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Singapore says visitor arrivals rise 21% in 2024

PEOPLE view the Rain Vortex indoor waterfall from a glass-bottomed bridge at Changi Jewel Airport in Singapore on March 7, 2020. — REUTERS

SINGAPORE — Singapore recorded a 21% increase in international visitor arrivals to 16.5 million last year, the highest number since the COVID pandemic, and the tourism board said it expected further growth this year.

Arrivals in 2025 were expected at between 17 million and 18.5 million, the Singapore Tourism Board (STB) said in a statement on Tuesday, continuing the recovery towards 2019’s pre-pandemic peak of 19.1 million visitors.

The STB said it expected tourist spending in 2024 to be at the upper end of its forecast of S$27.5 billion to S$29.0 billion ($20.3 billion to $21.4 billion), after spending of $$22.4 billion over the first nine months of last year.

If the forecast is realized, tourism receipts would reach a record, surpassing spending of $27.7 billion in 2019.

Mainland China, Indonesia and India were the top markets for arrivals in 2024, while visitors from mainland China, Indonesia, and Australia were the top sources of spending, the STB said.

Changi Airport had a total international seat capacity of over 41 million, which was a 98% recovery to pre-pandemic 2019, the board said. — Reuters

Indonesia economy expands 5% in 2024, headwinds expected this year

INDONESIAN national flags fly at a business district in Jakarta, Indonesia, Feb. 5, 2021. — REUTERS

JAKARTA — Indonesia’s economy grew 5.03% in 2024, roughly similar to the previous year’s rate and in line with expectations, but the pace was the slowest in three years, official data showed on Wednesday.

Growth in Southeast Asia’s largest economy has hovered around 5% since the COVID-19 pandemic, a solid pace but far behind new President Prabowo Subianto’s 8% target. In 2023, growth was 5.05%.

Last year, economic growth was propped up by spending for political campaigns and elections as well as rising investment, which offset shrinking net exports. Investment growth in 2024, at 4.61% year on year, was the highest in six years.

The outgoing government’s decision to accelerate infrastructure projects also contributed to growth, finishing construction of toll roads and dams before Mr. Prabowo took office in October, Statistics Indonesia data showed.

The growth outlook this year is clouded by the prospect of US tariffs disrupting trade and weakening global demand, the central bank said last month when it downgraded its 2025 growth forecast to a range of 4.7%-5.5% from 4.8%-5.6%.

Bank Indonesia has cut interest rates twice since September, by a total of 50 basis points, to try to stimulate the economy.

Mr. Prabowo’s administration has also launched programs the government believes would boost growth, including providing electricity tariff discounts to bolster purchasing power, free meals for school children, and building affordable housing.

In the fourth quarter, Gross Domestic Product (GDP) grew 5.02% annually, close to the 4.98% median forecast of analysts polled by Reuters and little changed from the 4.95% pace in the third quarter.

Household consumption, which makes up over half of GDP, grew 4.98% on year amid holiday spending, up a touch from a 4.91% growth in the previous quarter.

Investment expanded 5.03% on year in the October-December quarter, compared with 5.15% growth in the previous three months.

On a non-seasonally adjusted basis, GDP rose 0.53% in the fourth quarter from July-September. — Reuters

Musk effect? Tesla sales slump in five European markets in January

MILAN CSIZMADIA-UNSPLASH

TESLA posted lower sales across five European countries in January, including the United Kingdom and France, as competitors with newer models gained on the electric vehicle (EV) maker and polls show public opinion souring on Chief Executive Offficer (CEO) Elon Musk.

Mr. Musk has made a high-profile foray into politics, with much of his 2024 dominated by his financial support of Donald Trump, on whom the billionaire CEO spent $250 million in what proved a successful campaign to return to the White House. He has also stirred controversy with his vocal support for far-right parties in Britain and Germany on his social media platform X.

Tesla’s UK sales fell nearly 12% in January, even as monthly Electric Vehicle registrations in Europe’s biggest battery-electric market surged to a record, according to data published by New AutoMotive on Tuesday.

That follows a 63% decline in January sales for Tesla in France, drops of 44% and 38% in Sweden and Norway, and a 42% fall in the Netherlands. In California, the largest US car market with more than 1.7 million vehicle registrations in 2024, Tesla sales fell by 12%.

In 2024, Tesla posted its first-ever annual decline in deliveries, though it is still the leading EV seller in the United States. Mr. Musk said he would soon launch long-awaited cheaper EVs in 2025, and the company has increased its focus on autonomous driving technologies.

Tesla did not immediately respond to a request for comment on its sales.

The company fell from the No. 2 spot for EV sales in Britain in January 2024 to the No. 7 spot behind Volkswagen, Mercedes and Stellantis’ Peugeot, which all posted higher sales.

Several polls show consumers have mixed views of Musk. A late January survey conducted by EV review website Electrifying.com showed that 59% of British owners of EVs, and those intending to buy such a vehicle, said Musk’s influence would deter them from buying a Tesla.

“Musk’s influence on the brand is becoming increasingly polarizing, pushing many buyers to look elsewhere,” said Electrifying.com CEO Ginny Buckley. “With over 130 mainstream EV models now available in the UK —  compared to just 25 in 2020 — competition has never been fiercer and Tesla is already feeling the pressure.”

European politicians have pushed back lately against Mr. Musk’s recent comments, which include the amplification of far-right commentators on X. Some accounts have quit the platform, citing the spread of misinformation. Mr. Musk has dismissed criticism against him as an affront to democracy and free speech.

The Tesla CEO has become a vocal supporter of the far-right Alternative for Germany (AfD) ahead of February elections. He recently told an AfD audience just before the 80th anniversary of the liberation of the Auschwitz concentration camp that Germans should not feel guilt for the sins of their great-grandparents.

The share of Swedes with a positive view of Tesla fell to 11% in a Novus survey conducted after Trump’s inauguration, down from 19% in a similar poll conducted Jan. 15-17, according to Swedish news agency TT. Those with a negative view jumped to 63% from 47%, TT reported.

The chief executive of research group New AutoMotive, Ben Nelmes, told Reuters that Tesla’s problems stem less from Mr. Musk’s actions and more from its failure to launch a new mainstream model since the Model Y in 2020, while rivals, including Chinese EV makers, have fresher products on the market.

“It’s not due to Musk’s views or British motorists’ views about Musk — they stopped innovating after the Model Y,” he said of Tesla.

Despite these factors, the company’s stock has continued to outperform the market, with shares more than doubling over the past year. The stock currently trades with a forward price-to-earnings ratio exceeding 131, ahead of not just legacy carmakers but also high-flying tech stocks with P/E ratios in the 20s, according to LSEG data. — Reuters

Pfister-Dubberstein eyes semis

In curling mixed doubles of Asian Winter Games

THE PHILIPPINES’ Marc Pfister and Kathleen Dubberstein smashed Qatar’s Mabarka Al-Abdulla and Nasser Abdulrahman Alyafei, 11-3, on Wednesday to remain unscathed in the curling mixed doubles event of the 9th Asian Winter Games in Harbin, China.

The pair of Mr. Pfister, a Fil-Swede, and Ms. Dubberstein, a Fil-Am, bucked a slow start and climbed back from an early 3-0 deficit to claim their third win in a row and closer to snaring the two semis slots.

The unranked tandem was coming off a shock 12-6 triumph over heavily favored Kim Kyeongae and Jihoon Seong of South Korea and a 10-2 win over Keremet Asanbaeva and Ishkhak Abykeev of Kyrgyzstan the day before.

The Filipinos were facing China’s Wang Zhiyu and Han Yu, who were also unbeaten in two starts following victories over Kyrgyzstan and Kazakhstan, last night and are scheduled to battle the Kazakhs in their final group stage match on Thursday.

Pfister and Dubberstein are eyeing to book one of the two slots from the group to the semis slated for Friday.

The No. 1 nation in each bracket will automatically advance to the semis while the other slot will be contested by the second and third-placed teams from each group battling for the last semis slot via crossover format.

If the stars align, the country could end up earning a crack a breakthrough medal in the quadrennial event.

Apart from curling, the country has also fielded entries in short track speed skating, figure skating, alpine and freestyle skiing and snowboarding. — Joey Villar

Unbeaten Creamline faces unpredictable Chery Tiggo

CREAMLINE COOL SMASHERS — FACEBOOK.COM/PREMIERVOLLEYBALLLEAGUE

Games on Thursday
(PhilSports Arena)
4 p.m. – Creamline vs Chery Tiggo
6:30 p.m. – Cignal vs Capital1

CREAMLINE aims to keep its record immaculate as it shoots for win No. 8 against an unpredictable Chery Tiggo on Thursday in the Premier Volleyball League All-Filipino Conference at the PhilSports Arena.

The Cool Smashers own the lone unbeaten mark after upending the Cignal HD Spikers in a gripping 25-19, 26-24, 23-25, 23-25, 15-9 result Saturday and the former are expected to eye for another win against the Crossovers (5-4) at 4 p.m.

Bernadeth Pons is expected to carry the brunt of the scoring anew after dropping a masterful 27-point effort last game, including clutch hits after clutch hits in the deciding fifth set.

“I just want to be consistent and improve, even if it’s just by one percent,” said the 2024 Reinforced Conference MVP.

Creamline skipper Alyssa Valdez could be a doubtful starter after encountering knee issues that limited her in their last outing.

But knowing the Cool Smashers, winners of a league record 10 championships, they are expected to dig deep from its loaded roster that is headed by Tots Carlos, Jema Galanza, Michele Gumabao, Pangs Panaga, Kyle Negrito and Bea de Leon.

The Crossovers, for their part, hope to bounce back from a painful four-set defeat to the ZUS Thunderbelles and reclaim their old spot in the upper half of the standings.

Facing off in the other match of the day at 6:30 p.m. are Cignal (5-3) and Capital1 (1-7). — Joey Villar

Celtics handle Cavaliers in battle of East’s best

DERRICK WHITE scored 14 of his 20 points in the fourth quarter to help the visiting Boston Celtics extend their winning streak to four games with a 112-105 victory over the Cleveland Cavaliers on Tuesday night.

White made six of 12 3-point attempts. Four of his 3-pointers came in the fourth.

The Cavaliers trailed 109-104 and had the ball, but Jayson Tatum stole an Evan Mobley pass with 22.4 seconds to play. Tatum scored a team-high 22 points and had seven assists for Boston.

Donovan Mitchell had 31 points, 10 rebounds and six assists in the loss, which dropped Cleveland’s home record to 24-4. Darius Garland added 25 points for the Cavaliers, who received 17 points and 18 rebounds from Jarrett Allen.

Boston’s Kristaps Porzingis had 19 points and seven rebounds. The Celtics also received a 16-point performance from Jaylen Brown.

The game featured the two teams at the top of the Eastern Conference standings. The loss ended Cleveland’s four-game winning streak and left the Cavaliers 4 1/2 games ahead of the Celtics.

Neither team shot the ball well. Boston was 40 of 98 from the field (40.8%). Cleveland made 36 of its 91 field-goal attempts (39.6%).

The Celtics led 28-15 after one quarter, 54-44 at halftime and 87-75 entering the final 12 minutes of action.

Boston led by 20 early in the second quarter, but Cleveland was within eight after an Allen dunk sliced Boston’s advantage to 52-44 with 40.1 seconds left in the period. Brown hit a jumper that just beat the first-half buzzer and extended Boston’s lead to 10 points at halftime.

The Cavaliers trailed 73-67 with 3:38 remaining in the third, but the Celtics used a 7-0 spurt to take a 13-point lead with 2:23 left in the quarter.

Cleveland trailed by at least four points for the entirety of the fourth.

Boston has won two of its three games against the Cavaliers this season. The teams will meet again on Feb. 28 in Boston. — Reuters

Kansas City Chiefs preach solidarity in pursuit of first Super Bowl three-peat against Philadelphia

NEW ORLEANS — The Kansas City Chiefs are chasing history in their pursuit of a third straight championship when they face the Philadelphia Eagles in Super Bowl LIX on Sunday (Monday, Manila time), but they are neither fixated on the challenge nor intimidated by it.

After defeating the Eagles 38-35 in Super Bowl LVII and the San Francisco 49ers 25-22 in Super Bowl LVIII, the Chiefs could become the first team to win three straight Super Bowls.

At Super Bowl Opening Night on Monday, no player or coach shied away from the moment, while also sticking to the company line about focusing on the matter at hand.

“I don’t think I understand truly the weight that this has, what this moment means,” Kansas City cornerback Trent McDuffie said. “I’m trying to live in the moment, take each day as I can, and making sure I’m thankful for having this opportunity.”

How rare is that opportunity? No major US/Canada professional sports franchise (NFL, MLB, NBA, NHL, WNBA, MLS) has managed three straight league championships in two decades. The last team to achieve it was the Los Angeles Lakers juggernaut spearheaded by Shaquille O’Neal and Kobe Bryant and coached by Phil Jackson, which won three straight from 2000-02.

Before that, the New York Yankees won three in a row from 1998-2000 as the Houston Comets were also winning four in a row (1997-2000) in the WNBA.

Jackson coached Michael Jordan and the Chicago Bulls to a pair of three-peats (1991-93, 1996-98) earlier in the 1990s. The most recent NHL three-peaters were the New York Islanders, who won four in a row from 1980-83.

If you’re counting along, that’s just six teams to do it since 1980, a span of 45 years.

“We’ve got a lot of guys who have been doing this a long time,” Chiefs linebacker Nick Bolton said. “We know we’ve got the opportunity. If you get to this point of the year… just put your faith where it belongs and put your best foot forward.”

The Chiefs are already further along in that pursuit than any NFL team has been in the Super Bowl era. No other back-to-back Super Bowl winner has advanced to a third straight Super Bowl since the inception of the game in 1966.

The Green Bay Packers were technically the NFL’s first three winners of straight, from 1929-31 (predating a championship game of any sort), and they repeated the feat from 1965-67, with the first of those championships coming before the advent of the Super Bowl (with no AFL representation). Those legendary Packers, helmed by Vince Lombardi, won the first two Super Bowls against AFL foes to cement the NFL’s second-ever three-peat.

The Canton Bulldogs won two straight championships from 1922-23, but the organization had merged with another franchise to become the Cleveland Bulldogs when it won a third in 1924.

Even in the pre-Super Bowl era, only two other teams made it to the same position as these Chiefs: the Chicago Bears and the Detroit Lions. The Bears won NFL championships in 1940-41 before getting knocked off by Washington in 1942. The Lions earned titles in 1952-53 before losing in the championship game to the Cleveland Browns in ‘54.

The Chiefs may soon be mentioned alongside Lombardi’s Packers, but they know it would take a collective effort, just as it has to get to this point.

“It’s been everybody,” quarterback Patrick Mahomes said. “Blocking field goals, defensive guys getting big stops, scoring touchdowns: That’s what makes a football team special, when everybody has an impact on the final result of the game.” — Reuters

Trump to attend Super Bowl

DONALD J. TRUMP will become the first sitting president to attend the Super Bowl, according to a statement from the US Secret Service on Tuesday.

Mr. Trump will travel to New Orleans for Super Bowl LIX and watch the two-time defending champion Kansas City Chiefs take on the Philadelphia Eagles.

“Extensive planning and coordination have been in place to ensure the safety of all attendees, players and staff,” Secret Service spokesman Anthony Guglielmi said in a statement. “Security measures have been further enhanced this year, given that this will be the first time a sitting President of the United States will attend the event.”

The city’s safety and security have been a critical topic this week after a man drove a pickup truck into a crowd on Bourbon Street in an act of terror early on the morning of Jan. 1. The Department of Homeland Security said it is working with the NFL to make the Caesars Superdome the “safest place to be” on Sunday, and the Federal Bureau of Investigation has 450 personnel in New Orleans to investigate threats and crimes this week.

Trump, whose second presidential term began Jan. 20, also agreed to tape a sit-down interview with Fox, which has the broadcast rights to the game this year. Fox News anchor Brett Baier will interview Trump in Florida sometime before he departs for New Orleans, and it will air during the pregame run-up.

Trump also attended the College Football Playoff national championship game last month in Atlanta. — Reuters

Doncic shocked by trade to Lakers but excited for new journey

LUKA DONCIC said on Tuesday he was as shocked as anyone by the blockbuster trade over the weekend that brought him to the Los Angeles Lakers but is excited to join forces with LeBron James in a move that could shape the franchise for years to come.

The 25-year-old Slovenian guard and perennial MVP contender admitted he figured he would spend his entire NBA career with the Dallas Mavericks, which made the news of his trade late on Saturday all the more surprising.

“I was almost asleep when I got the call, I had to check (if) it was April 1st. I didn’t really believe it at first. It was a big shock. It was hard a moment for me,” said Doncic.

“(Dallas) was home so it was a really hard moment for me, especially the first day, but as I said I get to play in the greatest club in the world and I am excited about this new journey.”

Doncic, who has not played since Christmas Day because of a calf strain but is considered close to returning, had been with Dallas ever since a draft-night trade with the Atlanta Hawks, who took him with the third overall pick in 2018.

Last year, the five-times All-Star reached the NBA Finals for the first time in his career but the Mavericks lost 4-1 to the Boston Celtics in the best-of-seven championship series.

Now Doncic, who was wildly popular in Dallas, will chase a title alongside the NBA’s all-time top scorer in James, who he said was quick to reach out when the trade was announced.

“He called me right away,” Doncic said of his new teammate. “We didn’t talk much because he said I understand what you are feeling, but that was really nice of him just to call me right away and welcome me to LA.”

During his press conference, Doncic recounted a memorable encounter he had in 2019 when Lakers great Kobe Bryant, who was sitting courtside with his daughter Gianna for a game in Los Angeles, playfully heckled him in Slovenian.

“Well, first of all, I remember the exact moment that happened. It will always stay, you know, in my mind. It was an amazing moment,” said Doncic.

“Just for Kobe to know my name was amazing for me. You know, I just wish Kobe and (his daughter Gianna nicknamed) Gigi were here to see this moment. And, you know, I’m excited about this new journey and happy to be here.”

Bryant, an 18-times All Star and five-times NBA champion, died in a January 2020 helicopter crash that also killed his daughter and seven others. — Reuters

Halep announces retirement

FORMER world number one and two-time Grand Slam winner Simona Halep announced her retirement from professional tennis on Tuesday after losing in the first round at her home event in Cluj.

Halep, whose career stalled due to a doping ban that was reduced on appeal last year, lost 6-1 6-1 to Italy’s Lucia Bronzetti in her first match this year before announcing her decision.

The 33-year-old Romanian had delayed the start of her season due to pain in her knee and shoulder.

“I don’t know if it’s with sadness or joy, I think I feel both, but I make this decision with my soul at peace, I have always been realistic with myself,” Halep told the crowd at the BT Arena.

“My body cannot take as much so as to get back where I once was, it is very difficult to get there and I know what it means to get there. That is why I wanted to come to Cluj today to play before you and to say goodbye on the tennis court.

“Who knows whether I will return but at the moment it is for the last time that I play here. I don’t want to cry, it is a beautiful thing, I became world number one, I won Grand Slams, it is everything I ever wanted. Life moves on, there is life after tennis too.”

Halep lost in three Grand Slam finals before finally clinching her first major at the French Open in 2018 and went on to win Wimbledon the following year.

She was provisionally suspended in October 2022 after she tested positive for roxadustat – a banned drug that stimulates the production of red blood cells – at the US Open that year.

She was later banned for four years, a period which was cut to nine months last March following an appeal at the Court of Arbitration for Sport.

Halep denied knowingly taking roxadustat, blaming contaminated supplements for her positive test. — Reuters

Philippine lawmakers back petition seeking vice president’s impeachment

VICE PRESIDENT SARA DUTERTE — PHILIPINE STAR/RYAN BALDEMOR

MANILA —  A petition seeking the impeachment of Philippine Vice President Sara Duterte, the daughter of the country’s former president, received the required support on Wednesday of more than a third of lower-house lawmakers, paving the way for a trial in the Senate.

House Secretary General Reginald Veslasco told reporters there was a sufficient number of signatures on the petition to impeach Ms. Duterte. A source familiar with discussions told Reuters nearly 200 lawmakers had so far signed it.

The grounds for impeachment were not immediately clear. Duterte has consistently denied wrongdoing and described moves against her as a political vendetta.

A bill of impeachment will go to the upper house, where the 23 senators would serve as jurors in proceedings that could result in the removal of Ms. Duterte and her lifetime disqualification from holding office.

“It will be presented to the plenary and once it’s approved, it’s automatically transmitted to the Senate,” Mr. Velasco said.

Asked to comment on the petition, a media officer of Ms. Duterte said it was “a waiting game”.

The moves to impeach Duterte come amid a bitter rift between her and President Ferdinand Marcos Jr that has played out in public following the collapse of a powerful alliance between their families that brought them a landslide victory in the 2022 election.

The row reached a dramatic crescendo when Ms. Duterte in a November press conference said she had contracted an assassin to kill Marcos, the first lady and House Speaker Martin Romualdez, the president’s cousin, if she herself were killed. She later said her remarks was taken out of context.

Mr. Marcos, for his part, has said he does not support her impeachment but has no power over the legislative branch. — Reuters

BAIPHIL holds 33rd National Convention

The Bankers Institute of the Philippines, Inc. (BAIPHIL) will hold its 33rd National Convention at the Iloilo Convention Center (ICON), Mandurriao, Iloilo City on March 6–8, 2025.

Following the theme, “Harmonizing Cultural Tradition and Technological Innovation Towards a Responsible Banking Legacy”, the Convention explores cutting-edge innovations in artificial intelligence, machine learning and other digital assets, but also deeply reflects on the rich cultural heritage that has shaped our nation’s identity.  In preparation for the future in banking, the Convention seeks to understand the historical and cultural forces that shape today’s mindsets, ensuring that technological pursuits of banking executives are grounded in the values of inclusivity, unity and responsibility.

“As we look into the future of banking, the topics and activities of BAICON provide participants with the consciousness to responsibly harness the potential of digital technologies delivered through the perspective of our esteemed roster of speakers – from banking regulators and industry leaders with decades of experience. This event is also an excellent opportunity to build strong networks, and connect with companies and exhibitors relevant to the banking industry,” BAIPHIL President Inigo Regalado III from the Bangko Sentral ng Pilpinas (BSP) said.

The Convention is open to all directors, executives and senior supervisors in the banking industry. For registration and more information, visit BAIPHIL website at www.baiphil.org under the National Convention bar.

BAIPHIL is a non-stock, non-profit organization composed of BSP-supervised financial institutions and founded in 1941.  Beginning with the goal of increasing efficiency and uniformity in banking operations, BAIPHIL is now recognized as one of the BSP’s institutional partners for the conduct of training and certification programs, dissemination of regulatory issuances, and promotion of best practices and relevant advocacies to build a sound and stable financial system. At present, BAIPHIL has 70 Institutional Members; 170 Associate Members and 99 Sustaining Life Members.

 


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