Home Blog Page 2251

Inside S. Korea’s right-wing YouTube world embraced by Yoon

South Korean President Yoon Suk-yeol. — REUTERS

SEOUL — When South Korean President Yoon Suk Yeol cited claims of election hacking and “anti-state” pro-North Korean sympathizers as justification for imposing a short-lived martial law, right-wing YouTuber Ko Sung-kook had heard it before.

In fact, Mr. Ko had made the same claims himself many times to the 1.1 million subscribers of his Kosungkook TV channel on YouTube.

“If President Yoon Suk Yeol listens to the voices of YouTubers attentively, he may understand what the people really think, what the public sentiment of the president’s supporters are, that’s what I’m expecting,” Mr. Ko told Reuters.

Mr. Yoon was impeached and removed from duties on Saturday in a contentious parliamentary vote over his Dec. 3 martial law decree, sparking a constitutional crisis and splitting Mr. Yoon’s own conservative People Power Party (PPP).

PPP leader Han Dong-hoon, a former confidant of Mr. Yoon who went on to advocate for the president’s impeachment, announced his resignation on Monday and blamed South Korea’s right-wing media for creating divisions among conservatives.

“If we sympathize with extremists like the conspiracy theorists and extreme YouTubers, or if we are consumed by their commercially produced fears, there is no future for conservatism,” said Mr. Han, who was a common target of Mr. Ko’s criticism.

A columnist for the conservative-leaning JoongAng Ilbo newspaper on Friday said Yoon’s “YouTube addiction” had ruined his regime.

“If you are addicted to YouTube, you fall into a world of delusion dominated by conspiracy theories… President Yoon watched too much YouTube,” the column said.

Mr. Yoon’s office did not respond to Reuters’ questions about his viewing habits or the sources for his claims used to justify imposing martial law.

FOREIGN INTERFERENCE CLAIMS
Speaking in his modest office that doubles as a studio, Mr. Ko said he does not know if Mr. Yoon watches his show but is glad YouTubers provide an alternative platform which seemed to reflect the president’s thinking.

Elected president in 2022 in the narrowest election in South Korean history, Yoon invited right-wing YouTube activists and commentators to his inauguration, and hired a YouTuber who pushed claims about Chinese Communist infiltration of domestic politics to head the public servant training agency.

In a defiant speech on Thursday that hit many of the favored talking points of right-wing commentators, Mr. Yoon condemned his political opponents as obstructionist “anti-state forces” that side with enemies in North Korea, said Pyongyang may have hacked the South’s elections and defended his martial law order as a legal move to protect democracy.

In South Korea, the label being pro-North Korea can carry high stakes with the ongoing threat from ostensibly communist North Korea and Cold War-era laws that effectively ban activities deemed related to communism or supporting Pyongyang.

In November, a former official with South Korea’s biggest umbrella union, the Korean Confederation of Trade Unions (KCTU), was sentenced to 15 years in prison for receiving orders from North Korea to incite protests.

Another theme, particularly since the PPP faced a drubbing in April’s parliamentary election, has been questions over the security of the National Election Commission (NEC), one of the locations where Mr. Yoon deployed troops.

The NEC said it had consulted the spy agency last year to address “security vulnerabilities” but there were no signs the election system had been compromised.

Shin Jin-wook, a sociology professor at Chung Ang University, drew parallels between Mr. Yoon and US President-elect Donald J. Trump.

“When traditional newspapers and television networks took a critical stance on President Trump, Trump blamed them as fake news or garbage. Trump pointed to social media like YouTube as the right ones instead,” Shin said.

‘FAKE NEWS’
About 53% of South Koreans say they get news on YouTube, higher than an average of 30% in other countries, according to a 2023 report by Korea Press Foundation. That was up from 24% in 2016.

A 2018 survey by Chosun Ilbo newspaper showed 70% of right-wing rally participants said YouTube is their primary news source.

Kim Sang-wook, a PPP lawmaker who backed impeachment, said right-wing YouTubers had turned into Mr. Yoon’s PR machine.

Mr. Ko rejected claims that Yoon and the conservative YouTubers had a particularly symbiotic relationship, saying similar dynamics play out on the liberal side of the political spectrum as well.

The military’s martial law decree called for media to be controlled, and troops were sent to the offices of a prominent left-wing YouTube media personality who is critical of Mr. Yoon and told Reuters he went into hiding.

As Mr. Yoon faced impeachment last week Mr. Ko said Mr. Yoon’s martial law order was the last resort to govern the country and urged “patriot right-wing fighters” to come out onto the streets in support.

“An all-out war has begun between the pro-North Korea faction that wants to impeach President Yoon… and our right-wing people,” Mr. Ko said.

On Saturday, Mr. Ko attended a rally in Seoul with tens of thousands of Mr. Yoon supporters waving South Korean and US flags, greeting fans who wanted to shake hands and take pictures together.

“Dr. Ko is a great political commentator who awakens conservative citizens and guides them in the right direction,” said Lee Kwang-hyun, 71, a fan at the rally who decried “fake news.”

Mr. Yoon is fighting against election fraud just like Mr. Trump, Mr. Lee said, adding he opposed impeachment in part because it would prevent Mr. Yoon from attending Mr. Trump’s inauguration in January.

“I believe Yoon’s ideology and spirit has completely turned toward saving our country,” he said. — Reuters

Serbia used Israeli firm’s tech to enable spy campaign, Amnesty says

STOCK PHOTO | Image by Pongsawat Pasom from Unsplash

BELGRADE/LONDON — Serbian officials installed homegrown spyware on the phones of dozens of journalists and activists, Amnesty International said in a report released on Monday, citing digital forensic evidence and testimony from activists who said they were hacked in recent months.

In two cases, software provided by Israeli surveillance company Cellebrite DI Ltd. was used to unlock phones prior to infection, the report said.

The Serbian spyware, dubbed “NoviSpy” by Amnesty, then took covert screenshots of mobile devices, copied contacts, and uploaded them to a government-controlled server, the report said.

“In multiple cases, activists and a journalist reported signs of suspicious activity on their mobile phones directly following interviews with Serbian police and security authorities,” Amnesty said.

Serbia’s interior ministry, foreign ministry and intelligence agency BIA did not respond to requests for comment made on Dec. 12.

Cellebrite products are widely used by law enforcement, including the FBI, to unlock smartphones and scour them for evidence. Cellebrite Chief Marketing Officer David Gee said it was investigating the Amnesty allegations.

“Should those accusations be accurate, that could potentially be in violation of our end user license agreement,” Mr. Gee told Reuters. If that were the case, Gee said, Cellebrite could suspend the use of its technology by Serbian authorities.

Putting surveillance software on devices “is absolutely not what we do,” Mr. Gee said. He added that Cellebrite had begun contacting Serbian officials but declined to provide further details.

FORENSIC EXPERTS
One of the activists featured by Amnesty in the report said they had noticed the contacts on their phone had been exported immediately after a meeting with the BIA.

The activist told Reuters they showed their phone to digital forensic experts, who discovered the NoviSpy spyware had exported their contacts and sent private photos from their device to a BIA-controlled server.

According to Amnesty, Serbia received phone-cracking devices from Cellebrite as part of a broader package of assistance designed to help Serbia meet the requirements for integration into the European Union.

That package, which was funded by the Norwegian government and administered by the United Nations Office for Project Services (UNOPS), was provided to the Serbian interior ministry from 2017 to 2021 in order to help Serbia fight organized crime, the report said.

The Norwegian government temporarily ceased delivery of Cellebrite devices to Serbia in 2018, Amnesty said. The Norwegian Embassy in Belgrade also raised concerns about the program, the report added, but UNOPS eventually delivered the devices in June 2019.

“The claims made in the report are alarming and, if correct, unacceptable,” Norway’s deputy foreign minister, Maria Varteressian, told Reuters. “We will meet Serbian authorities as well as UNOPS later this month to get further information on the matter.”

“We expect UNOPS to investigate the allegations,” she added.

UNOPS said in a statement it welcomed Amnesty’s report and said the agency had in the years since 2017 “further enhanced mechanisms to assess and mitigate potential adverse effects.” The agency did not elaborate on those measures. — Reuters

India must do more to tax its super-rich, says economist Piketty

A man walks in front of a building lit up in the colors of India’s national flag in Mumbai, India, Aug. 14, 2021. — REUTERS

NEW DELHI — India should do more to tax its super-rich given its high levels of inequality, French economist and author Thomas Piketty said on Friday.

The writer of the best-selling book Capital in the 21st Century called on India to follow through on a July pledge by finance ministers from the Group of 20 major economies to cooperate on effectively taxing the world’s largest fortunes.

“India should be active in taxing the rich,” Mr. Piketty said at an event organized by Delhi-based think tank Research and Information System for Developing Countries (RIS) and the Delhi School of Economics.

He said India could raise annual revenue worth 2.73% of its gross domestic product by imposing a 2% wealth tax on people with assets of more than 100 million rupees ($1.18 million), and a 33% inheritance tax on property worth at least the same amount.

The proportion of national income held by the top 1% richest Indians now surpassed that of their counterparts in the United States and Brazil, Mr. Piketty said, citing a 2024 report he co-authored, published by the World Inequality Lab.

In 2022-23, he added, the richest 1% of India’s population controlled 22.6% of the national income and held 40.1% of the nation’s total wealth.

Speaking at the same event, the Indian government’s chief economic adviser, V. Anantha Nageswaran, opposed Piketty’s call, saying higher taxes could lead to higher outflows.

India’s government abolished a wealth tax in 2015 and has since rejected calls for its return or the introduction of an inheritance tax.

In April, Indian Finance Minister Nirmala Sitharaman said inheritance tax could hit the “middle and aspirational classes,” making it difficult for them to pass on savings or small land holdings to their children. India does not currently levy an inheritance tax.

Over the past year, the cumulative wealth of India’s 100 billionaires increased more than $300 billion to $1.1 trillion, boosted by a stock market boom, according to the Forbes list of the richest Indians published this month. — Reuters

Looking for the perfect gift? Shop at Cutting Edge for something truly remarkable

Moleskine® Pins: Available designs are Christmas Tree, Star Crystal, Star, Heart in gold and silver; SRP: P599.00

Finding a gift that truly feels personal and meaningful is a challenge, but it’s also what makes the gesture so special. It’s not about ticking off boxes or buying something just because it’s easy. Gifting should reflect the person you’re giving it to — their tastes, needs, and values.

Here’s where we come in:

Cutting Edge has a well-curated collection of items that go beyond the ordinary. Our selections are practical, stylish, and designed to make a lasting impression.

This holiday season (or any occasion!), let’s move beyond the generic and really think about what the person receiving the gift would truly enjoy. Gifting should be thoughtful, purposeful, and something that speaks to who the person is. With our carefully curated collection, you’re bound to find the perfect gift that’ll leave a lasting impression.

Here are our Top Picks for Gifts That Matter this season:

1. Moleskine® Hard Cover Holiday Notebook

Available colors: red, myrtle green and black; SRP: P2,129.00

Shop it here: https://cuttingedge.com.ph/collections/moleskine

Journals are no longer just for school notes or writing out your to-do list. They’re a canvas for your thoughts, ideas, dreams, and everything in between. The Moleskine® Hard Cover Holiday Notebooks is the perfect gift for anyone passionate about the festive season. This notebook is just the thing for people who love the holidays, with ruled pages to record memories and to plan all the moments that fill this special time of each year. The paperband is made for gifting with space to write both the name of the giver and the receiver.

2. Moleskine® Pins — Christmas Tree Gold & Silver

Available in gold & silver

Get them here: https://cuttingedge.com.ph/collections/moleskine

Are you in search of a modest yet significant present? The Moleskine® Pins are perfect for adding a little extra personality to someone’s favorite notebook. These pins are designed specifically for Moleskine notebooks and available in Gold and Silver. Allow your friend or loved one to infuse their journal or planner with a touch of festive flair. Whether you choose the elegant Gold or the chic Silver, these pins bring a touch of sophistication and subtle holiday cheer.

The pins are simple yet stylish, giving any notebook an instant upgrade. They’re ideal for those who love customizing their accessories with small details. These pins are perfect for the friend who’s all about tiny but impactful touches. Plus, they’ll think of you every time they pull out their notebook.

3. Black Shark T11 True Wireless Earphones

Available colors: white, gray; SRP: P1,499.00

Shop them here: https://cuttingedge.com.ph/products/black-shark-t11

The Black Shark T11 True Wireless Earphones are an exceptional pick if you’re looking for a present for someone who appreciates more than simply earphones but still enjoys music, gaming, or podcasts. With incredibly detailed and crisp sound, these headphones elevate any experience — from listening to their favorite music to gaming to the newest podcast — to a whole new level.

The meticulous attention to detail is what really distinguishes the T11s from the competition, not the excellent sound quality. An example of such a detail? The satisfying “shing” sound that plays when the case closes is a subtle yet undeniably cool personal touch that will make them feel extra special.

4. Black Shark GS3 Smart Watch

Available colors: black, green; SRP: P4,499.00

Check it out here: https://cuttingedge.com.ph/products/black-shark-gs3

The Black Shark GS3 Military-Grade Smart Watch is a stylish and cutting-edge gift that is difficult to resist. This wristwatch is more than simply a piece of technology; it’s an accessory for busy people. With the Black Shark GS3, your loved one may monitor their steps, fitness, and notifications. It can withstand every obstacle life throws at it thanks to its military-grade durability.

Plus, what’s great? This smart watch is as stylish as it is functional. Whether they’re hitting the gym, going for a hike, or hitting the town, this accessory will complement any outfit thanks to its simple, modern style. The aesthetics, functionality, and longevity are all superbly balanced.

5. Disney Mickey Mouse-Inspired Black and Gold Playing Cards

SRP: P829.00

Get them here: https://cuttingedge.com.ph/products/disney-mickey-mouse-inspired-black-and-gold-playing-cards-by-bicycle

Imagine taking your next gaming night to the next level with these gorgeous black and gold playing cards inspired by Disney’s Mickey Mouse. These aren’t your typical playing cards; they’ll bring a touch of enchantment and nostalgia to any gathering. These cards will improve every game you play, whether you’re competing with friends in Tong-its, strategizing your next move in Pusoy Dos, or simply relaxing with loved ones over some casual games.

When not in use, these cards provide a fresh take on old Disney charm and make an excellent display piece. Collectors and Disney fans who value unique memories that combine ingenuity and enjoyment will adore these cards. Their eye-catching black and gold pattern will make them the focal point of any celebration.

Every game night will be an unforgettable experience with these cards, which are more than just a deck; they are a tribute to Disney’s enduring wonder.

Truly a wonderful season of giving and gifting from world-class products available at Cutting Edge Stores. Each one is a gift that combines thoughtfulness with something a little extra, whether it’s high-tech, personalized, or just pure luxury.

Visit their branches at 6/F at Shangri-la Mall, Mandaluyong; 3/F Greenbelt 5 Makati; 5/F Ayala Malls Manila Bay; and 2/F  Mitsukoshi Mall, Taguig.

Shop Online at https://cuttingedge.com.ph/.

 


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.

DigiPlus celebrates double victory at the Asia Pacific Enterprise Awards

DigiPlus executives celebrate the company's double victory at the Asia Pacific Enterprise Awards 2024.

DigiPlus Interactive, the brand behind popular gaming platforms BingoPlus, ArenaPlus, and GameZone, announced its double recognition at the Asia Pacific Enterprise Awards (APEA) 2024.

DigiPlus was honored with the Corporate Excellence Award and the Fast Enterprise Award, reinforcing its role as a leader in digital entertainment.

The awards ceremony, held on Dec. 11 at Hilton Manila, celebrated businesses and individuals who have demonstrated exceptional achievements, leadership, and innovation. The Corporate Excellence Award recognizes DigiPlus’ commitment to sustainable growth, innovative leadership, and exemplary business practices. The Fast Enterprise Award acknowledges the company’s rapid growth and adaptability in an ever-evolving and competitive market.

“DigiPlus was born from a vision to redefine digital entertainment in the Philippines,” said Celeste Jovenir, Vice-President for Investor Relations, Corporate Communications, and Sustainability. “This recognition is a celebration of the incredible passion, ingenuity, and dedication of our team. It is also a tribute to our stakeholders, whose trust empowers us, and the communities we serve, who inspire us to continue pushing boundaries and elevating entertainment experiences for all.”

In 2024, DigiPlus reached significant milestones that underscore its leadership in innovation and community impact. Among its highlights, the company celebrated a record-breaking P154-million jackpot winner through its flagship BingoPlus platform and launched Pinoy Drop Ball, a modern take on traditional Filipino gaming. DigiPlus also achieved a 200% increase in tech talent, reflecting its investment in building a stronger, more innovative workforce.

Beyond its entertainment platforms, DigiPlus deepened its social impact through the BingoPlus Foundation, committing P100 million to various community initiatives. These include typhoon recovery programs, clean water projects, and the establishment of PLUS centers, which serve as health and livelihood hubs for underserved communities.

These awards validate DigiPlus’ unwavering commitment to excellence and responsibility, driving its vision to become the number one leisure and entertainment hub in the Philippines while making meaningful contributions to society.

 


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.

Top businesses and leaders in the Philippines honored at the Asia Pacific Enterprise Awards (APEA) 2024

The Asia Pacific Enterprise Awards (APEA) 2024 Philippines Chapter celebrated the achievements of remarkable Filipino business leaders and enterprises on Dec. 11 at Hilton Manila. Organized by regional NGO Enterprise Asia, the APEA is Asia’s largest and most prestigious award networking platform, spanning 16 markets annually.

This year, the APEA focused on “Celebrating Inclusive Entrepreneurship”, recognizing visionary business leaders and organizations whose initiatives and strategies have actively contributed to the realization of an inclusive entrepreneurship ecosystem in the Philippines.

A distinguished panel of judges meticulously evaluated over 150 nominees, assessing each entrepreneur and organization based on their coherence. This rigorous process determined the winners across four categories: Master Entrepreneur, Inspirational Brand, Fast Enterprise, and Corporate Excellence.

Since 2007, the Awards has been organized all over the region with past recipients comprising Taiwan’s Douglas Tong Hsu, Hong Kong’s Francis Lui and Lawrence Ho, TTC Vietnam’s Dang Van Thanh, Thailand’s Supaluck Ampuj, Cuckoo Malaysia’s Hoe Kian Choon, Indonesia’s Hary Tanoesoedibjo and Mochtar Riady, India’s Adi Godrej, and the Philippines’ Dennis Anthony Uy.

“As we recognize the outstanding achievements of our awardees, we celebrate their unwavering determination, resilience, and ingenuity. Their stories inspire us to envision a future where success is shared and opportunities are universal,” the Chairman of Enterprise Asia, Dr. Fong Chan Onn, announced in an uplifting welcome speech.

Manuel B. Villar, Jr., Chairman of Vista Land & Lifescapes, Inc., received the prestigious Entrepreneur Of The Year Award for his contribution in shaping a better livelihood for the Filipinos. Regarded as the ‘Father of the Philippine Real Estate Industry’, Villar’s companies have built more than 500,000 houses for middle-class Filipino families. Today, he continues to dedicate his life towards ensuring the life path he took from poverty to success may be experienced by all Filipinos.

Award winners under the Master Entrepreneur category include Gil G. Chua, Group Chairman & CEO of DDB Group Philippines and Enrico Dee, President & CEO of Foodee Global Food Concepts, who were honored for their outstanding leadership.

Century Pacific Food, Inc., Hilti Philippines, Inc., and Watsons Personal Care Stores (Phils.), Inc. were among the recipients of the Inspirational Brand award. Businesses recognized under the Fast Enterprise category include DigiPlus Interactive Corp. and I-Fern Corporation. Lastly, among the top companies taking home the Corporate Excellence award were GOAC Group Of Companies and Nimbyx.

PR Newswire was the Official News Release Distribution Partner for the Asia Pacific Enterprise Awards 2024 Philippines Chapter. Media partners included BusinessWorld, Dailywire.asia and SME Magazine.

AWARD RECIPIENT LIST OF THE ASIA PACIFIC ENTERPRISE AWARDS (APEA) 2024

PHILIPPINES CHAPTER

ENTREPRENEUR OF THE YEAR CATEGORY

NAME COMPANY

INDUSTRY

MANUEL B. VILLAR, JR.

CHAIRMAN 

VISTA LAND & LIFESCAPES, INC.

PROPERTY DEVELOPMENT

 

MASTER ENTREPRENEUR CATEGORY

NAME COMPANY

INDUSTRY

DR. VICTORIA G. BELO

FOUNDER, CEO, AND MEDICAL DIRECTOR

BELO MEDICAL GROUP

BEAUTY & PERSONAL CARE

ALEX A. MABAQUIAO, JR.

CEO

BLUERISE HOLDING ENT. CORP. PROPERTY DEVELOPMENT
GIL G. CHUA

GROUP CHAIRMAN & CEO

DDB GROUP PHILIPPINES

PROFESSIONAL & BUSINESS SERVICES

ENRICO DEE

PRESIDENT & CEO

FOODEE GLOBAL FOOD CONCEPTS

FOOD & BEVERAGE

DR. STEVE MARK GAN

CHAIRMAN & CEO

GAOC GROUP OF COMPANIES

HEALTHCARE, PHARMACEUTICAL & BIOTECHNOLOGY

TOMMANNY TAN

PRESIDENT & CEO 

I-FERN CORPORATION

DIRECT SELLING

PAOLO KALAW

FOUNDER & CEO

NIMBYX

HEALTHCARE, PHARMACEUTICAL & BIOTECHNOLOGY

ELMER M. LAPEÑA

EXECUTIVE MANAGING DIRECTOR 

SAGA PH

PROFESSIONAL & BUSINESS SERVICES

SHELMAR KITCH LA VICTORIA

CEO & CO-FOUNDER

SMART HOME PHILIPPINES

CONSTRUCTION

FRANCO M. PEDREGOSA

PRESIDENT & CEO

THE FIGTREE PROPERTIES OPC REAL ESTATE
DIANE ISABEL CHUA

MANAGING DIRECTOR

TRIBAL WORLDWIDE PHILIPPINES

PROFESSIONAL & BUSINESS SERVICES

RONNIE L. SIASOYCO

CHAIRMAN & CEO

TRION GROUP ELECTRICAL & ELECTRONICS
TENGKU JADEEYAH ABANG

FOUNDER & CEO 

TWIN RAMS MEDIA GROUP OPC

PROFESSIONAL & BUSINESS SERVICES

MATHIEU GUILLAUME

PRESIDENT & CEO

VIENOVO PHILIPPINES, INC.

AGRICULTURE

 

FAST ENTERPRISE CATEGORY

COMPANY

INDUSTRY

BENT AND BUZZ

PROFESSIONAL & BUSINESS SERVICES
BLUERISE HOLDING ENT. CORP.

PROPERTY DEVELOPMENT

DIGIPLUS INTERACTIVE CORP.

ENTERTAINMENT
I-FERN CORPORATION

DIRECT SELLING

NOVODENTAL

HEALTHCARE, PHARMACEUTICAL & BIOTECHNOLOGY
S5 FRANCHISE SYSTEM, INC.

INDUSTRIAL & COMMERCIAL PRODUCTS

SMART HOME PHILIPPINES

CONSTRUCTION
TRION TRADE, INC.

ELECTRICAL & ELECTRONICS

VIENOVO PHILIPPINES, INC.

AGRICULTURE

 

INSPIRATIONAL BRAND CATEGORY

COMPANY

INDUSTRY

BELO MEDICAL GROUP BEAUTY & PERSONAL CARE
BLUERISE HOLDING ENT. CORP. PROPERTY DEVELOPMENT

CENTURY PACIFIC FOOD, INC.

CONSUMER GOODS
HILTI PHILIPPINES, INC.

CONSTRUCTION

NIMBYX

HEALTHCARE, PHARMACEUTICAL & BIOTECHNOLOGY
RENT.PH

REAL ESTATE

RIPPLE8

PROFESSIONAL & BUSINESS SERVICES
WATSONS PERSONAL CARE STORES (PHILS.), INC.

RETAIL

 

CORPORATE EXCELLENCE CATEGORY

COMPANY

INDUSTRY

DDB PHILIPPINES

PROFESSIONAL & BUSINESS SERVICES
DIGIPLUS INTERACTIVE CORP.

ENTERTAINMENT

EXIST SOFTWARE LABS, INC.

TELECOMMUNICATIONS & ICT

GAOC GROUP OF COMPANIES

HEALTHCARE, PHARMACEUTICAL & BIOTECHNOLOGY
NIMBYX

HEALTHCARE, PHARMACEUTICAL & BIOTECHNOLOGY

SOUTHVILLE INTERNATIONAL SCHOOL AND COLLEGES

EDUCATION & TRAINING
VISTA LAND & LIFESCAPES, INC.

PROPERTY DEVELOPMENT

VIVENTIS SEARCH ASIA, INC.

PROFESSIONAL & BUSINESS SERVICES

 

 


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.

Globe highlights role of public-private partnerships in driving digital innovation

Emmanuel Estrada, VP for Regulatory Development and Strategy at Globe, talks about the importance of government and private sector collaboration to address the evolving needs of Filipinos in the digital age at the recent GSMA Digital Nation Summit Manila.

The advancement of digital transformation in the Philippines hinges on the strength of public-private partnerships (PPPs), which are crucial in bridging connectivity gaps and driving the effective use of technology.

Speaking at the recent GSMA Digital Nation Summit Manila, Emmanuel Estrada, VP for Regulatory Development and Strategy at Globe, emphasized the importance of government and private sector collaboration to address the evolving needs of Filipinos in the digital age.

Globe, a steadfast proponent of PPPs, actively engages in initiatives such as the Connectivity Plan Task Force (CPTF), led by the Private Sector Advisory Council and comprised by mobile network operators, tower companies, and government stakeholders.

CPTF works toward maximizing existing networks, constructing over 150 new sites, and exploring innovative technologies such as satellite services to serve Geographically Isolated and Disadvantaged Areas (GIDA).

The role of government policy is also pivotal in enabling PPPs to thrive. Estrada highlighted the need to revise outdated regulations and establish transparent, consistent, and stable policy frameworks to encourage private sector investment and ensure that long-term partnerships remain mutually beneficial.

“The old, antiquated policies are no longer effective and relevant in today’s digital economy. Once that is addressed, let’s streamline all the processes. We’ve made a lot of headway. EO 32, for example, has helped speed up our network deployments in the last three years, getting us to where we are right now in terms of connectivity. Those antiquated policies, some dating back to 1931, are the ones that we need to really work on together with the government,” said Estrada in a panel discussion on the topic “From Policy to Practice – Designing PPPs for Digital Innovation.”

Estrada was referring to Executive Order No. 32, which streamlined the permits process for telecommunications infrastructure. Globe has seen a 20% improvement in permits processing between 2022 and 2024, with several LGUs simplifying permits procedure.

Beyond addressing policy barriers, PPPs must look into delivering solutions that meet the specific needs of the public, according to Estrada, underscoring the importance of aligning technology with real-world applications that bring value to individuals and communities.

Estrada noted that while 96% of the population is covered by at least a 3G or 4G signal, only 63% maintain active subscriptions, with much of the usage concentrated on social media platforms such as Facebook and TikTok. While these platforms provide avenues for personal business and entertainment, he emphasized the importance of prioritizing usability that enriches lives.

“First, let’s fix connectivity, and once that’s done, let’s improve usability. It’s one thing to have the connection, but using it effectively and learning how to benefit from it is something else. The usability we’re focusing on involves people using connectivity for educational purposes, reconnecting with long-lost relatives, accessing health consultations, and managing their finances. That’s when it truly brings value,” he explained.

As the Philippines continues its journey towards digital transformation, public-private partnerships remain an essential mechanism for expanding access and ensuring that no one is left behind.  By working closely with the government and other stakeholders, Globe is driving initiatives to deliver universal connectivity and foster meaningful digital inclusion.

To learn more about Globe, visit https://www.globe.com.ph/.

 


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.

China’s ‘erotic clothing’ capital braces for Trump and e-commerce crackdown

STOCK PHOTO | Image by TastyCinnamonn from Pixabay

GUANYUN, China, Dec 16 (Reuters) – In an industrial park being built with Chinese state support in the middle of a sprawling farming community, factory boss Lei Congrui straightens a tiny golden bell hanging off a choker on a mannequin wearing white-and-pink lingerie.

What Lei calls his “erotic clothing” showroom is one of the few already open in WeMet Industrial Park, whose Chinese name translates as “Victoria’s Secret Town” – though it has no official affiliation to the U.S. brand.

The development of the lingerie industry in eastern Guanyun county, 180 miles (290 km) from the metropolis of Nanjing, has exploded partly due to a U.S. tariff exemption likely to soon be curtailed or scrapped.

Under the “de minimis” rule, which seeks to reduce customs paperwork, the United States exempts foreign packages valued at $800 or under from tariffs as long as they’re shipped to individuals.

It has fuelled the meteoric rise of Chinese e-commerce firms such as Shein and PDD Holdings’ PDD.O Temu, as well as producers like Lei selling through those platforms, while also being exploited for criminal ends, such as fentanyl trafficking.

Efforts by U.S. President Joe Biden to “plug the loophole” in his final days in office, and incoming President Donald Trump’s campaign pledge to raise tariffs on China, are threatening investment returns and livelihoods in largely agrarian Guanyun, home to about 1 million.

The European Union and other countries are considering similar restrictions.

De minimis curbs and higher tariffs “will have a relatively large impact on us,” said the pony-tailed and bespectacled Lei, whose Midnight Charm Garment Co. serves clients like Shein and relies on the U.S. for 70% of revenues.

Nomura estimates China will export $240 billion in goods benefiting from this exemption this year, accounting for 7% of its overseas sales and contributing 1.3% of gross domestic product.

It forecasts that the U.S. eliminating the rule would reduce export growth by 1.3 percentage points and GDP growth by 0.2 points; the figures worsen significantly if Europe and Southeast Asia also remove the dispensation.

“We expect blue-collar workers from those small factories of unbranded, low value-added and labour-intensive products, to be most affected,” says Nomura chief China economist Ting Lu, adding that the apparel sector was among those.

The Guanyun local government and China’s commerce ministry, as well as Shein and PDD, did not reply to requests for comment. The ministry said last month “arbitrary” tariffs “won’t solve America’s own problems” with drugs and the economy.

There are already signs that Victoria’s Secret Town, which began opening in stages from 2021, may not match the hopes of local authorities, who have invested 22 billion yuan ($3 billion). Indebted local governments like Guanyun’s have often played roles in accelerating successful industries, though at the risk of sharper future downturns by spurring excess manufacturing capacity and deflationary pressures.

On a recent November day, much of the park was vacant. No date has been announced for the launch of other stages of the park, where buildings housing research, design and e-commerce logistics activities are planned.

Other industrial zones across China also face questions of systemic overinvestment.

Local governments “only think as far as they can see,” ignoring the national economy, said Majid Ghorbani, associate professor at China Europe International Business School in Shanghai.



INDUSTRIAL MODEL

Lei started his business as a high school student in 2006, with his relatives helping him out in a shabby workshop about a 10-minute drive away. In 2014, he started selling overseas to escape price wars in the Chinese market.

A year later, Washington quadrupled the “de minimis” threshold from $200. His exports have almost doubled every year since. His total revenue last year was over $1.3 million, he said.

Lei said many of his friends, relatives and neighbours opened similar businesses. About 1,400 firms, employing 100,000 people, currently produce “erotic clothing” in Guanyun, he said. The figures he cited are comparable to those reported by Chinese state media.

“If you walk into any neighbourhood around here and shout ‘is there anyone making sexy lingerie?’, two heads would come out of almost every building,” said Lei.

Local authorities were initially circumspect due to Communist Party guidelines against “vulgar” products and content, according to speeches by Guanyun Party officials transcribed by state-run media.

But they eventually embraced the industry and fed it state resources, like the industrial park, which is located next to a giant but sparsely frequented high-speed rail station.

“The county government’s support for our erotic lingerie industry is very strong,” Lei said. “It invested in industrial land, organises entrepreneurial training and some firms receive funding support.”

Factory owners praise the park as a better place to receive customers – many of the showrooms are wholesale and only open by appointment – and store raw materials.

Lei says tariffs and e-commerce curbs would force him to accept lower sales volumes, and U.S. consumers will need to pay more.

He’s considering investing in U.S. warehouses and switching to a bulk cargo shipping model instead of direct-to-customer shipments by air, which could lower costs. He is also searching for new clients in South America, Middle East and central Asia, where customers can also be found on platforms like Temu.

Xu Yan, founder of lingerie maker Gummy Park, sells only a third of her production overseas and is confident growth in other markets would compensate for any drop in U.S. volumes.

When Reuters visited her showroom, a model clad in a black camisole and robe was livestreaming for potential Chinese buyers.

“The United States is just one country. The world has more than 8 billion people,” Xu said.

How such firms deal with the looming setback is crucial for Guanyun residents. Their average annual disposable income exceeded 21,000 yuan in 2022, up sharply from about 5,000 yuan in 2008, the latest government figures show.

At Midnight Charm’s factory near the industrial park, sewing worker Zhang Lan Lan earns up to 7,000 yuan a month, on par with many working in China’s booming electric vehicle sector. At its nearby warehouse, 72-year-old Zhou earns up to 3,000 yuan monthly, packaging products in the warehouse with other seniors.

A factory job means Zhang can live with her children instead of moving to a city for work. For Zhou, it means she’s not home alone during the day.

Above all, it’s better than working the land, said Zhou, who only gave her surname. “People these days have it easier.” – Reuters

Seven tourists hospitalised in Fiji from suspected alcohol poisoning

STOCK PHOTO | Image by fernando zhiminaicela from Pixabay

WELLINGTON – Seven tourists including four Australians were hospitalised in a suspected case of alcohol poisoning at a resort in Fiji, the Australian and Fijian governments said on Monday.

The tourists became ill after drinking a cocktail at a resort on the south coast of Viti Levu island, Fiji’s government said in a statement.

Local media named the resort as the Warwick Fiji on the Coral Coast, an area popular with foreign tourists.

“This is an extremely isolated incident, affecting only these seven guests at a specific bar within the resort,” the Fiji government said.

Last month six foreign tourists died after consuming contaminated alcohol in Laos.

Management at the resort said it had not substituted ingredients or altered the quality of drinks served to guests, the statement said.

“While we understand the concern, we want to emphasise that the tourism experience in Fiji is typically very safe, and we have acted immediately to try and discover the cause of what made these guests, at this resort, fall ill,” Fiji’s government said.

Australia Treasurer Jim Chalmers told a news conference consular officials were helping those impacted along with their families, while Fiji’s police were leading an investigation into the poisoning.

“We are thinking of the friends and family of the people who are affected. This is no doubt a very distressing time for them,” he said.

The Australian government has updated its travel advice for Fiji to flag dangers of drink spiking, and warned Australians more generally about the risk of alcohol poisoning when travelling.

“If Australians are travelling, be very alert to the potential risks in this case around drink spiking and alcohol poisoning,” Mr. Chalmers said. – Reuters

Bitcoin surges above $106,000 on strategic reserve hopes

ANDRÉ FRANÇOIS MCKENZIE-UNSPLASH

Bitcoin surged to a record high above $106,000 on Monday after President-elect Donald Trump suggested he plans to create a U.S. bitcoin strategic reserve similar to its strategic oil reserve, stoking the enthusiasm of crypto bulls.

Bitcoin, the world’s biggest and best known cryptocurrency, hit a high of $106,533 and last traded up 3.2% to $104,462. Smaller crypto ether rose 1.5% to $3,965.

“We’re in blue sky territory here,” said Tony Sycamore, an analyst at IG. “The next figure the market will be looking for is $110,000. The pullback that a lot of people were waiting for just didn’t happen, because now we’ve got this news.”

Investor sentiment also got a lift from the inclusion of MicroStrategy into the tech-heavy Nasdaq 100 index that will likely lead to more inflows for the software firm turned bitcoin buyer.

Bitcoin and crypto have been catapulted into the spotlight as investors wager the incoming Trump administration will usher in a friendlier regulatory environment, boosting sentiment around the alternate currency. Bitcoin is up 192% for the year.

“We’re gonna do something great with crypto because we don’t want China or anybody else – not just China but others are embracing it – and we want to be the head,” Mr. Trump told CNBC late last week.

When asked if he plans to build a crypto reserve similar to oil reserves, Mr. Trump said: “Yeah, I think so.”

Governments around the world held 2.2% of bitcoin’s total supply as of July, according to data provider CoinGecko, with the United States possessing nearly 200,000 bitcoins valued at more than $20 billion at current levels.

China, UK, Bhutan and El Salvador are the other countries with significant amount of bitcoins, data site BitcoinTreasuries showed.

Other countries have also been considering cryptocurrency strategic reserves.

Russian President Vladimir Putin earlier this month said the current U.S. administration was undermining the role of the U.S. dollar as the reserve currency in the global economy by using it for political purposes, forcing many countries to turn to alternative assets, including cryptocurrencies.

“For example, bitcoin, who can prohibit it? No one,” Mr. Putin said.

There are skeptics though, with Federal Reserve Chair Jerome Powell likening bitcoin to gold earlier this month. Analysts also point out that any such move will take time to implement.

“I think we still need to be cautious on a BTC strategic reserve, and at least consider that this is not likely to happen anytime soon,” said Chris Weston, head of research at Pepperstone.

“Of course, any comment from Trump that offers an increased degree of hope that plans for a strategic reserve is evolving are an obvious a tailwind, but this would come with consequences which would need to be carefully considered and well telegraphed to market players.”


CRYPTO BOOST

Bitcoin has surged more than 50% since the Nov. 5 election that saw Trump elected along with many other pro-crypto candidates. The total value of the cryptocurrency market has almost doubled over the year so far to hit a record over $3.8 trillion, according to CoinGecko.

Mr. Trump – who once labelled crypto a scam – embraced digital assets during his campaign, promising to make the United States the “crypto capital of the planet.”

Trump this month named a White House czar for artificial intelligence and cryptocurrencies, former PayPal executive David Sacks, a close friend of Trump adviser and megadonor Elon Musk.

Mr. Trump also said he would nominate pro-crypto Washington attorney Paul Atkins to head the Securities and Exchange Commission.

On Friday, exchange operator Nasdaq said MicroStrategy will be added to the Nasdaq-100 Index, with the change coming into effect before the market opens on Dec. 23

MicroStrategy, an aggressive investor in the world’s largest crypto asset, has seen its shares soar more than six-fold this year, taking its market value to almost $94 billion. It is now the largest corporate holder of the cryptocurrency.

Pepperstone’s Weston said the market was “front running the idea that Michael Saylor (MicroStrategy CEO) will capitalize on the likely rally in the MicroStrategy share price, given the impending passive flows from its inclusion into the NAS100 – where he’ll presumably sell shares and purchase more bitcoin.” – Reuters

China’s weak consumption drags on economy as Trump tariff threat looms

Stock Photo | Image by Jeremy Zhu from Pixabay

BEIJING, Dec 16 (Reuters) – China’s industrial output growth quickened slightly in November, while retail sales disappointed, keeping pressure on Beijing to ramp up stimulus for a fragile economy as it braces for more U.S. trade tariffs under a second Trump administration.

The mixed set of data underlines the challenges facing Chinese leaders heading into 2025 when trade relations with the United States could worsen at a time when domestic consumption also remains weak.

“China’s economy appears to have slowed last month, despite tailwinds from recent policy easing,” said Julian Evans-Pritchard, head of China economics at Capital Economics.

“But we doubt that stimulus can deliver anything more than a short-lived improvement, not least because the current strength of export demand is unlikely to last once President Trump starts to put some of his tariff threats into action.”

China’s industrial output grew 5.4% in November year-on-year, up from the 5.3% pace seen in October, data from the National Bureau of Statistics (NBS) showed on Monday, beating expectations for a 5.3% increase in a Reuters poll.

However, retail sales, a gauge of consumption, grew just 3.3% last month, much slower than a 4.8% rise seen in October. Analysts had predicted a 4.6% expansion.

The weaker retail figures come despite a boost from major online shopping promotions and government-subsidised trade-in programs that have boosted sales in sectors including automobiles.

Fixed asset investment also increased at a slower 3.3% pace in January-November from the same period a year earlier, compared with an expected 3.4% rise. It grew 3.4% in the January to October period.

NBS spokesperson Fu Linghui told a media briefing that the trend of recovery in consumption has not changed and that more efforts would be needed to ensure the economic recovery continues into 2025.

At last week’s Central Economic Work Conference (CEWC), a closely-watched agenda-setting meeting, China’s top leaders pledged to raise the budget deficit, issue more debt, and make boosting consumption a top priority.

The remarks echoed commitments made by a meeting of top Communist Party officials, the Politburo, earlier this month, which endorsed an “appropriately loose” monetary policy in the first easing of its stance in 14 years.

Policymakers continue to grapple with a years-long property crisis that is dragging on consumer confidence and the broader economy, with some 70% of household savings parked in real estate.

There was some encouraging signs on China’s new home prices, which fell at the slowest pace in 17 months in November.

Officials in recent months have doubled down on efforts to encourage homebuying, including cutting mortgage rates and minimum down-payment ratios, as well as tax incentives to lower the cost of housing transactions.

However, most analysts say a sure-footed recovery in the real estate sector appears to be some way off.

Reuters has reported that policy advisers have recommended that Beijing maintain a growth target of around 5.0% for next year, with one government economist saying that China can offset the impact of expected U.S. tariffs on its exports by further boosting domestic demand.

Trump, who is set to start his second term as the U.S. president in January, has threatened tariffs in excess of 60% on imports of Chinese goods.

Reuters also reported last week that China was considering allowing the yuan to weaken in response to punitive trade measures, but a readout from state media Xinhua after the CEWC reiterated a commitment to maintain the yuan’s basic stability.

A recent Reuters poll predicted China will grow 4.5% next year, with new U.S. tariffs potentially shaving up to 1 parentage point off growth. – Reuters

South Korea court begins review of Yoon impeachment

South Korean President Yoon Suk Yeol delivers a speech to declare martial law in Seoul, South Korea, December 3, 2024. The Presidential Office/Handout via REUTERS/File Photo

 – South Korea’s Constitutional Court will begin on Monday reviewing the impeachment of President Yoon Suk Yeol over his Dec. 3 martial law attempt, while investigators said they plan to question him this week.

All six current justices of the court will attend the first meeting over the impeachment, which the opposition-led parliament passed on Saturday. The court has up to six months to decide whether to remove Mr. Yoon from office or to reinstate him.

Justice Kim Hyung-du said the Constitutional Court will discuss procedures and how to conduct arguments.

In 2017, the court began oral arguments about three weeks after parliament voted to impeach then-President Park Geun-hye over abusing the powers of her office, and took three months to issue a ruling to strip her presidency.

Mr. Yoon and a number of senior officials face potential charges of insurrection, for the short-lived martial law.

A joint team of investigators from the police, the defence ministry and an anti-corruption agency are planning to call Mr. Yoon in for questioning at 10 a.m. (0100 GMT) on Wednesday, a police official told Reuters.

On Sunday Mr. Yoon did not appear in response to a summons for questioning by a separate investigation by the prosecutors’ office, Yonhap news reported. Yoon cited he was still forming a legal team for his defence as the reason, it said.

The government led by acting president, Han Duck-soo, was moving quickly to reassure international partners and calm financial markets, while the main opposition party pledged to cooperate in efforts to stabilise the situation.

Early on Monday, the finance minister, Bank of Korea governor and top financial regulators met and pledged around-the-clock monitoring of financial and foreign exchange markets.

The benchmark KOSPI index .KS11 rose for a fifth straight session on Monday and traded at its highest levels in more than two weeks, as authorities vowed to stabilise financial markets and analysts noted eased political uncertainty.

Mr. Yoon’s surprise martial law declaration and the ensuing political crisis spooked markets and South Korea’s diplomatic partners, worried over the country’s ability to deter nuclear-armed North Korea.

In one of his first moves as acting president, Han spoke with U.S. President Joe Biden by telephone on Sunday, pledging unwavering commitment to pursue foreign and security policies based on the alliance between the two countries.

Opposition Democratic Party leader Lee Jae-myung welcomed U.S. President-elect Donald Trump’s selection of his former intelligence chief to handle special missions including North Korea as a sign of commitment for dialogue to ease tensions.

The Saturday impeachment vote passed with at least 12 members of Yoon’s ruling People Power Party joining in favour, which has thrown the party into a disarray with its leader Han Dong-hoon announcing his resignation on Monday.

Mr. Han had publicly backed Yoon’s impeachment as the only way to restore order in the country and clashed with some members who continued to oppose the move. – Reuters

ADVERTISEMENT
ADVERTISEMENT