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Back-to-back win

It would be an understatement to contend that the Knicks fully expected to win yesterday. After all, they didn’t just sport a heady 18-5 slate at the Garden, second best in the East. They were likewise about to host the up-and-down Lakers, whose 8-17 record on the road reflected a season-long battle with consistency. And so they greeted opening tip with all the conviction befitting holders of a streak of nine straight victories, the absence of vital cogs Julius Randle and OG Anunoby notwithstanding.

As things turned out, the Knicks didn’t have enough to overcome the determined Lakers. With the latter again displaying unshakable confidence and exceeding expectations as a result, they proved hard-pressed to keep pace in the crunch. They were particularly handicapped by a glaring inability to score for a whopping five minutes and 46 seconds in the payoff period. And when they finally got a field goal attempt to go through the hoop after 11 consecutive misses, only 39.1 ticks were left on the game clock — not enough to upend a seven-point deficit.

Needless to say, the Lakers’ surprising commitment to defense accounted for the outcome. They held the Knicks — whose positive-10.5 rating in familiar confines contrasted with their negative 7.3 in hostile territory — to 41% shooting overall. And, needless to say, All-Star Anthony Davis was at the forefront; he was a monster in the paint, accounting for 18 rebounds, four blocks, and one steal. He orchestrated their frenzied on-ball coverage through constant communication, not to mention erased any shortcomings with timely help.

Still, there can be no question that the Knicks are legitimate threats to go deep in the playoffs. Under head coach Tom Thibodeau, they have proven to be relentless and resolute on both ends of the court. They’re not perfect by any means, but very rarely do they get outhustled. And the workmanlike approach to success is best exemplified by acknowledged leader Jalen Brunson, seemingly undersized at 6’1” and yet all but unstoppable in generating points. Yesterday, for instance, the Lakers resolved to double team him just about every time he touched the ball — and he still came up with 36 markers and 10 dimes when all was said and done.

One contest is too small a sample size from which to draw conclusions, but the Lakers deserve to at least hope for better times following yesterday’s inspiring stand. That it came off an emphatic triumph against the league-leading Celtics, and on the second night of a back-to-back set, serves to magnify the extent of the achievement. Meanwhile, the Knicks march on, with the loss no doubt fueling them to do better the next time around.

 

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.

US, Britain wage strikes against Iran-linked Houthis in Yemen

A cargo ship boat model is seen in front of a slogan of the Houthi movement and a Yemeni flag in this illustration taken Jan. 9, 2024. — REUTERS

WASHINGTON — The United States and Britain launched strikes against 36 Houthi targets in Yemen on Saturday, in the second day of major US operations against Iran-linked groups following a deadly attack on American troops last weekend.

The strikes hit buried weapons storage facilities, missile systems, launchers and other capabilities the Houthis have used to attack Red Sea shipping, the Pentagon said, adding it targeted 13 locations across the country.

It was the latest sign of spreading conflict in the Middle East since war erupted between Israel and Hamas after the militant Palestinian group’s deadly assault on Israel on Oct.7.

“This collective action sends a clear message to the Houthis that they will continue to bear further consequences if they do not end their illegal attacks on international shipping and naval vessels,” US Defense Secretary Lloyd Austin said.

Houthi military spokesperson Yahya Sarea said the US strikes “will not pass without a response and consequences.”

The Yemen strikes are running parallel to an unfolding US campaign of military retaliation over the killing of three American soldiers in a drone strike by Iran-backed militants on an outpost in Jordan.

On Friday, the US carried out the first wave of that retaliation, striking in Iraq and Syria against more than 85 targets linked to Iran’s Islamic Revolutionary Guard Corps (IRGC) and militias it backs, reportedly killing nearly 40 people.

While Washington accuses Iran-backed militias of attacking US troops at bases in Iraq, Syria and Jordan, Yemen’s Iran-linked Houthis have been regularly targeting commercial ships and warships in the Red Sea.

The Houthis, who control the most populous parts of Yemen, say their attacks are in solidarity with Palestinians as Israel strikes Gaza. But the US and its allies characterize them as indiscriminate and a menace to global trade.

Faced with mounting Red Sea violence, major shipping lines have largely abandoned the critical trade route for longer routes around Africa. This has increased costs, feeding worries about global inflation while sapping Egypt of crucial foreign revenue from shippers sailing the Suez Canal to or from the Red Sea.

Mr. Biden’s emerging strategy on Yemen aims to weaken the Houthi militants but stops well short of trying to defeat the group or directly attack Iran, the Houthis’ main sponsor, experts say.

The strategy blends limited military strikes and sanctions, and appears aimed at punishing the Houthis while attempting to limit the risk of a broad Middle East conflict.

The US has carried out more than a dozen strikes against Houthi targets in the past several weeks, but these have failed to stop attacks by the group.

Yahya Sarea, the Houthi military spokesperson, suggested in a statement on social media that the group’s intervention in the Red Sea would continue.

“These attacks will not deter us from our ethical, religious and humanitarian stance in support of the resilient Palestinian people in the Gaza Strip,” Mr. Sarea said.

Just hours before the latest major wave of strikes from the sea and air, the US military’s Central Command issued statements detailing other, more limited strikes in the past day that included hitting six cruise missiles the Houthis were preparing to launch against ships in the Red Sea.

Around 4 a.m. in Yemen (0100 GMT), the US military also struck a Houthi anti-ship cruise missile that was poised to launch.

“This is not an escalation,” said British Defense Minister Grant Shapps. “We have already successfully targeted launchers and storage sites involved in Houthi attacks, and I am confident that our latest strikes have further degraded the Houthis’ capabilities.”

The United States said Sunday’s strikes had support from Australia, Bahrain, Canada, Denmark, the Netherlands and New Zealand. US Central Command said that beyond missile capabilities, the strikes targeted drone storage and operations sites, radars and helicopters.

Despite the strikes against Iran-linked groups, the Pentagon has said it does not want war with Iran and does not believe Tehran wants war either. US Republicans have been ratcheting up pressure on President Joseph R. Biden, a Democrat, to deal a blow to Iran directly.

It was unclear how Tehran would respond to the strikes, which do not directly target Iran but degrade groups it backs.

Iran’s foreign ministry spokesperson Nasser Kanaani said in a statement the attacks in Iraq and Syria represented “another adventurous and strategic mistake by the United States that will result only in increased tension and instability.”

Iraq summoned the US charge d’affaires in Baghdad to deliver a formal protest after strikes in that country.

The Houthi military said in its statement that the United States and Britain carried out a total of 48 airstrikes on Yemen, with 13 of them in the capital Sanaa and Sanaa Governorate. Another 11 strikes were on Taiz Governorate and nine were on Hodeidah Governorate. — Reuters

Pope condemns anti-Judaism, antisemitism amid attacks vs Jews

REUTERS

VATICAN CITY — Pope Francis condemned all forms of anti-Judaism and antisemitism, labeling them as a “sin against God,” after noticing an increase in attacks against Jews around the world.

“(The Church) rejects every form of anti-Judaism and antisemitism, unequivocally condemning manifestations of hatred towards Jews and Judaism as a sin against God,” the pontiff wrote in a letter to the Jewish population of Israel dated Feb. 2 and made public on Saturday.

“Together with you, we, Catholics, are very concerned about the terrible increase in attacks against Jews around the world. We had hoped that ‘never again’ would be a refrain heard by the new generations,” he added.

The Pope noted that wars and divisions are increasing all over the world “in a sort of piecemeal world war,” hitting the lives of many populations.

Pope Francis, 87, has condemned Hamas’ Oct. 7 cross-border attack from Gaza into southern Israel. He has also said on several occasions that a two-state solution was needed to put an end to the Israeli-Palestinian conflict.

In his letter, the pope also called, once again, for the release of those hostages still being held by militants.

He said his heart was torn at the sight of the conflict in the Holy Land and the division and hatred stemming from it, adding that the world was looking at the unfolding of events in the area with “apprehension and pain.”

He assured the Jewish community of his closeness and affection, “particularly (those) consumed by anguish, pain, fear and even anger,” repeating his call for the end of the war.

Pope Francis said he prayed for peace. “My heart is close to you, to the Holy Land, to all the peoples who inhabit it, Israelis and Palestinians, and I pray that the desire for peace may prevail in all.” — Reuters

Biden wins S. Carolina Democratic primary

US PRESIDENT JOE BIDEN/FACEBOOK

COLUMBIA, South Carolina — US President Joseph R. Biden on Saturday won the South Carolina Democratic primary — the first officially sanctioned race of the party’s nominating season — with returns showing him swamping two other candidates, according to Edison Research.

While Mr. Biden, 81, faced little opposition, the vote was being closely watched amid concerns about his popularity, especially among Black voters.

Edison Research predicted a Biden win soon after polls closed at 7 p.m. EST (0000 GMT) on Saturday and his margin of victory held steady as the night wore on.

With 93.3% of precincts reporting, Mr. Biden had won 116,266 votes, or 96.4% out of 120,643 votes cast, way ahead of his two main challengers, US Representative Dean Phillips and best-selling self-help author Marianne Williamson.

But turnout failed to exceed expectations. Democratic officials interviewed by Reuters had expected somewhere between 100,000 and 200,000 total votes, following a county-by-county tour of the Southern state aimed at exciting voters and multiple events featuring Mr. Biden or Vice President Kamala Harris.

In a victory statement, the Biden campaign said: “In 2020, it was the voters of South Carolina who proved the pundits wrong, breathed new life into our campaign, and set us on the path to winning the presidency.

“Now in 2024, the people of South Carolina have spoken again and I have no doubt that you have set us on the path to winning the presidency again — and making Donald Trump a loser — again,” the campaign said in a statement.

Four years ago, it was South Carolina’s Black vote in the state’s primary that helped ignite Mr. Biden’s campaign and ultimately propel him to the White House.

Shortly before the polls in South Carolina closed, Mr. Biden arrived in Los Angeles, where he was expected to meet with Black entertainers.

Mr. Biden, an unpopular incumbent who faces little competition for his party’s nomination in subsequent state primaries leading up to the Nov. 5 US election, was on track for an overwhelming victory in South Carolina.

Besides campaign fears that South Carolina’s heavily Black electorate might not be energized this time around, there were also doubts about his age and concerns about high consumer prices and security along the US-Mexican border.

Former President Donald Trump, 77, is the frontrunner for the Republican nomination to challenge Mr. Biden in the general election.

South Carolina has not backed a Democrat for president in the general election since 1976. But because Black people make up more than half of the Democratic electorate in South Carolina, it presented an important test of Mr. Biden’s appeal with a voting base that typically supports Democrats nine-to-one in presidential races.

Some South Carolina voters were lukewarm about Mr. Biden’s reelection bid.

“Sometimes I wonder, is his presence enough because you don’t see him a lot, you don’t hear him a lot,” said Martin Orr, 52, a school administrator from McConnells, South Carolina, speaking about Mr. Biden, whom he planned to support in the election. “Is it quiete because of his age or his physical condition, or what’s going on? I think that’s what a lot of people are concerned about right now.”

ECHOES OF 2020
Although there are dozens of nominating contests ahead, Mr. Biden has already moved into general-election mode, attacking Trump in a series of speeches. “There’s a lot at stake here, folks,” Mr. Biden told campaign staff in Wilmington, Delaware, on Saturday.

Mr. Trump is heavily favored to win his party’s nomination after triumphing in Iowa and New Hampshire, the first two Republican contests in the state-by-state battle. South Carolina plays host to the next major Republican presidential nominating battle, on Feb. 24.

Mr. Biden reordered the Democratic calendar to make South Carolina the first nominating contest, ahead of Iowa and New Hampshire, in a move that simultaneously increased the voice of Black voters and all but shut out any potential competition for the nomination.

In 2020, Mr. Biden garnered 49% of the 539,263 votes cast in South Carolina’s seven-person Democratic primary race. Democrats in the state had accurately predicted he would capture a larger share of a smaller electorate this time against US Representative Mr. Phillips and self-help author Ms. Williamson.

In New Hampshire, where Mr. Biden was not on the ballot last month, he captured 64% of the primary vote thanks to a write-in campaign.

In a recent speech to state Democrats, Mr. Phillips said he expected 95% of the state will go for Mr. Biden in the primary. But Mr. Phillips said he still has a role to play.

“If you want to have a first-in-the-nation primary, you need at least two candidates on the ballot, and I’m happy to be that other guy,” the congressman said. — Reuters

11 MoonSwatch Moonshine Gold suitcases to be auctioned at Sotheby’s by OMEGA for Orbis

From Feb. 12 to 24, OMEGA will auction 11 MoonSwatch Moonshine Gold suitcases through Sotheby’s, each containing all of the 11 OMEGA x Swatch “Mission to Moonshine Gold” timepieces. This is the very first time that these rare models are offered together in one set, and the first time that the special suitcase is available to buy, giving fans the chance to own a truly unique compilation. 100% of the auction proceeds will be given to OMEGA’s long-term partner, Orbis International, who fight avoidable blindness and vision loss around the world.

Before the auction concludes on Feb. 24, the 11 “Mission to Moonshine Gold” suitcases will go on display at 11 OMEGA Boutiques around the world from Feb. 1 to 11, including Boutiques in Zurich, Tokyo, Bangkok, Singapore, Hong Kong, Beijing, New York, London, Milan, Paris, and Sydney. Visitors are encouraged to drop by and set their eyes on the collection being offered.

Orbis’s work is especially valuable for children, allowing many of them to see their parents, the moon, and the stars for the very first time. Through its programs and on board the Flying Eye Hospital, Orbis has provided care for millions of patients, while also training eye care professionals in areas with the greatest need globally. OMEGA has supported Orbis since 2011 and this upcoming auction will highlight the brand’s ongoing commitment to the cause.

The original MoonSwatch collection by OMEGA x Swatch made headlines in March 2022 when it was released to critical acclaim and high demand. Produced in revolutionary BIOCERAMIC, the 11 models drew their colourful inspiration from space and the planets, while also paying tribute to the legendary OMEGA Speedmaster design.

Throughout the months of 2023, the collection was given a radiant twist – in the form of the “Mission to Moonshine Gold” versions. These 11 watches each feature a seconds hand coated in 18K Moonshine™ Gold – a distinctive alloy created in-house at OMEGA that offers a more subtle and long-lasting form of yellow gold. Each of the Moonshine™ Gold hands also reveal their own special detail, such as a strawberry pattern for the Strawberry Moon in July, a flower pattern for the Flower Moon in May, and even a lollipop design that follows the Speedmaster CK2998 watch from 1961.

The suitcases themselves are truly unique, as they contain a golden monocle with the OMEGA x Swatch logo, and a one-of-a-kind coin, engraved with the 3-letter aviation code from their displayed city (such as HKG for Hong Kong). This same code will be engraved on the side of all watches within the suitcase for that particular city.

The auction will be hosted by Sotheby’s and accessible globally online at Sothebys.com where the bidding will start on Feb. 12 and end on Feb. 24 – the next full moon. It’s a space-inspired series that will create excitement across the planet.

 

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Avida Land transforms South Park District with interactive 3D street art

Avida Land unveiled two newly created 3D paintings that will complement its existing art installations.

As February ushers in Arts Month, South Park District, a 6.6-hectare master planned community of residential and commercial developments transforms its vibrant community into an interactive canvas with 3D paintings unveiled on Feb. 3.

Complementing the district’s existing art installations, these 3D paintings make the landscape a destination for creative exploration where art seamlessly blends with nature and home.

Among the talented artists who helped design and produce these latest paintings were John Mark Saycon, Neil Defeo, and Melanio Bulauitan III—members of Guhit Sudlungan, the winning team of visual artists who participated at the first 3D street painting competition mounted by Avida in 2011. For this year’s venture, the team collaborated with fellow artists Brian Defeo, Emil Aldrine Alarcon, Didier Marc Alarcon, Jefferson Malong, and Jervin Ferrer.

Tess Tatco, Avida Land’s Marketing Head, shares great excitement over the newest attractions in the place. “We’re proud to showcase once more the creative talents of local artists,” she says. “Come and visit South Park District to discover the joy and inspiration that visual art can bring.”

John Mark Saycon, on the other hand, says that he and his fellow artists were gratified to have another art collaboration with Avida Land. “Winning the first-ever 3D street painting competition in 2011 opened doors for us,” he enthuses. “We’re happy to have another shot at it in 2024.”

Melanio Bulautian III, on his part, recalls that he and his fellow artists were just students back then, excited to share their craft with the world. “Winning the competition got our names out there—an invaluable chance to introduce ourselves to the public and establish our names as artists. Over a decade later, we’re even more excited to once again share our art with Avida.”

Bring the district’s essence of “Part City. Part Nature. Pure South” to life, one 3D painting shows a lush flower garden with butterflies in the air. The production of this artwork was led by none other than Emil Aldrine Alarcon. Alarcon has had a multitude of successful exhibits through the years, with another one, titled “Rebirth,” to be mounted at Arte Bettina in February.

The second 3D painting showcases a green roundabout amid a cityscape. The production of this artwork was led by Neil Defeo, who is primarily known for his paintings in watercolor and oil. Defeo won the Vision Petron Awards in 2010 and 2016.

Tatco stresses that the best way to enjoy 3D paintings is by seeing these up close. “This is why we invite everyone to get up close to these stunning works of art at South Park District in National Road, Alabang. Unleash your inner artist and capture great photos with your loved ones and friends.”

Property seekers who want to live a balanced life amidst the relaxing vibe of the South may visit the Avida Towers Ardane Showroom.

One 3D painting shows a lush flower garden with butterflies in the air.

Avida Land Corp. is the upper mid-income residential brand of Ayala Land, the Philippines’ leading developer of sustainable estates offering a diverse mix of properties such as residential, retail, office, hotels, and leisure developments that support local economic growth and nation-building.

For more information and updates on Avida Land’s projects, visit their website at https://www.avidaland.com/, like and follow @AvidaLandPH on Facebook and Instagram, and @avidaofficial on YouTube.

 

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

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Hanoi flights halted as city faces worsening air pollution

STOCK PHOTO | Image by Quang Nguyen vinh from Pixabay

HANOI – All flights to and from the international airport in Vietnam’s capital Hanoi have been delayed or diverted to other cities on Friday due to heavy fog and worsening air pollution, said an airport official.

Air Visual, an independent online air quality index monitor, said Hanoi’s levels of hazardous small particles known as PM2.5 in the air were at an extreme high of 257 micrograms per cubic meter early on Friday.

“All incoming flights are being diverted to other cities, including Haiphong or Danang. None can take off either at the moment,” an official at Noi Bai International Airport said, declining to be named.

Nearly 100 flights to and from the airport have been affected, state media reported, citing the airport authorities.

Vietnam’s budget airline Vietjet on Friday said several of its flights scheduled to land in Hanoi had been diverted to land in Haiphong City.

Air pollution in Hanoi has constantly been ranked among the world’s highest, with health authorities last month advising people to wear masks and limit outdoor activities. – Reuters

Trudeau condemns mosque attack, says Islamophobia ‘has no place’ in Canada

PRIME MINISTER JUSTIN TRUDEAU — REUTERS

Canadian Prime Minister Justin Trudeau on Thursday condemned an attack against a mosque in the city of Mississauga in Ontario province, which is being probed as a hate crime and which rights advocates described as being part of a rise in Islamophobia.

Police said someone threw two rocks through the window of a Mississauga mosque on Sunday, on the eve of the anniversary of a mosque attack in Quebec city that killed six people in 2017. CBC News said no one was injured in the incident.

“Islamophobia has no place in any of our communities,” Mr. Trudeau said on X, formerly called Twitter..

“The attack against a Mississauga mosque earlier this week – on the National Day of Remembrance of the Quebec City Mosque Attack and Action Against Islamophobia – is cowardly, disturbing, and unacceptable. I condemn it in the strongest terms possible,” he said.

The National Council of Canadian Muslims said the attack was “part of an alarming rise in Islamophobic hate across the country.”

In November, authorities in Toronto said the number of antisemitic and anti-Muslim hate crimes in Canada’s largest city had spiked significantly since the start of the Gaza conflict.

Rights advocates have noted a rise in antisemitism and Islamophobia in many parts of the world since Oct. 7 when Palestinian Islamist group Hamas attacked Israel and killed 1,200, according to Israeli tallies.

Since then, Israel has militarily assaulted the Hamas-governed Gaza Strip, killing 27,000, according to Gaza’s health ministry, and flattening most of the densely populated enclave where nearly all of the 2.3 million population is displaced. – Reuters

Four weeks after sailing for Israel, 16,000 sheep and cattle remain in limbo aboard ship

STOCK PHOTO | Image by 165106 from Pixabay

CANBERRA – Around 16,000 livestock remained in limbo aboard an export ship at an Australian port on Friday, having set sail for Israel exactly four weeks ago only to abandon a passage through the Red Sea and be ordered home by the Australian government.

Biosecurity rules mean the animals – roughly 14,000 sheep and 2,000 cattle – cannot disembark without being quarantined. Officials are yet to decide if they should be let off or sent back to sea for a 33-day voyage to reach Israel by going around Africa.

Officials say the livestock are in good health but some politicians and animal rights activists claim their plight amounts to cruel mistreatment and have called for Canberra to bring forward a planned ban on live sheep exports.

The situation is a consequence of strikes by Yemen’s Houthi militia on shipping in the Red Sea that has disrupted global trade.

The ship, the MV Bahijah carrying a Marshall Islands flag, abandoned its route through the Red Sea due to the threat of attack.

It arrived on Monday in Perth, where a heatwave is pushing temperatures close to 40 degrees Celsius (104 Fahrenheit).

Australia’s agriculture ministry said it is still considering an application by the exporter, Israeli firm Bassem Dabbah, to unload some animals and re-export the rest.

“Australia’s biosecurity, and the health and welfare of the animals onboard, are our highest priorities,” it said, adding that the vessel had taken on supplies and undergone cleaning on Thursday and that a government vet was on board.

Industry figures have called claims that the animals are suffering ignorant and asked why the government has taken so long to decide the ship’s fate.

“It’s fair to say people are frustrated that decision has not happened more quickly,” said Mark Harvey-Sutton, head of the Australian Livestock Exporters’ Council.

Reuters was unable to contact Bassem Dabbah, and the ship’s manager, Korkyra Shipping, did not respond to requests for comment.

Australia’s live export industry shipped more than half a million sheep and half a million cattle overseas last year. – Reuters

SN Aboitiz Power Group presents SNAP Conversations: 2024 Economic Outlook Forum

SN Aboitiz Power Group (SNAP) invites industry professionals, business leaders, and interested individuals to participate in SNAP Conversations: 2024 Economic Outlook. This exclusive forum, happening on Feb. 22, 2024, from 2:00 p.m. to 4:00 p.m. via YouTube Live, delves into the Projections, Programs, and Priorities shaping the economic landscape in the Philippines.

The forum begins with an in-depth discussion on Economic and Market Forecasts, guided by the expertise of Emilio “Jun” Neri, Jr., the lead economist at the Bank of the Philippine Islands (BPI). This session covers growth indicators, an assessment of emerging trends, and the identification of potential risks and opportunities to equip industry leaders for strategic decision-making.

Following this insightful discussion, the spotlight shifts to Philippine Economic Growth Prospects and Priorities in a session led by Secretary Arsenio M. Balisacan, PhD, the Secretary of the National Economic and Development Authority (NEDA). The focus is on the government’s plans, programs, policies, and national priorities, providing attendees with informed foresight into the economic landscape for the year ahead.

With the challenges and opportunities on the horizon, navigating the economic landscape requires a keen awareness of emerging trends and a strategic mindset to effectively mitigate risks and achieve enduring success.

Register now for SNAP Conversations to gain valuable insights from industry leaders. Secure your spot by registering via this link: https://bit.ly/SC2024EconomicOutlook_Registration.

SNAP Conversations is an online forum series led by the SN Aboitiz Power Group. It creates avenues that shed light on important issues, growth opportunities, and innovations surrounding the power sector and beyond. This year’s economic forum is proudly supported by media partners BusinessWorld and Philippine Star.

 

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

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World Bank to offer countries access to emergency funds from existing loans

REUTERS

WASHINGTON – The World Bank on Thursday said it approved new initiatives to allow member countries hit by natural disasters and other shocks to quickly access emergency funds from their existing loan programs to help them respond to an increasingly crisis-prone world.

The enhancements to the bank’s Crisis Preparedness and Response Toolkit would allow countries to immediately receive up to 10% of undisbursed funds from an existing project loan or other facility for emergency response.

World Bank Managing Director for Operations Anna Bjerde told Reuters that a country with $3 billion undisbursed from a $5 billion loan portfolio could instantly access $300 million in the event of a hurricane, earthquake or pandemic, a liquidity burst that could save a lot of hardship.

“We hear client after client, from very low-income to middle-income countries, say, ‘When a crisis hits, we’re unprepared financially and we’re having to make all kinds of terrible trade-offs that we don’t want to have to make.'”

The World Bank also will scale up access to larger pre-arranged emergency crisis financing as part of future loan programs that will require crisis-preparedness reforms and other institutional measures to build resilience.

A third component approved by the World Bank executive board is to broadly expand the use of catastrophe insurance products to protect against large-scale disasters. These include catastrophe bonds that provide insurance payouts in the event of hurricanes or other disasters that meet certain thresholds.

Jamaica has been a pioneer in such bonds, and World Bank President Ajay Banga has called for their expansion to shield vulnerable countries’ budgets from climate and other threats, giving them “peace of mind.”

Ms. Bjerde said that under this initiative, funds from project loans that catastrophe bonds would protect can be used to pay fees to arrange their issuance, costs now borne by the countries issuing them.

 

BETTER, FASTER BANK

The changes are part of broader reform efforts at the World Bank to expand the development lender’s mission to tackle climate change and other global crises, and vastly enlarging its lending capacity.

“This is essentially us responding to what we’ve heard” from client countries, Ms. Bjerde said, adding that it was part of Banga’s operational improvement efforts to build a “better bank” before seeking a general capital increase from shareholders.

Another aspect of the operational changes involves speeding up the bank’s loan approvals and disbursements, Ms. Bjerde said. It now takes the bank, which has over 16,000 staff, an average of 27 months from project initiation to the first disbursement of a loan, including 19 months for loan approval.

She said that by the end of the current fiscal year on June 30, that approval time will drop by “a few months” but her ambition is to reduce to 12 months by the end of June 2025, even for the most complex projects like large hydroelectric dams.

“And then I want to speed up the disbursements, because if you’re not disbursing, you’re not really implementing” loans, Ms. Bjerde said. – Reuters

Apple quarterly profit, revenue top Wall Street targets but China lags

BW FILE PHOTO

Apple on Thursday reported sales and profit that beat Wall Street estimates, powered by growth in its iPhone business. But China sales missed analysts’ targets.

The 2% rise in overall fiscal first-quarter sales for the company ended four straight quarters of sales declines on the strength of its iPhone 15 lineup, which includes devices capable of capturing three-dimensional video for the Vision Pro headset being released this week. Apple’s total installed base of devices hit 2.2 billion, up from 2 billion a year ago.

“We did feel good about the plus 6% (revenue growth) for iPhone,” Apple Chief Executive Tim Cook told Reuters in an interview. “We had particularly strong double-digit growth on iPhone in emerging markets outside of China. The iPhone is doing well in those markets.”

He added: “China is the most competitive smartphone market in the world, and that hasn’t changed.”

For its fiscal first quarter ended Dec. 30, Apple reported sales of $119.58 billion and profit of $2.18 per share, both above analyst expectations of $117.91 billion and $2.10 per share, according to data from LSEG.

Sales of iPhones hit $69.70 billion, growing 6% to beat analyst expectations of $67.82 billion, according to LSEG data.

Microsoft in January eclipsed Apple as the world’s most valuable company, with investors viewing Apple as lagging in the artificial-intelligence race between Wall Street’s tech heavyweights. Apple’s stock has dropped more than 3% in 2024, compared with the S&P 500’s .SPX 2% increase.

Apple has said it is researching generative AI but has instead focused on its Vision Pro headset, which analysts do not expect to bring meaningful revenue for several years.

In the shorter term, analysts are increasingly worrying about sales of Apple’s signature device in China, whose economy is navigating the burst of a real estate bubble. The iPhone also faces increasing competition in China and has fallen out of favor in government offices.

Apple said sales in China were $20.82 billion, missing analyst estimates of $23.53 billion, according to LSEG data.

Cook told Reuters that, when accounting for currency exchange rates, iPhone sales in mainland China were down “mid-single digits” in the quarter but said the company’s installed base of iPhones in China is at an all-time high.

Counterpoint Research reported China iPhone unit shipments fell during the quarter, with Chinese consumers looking to novel folding phones and homegrown rival Huawei, which re-entered the market with a flagship phone powered by a Chinese-made chip.

In the rest of Asia beyond China and Japan, Apple’s sales hit $10.16 billion, above analyst estimates of $9.75 billion, according to LSEG data. Cook said that iPhone sales hit an all-time high in South Korea, home to Apple’s longtime rival Samsung Electronics 005930.KS.

Investors will be listening closely for the Cupertino, California-based company’s forecast for the fiscal second quarter on a conference call at 5 p.m. EST (2200 GMT).

The biggest growth area for Apple during its fiscal first quarter was its services business, which includes the Apple TV+ service as well as music, iCloud storage and the App Store, and which rose 11% to $23.12 billion in sales. The results were slightly below analyst expectations of $23.35 billion, according to LSEG data.

But Apple’s App Store faces a challenge in Europe, where a new law that takes effect in March will allow developers to skip paying commissions to Apple and place alternative app stores on the iPhone.

Apple’s first-quarter Mac sales were up slightly to $7.78 billion, in line with analyst expectations of $7.73 billion, according to LSEG data. Sales of iPads were down 25% to $7.02 billion, missing expectations of $7.33 billion, according to LSEG data.

Apple’s wearables segment, which includes its AirPods and Apple Watch sales, fell to $11.95 billion after company executives had warned of weak demand. The results were just above expectations of $11.56 billion, according to LSEG data.

Several Apple Watch models have been at the center of a legal dispute with medical device maker Masimo and were briefly pulled from shelves before Apple removed a blood-oxygen monitoring features to comply with legal rulings and keep selling the devices. – Reuters

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