private investment in climate finance. “He’s going to have opinions. We’re going to talk to him. That’s our job,” he said, noting that during his 17 months at the bank, political leadership had also changed in the bank’s four other biggest donors — Germany, France, Japan and Britain.

Mr. Trump, who shuns multilateralism, has promised massive tariff increases on Chinese goods and other imports as part of his America First agenda.

The conservative Republican Project 2025 agenda, from which Mr. Trump has distanced himself, calls for US withdrawal from the IMF and World Bank to pursue only bilateral development and financial aid in line with US interests.

Mr. Trump has publicly taken aim at the United Nations and the World Health Organization and the New York Times reported last week that his transition team was preparing executive orders to withdraw from the Paris climate agreement. He has not specifically targeted the IMF or World Bank thus far.

Mohamed Jameel Al Ramahi, chief executive officer of UAE green energy group Masdar, said the United States remained a key market, despite changes in political leadership, and the company would continue expanding its footprint there.

“A lot of red states in the US… deploy a lot of renewables. They are very supportive of energy, so we don’t really see any impact, honestly,” he said, referring to Republican-controlled states. — Reuters

Global carbon dioxide emissions to hit record high in 2024, report says

November 13, 2024 | 5:26 pm

Mining-coal-truck — A WORKER drives an open truck full of coal before unloading it inside a warehouse in Tondo, Manila, Jan. 11, 2016. — REUTERS

BAKU — Global carbon dioxide (CO2) emissions, including those from burning fossil fuels, are set to hit a record high this year, pulling the world further off course from averting more destructive climate extremes, scientists said on Wednesday.

The Global Carbon Budget report, published during the United Nations Conference of the Parties (COP29) climate summit in Azerbaijan, said global CO2 emissions are set to total 41.6 billion metric tons in 2024, up from 40.6 billion tons last year.

The bulk of these emissions are from burning coal, oil and gas. Those emissions would total 37.4 billion tons in 2024, up by 0.8% in 2023, the report said.

The rest are from land use, a category that includes deforestation and forest fires. The report by more than 80 institutions was led by the University of Exeter in Britain.

“We don’t see a sign of fossil fuel emissions peaking in 2024,” said lead author Pierre Friedlingstein, a climate scientist at the University of Exeter.

Without immediate and steep emissions cuts worldwide, “we will just go straight into the 1.5° Celsius (1.5C) target, we’ll just pass it and continue,” he said.

Countries agreed under the 2015 Paris Agreement to try to stop global temperatures rising more than 1.5°C (2.7°F) to avoid climate change’s worst impacts.

This would require steep emissions cuts every year from now until 2030 and beyond.

Instead, fossil fuel emissions have climbed over the last decade. Land use emissions had declined in this period — until this year, when a severe drought in the Amazon caused forest fires, driving up annual land use emissions by 13.5% to 4.2 billion tons.

Some scientists have said such slow progress means the 1.5C aim can no longer realistically be met.

This year’s emissions data showed evidence of some countries rapidly expanding renewable energy and electric cars, the authors said.

Progress, however, was sharply uneven — with rich industrialized nations’ emissions decreasing, and emerging economies’ emissions still rising.

Tensions between nations erupted on Tuesday at COP29 over who should lead the world’s transition away from fossil fuels — which produce around 80% of global energy.

COP29 host Azerbaijan’s President Ilham Aliyev accused Western countries of hypocrisy for lecturing others while still being major consumers and producers of fossil fuels.

Emissions in the US, the world’s top oil and gas producer and consumer, are expected to decrease by 0.6% this year, while European Union emissions are set to fall by 3.8%.

Meanwhile, India’s emissions will rise by 4.6% this year, driven by soaring power demand fueled by economic growth.

Emissions in China, today the world’s biggest emitter and second-largest oil consumer, are set to marginally increase by 0.2%. The authors said China’s emissions from oil use have likely peaked, as electric vehicles gain market share.

Emissions from international aviation and shipping are also expected to jump by 7.8% this year, as air travel continues to recover from a drop in demand during the COVID-19 pandemic. — Reuters

Trump names Musk, Ramaswamy to lead newly formed Department of Government Efficiency

November 13, 2024 | 5:23 pm

US PRESIDENT-ELECT Donald J. Trump on Tuesday named Elon Musk to a role aimed at creating a more efficient government, handing even more influence to the world’s richest man who donated millions of dollars to helping Mr. Trump get elected.

Mr. Musk and former Republican presidential candidate Vivek Ramaswamy will co-lead a newly created Department of Government Efficiency, an entity Mr. Trump indicated will operate outside the confines of government.

Mr. Trump said in a statement that Mr. Musk and Mr. Ramaswamy “will pave the way for my Administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies.”

Mr. Trump said the new department will realize long-held Republican dreams and “provide advice and guidance from outside of government,” signaling the Musk and Ramaswamy roles would be informal, without requiring Senate approval and allowing Mr. Musk to remain the head of electric car company Tesla, social media platform X and rocket company SpaceX.

The new department would work with the White House and Office of Management & Budget to “drive large scale structural reform, and create an entrepreneurial approach” to government never seen before, Mr. Trump said.

The work would conclude by July 4, 2026 — the 250^th anniversary of the signing of the Declaration of Independence.

Mr. Musk, ranked by Forbes as the richest person in the world, already stood to benefit from Mr. Trump’s victory, with the billionaire entrepreneur expected to wield extraordinary influence to help his companies and secure favorable government treatment.

With many links to Washington, Mr. Musk gave millions of dollars to support Mr. Trump’s presidential campaign and made public appearances with him.

Adding a government portfolio to Mr. Musk’s plate could benefit the market value of his companies and favored businesses such as artificial intelligence and cryptocurrency.

“It’s clear that Musk will have a massive role in the Trump White House with his increasing reach clearly across many federal agencies,” equities analyst Daniel Ives of Wedbush Securities said in a research note.

“We believe the major benefits for Musk and Tesla far outweigh any negatives as this continues to be a ‘poker move for the ages’ by Musk betting on Trump,” Ives said.

The move was criticized by Public Citizen, a progressive consumer tights NGO that challenged several of Trump’s first-term policies.

“Musk not only knows nothing about government efficiency and regulation, his own businesses have regularly run afoul of the very rules he will be in position to attack in his new ‘czar’ position,” Lisa Gilbert, co-president of Public Citizen, said in a statement. “This is the ultimate corporate corruption.”

MAXIMUM TRANSPARENCY PROMISED
Trump likened the efficiency effort to the Manhattan Project, the U.S. undertaking to build the atomic bomb that helped end World War Two, while Musk promised transparency.

“All actions of the Department of Government Efficiency will be posted online for maximum transparency,” Musk said on X, inviting the public to provide tips.

“We will also have a leaderboard for most insanely dumb spending of your tax dollars. This will be both extremely tragic and extremely entertaining,” Musk said.

Musk said at a Trump rally at Madison Square Garden in October that the federal budget could be reduced by “at least” $2 trillion. Discretionary spending, including defense spending, is estimated to total $1.9 trillion out of $6.75 trillion in total federal outlays for fiscal 2024, according to the Congressional Budget Office.

“Your money is being wasted and the Department of Government Efficiency is going to fix that. We’re going to get the government off you back and out of your pocketbook,” Musk said at the rally.

The acronym of the new department – DOGE – also references the name of the cryptocurrency dogecoin that Musk promotes.

In August Musk and Tesla won the dismissal of a federal lawsuit accusing them of defrauding investors by hyping dogecoin and conducting insider trading, causing billions of dollars of losses.

Dogecoin has more than doubled since Election Day, tracking a surge in cryptocurrency markets on expectations of a softer regulatory ride under a Trump administration.

Shares in Tesla fell on Wall Street ahead of the announcement but are up about 30% since the election.

Ramaswamy is the founder of a pharmaceutical company who ran for the Republican presidential nomination against Trump and then threw his support behind the former president after dropping out.

Ramaswamy said the appointment means he is withdrawing from consideration for the pending U.S. Senate appointment in Ohio, where Governor Mike DeWine will appoint a replacement for JD Vance, who will become Trump’s vice president when they are inaugurated on Jan. 20. — Reuters

New Zealand plans to limit online casino gambling licenses, ban ads aimed at children

November 13, 2024 | 5:22 pm

SYDNEY — New Zealand on Wednesday proposed to limit the number of licenses for online casino gambling operators, require them to set up an age verification system and ban advertisements aimed at children, as it looks to rein in the fast-growing sector.

Offenders will be fined up to NZ$5 million ($3 million), with the new regulatory system expected to be in place from early 2026, Internal Affairs Minister Brooke van Velden said.

“My goal is not to increase the amount of gambling that is happening online, but to enable New Zealanders who wish to play casino games online to do so more safely than they can today,” Van Velden said in a statement.

“Currently, New Zealanders can and do gamble on thousands of offshore gambling websites. By introducing a regulatory system my intention is to channel customers towards up to fifteen licensed operators.”

The government in July said it would set up licenses for online casinos, require operators to limit their offerings to online casino games, not sports betting or lottery products, and impose a minimum age of 18 for players.

Online casino gambling is currently not regulated in New Zealand and so consumer protection requirements do not apply.

With the convenience and accessibility of online platforms and due to the increasing popularity of smartphones, more customers in New Zealand are opting to gamble online, according to research firm Statista. Revenue from such platforms could see an annual growth of around 6% between 2024 and 2029, it said.

Further regulations will be developed based on the existing gambling law that would help finalise rules on advertising and consumer protection requirements, Van Velden said. The government aims to introduce the bill in parliament next year. — Reuters

Ayala Land looking at $255 million to $340 million via bonds next year

November 13, 2024 | 2:12 pm

MANILA – Philippines property firm Ayala Land Inc ALI.PS is planning to raise P15 to P20 billion ($255 million to $340 million) through corporate bonds in 2025, an executive said on Wednesday.

Proceeds of the bond sale, which might include sustainability-linked instruments, will be used for capital expenditure and payment of maturing debts, Jose Eduardo Quimpo, Ayala Land’s head of corporate finance, told reporters. — Reuters

Ex-Philippine President Duterte says ICC should ‘hurry up’ on drug war investigation

November 13, 2024 | 1:17 pm

MANILA – Former Philippine President Rodrigo Duterte said the International Criminal Court (ICC) should ‘hurry up’ with its probe of his war on drugs, remaining firm in his defence of the brutal campaign as he said the investigation should start immediately.”I’m asking the ICC to hurry up, and if possible, they can come here and start the investigation tomorrow,” Duterte said in a congressional inquiry on his war on drugs.

“If I am found guilty, I will go to prison.”

According to police data, more than 6,200 people died in anti-drug operations under Duterte’s presidency, during which police typically said they had killed suspects in self-defence.

Human rights groups believe the real toll to be far greater, with thousands more users and small-time peddlers killed in mysterious circumstances by unknown assailants.

“I assume full responsibility for whatever happened in the actions taken by law enforcement agencies of this country to… stop the serious problem of drugs affecting our people,” Duterte said.

The ICC last year cleared the way for an investigation to into the thousands of deaths and other suspected rights abuses.

The Philippines withdrew from the ICC in March 2019, when Duterte was president. Appeals judges at the ICC subsequently ruled prosecutors still had jurisdiction over the alleged crimes because they occurred when the Philippines was an ICC member. — Reuters

Get to Know Ray Manigsaca: The AppleOne Group Leader whose Love of God and Family, Commitment to Community Propelled the Company to Success

November 13, 2024 | 12:00 pm

AppleOne-CEO-and-President-RGM-OL — AppleOne Group CEO and President Ray Go Manigsaca

AppleOne Group CEO and President Ray Manigsaca has an easy-going aura that drives people to warm up to him easily. But it is his no-nonsense and calculated approach to business that ultimately convinces business partners to trust his sharpness and vision. The biggest proof of which is the continuous growth of AppleOne Group which he built from the ground up with his wife Venus.

Manigsaca has successfully cultivated his business that has residential, hotel and resort, commercial and healthcare branches. He made it his primary mission to make AppleOne anchored on wanting to serve his community and the VisMin region, and in creating a ripple effect to help sections of the communities grow their own business, have access to better medical assistance, and secure stable jobs. He believes in making these spaces and opportunities available that will elevate the quality of living in many aspects.

AppleOne Group credits much of its steady growth and enduring impact to the transformative leadership of President and CEO Ray Manigsaca. Having dedicated fifteen years growing the Cebu-based business, Manigsaca has pushed AppleOne to the forefront of the industry on a national level, which helped pave the way for VisMin region to take centerstage after Metro Manila.

One of Manigsaca’s strongest traits is his spiritual grounding which serves as the north star in his business endeavors. He fondly remembers having started the AppleOne Medical Group after a church pastor talked to him about the need for accessible quality medical services within the community. For Manigsaca, each decision has to be made with a balanced and reflective mindset, ensuring that they align with ethical principles and long-term community welfare.

“I am intentional in every move I make as a businessman, and I always want to bring the focus in the VisMin because I believe there is so much potential and this is something that we really can achieve, while ensuring we are able to contribute to the tourism industry and the economy as a whole, as we have always strived to be a government partner in our operations,” Manigsaca said.

Family also plays a major role in how Manigsaca operates as a business leader. He effectively inspired his kids, Sam and Patrick, to appreciate his vision and in what AppleOne does. Both of them are passionate about their business as they hold key roles in the company operations and strategic planning. His approach to business can be seen as familial in nature — he views his employees not just as staff but as extensions of a broader company family, where there is mutual trust and respect, and plenty of avenues for growth.

The Manigsaca family (from L-R): Patrick, Samantha, Venus, and Ray

“I am blessed to have my family’s support that is rooted from their love. My kids voluntarily wanted to help out in the business because they saw me and my wife’s hard work while they were growing up. They appreciate the work that we do and we fully trust in what they can bring to the table as second-generation leaders of the company. It gives them a sense of pride and fulfillment knowing that their contributions are valued.”

Community engagement is another pillar in Manigsaca’s business philosophy. AppleOne actively endeavors to cultivate developments that benefit the different sectors of the community and uplift the tourism of the VisMin region, reinforcing the idea that there is so much potential in the region that can be explored and developed. This mindset not only fuels regional development but also instills a sense of pride and purpose within AppleOne.

The Manigsaca family during a groundbreaking event

Manigsaca’s unique leadership style has propelled AppleOne to expand its portfolio of award-winning projects that continue to elevate Cebu’s real estate landscape and make an impact on a global scale. True enough, AppleOne has achieved numerous milestones, not only through strategic partnerships but also through a deep commitment to the VisMin community and culture. His dedication has fostered AppleOne’s continuous expansion, ensuring that every project enhances the region’s tourism, strengthens the local economy, and improves the lives of individuals affected by it.

“I make sure that each decision is carefully planned, and that these decisions are connected to one another so they serve a bigger purpose. For AppleOne, I envisioned it to be a holistic business approach. In the end they all lead to the same goal of uplifting the living and industry standards in the VisMin region,” he said.

Manigsaca’s strong leadership traits have created a positive domino effect within the Manigsaca family and the AppleOne company. Being one of the fastest-growing development companies in the country, Manigsaca’s hard work and virtues are paying off, one location and one development at a time.

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Trump’s cabinet: who’s been picked, who’s in the running?

November 13, 2024 | 11:25 am

Donald Trump has begun the process of choosing a cabinet and selecting other high-ranking administration officials following his presidential election victory.

Here are the early picks and top contenders for some of the key posts overseeing defense, intelligence, diplomacy, trade, immigration and economic policymaking. Some are in contention for a range of posts.

SUSIE WILES, chief of staff
Trump announced last week that Wiles, one of his two campaign managers, will be his White House chief of staff.

While the specifics of her political views are somewhat unclear, Wiles, 67, is credited with running a successful and efficient campaign. Supporters hope she will instill a sense of order and discipline that was often lacking during Trump’s first four-year term, when he cycled through a number of chiefs of staff.

TOM HOMAN, ‘border czar’
Trump announced on Sunday night that Homan, the acting director of Immigration and Customs Enforcement during Trump’s first administration, will be in charge of the country’s borders.

Trump made cracking down on people illegally in the country a central element of his campaign, promising mass deportations.

Homan, 62, said on Monday he would prioritize deporting immigrants illegally in the U.S. who posed safety and security threats as well as those working at job sites.

ELISE STEFANIK, U.N. ambassador
Trump announced on Monday that Stefanik, a Republican congresswoman and staunch Trump supporter, would be his ambassador to the United Nations.

Stefanik, 40, a U.S. representative from New York state and House Republican conference chair, took a leadership position in the House of Representatives in 2021 when she was elected to replace then-Representative Liz Cheney, who was ousted for criticizing Trump’s false claims of election fraud.

“Elise is an incredibly strong, tough, and smart America First fighter,” Trump said in a statement.

Stefanik will arrive at the U.N. after bold promises by Trump to end the Russia-Ukraine war and Israel’s war in Gaza.

LEE ZELDIN, EPA administrator
Trump announced on Monday he had appointed former congressman Lee Zeldin of New York state as administrator of the Environmental Protection Agency, and Zeldin said he had accepted the role.

Zeldin, 44, a staunch Trump ally, served in Congress from 2015 to 2023. In 2022, he lost the New York governor’s race to Democratic incumbent Kathy Hochul.

Trump has promised to overhaul U.S. energy policy, with the aim of maximizing the country’s already record-high oil and gas production by rolling back regulations and speeding up permitting.

MARCO RUBIO, secretary of state
Trump is expected to tap U.S. Senator Marco Rubio to be his secretary of state, sources said on Monday, putting the Florida-born politician on track to be the first Latino to serve as the United States’ top diplomat.

Rubio, 53, was arguably the most hawkish option on Trump’s shortlist for secretary of state. The senator has in past years advocated for a muscular foreign policy with respect to U.S. geopolitical foes, including China, Iran and Cuba.

Over the last several years he has softened some of his stances to align more closely with Trump’s views. The president-elect accuses past U.S. presidents of leading the U.S. into costly and futile wars and has pushed for a less interventionist foreign policy.

PETE HEGSETH, defense secretary
Trump said on Tuesday he has picked Pete Hegseth as his secretary of defense. Hegseth is a Fox News commentator and veteran who has expressed disdain for the so-called “woke” policies of Pentagon leaders including its top military officer.

Hegseth, if confirmed by the U.S. Senate, could make good on Trump’s campaign promises to rid the U.S. military of generals who he accuses of pursuing progressive policies on diversity in the ranks that conservatives have rallied against.

It could also set up a collision course between Hegseth and the chairman of the Joint Chiefs of Staff, Air Force General C.Q. Brown who Hegseth accused of “pursuing the radical positions of left-wing politicians.”

MIKE WALTZ, national security adviser
Trump said on Tuesday he had picked Republican U.S. Representative Mike Waltz to be national security adviser. Waltz is a retired Army Green Beret who has been a leading critic of China.

Waltz, a 50-year-old Trump loyalist who also served in the National Guard as a colonel, has criticized Chinese activity in the Asia-Pacific and has voiced the need for the U.S. to be ready for a potential conflict in the region.

The national security adviser is a powerful role, which does not require Senate confirmation. Waltz will be responsible for briefing Trump on key national security issues and coordinating with different agencies.

While slamming the Biden administration for a disastrous withdrawal from Afghanistan in 2021, Waltz has publicly praised Trump’s foreign policy views.

ELON MUSK AND VIVEK RAMASWAMY, heads of Department of Government Efficiency
Trump on Tuesday named Elon Musk and former Republican presidential candidate Vivek Ramaswamy to lead a newly created Department of Government Efficiency, rewarding two of his well known supporters from the private sector.

Musk and Ramaswamy “will pave the way for my Administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies,” Trump said in a statement.

Trump said the new department “will provide advice and guidance from outside of Government” and work with the White House and Office of Management & Budget to “drive large scale structural reform, and create an entrepreneurial approach”.

KRISTI NOEM, Homeland Security secretary
South Dakota Governor Kristi Noem has been picked to serve as the next homeland security secretary, Trump said on Tuesday.

Noem, 52, once seen as a possible running mate for Trump, is currently serving her second four-year term as South Dakota’s governor. She rose to national prominence after refusing to impose a statewide mask mandate during the COVID-19 pandemic.

The Department of Homeland Security is responsible for everything from border protection and immigration to disaster response and the U.S. Secret Service.

“Kristi has been very strong on Border Security. She was the first Governor to send National Guard Soldiers to help Texas fight the Biden Border Crisis, and they were sent a total of eight times,” Trump said in a statement.

He said Noem would work closely with his “border czar,” Tom Homan. In an X post, Noem said she looked forward to working with Homan to “make America SAFE again.”

JOHN RATCLIFFE, CIA director
Trump said on Tuesday he had picked former Director of National Intelligence John Ratcliffe to serve as director of the Central Intelligence Agency.

A former congressman and prosecutor who served as director of national intelligence during Trump’s last year in office, Ratcliffe, 59, is seen as a hardcore Trump loyalist who could likely win Senate confirmation. Still, during his time as director of national intelligence, Ratcliffe often contradicted the assessments of career civil servants, drawing criticism from Democrats who said he politicized the role.

SCOTT BESSENT, potential treasury secretary
Bessent, a key economic adviser to Trump, is widely seen as a top candidate for treasury secretary. A longtime hedge fund investor who taught at Yale University for several years, Bessent has a warm relationship with the president-elect.

While Bessent has long favored the laissez-faire policies that were popular in the pre-Trump Republican Party, he has also spoken highly of Trump’s use of tariffs as a negotiating tool. He has praised the president-elect’s economic philosophy, which rests on a skepticism of both regulations and international trade.

ROBERT LIGHTHIZER, trade czar, potential treasury secretary
A loyalist who served as Trump’s U.S. trade representative for essentially the then-president’s entire term, Lighthizer will almost certainly be invited back.

Though Bessent likely has a better shot at becoming treasury secretary, Lighthizer has an outside chance, and he might be able to reprise his old role if he’s interested.

The Wall Street Journal has reported Trump wanted Lighthizer as his trade czar.

Like Trump, Lighthizer, 77, is a trade skeptic and a firm believer in tariffs. He was one of the leading figures in Trump’s trade war with China and the renegotiation of the North American Free Trade Agreement, or NAFTA, with Mexico and Canada during Trump’s first term.

HOWARD LUTNICK, potential treasury secretary
The co-chair of Trump’s transition effort and the longtime chief executive of financial services firm Cantor Fitzgerald, Lutnick is in the running for treasury secretary.

A bombastic New Yorker like Trump, Lutnick, 63, has uniformly praised the president-elect’s economic policies, including his use of tariffs.

He has at times given elaborate, unvarnished opinions about what policies will be enacted in Trump’s second term. Some Trump allies had privately complained that he too often presented himself as speaking on behalf of the campaign.

LINDA McMAHON, potential commerce secretary
Professional wrestling magnate and former Small Business Administration director Linda McMahon is seen as the frontrunner to lead Trump’s Department of Commerce, three sources briefed on the plans said.

McMahon, 76, is a major donor and was an early supporter of the Republican president-elect when he first ran for the White House almost a decade ago. This time, Trump tapped her to co-lead a transition team formed to help vet personnel and draft policy ahead of the Nov. 5 election.

McMahon is the co-founder and former CEO of the professional wrestling franchise WWE. She later served as director of the Small Business Administration, resigning in 2019, and went on to lead a pro-Trump political action committee that supported his 2020 reelection bid.

MIKE LEE, potential attorney general
A U.S. senator from Utah, Lee is widely seen as a top candidate for attorney general. Though the former prosecutor declined to vote for Trump during the 2016 election, he later became an unwavering ally, and he has become something of an intellectual hero among some factions of Trumpworld.

Lee, 53, was a key figure in attempts by Trump and his allies to overturn his 2020 election loss to Democrat Joe Biden, and has spread unfounded conspiracy theories about the Jan. 6, 2021, attack on the Capitol.

KASH PATEL, potential candidate for national security posts
A former Republican House staffer who served in various high-ranking staff roles in the defense and intelligence communities during Trump’s first term, Patel frequently appeared on the campaign trail to rally support for the candidate.

Any position requiring Senate confirmation may be a challenge, however.

Patel, 44, has leaned into controversy throughout his career. In an interview with Trump ally Steve Bannon last year, he promised to “come after” politicians and journalists perceived to be enemies of Trump.

During Trump’s first term, Patel, seen as the ultimate Trump loyalist, drew animosity from some more experienced national security officials, who saw him as volatile and too eager to please the then-president. — Reuters

Argentine consumers feel squeezed even as inflation dips below 200%

November 13, 2024 | 10:57 am

Argentina Flag-Presidential Palace Casa Rosada — AN ARGENTINIAN FLAG waves at the Presidential Palace Casa Rosada in Buenos Aires, Argentina, Oct. 29, 2019. — REUTERS

BUENOS AIRES – Argentine inflation has dipped to 193%, landing below the 200% threshold for the first time in close to a year, data from statistics agency INDEC showed on Tuesday, as President Javier Milei’s dramatic austerity agenda bears fruit.

Slowing inflation, pulled back in part by the government’s dramatic public spending adjustments, has however come at the cost of consumption in a battered economy where more than half of the country has fallen into poverty.

Data from INDEC showed that monthly inflation slowed to 2.7% in October from 3.5% the previous month, its lowest since November 2021. The annual rate dipped below 200% for the first time since November last year.

While rent and utility costs drove monthly price rises, up 5.4%, prices in transport, food and non-alcoholic drinks rose just 1.2% from the previous month.

But the good news can be hard to grasp for Argentines who have had to tighten their belts to make it to the end of the month.

The government has slashed subsidies on public services, and increased public sector layoffs. Inflation is still very high by global standards and has contributed to a deep fall in purchasing power.

“Sales have been dropping a lot, perhaps people come more to buy on a daily basis, small quantities, and you can see the difference,” said Maria Sunilda Correa, who works in a poultry store.

Consumers are buying less beef in the famously steak-loving country after Milei ended the previous government’s freeze on beef prices. Beef consumption fell in the first six months of the year to its lowest level in 13 years, according to a report by industry group Ciccra.

“The price of meat has not gone up these months because there is very little consumption. As consumption goes down, sales also go down. And well, it is a bit complicated,” said Gabriel Segovia, a 52-year-old butcher in Buenos Aires. — Reuters

OPEC again cuts 2024, 2025 oil demand growth forecasts

November 13, 2024 | 10:55 am

crude oil — Crude oil is dispensed into a bottle in this illustration photo. — REUTERS

LONDON – OPEC cut its forecast for global oil demand growth this year and next on Tuesday, highlighting weakness in China, India and other regions, marking the producer group’s fourth consecutive downward revision in the 2024 outlook.

The weaker outlook highlights the challenge facing OPEC+, which comprises the Organization of the Petroleum Exporting Countries and allies such as Russia, which earlier this month postponed a plan to start raising output in December against a backdrop of falling prices.

In a monthly report on Tuesday, OPEC said world oil demand would rise by 1.82 million barrels per day in 2024, down from growth of 1.93 million bpd forecast last month. Until August, OPEC had kept the outlook unchanged since its first forecast in July 2023.

In the report, OPEC also cut its 2025 global demand growth estimate to 1.54 million bpd from 1.64 million bpd.

China accounted for the bulk of the 2024 downgrade. OPEC trimmed its Chinese growth forecast to 450,000 bpd from 580,000 bpd and said diesel use in September fell year-on-year for a seventh consecutive month.

“Diesel has been under pressure from a slowdown in construction amid weak manufacturing activity, combined with the ongoing deployment of LNG-fuelled trucks,” OPEC said with reference to China.

Oil pared gains after the report was issued, with Brent crude trading below $73 a barrel.

Forecasts on the strength of demand growth in 2024 vary widely, partly due to differences over demand from China and the pace of the world’s switch to cleaner fuels.

OPEC is still at the top of industry estimates and has a long way to go to match the International Energy Agency’s far lower view.

The IEA, which represents industrialised countries, sees demand growth of 860,000 bpd in 2024. The agency is scheduled to update its figures on Thursday.

OUTPUT RISES
OPEC+ has implemented a series of output cuts since late 2022 to support prices, most of which are in place until the end of 2025.

The group was to start unwinding the most recent layer of cuts of 2.2 million bpd from December but said on Nov. 3 it will delay the plan for a month, as weak demand and rising supply outside the group maintain downward pressure on the market.

OPEC’s output is also rising, the report showed, with Libyan production rebounding after being cut by unrest. OPEC+ pumped 40.34 million bpd in October, up 215,000 bpd from September. Iraq cut output to 4.07 million bpd, closer to its 4 million bpd quota.

As well as Iraq, OPEC has named Russia and Kazakhstan as among the OPEC+ countries which pumped above quotas.

Russia’s output edged up in October by 9,000 bpd to about 9.01 million bpd, OPEC said, slightly above its quota. — Reuters

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November 13, 2024 | 10:50 am

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