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NUNS survives 51-point outing from Fil-Am Nation’s Panganiban to rule U19

LOCAL bet National University-Nazareth School (NUNS)survived the 51-point eruption of Naomi Panganiban for the fancied Fil-Am Nation Select Girls 1, 78-73, to reign supreme in the Manila Live Girls Under-19 Championships powered by the Smart-National Basketball Training Center (NBTC) on Sunday at the Mall of Asia Arena.

Cielo Pagaduan and Alicia Villanueva joined hands with 26 and 18 points, respectively, to neutralize the Fil-Am hotshot Ms. Panganiban and anchor the Lady Bullpups’ perfect run in the 14-team tourney that featured a bevy of international squads.

NUNS swept the pool play before dominating Joflow Academy in the quarterfinals, 85-45, and University of Santo Tomas, 88-71, in the Final Four to advance to the Last Dance.

And the Lady Bullpups did not shy away from the challenge from there on even against the Filipino-American stalwarts, standing their ground in the opening salvo before breaking out for a 41-32 lead at the turn.

Ms. Panganiban, despite the defeat, was named the Tournament MVP following her scoring masterclass built on five treys and 12-of-14 freethrow clip. A former Gilas Pilipinas girls standout, Ms. Panganiban averaged 38.8 points on five triples in the first invitational tourney held simultaneously with the Smart-NBTC National Finals.. — John Bryan Ulanday

Caitlin Clark Effect

The Caitlin Clark Effect was evident yesterday as Iowa faced Holy Cross in the first round of the NCAA Tournament. A merchandise truck was parked outside the Carver-Hawkeye Arena, ostensibly for the hapless minority who somehow failed to deck themselves in the hosts’ gear. The gates opened a couple of hours before tipoff, but, by then, lines had already formed around the perimeter. Needless to say, the capacity crowd, officially listed at 14,324, expected not just victory, but a stellar performance from the presumptive Player of the Year.

Indeed, the Hawkeyes, top seed in the Albany 2 bracket, were heavily favored to prevail over the 16th-ranked Crusaders. And, as if projections didn’t already bring enough pressure, at the back of their minds was the eventuality that they would be playing their last match at home with Clark on the marquee. Regardless of how they fare in March Madness, she will be foregoing her last year of eligibility and turning pro — and, with her, four other seniors. In other words, the end of an era is nigh.

Significantly, the Hawkeyes could not summon their magic early on for some reason or another. Considering that their current campaign has included a successful run to the Big Ten title and a cacophony of non-conference sellouts in neutral venues, pressure could not have been the reason. (In the aftermath, head coach Lisa Bluder attributed the their slow start to the 13 days they had to endure between contests.) In any case, they led by just two points after the first quarter. And Clark was no better; she made a turnover 12 seconds in, and four more to match her scoring output in the first 10 minutes of play.

To be sure, Clark and the Hawkeyes eventually buckled down to work. At the half, their lead had grown to 18 off sterling defense; they held the Crusaders to nine points on one-of-12 shooting from the field. And as the payoff period drew closer, the outcome became evident to all and sundry: a blowout that would enable them to play in front of partisan fans one last time. Tomorrow, they face tougher opposition in the West Virginia Mountaineers, but the presupposition and objective remain the same.

How far will the Hawkeyes go in the tournament? Will they manage to once more carve a path to the championship match? Or will they bow out before then owing to the vagaries of do-or-die set-tos? Only time can tell, but one thing is clear all the same: They’re only too glad to let Clark take them as far as she can.

 

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994. He is a consultant on strategic planning, operations and human resources management, corporate communications, and business development.

Coal’s long goodbye in India and China is a climate headache

A coal mine in Chhattisgarh, India. — ANINDITO MUKHERJEE/BLOOMBERG

MORE THAN two years after climate negotiators first attempted to consign coal to history, the dirtiest fossil fuel is having a moment.

Thanks to a combination of China’s energy insecurity — pushing Beijing back to trusted power sources — plus rising Indian demand, the continued fallout from the war in Ukraine and faltering international programs to wean developing economies off fossil fuels, coal is proving remarkably resilient. Output hit a record last year, and producers are preparing for a future where they will be required for decades yet to balance renewable energy.

Even prices are holding up. While thermal coal is trading at just a fraction of the lofty levels reached in 2022, after Russia’s invasion of its neighbor, prices are still well above historic norms. Benchmark Newcastle coal futures are changing hands just under $130 a ton, roughly a quarter of the peak but higher than any level between 2011 and 2020.

Much of this second wind is down to Asia. In 2000, the International Energy Agency (IEA) estimated advanced economies accounted for almost half of coal consumption. By 2026, China and India alone will make up more than 70%. Those two heavyweights and Indonesia started operating new coal power plants amounting to 59 gigawatts last year, and either launched or revived proposals for another 131 gigawatts — about 93% of the world’s total, according to Global Energy Monitor.

“You look at Asia, the demand and the build out of coal-fired power plants, particularly in India — coal’s not going anywhere anytime soon,” Rob Bishop, chief executive officer of Australian miner New Hope Corp., said in an interview.

The extended final act will be a vindication for fossil fuel executives, who have long argued against the feasibility of shifting swiftly out of carbon-intensive power, pointing out benefits in terms of reliability and cost. A mention of coal’s buoyancy earned Saudi Aramco chief executive officer Amin Nasser a round of applause at a major energy conference in Houston last week.

It’s less good news for efforts to curb carbon emissions and reach global climate goals.

For years, analysts expected coal production to plateau after it hit a then-record in 2013. Funding, after all, was drying up. Then came 2021, when power shortages in China set Beijing on a path to order more mining to ensure energy security.

In 2022, Russia’s invasion of Ukraine and blackouts during heatwaves in India further bolstered coal demand. By last year, output had risen to a record 8.7 billion tons, according to the IEA.

That figure is expected to drop this year. But the agency expects it to stabilize through 2026 — in line with industry forecasts of a long goodbye.

All of this is visible on the ground. In China, which produces and consumes half the world’s coal, miners are struggling to maintain growth rates after boosting output 21% over the past three years to 4.7 billion tons. Low-cost reserves have mostly been tapped, leading companies to dig deeper, more expensive mines. Fatalities have also started rising after years of declines.

Record amounts of new solar panels and wind turbines, along with a rebound in hydropower and steadily growing nuclear generation, mean low-carbon energy will likely exceed the growth in electricity consumption, according to the Centre for Research on Energy and Clean Air.

But that clean energy will also be coal’s lifeline, said Zhang Hong, deputy secretary-general of the China National Coal Association. Renewable power only generates when weather permits, so even as other baseload options emerge, cheap and reliable coal will still play a role.

“The next 10 to 15 years will remain a crucial strategic window,” Zhang Hong said.

India is the one country where the IEA forecasts coal output to grow this year, with production set to top 1 billion tons for the first time. Prime Minister Narendra Modi needs to meet growing energy demand while reducing reliance on expensive imports. Yet even after a surge in renewables, nuclear, hydropower and other baseload options have fallen short — so coal is expected to remain the dominant source of power at least until the end of this decade.

Indonesia, meanwhile, the world’s top thermal coal exporter, sees production stable for the next two years. That’s partly to feed surging domestic demand from a booming, power-hungry nickel processing sector, even if lower prices eventually cool enthusiasm.

But it’s also evidence of the difficulty of accelerating the end of coal where economies have newer plants, rising energy demand and an urgent need to create jobs. In 2022, Jakarta agreed to a $20-billion green deal with wealthy governments and financial institutions that would, among other things, close coal power stations early. Coal phaseouts, however, have proved far more challenging than anticipated. Landmark deals remain on the negotiating table.

Coal’s days are numbered, of course. Advances in solar and wind have made those technologies far cheaper than coal power in most parts of the world, and similar gains for batteries and energy storage systems could finally make around-the-clock renewable power affordable enough to transform the energy mix.

But for now, the transition is testing years-long expectations of rapid peaks and subsequent steep declines.

“We see that the world needs more operators to mine coal and support the transition over many decades to come,” New Hope’s Mr. Bishop said. — Bloomberg

UK royal Kate ‘enormously touched’ by support after cancer announcement

General view of Kensington Palace on the day of an announcement about the health of Britain’s Catherine, Princess of Wales, in London, Britain, March 22, 2024. — REUTERS

LONDON — Kate, Britain’s Princess of Wales, and her husband Prince William have been “enormously touched” by the messages of support received since she announced her cancer diagnosis, a Kensington Palace spokesperson said on Saturday.

Kate said on Friday she was undergoing preventative chemotherapy after tests done following her major abdominal surgery in January revealed cancer had been present.

The 42-year-old wife of heir to the throne Prince William, called the cancer discovery a “huge shock.” The news comes as a fresh health blow to the British royal family: King Charles is also undergoing treatment for cancer.

Kate’s statement via a video message, which was filmed at Windsor Castle on Wednesday, triggered an outpouring of support from well-wishers.

“The Prince and Princess are both enormously touched by the kind messages from people here in the UK (United Kingdom), across the Commonwealth and around the world in response to Her Royal Highness’ message,” the Kensington Palace spokesperson said in a statement.

“They are extremely moved by the public’s warmth and support and are grateful for the understanding of their request for privacy at this time.”

Kate’s Friday announcement dominated British newspaper front pages on Saturday, with supportive messages combined with criticism of those who had speculated about her health in recent weeks.

The public also showed their support.

“Seeing the extraordinary dignity which Kate has shown, and her trying to hold together the royal family, I hope that now what the media will do is to give her and her family the privacy and respect that they deserve,” solicitor Simon Davis, 64, said outside Kensington Palace park.

“It’s good that she said what’s going on because I think it helps a lot of people that experience that,” said Sarah Macdonald-Brown, a 50-year old art gallery owner.

Tourist Karen Ferguson, 42, also showed her admiration for the princess, who is still popularly known by her maiden name Kate Middleton.

“It’s great that she came out and made a public statement so that people know she’s doing OK, and what’s going on. And I think we’re all just sending well-wishes, especially for her young children.”

One of the most personal messages of support came from Kate’s brother, James Middleton.

He posted a childhood photo of him and his sister on Instagram and wrote: “Over the years, we have climbed many mountains together. As a family we will climb this one with you too.”

FRONT PAGES
“KATE, YOU ARE NOT ALONE,” The Sun tabloid’s front page declared, saying she received a “huge outpouring of love and support”. The rival Daily Mirror went with “KATE REVEALS CANCER SHOCK” and shared her remarks about how she had to explain the news to her children Prince George, 10, Princess Charlotte, 8, and Prince Louis, 5.

The Daily Telegraph quoted the princess as saying: “Cancer came as huge shock,” but noted she said she is “going to be OK.”

The Daily Mail rounded on people who have speculated on her health, asking: “How do all those vile online trolls feel now?”

Rumors and gossip on social media, in newspapers and even some US talk shows had abounded since Kate’s January surgery, although her Kensington Palace office had announced at the time that she would be absent from royal engagements while she recovered.

On Friday, messages of support poured in for Kate, including from King Charles, Prince Harry, Prime Minister Rishi Sunak, Archbishop of Canterbury Justin Welby and U.S. President Joe Biden.

Sunak said Kate had “shown tremendous bravery” with her statement, adding she “has been unfairly treated by certain sections of the media around the world and on social media”.

Kate’s diagnosis was also big news internationally.

“Catherine’s Cancer Diagnosis Puts UK Royals on Even More Uncertain Terrain,” said the New York Times, noting that the grave health concerns of both the king and Kate are stretching an already slimmed-down monarchy.

Charles, who took the throne in September 2022 after the death of his mother Queen Elizabeth, underwent a corrective procedure for an enlarged prostate at the same hospital as Kate in January.

Buckingham Palace then revealed in February that the 75-year-old king was to have treatment for cancer, meaning he has had to postpone his public royal duties. — Reuters

World Bank to share more data to attract private investors to developing countries

REUTERS

The World Bank will publish more of its proprietary data, including on debt defaults, starting next week as part of a push to attract more private sector investment to developing countries, World Bank President Ajay Banga said.

Banga, speaking at the China Development Forum early Sunday, China time, said the World Bank Group had mobilized $41 billion of private capital for emerging markets and raised another $42 billion from the private sector for bond issuance last year, with both totals to be eclipsed this year.

But he said more progress was needed, and the bank was taking action on a number of fronts to overcome barriers holding back private sector investment to developing economies.

Economic growth has slowed in developing countries, with growth falling to barely 4% from 6% in two decades, Mr. Banga said, noting that each lost percentage point dragged 100 million people into poverty, while debt levels were rising.

Mr. Banga noted that developing countries also faced an “unimaginable” gap between 1.1 billion young people expected to enter the workforce in the next decade and expected job creation of just 325 million jobs.

To better understand the issues, the bank convened a focus group with 15 chief executives of asset management companies, banks and operators who identified concerns such as regulatory certainty, political risk insurance and foreign exchange risk, he said.

The bank last month already announced reforms that will consolidate its loan and investment guarantee structure and triple its annual guarantees to $20 billion by 2030.

Starting next week, Mr. Banga said, the bank and a consortium of development institutions would also start publishing private sector recovery data by county income level, as a step to inspire investor confidence.

The World Bank would also publish private sector default data broken down by credit rating, as well as sovereign default and recovery rate statistics dating back to 1985, he said.

“All this work contributes to one goal: getting more private sector capital into developing economies to drive impact and create jobs,” Banga said.

The former Mastercard CEO said the bank was also working on a longer-term effort to build a securitization platform that will make it easier for pension funds and other institutional investors to bring their $70 trillion to emerging markets.

Bundling large standardized investments in one package would encourage meaningful investment at scale, overcoming the current patchwork of small, bespoke loans that each had their own documents, risk and pricing, he said.

China’s “remarkable journey” in the past five decades was a testament to what is possible, Mr. Banga said, noting China had created hundreds of millions of jobs, sharply reduced poverty and cut emissions. Once a major World Bank borrower, China is now one of the bank’s biggest donors, he added. – Reuters

 

Google, Apple breakups on the agenda as global regulators target tech

ARKAN PERDANA-UNSPLASH

BRUSSELS/STOCKHOLM – Big Tech is facing its biggest challenge in decades as antitrust regulators on both sides of the Atlantic crack down on alleged anti-competitive practices that could result in break-up orders to Apple and Alphabet’s Google, a first for the industry.

That in turn could inspire watchdogs around the world to pile on, as evidenced in the growing number of antitrust probes in various countries following the opening of EU and US cases. Since AT&T was broken up exactly 40 years ago, no company has faced the possibility of a regulator-led break-up in the United States until now.

Google has said it disagreed with the EU’s accusations while Apple said the US lawsuit is wrong on the facts and the law.

In 1984, AT&T, also known as Ma Bell, was broken up into seven independent companies called “Baby Bells” to open up one of the most powerful monopolies of the 20th century. AT&T, Verizon and Lumen are currently the only surviving entities.

Regulators now allege companies such as Apple and Google have built impenetrable ecosystems around their products, making it difficult for customers to switch to rival services, which led to the coining of the term walled gardens.

The US Department of Justice on Wednesday warned Apple, a $2.7 trillion company, that a break-up order is not excluded as a remedy to restore competition after it teamed up with 15 states to sue the iPhone maker for monopolizing the smartphone market, thwarting rivals and inflating prices.

Even so, it will likely take years to decide the case, which Apple has vowed to fight.

The US actions come on the heels of other mounting threats across Europe this week.

Big Tech will face more scrutiny shortly with Apple, Meta Platforms and Alphabet likely to be investigated for potential Digital Markets Act (DMA) violations that could lead to hefty fines and even break-up orders for repeated breaches, people with direct knowledge of the matter told Reuters on Thursday, on the condition of anonymity.

EU antitrust chief Margrethe Vestager helped pave the way for drastic measures last year when she accused Google of anti-competitive practices in its money-spinning adtech business and that it may have to divest its sell-side tools.

She said that requiring Google to sell some of its assets seemed to be the only way to avoid conflicts of interest as it would prevent Google from allegedly favoring its own online digital advertising technology services versus advertisers and online publishers.

Vestager is expected to issue a final decision by the end of the year.

European Parliament lawmaker Andreas Schwab, who was heavily involved in drafting landmark EU DMA tech rules that kicked in this month, said lawmakers want bold action against Big Tech which flouts rules.

“If they don’t comply with the DMA, you can imagine what Parliament will ask for. Break-ups. The ultimate goal is to make markets open, fair and allow more innovation,” he said on Friday.

 

BREAKING UP IS HARD TO DO

It is far from certain that regulators will issue break-up order as they mull options and any action may just result in a fine. Legal experts also suggested the case against Apple, drawing from the 1998 case against Microsoft MSFT.O, could be more difficult this time.

“In the European Union, there is less of a tradition, with splitting a company seen as a last resort. It has never happened before,” said a Commission official, speaking on condition of anonymity.

Apple’s highly integrated system would also make a break-up difficult compared with Google, said lawyer Damien Geradin at Geradin Partners, who is advising several app developers in other cases against Apple.

“It seems to me much more complicated. You are talking about something that is integrated, for example you can’t force Apple to divest its App Store. That doesn’t make sense,” he said.

He said it would be better to impose behavioral remedies on Apple that obligates it to do certain things while in the case of Google, a break-up order could simply target acquisitions made to strengthen its key services.

“What’s more likely is they (DOJ) go for remedies like opening up hardware functionality, or making sure developers aren’t being discriminated against in terms of pricing,” said Max von Thun, director of advocacy group Open Markets.

“I think they want to say that everything’s on the table, but it doesn’t necessarily mean they’ll choose that path,” he said.

Apple gets most of its nearly $400 billion-a-year revenue from selling hardware — iPhones, Macs, iPads and Watches — followed by its Services business, which will brings in roughly $100 billion a year.

Structural remedies such as break-ups will ultimately be tested in courts, said Assimakis Komninos, partner at law firm White & Case.

“I would say that experiences of imposed structural measures, such as breakups, are not many, but the small past experience shows that this is very tricky, aside from the formidable legal challenges,” he said. – Reuters

Putin vows to punish those behind Russia concert massacre

MOSCOW – Russia said on Saturday it had arrested all four gunmen suspected of carrying out a shooting massacre in a concert hall near Moscow, and President Vladimir Putin pledged to track down and punish those behind the attack.

Militant Islamist group Islamic State claimed responsibility for Friday’s rampage but there were indications that Russia was pursuing a Ukrainian link, despite emphatic denials from Ukrainian officials that Kyiv had anything to do with it.

Moscow regional governor Andrei Vorobyov said 133 bodies had been recovered from the rubble in 24 hours, and doctors were “fighting for the lives of 107 people.” State TV editor Margarita Simonyan, without citing a source, had earlier given a toll of 143.

In a televised address, Mr. Putin said 11 people had been detained, including the four gunmen. “They tried to hide and moved towards Ukraine, where, according to preliminary data, a window was prepared for them on the Ukrainian side to cross the state border,” he said.

Russia’s FSB security service said the gunmen had contacts in Ukraine and were captured near the border. It said they were being transferred to Moscow.

Neither Mr. Putin nor the FSB publicly presented any proof of a link with Ukraine, with which Russia has been waging war for the past 25 months. Ukrainian President Volodymyr Zelenskiy said it was typical of Mr. Putin and “other thugs” to seek to divert blame.

Ukrainian military intelligence spokesperson Andriy Yusov told Reuters: “Ukraine was of course not involved in this terror attack. Ukraine is defending its sovereignty from Russian invaders, liberating its own territory and is fighting with the occupiers’ army and military targets, not civilians.”

Islamic State has a strong motivation to strike Russia, which intervened against it in Syria’s civil war in 2015, and security analysts said the IS claim seemed plausible as it fit the pattern of past attacks.

 

PUTIN ADDRESS

Mr. Putin cast the enemy as “international terrorism” and said he was ready to work with any state that wanted to defeat it.

“All the perpetrators, organizers and those who ordered this crime will be justly and inevitably punished. Whoever they are, whoever is guiding them,” Mr. Putin said. “We will identify and punish everyone who stands behind the terrorists, who prepared this atrocity, this strike against Russia, against our people.”

A senior Russian lawmaker, Andrei Kartapolov, said that if Ukraine was involved, then Russia must deliver a “worthy, clear and concrete” reply on the battlefield.

Western nations, including the United States whose ties with Moscow have been fraught since its invasion of Ukraine, condemned the attack and expressed sympathy for the Russian people affected. Arab powers and many former Soviet republics also expressed shock and sent their condolences.

The White House said the US government shared information with Russia early this month about a planned attack in Moscow, and issued a public advisory to Americans in Russia on March 7. It said Islamic State bore sole responsibility for the attack.

“There was no Ukrainian involvement whatsoever,” US National Security Council spokesperson Adrienne Watson said on Saturday.

Verified footage showed camouflage-clad gunmen opening fire with automatic weapons in the Crocus City Hall near Moscow. Video showed people taking their seats, then rushing for the exits as repeated gunfire echoed above screams.

Investigators said some died from gunshot wounds and others in a huge fire that broke out in the complex. Reports said the gunmen lit the blaze using petrol from canisters they carried in rucksacks.

People fled in panic. Baza, a news outlet with good contacts in Russian security and law enforcement, said 28 bodies were found in a toilet and 14 on a staircase. “Many mothers were found embracing their children,” it said.

Russian lawmaker Alexander Khinshtein said the attackers fled in a Renault vehicle that was spotted by police in Bryansk region, about 340 km (210 miles) southwest of Moscow on Friday night. He said a car chase ensued after they disobeyed orders to stop.

Mr. Khinshtein said a pistol, a magazine for an assault rifle, and passports from Tajikistan were found in the car. Tajikistan is a mainly Muslim Central Asian state that used to be part of the Soviet Union.

BBC News’ Russian Service quoted an unnamed source familiar with the security response as saying one attacker was killed in the concert hall, and another in the car in Bryansk. The BBC said it had a copy of that dead man’s passport, who it said was a 30-year-old citizen of Tajikistan.

 

SUSPECT INTERROGATED

TV editor Simonyan published a video showing one of the suspects, a young, bearded man, being interrogated aggressively by a roadside, replying in heavily accented Russian to a series of barked questions. He said he had flown from Turkey on March 4 and had received instructions from unknown people via Telegram to carry out the attack in exchange for money.

The man was trembling throughout the questioning. He was initially shown lying on his stomach with his hands bound behind his back, his chin resting on the boot of a figure in camouflage uniform. Later he was hauled up onto his knees.

Another man with cuts and bruises to his face was shown being questioned via an interpreter while sitting on a bench with bound hands and feet.

The Kremlin said Putin had held conversations with the leaders of Belarus, Uzbekistan and Kazakhstan in which all sides affirmed their willingness to work together to fight terrorism.

 

GUNFIRE AND SCREAMS

Long lines formed in Moscow on Saturday for people to donate blood. Health officials said more than 120 people were wounded.

Russia tightened security at airports, transport hubs and across the capital and big public events were cancelled across the country.

Islamic State, which once sought control over swathes of Iraq and Syria, claimed responsibility for the attack, the group’s Amaq agency said on Telegram.

Islamic State said its fighters attacked on the outskirts of Moscow, “killing and wounding hundreds and causing great destruction to the place before they withdrew to their bases safely”. The statement gave no further detail.

On Saturday it released a photograph of what it said were the four attackers, as well as what it said was footage of the attack. The roughly 90-second video showed a close-up view of one of the gunmen opening fire on several victims as he entered what appears to be the concert hall.

A US official said United States had intelligence confirming Islamic State’s claim of responsibility for the shooting. The official, speaking on condition of anonymity said Washington had warned Moscow “appropriately” in recent weeks of the possibility of an attack.

Friday’s attack, about 20 km (12 miles) from the Kremlin, happened two weeks after the U.S. embassy in Russia warned that “extremists” had imminent plans for an attack in Moscow.

Hours before the embassy warning, the FSB said it had foiled an attack on a Moscow synagogue by Islamic State’s affiliate in Afghanistan, known as ISIS-Khorasan or ISIS-K, which seeks a caliphate across Afghanistan, Pakistan, Turkmenistan, Tajikistan, Uzbekistan and Iran.

Mr. Putin changed the course of the Syrian civil war by intervening in 2015, supporting President Bashar al-Assad against the opposition and Islamic State.

“ISIS-K has been fixated on Russia for the past two years, frequently criticizing Putin in its propaganda,” said Colin Clarke of the Soufan Center, a New York-based research group.

The broader Islamic State group has claimed deadly attacks across the Middle East, Afghanistan, Pakistan, Iran, Europe, the Philippines, and Sri Lanka. – Reuters

Treasury’s Yellen says funding bill allows lending of $21 bln to IMF trust

WASHINGTON – A $1.2 trillion government funding bill passed by Congress will allow the US to lend up to $21 billion to an International Monetary Fund (IMF) trust to help the world’s poorest countries, US Treasury Secretary Janet Yellen said on Saturday.

Yellen said the funding would make the United States the largest supporter of the IMF’s Poverty Reduction and Growth Trust (PRGT), which provides zero-interest rate loans to support low-income countries as they work to stabilize their economies, boost growth and improve debt sustainability.

President Joe Biden signed the bill on Saturday after the Senate passed after midnight, averting a government shutdown. The IMF spending will make good on a promise Biden made over two years ago with other leaders from the Group of 20 large economies to provide $100 billion to support low-income and vulnerable countries recovering from the COVID-19 pandemic and struggling with macroeconomic risks.

The PRGT is the IMF’s main vehicle for providing zero-interest loans to low-income countries to support their economic programs and help leverage additional financing from donors, development institutions, and the private sector.

Since the beginning of the pandemic, the IMF says it has supported more than 50 low-income countries with some $30 billion in interest-free loans via the PRGT, reducing instability in poor countries from Haiti to the Democratic Republic of Congo and Nepal.

The IMF expects demand for PRGT lending to reach nearly $40 billion this year, more than four times the historical average.

“Today’s development marks a key milestone in the United States meeting its commitment to provide support to low-income countries that are still bearing economic scarring from the pandemic, while responding to high debt vulnerabilities, climate risks, and spillovers from Russia’s war against Ukraine,” Ms. Yellen said in a statement first reported by Reuters.

Kevin Gallagher, director of Boston University’s Global Development Policy Center, said the long-delayed US funding came “just in nick of time, given exorbitant interest rates in poorer countries, especially in Africa,” that have hit low-income countries hard, compounding already high debt burdens.

He noted that Congress had refused to approve Treasury’s plans to loan some of the funds to the IMF’s Resilience and Sustainability Trust, set up to provide funding for countries to work on climate change and other challenges.

Eric LeCompte, executive director of Jubilee USA Network, welcomed the US funding for the PRGT, noting the trust had a history of bipartisan support.

“Increasing resources for efficient programs like this can lift people out of poverty in developing countries,” he said.

No comment was immediately available from the IMF.

Ms. Yellen said the funding for the IMF reflected Washington’s ongoing support for the institution and the unique role it plays in the international monetary system through its policy advice, capacity development and lending and focus on good governance, robust economic reforms and necessary adjustment.

“I look forward to continuing our partnership with the IMF to support the needs of low-income countries,” Ms. Yellen said. – Reuters

China coastguard uses water cannons against Philippine ships in South China Sea

BW FILE PHOTO

MANILA/SHANGHAI – China’s coastguard said it had taken measures against Philippine vessels in disputed waters of the South China Sea on Saturday, while the Philippines decried the moves, including the use of water cannons, as “irresponsible and provocative”.

China’s actions led to “significant damage” and injury to personnel on a civilian boat hired to resupply troops, the Philippine task force on the South China Sea said in a statement.

The incident occurred in the Second Thomas Shoal and Spratly Islands waters, according to the Chinese coastguard. The shoal is home to a small number of Filipino troops stationed on a warship that Manila grounded there in 1999 to reinforce its sovereignty claims.

China claims almost the entire South China Sea, including the Second Thomas Shoal, which is within the Philippines’ 200-mile (320-km) exclusive economic zone, and has deployed vessels to patrol the disputed atoll. A 2016 ruling by the Permanent Court of Arbitration found that China’s sweeping claims have no legal basis.

The civilian boat was being escorted by two Philippine navy ships and two Philippine coastguard vessels, according to a statement from the Philippine military.

A Philippine coastguard vessel was “impeded” and “encircled” by a Chinese coastguard vessel and two Chinese maritime militia vessels, the Philippine coastguard said in a separate statement.

 

VESSEL ISOLATED

As a result, the Philippine coastguard vessel was “isolated” from the resupply boat by the “irresponsible and provocative behavior” of the Chinese maritime forces, the agency said.

Washington “stands with its ally the Philippines and condemns the dangerous actions” of China, State Department spokesperson Matthew Miller said in a statement.

“The PRC’s actions are destabilizing to the region and show clear disregard for international law,” Miller said, referring to the People’s Republic of China.

Gan Yu, a spokesperson for China’s coastguard, said the Philippines had broken a promise to remove the grounded vessel and sent two coastguard ships and a supply ship into the Second Thomas Shoal waters, 18 days after the last round of supplies.

China has not said who promised the removal or when that promise was made. The Philippine defense ministry, foreign ministry and military leaders have repeatedly said there was no such promise.

Mr. Gan said the Philippines had on Saturday infringed and provoked trouble, and deliberately undermined the peace and stability of the South China Sea.

The Philippine vessels ignored China’s repeated warnings and route controls and forced their way in, Mr. Gan added. The China coastguard implements regulations in accordance with laws and handles matters in a reasonable, legal, and professional manner, he said.

“If the Philippines continues to act unilaterally, China will continue to take resolute measures to safeguard its territorial sovereignty and maritime rights and interests,” China’s foreign ministry said.

“All consequences caused by this shall be borne by the Philippines.”

But the Philippines will not be deterred “by veiled threats or hostility” from exercising its legal rights over its maritime zones, including the Second Thomas Shoal, its task force said. – Reuters

GForest named 2023 National Winner of Energy Globe Award in PHL

GCash shares win with 16.2 million GForest users

GCash, the Philippines’ leading finance app, through its GForest feature, is the 2023 National Winner of the Energy Globe Award in the Philippines. This recognition serves as a testament to GCash’s commitment to environmental sustainability and its innovative approach to fostering positive change.

The Energy Globe Awards is a recognition given by the Austrian Embassy, through Advantage Austria, to recognize outstanding initiatives that contribute to sustainability and environmental protection. GForest stood out in the ‘Earth’ category for its remarkable efforts in reforesting critical areas and promoting environmental awareness among millions of users.

“Energy Globe is awarded to the world’s best environmental projects and honors innovative solutions to environmental problems. We cannot think of a better fit to receive this award than GForest which over a few years managed to gain support from more than 16.2 million members and virtually planted 3.8 million trees,” said Christina Stieber, Advantage Austria Commercial Counsellor.

The GForest program within the GCash app is a groundbreaking initiative that incentivizes users to engage in tree planting. Users earn green energy points with their digital transactions in-app, which they can use to plant virtual trees. These translate into tangible contributions to reforestation efforts, as GCash collaborates with environmental organizations to plant real trees in designated areas. By integrating gamification and environmental awareness, GForest encourages users to embrace sustainable practices while actively taking part in initiatives to combat deforestation and promote environmental conservation.

“We optimize technology to solve different challenges that Filipinos experience every day—and with over 94 million Filipinos that have tried GCash, we have the reach to maximize tech for good. GForest is one of these breakthroughs—an easy, interactive, and free way to plant a tree, which we created specifically to contribute to rebuilding Philippine forests,” stated Winsley Bangit, Vice President and Head of New Businesses Group, GCash.

Since its inception in 2019, the GForest program has achieved remarkable results, including the planting of over 2.7 million actual trees, covering over 11,600 hectares, with the help of its 16.2 million green heroes.

Sustainability Motivation

With only 6% of the country’s land covered in rainforest, urgent action was needed to combat the effects of logging and resource extraction. Recognizing the importance of preserving and restoring forests, GCash introduced GForest in 2019 as the first-ever sustainability feature by a fintech company in the Philippines.

“Our drive behind the GForest program stems from a commitment to sustainability across three essential pillars: environmental, social, and governance impact. Through empowering users to engage in tree planting initiatives via our GForest feature, we aspire to elevate awareness of environmental conservation, promote financial inclusion, and effect positive change in the daily lives of Filipinos,” said CJ Alegre, Sustainability Head of GCash.

The scope of the GForest program includes planting native trees, collaborating with key partners such as the Ramon Aboitiz Foundation Inc., Friends of HOPE, Inc., World Wildlife Fund for Nature Philippines, and ABS-CBN Foundation; and engaging local communities in reforestation efforts. Through workshops and partnerships, GCash ensured the sustainable management of planting sites and gave economic opportunities to farmers involved in tree planting activities.

 

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P1,000 vouchers and 100% free shipping await at Lazada’s Bonggang Birthday Sale from March 24, 8 p.m., to March 27

Lazada, the pioneer e-commerce platform, is going all out this March and treating everyone to amazing deals for its 12th birthday where shoppers can get up to 70% OFF on a wide selection of high-quality products, P1,000 Lazada vouchers, and 100% free shipping all month long! The excitement doesn’t stop as Lazada continues its pasabog with the Bonggang Birthday Sale from March 24, 8 p.m. to March 27, only on the Lazada App.

The celebration gets grander and more rewarding as Lazada gives all its shoppers a chance to win a share of the P16-million prize pool from the Lazada Birthday Battle. To join, simply log in to your Lazada App, earn points by inviting friends to join your team or by completing daily missions between March 13 to March 23. Win as many battles as you can and use tokens to claim LazRewards. You can also score bigger savings and discounts by collecting and redeeming coins. Just visit the coins page on the app and browse through free gifts and discounted items. Collect as many coins as you can because 1 coin is equal to a P1 discount!

Shop Lazada’s Bonggang Birthday Sale from March 24, 8 p.m. to March 27, and enjoy P1,000 off Lazada Vouchers, 100% Free Shipping, and up to 70% off branded deals!

Stay tuned for more daily bonggang deals and discounts by following Lazada Philippines’ Facebook and Instagram.

 

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

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

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