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Nuclear energy and the UPSE RPA-PDEAA lecture

Among the important developments in global energy recently was not the “surging” prices of oil, natural gas, or coal, as there was none.

From end-December 2022 to Jan. 16, 2024, these were the prices of oil, gas, and coal: WTI crude oil, $77/barrel to $72/barrel; US natural gas, $3.54/metric million British thermal unit (MMBtu) to $2.82/MMBtu; Coal (Newcastle) $390/ton to $129/ton. Meanwhile, the solar energy index was $331 to $233, the wind energy index was $299 to $276, and the EU carbon permits were $90/ton to $68/ton.

In contrast, over the same period the price of uranium went from $48.84/pound (lb) to $92.5/lb, and the nuclear energy index rose from $1,462 to $2,148. Almost double in price in less than 13 months.

So, fossil fuel prices are down — good. Financial returns on wind, solar, and the penalization of carbon emissions are down — good too. Meanwhile the prices of nuclear energy are rising. This implies that as countries and companies “transition” away from fossil fuels and “decarbonize,” they do not go towards more wind and solar. Rather, they go towards nuclear energy.

NUCLEAR POWER BY COUNTRIES
I checked the nuclear energy use of countries from 1985 to 2022 and their economic growth during the same period. I grouped them into three: in Group A are the G7 countries (except Italy which has no nuclear energy), in Group B are other European countries, and in Group C are Asian countries.

The G7 countries have either plateaued or decreased their electricity generation from nuclear (which is very high energy density, cheap, stable, and reliable) and they experienced low or declining growth. Most notable are Japan, Germany, and United Kingdom. France remains the most nuclear-intensive country in the world.

Group B countries show a mixed trend, with Russia, Slovakia, the Czech Republic, and Hungary exhibiting a rising trend in their nuclear/total generation ratio. Russia and Hungary have recovered from deep economic contractions in the early 1990s. The other Europeans have either plateaued their nuclear/total generation ratios or have seen it decline like Sweden and Belgium — which are still at high levels of 30% and 46% respectively in 2022.

Group C also exhibited a mixed trend. China, India, and Pakistan are newbies in nuclear energy, and they are just ramping up, which should have helped them keep their high average growth of 4% to 6.6% from 2011-2022. South Korea and Taiwan started using nuclear energy early, but Taiwan “denuclearized” fast as they shifted to more natural gas. South Korea and Taiwan have had slow growth in the past decade (see the table).

I added in the table the hypothetical contribution of the Philippines’ Bataan Nuclear Power Plant (BNPP) with 620 MW in installed capacity. If the average capacity factor was 85%, then its dependable capacity would have been 527 MW. So, in one day, or 24 hours, it could generate 12,648 megawatt-hours (MWH) of electricity; in one year, 4.62 million MWH or 4.62 TWH. If the BNPP had been allowed to operate in 1985, it could have contributed or added 20% to the total power generation in 1985, and 4% in 2022.

THE 2ND ANNUAL RUPERTO P. ALONZO LECTURE
The UP School of Economics (UPSE) Program in Development Economics Alumni Association (PDEAA) in partnership with the Philippine Center for Economic Development (PCED) will hold the second Ruperto P. Alonzo (RPA) annual lecture on the theme, “The Nuclear Option and Economic Growth” on Feb. 8, 3 p.m. at the UPSE in Diliman, Quezon City.

The main speaker will be Department of Energy (DoE) Undersecretary Sharon S. Garin and the discussants will be Irma Exconde (PDE Batch 37 and DoE Director), yours truly (PDE Batch 33), an anti-nuke group Asian Peoples’ Movement for debt and development, and, possibly, Dr. Caloy Arcilla of the Philippine Nuclear Research Institute (PNRI).

Prof. Ruperto “Ruping” Alonzo was a well-loved faculty member of UPSE for 45 years (1968-2013) and was named Professor Emeritus in 2016. He was the Director for PDE for many years, was UP Vice-President for Development (2005-2009), Director of the Institute for Small Scale Industries (2004-2009) and was Deputy Director-General of National Economic and Development Authority (NEDA, 1998-2001). He passed away in 2017.

The first RPA lecture was held on Feb. 8, 2023 at UPSE on the subject of Public-Private Partnership (PPP) and the speaker was Cynthia Hernandez, Executive Director of the PPP Center and also from PDE Batch 33.

The PDEAA is happy to get the corporate sponsorships of Aboitiz Power (AP), Manila Electric Co. (Meralco), and Robinsons Retail Holdings.

So far only two energy companies have expressed explicit plans to develop nuclear power in the country, AP and Meralco/MGen — great guys. The two companies have both power generation and distribution businesses. For now, they are expanding their renewable energy (RE) generation because the RE law of 2008 (RA 9513) mandates the renewable portfolio standards (RPS). But RE, especially wind-solar, have very low energy density and low-capacity factors and hence have low actual power generation despite high installed capacity.

As the insane “decarbonization” policies continue worldwide, energy companies must develop nuclear power to prevent the country from going down the road of deindustrialization and degrowth brought about by more RE.

Robinsons Retail Holdings is a big energy consumer because of their wide-ranging business units — department stores, supermarkets, convenience stores, DIY and hardware stores, appliance and electronics, toys, etc. Cheap, stable and reliable, no-blackout energy sources, regardless of the weather, will help them provide more convenience and affordable prices for their customers.

Proceeds of the corporate sponsorships will go to the planned PDEAA room at the expanded UPSE building. The 2nd RPA lecture is open to the public and media, with no registration fee, both onsite and online.

 

Bienvenido S. Oplas, Jr. is the president of Bienvenido S. Oplas, Jr. Research Consultancy Services, and Minimal Government Thinkers. He is an international fellow of the Tholos Foundation.

minimalgovernment@gmail.com

BDO ends peso bond offer early amid strong demand

BW FILE PHOTO

BDO UNIBANK, Inc. on Tuesday ended its offer for peso-denominated Association of Southeast Asian Nations (ASEAN) sustainability bonds amid strong demand from both retail and institutional investors, according to a stock exchange filing.

This is a week ahead of the scheduled close on Jan. 22, the Sy-led Philippine lender told the Philippine Stock Exchange on Wednesday.

BDO was looking at raising P5 billion from the one-and-a-half-year bonds, the proceeds of which will be used to “diversify the bank’s funding sources and finance and/or refinance eligible assets.”

The bonds were priced at a coupon rate of 6.025%, with a minimum investment amount of P500,000 that will increase by P100,000.

BDO said the bonds were still set to be issued, settled and listed on Jan. 29.

Standard Chartered Bank is the sole arranger of the notes and a selling agent along with BDO. BDO Capital & Investment Corp. was chosen as the financial adviser.

The bonds were the bank’s second peso-denominated sustainability bond offer after the P52.7-billion issue in January 2022. It was issued as the third tranche under BDO’s P365-billion bond program.

Proceeds from the previous issuance were used to diversify BDO’s funding sources and finance environmental and social projects.

The two-year debt was set at a fixed rate of 2.9%, with interest payable quarterly on a 30/360 basis.

BDO’s net income rose by 16.5% year on year to P18.7 billion in the third quarter amid higher interest income and lower provisions.

Its share price gained 0.07% or 10 centavos to close at P139.20 each. — Aaron Michael C. Sy

Xiaomi unveils Redmi Note 13 Series phones

BANGKOK — XIAOMI on Monday launched here its Redmi Note 13 Series smartphones, as well as updated versions of its smartwatch and earbuds.

“Redmi Note was born to bring amazing tech to everyone. When you’re using Redmi Note, you’re actually using 10 years of experience and effort to create the best midrange smartphone,” Xiaomi International Southeast Asia General Manager Alex Tang said at the launch event.

The Redmi Note 13 Series features the Note 13 and Note 13 5G base models and the Pro models Note 13 Pro, Note 13 Pro+ 5G, and Note 13 Pro 5G.

“With significant upgrades to camera system, design, display, and processor, Redmi Note 13 Series continues to close the gap between mid-range and flagship-level smartphones, delivering all-star durability, fantastic experience, and impressive imaging capability — all at reasonable prices,” Xiaomi said in a statement.

The Redmi Note 13 has a MediaTek Dimensity 6080 processor, while the Redmi Note 13 5G features a Snapdragon 685 processor.

For the Pro Models, the Redmi Note 13 Pro+ 5G is powered by a MediaTek Dimensity 7200-Ultra processor, while the Note 13 Pro 5G features a Snapdragon 7s Gen 2 processor. Lastly, the Redmi Note 13 Pro comes with a MediaTek Helio G99-Ultra processor.

The Redmi Note 13 Pro+ 5G and Note 13 Pro 5G both have a 1.5K AMOLED display with 1800 nits peak brightness. Meanwhile, the Redmi Note 13 Pro, Note 13 5G, and Note 13 feature an FHD+ AMOLED display.

The base models Note 13 and the Note 13 5G come with a 108-megapixel (MP) main camera, an 8MP ultrawide camera and a 2MP macro camera, as well as a 16MP front camera. Meanwhile, the Pro models have a 200MP main camera.

“The reason we place such an emphasis on mobile imaging is because our users love to take photos, to tell stories about their lives, create works of art, and store cherished memories of families and friends,” Xiaomi International Product Marketing Manager TJ Walton said on Monday.

The Redmi Note 13 is priced at P9,999 for the 8GB RAM and 256GB storage variant, while the 6GB+128GB model costs P7,999.

Meanwhile, the Redmi Note 13 Pro’s 8GB+256GB version is priced at P13,999, while its 12GB+512GB variant sells for P15,999.

Lastly, the Redmi Note 13 Pro+ 5G costs P20,999 (8GB+256GB) to P23,999 (12GB+512GB), while the Note 13 Pro 5G is priced at P16,999 (8GB+256GB) to P18,999 (12GB+512GB).

Both the Redmi Note 13 and the Redmi Note 13 5G support 33W fast charging, while the Redmi Note 13 Pro 5G and the Redmi Note 13 Pro have 67W turbo charging, and the Redmi Note 13 Pro+ 5G supports 120W HyperCharge.

All Note 13 Series devices also feature an in-display fingerprint scanner, the first for Redmi Note phones.

Kunpimook Bhuwakul or BamBam from K-pop band GOT7 was announced as Xiaomi Southeast Asia’s first ambassador at the Note 13 Series launch event.

REDMI BUDS 5, WATCH 4
During the event, Xiaomi also launched the Redmi Watch 4, the Redmi Buds 5, and the Redmi Buds 5 Pro.

The Redmi Watch 4 features a square 1.97-inch AMOLED display. Xiaomi said this is the largest square form-factor Redmi smartwatch.

The smartwatch has an upgraded four-channel PPG sensor for heart rate and blood oxygen monitoring.

“Users have a choice of more than 150 sports modes, including six automatically recognized activities. Advanced features include Bluetooth® calling that allows users to answer calls by raising their hand and tapping,” Xiaomi said.

It is priced at P4,899 and comes in Silver Grey or Obsidian Black bezels with a matching strap. Users may also purchase Pastel Purple, Dark Cyan, or Mint Green straps.

Meanwhile, the Redmi Buds 5 has active noise canceling of up to 46dB with three options for background noise settings and three transparency modes.

“Redmi Buds 5 support up to 10 hours of continuous listening and up to 40 hours of use when paired with its charging case,” Xiaomi said.

The base model Buds 5 is available in Black, White, and Sky Blue and is priced at P1,899.

Meanwhile, the Buds 5 Pro costs P3,399 and has three color options: Midnight Black, Moonlight White, and Aurora Purple

The Pro model has up to 52 dB active noise cancellation, as well as up to 4kHz ultra-wide frequency noise cancellation. — A.M.C. Sy

Tickets go on sale for Venice day trippers in trial scheme

VENICE —ITALIA.IT

ROME — Tickets went on sale on Tuesday for visitors wanting to see Venice from April as part of a trial aimed at controlling the growing numbers of day trippers crowding into the lagoon city.

A one-day ticket costs €5 ($5.45) and will be valid from 8:30 a.m. to 4 p.m. local time.

The new daily admission fee will come into force from April 25, a national holiday in Italy. Tickets will be needed for the following 10 days and thereafter for most weekends until mid-July.

Visitors have to pay online (https://cda.ve.it/en/) and will obtain a QR code giving them access for a day. Anyone caught without a ticket will face a fine of between €50 ($54) and €300 ($326).

Restrictions will not apply to the lagoon’s smaller islands, such as Murano, famous for its glass-making industry.

Residents and people who were born in Venice as well as students, workers, and home owners in the city will be exempt from paying and booking a slot.

Visitors aged under 14 and tourists with hotel bookings will need to be registered and obtain a QR code, but access for them will be free of charge.

There will be no limit on the number of people entering the city, at least initially, as city authorities study the efficiency of the system.

Mass tourism and floods have long been a problem for the fragile city, known for its picturesque canals, churches, and squares.

Last year, the United Nations cultural body UNESCO threatened to add Venice to its list of World Heritage in Danger, accusing Italy of not doing enough to protect the city from the impact of climate change and mass tourism.

It later dropped the threat after giving the thumbs up to Italian efforts to address these concerns via the MOSE anti-flooding system and by the introduction of the entry fee. — Reuters

Raslag eyes to buy properties in Nueva Ecija for 2 solar projects

RASLAG Corp. will buy lots in Nueva Ecija, for an estimated P807.73 million, for its two solar projects, the solar energy developer said on Wednesday.

In a stock exchange disclosure, Raslag said its board has approved the purchase of lots with an estimated total area of over one million square meters.

The properties will house Raslag 7 and Raslag 8 solar projects located in Brgy. Liwayway, Sta. Rosa, Nueva Ecija.

“The agricultural lands shall be converted into industrial-commercial use for solar plants purposes,” the company said.

The board has also approved the selection of contractors for the 36.65-megawatt peak (MWp) Raslag 4, specifically Solenergy Systems, Inc. for operations and maintenance and Pure & Pam, Inc. for the construction of the microwave tower.

Situated in San Pablo, Magalang, Pampanga, the project has an estimated total construction cost of P1.7 billion. Of the total, about P380 million will be sourced from initial public offering proceeds, P120 million from internally generated funds, and P1.2 billion from the Bank of the Philippine Islands. — Sheldeen Joy Talavera

​Moovr expands EV fleet, eyes intercity transportation

ATHER-ENERGY-UNSPLASH

E-SCOOTER and bicycle-sharing mobile service Moovr PH is eyeing intercity transportation after introducing e-bikes to its fleet of electric vehicles (EV).

The company has improved and expanded its EV fleet to 310, from the previous 100 as of December last year, servicing Bonifacio Global City (BGC), the Makati central business district, and Filinvest Alabang.

The refreshed fleet uses Okai EB300 e-bikes and ES600 e-scooters, which both have swappable batteries and a maximum speed of 25 kilometers per hour.

“We’re hoping to bridge Makati and BGC, but we will need safe infrastructure,” Anna Moncupa, Moovr founder and general manager, told BusinessWorld on the sidelines of the company’s relaunch event on Saturday.

“It’s always going to be expanding that sphere and moving toward intercity versus intracity,” she added. “Bikers are more responsible than scooter rides in general because anyone can use the scooters, whereas you have to know how to use the bike.”

However, Ms. Moncupa noted safety as a priority before expanding its services intercity, adding that protected bike lanes and strict traffic compliance must be present first.

“Even if townships want us to [operate in their area], we’re not going to endanger our riders even if we technically don’t have the liability,” she said.

“At the end of the day, the success of the program is about the entire community and not just one rider,” she added. “The goal is to get more [onboard], so we can keep lowering our prices. We want to lower our prices.”

Moovr currently has over 1,800 monthly active riders from its more than 231,000 user base, according to Ms. Moncupa.

The rental rate for both e-bikes and e-scooters is P30 for 10 minutes. — Miguel Hanz L. Antivola

Messengerial service

FREEPIK

FILIPINO sociologist Mary Racelis-Hollsteiner noted the need for Smooth Interpersonal Relationship (SIR) as part of our culture. We have an aversion for face-to-face confrontation, except in legislative investigations, when the media are covering them.

Avoidance of conflict has become second nature, thus the prominence of indirect communications, and the need for messengerial service.

In the corporate setting, contentious issues, and the need to provide negative feedback, are part of the executive’s job description. Can this be delegated to a third party? A messenger or emissary, not necessarily with ambassadorial rank, or even a formal title (maybe, Special Projects) is used to deliver unpleasant messages to a targeted audience of one.

This official messenger has instructions on the message to be delivered, and even how it should be dished out, sometimes gently.

He follows a script and deflects any violent reaction by prefacing the message with — “this is not my decision. I’m just a messenger here. This is nothing personal.” He massages the target’s ego by implying that the adverse turn of events may be the work of envious rivals. This approach deflects resentment from the person who made the nasty decision. The messenger too is spared from any violent reaction — I know how you feel.

The messenger then reports on the meeting from his notes and answers the questions of the boss — Was he calm while you were talking? (No Sir, he was sobbing.) This report on the reaction prepares the sender of the message for the next meeting with a calmer and more subdued subordinate. (Let’s just compute your separation benefits.)

Messengers can be divided into two groups, one for good news, the other for the other kind. But good news takes care of itself. It is delivered by the boss who is only too willing to have his ring kissed when he calls somebody in for a promotion, the delivery of his new hybrid SUV, a salary increase, or a trip to London to attend a seminar on the prospects for the commonwealth games. An intermediary is only used for delivering bad news.

For a company which declares outstanding profits to bankers and investors while at the same time pushing warm bodies out of tall buildings “to improve efficiency,” the role of messenger can be challenging.

He is tasked with delivering to a high official (maybe even one in the C-Suite) that he should consider retirement and enjoy non-stressful activities like window shopping and gardening. The messenger has a script to respond to the stupid question of why this message is being delivered by one who has a lower rank. The slur does not faze the delivery man — I was asked to do this. (Maybe you can check with the boss afterwards.)

Because the messenger’s job entails seeing grown men crumple before his eyes, he needs to relieve the stress that is part of this role. (He has undertaken this task before.) He practices breaking the news to himself in the mirror and checks out new lines to lighten the moment. (You have the chance to finally binge on replays of Game of Thrones.)

Maybe, the messenger role is better suited to professionals used to delivering bad news like defense lawyers, bankers, oncologists, and bill collectors. But every CEO has a designated person he trusts and whom everyone in the organization knows as the “hit man.” Just an appointment with him sends shivers down everybody’s spine — Are you free this morning?

The messaging function does not travel a straight line. There is the grapevine that spreads bad news before it is official. Such rumblings can find their way to the intended recipient.

The grapevine is unstructured, and not always reliable. It includes fake news from overheard conversations by waiters delivering coffee to a meeting, the secretary of the boss that arranges appointments. (Why is the boss seeing an executive placement company?) Even the toilet attendant can overhear noises unconnected with the flushing of toilets.

The decision-maker at the top who uses messengers to deliver orders and decisions is shirking one of his most important tasks of providing feedback to his subordinates.

In the end the message somehow finds its way to the target who must then explain to his family why he is always home. Can he use a messenger too?

 

Tony Samson is chairman and CEO of TOUCH xda

ar.samson@yahoo.com

LANDBANK’s online fund transfers to remain free

LANDBANK

LAND BANK of the Philippines (LANDBANK) on Wednesday said it would continue to waive fees on fund transfers to other banks via InstaPay and PESONet worth P1,000 and below.

“We are extending our waiving of fees for small-value online fund transfers to encourage more clients to embrace cashless transactions, in support of the National Government’s thrust of building a cash-lite economy,” LANDBANK President and Chief Executive Officer Lynette V. Ortiz said in a statement.

“Beyond the convenience of free fund transfers, customers can also use LANDBANK’s digital platforms for bills payment, cardless withdrawal and opening of additional deposit accounts,” she added.

LANDBANK said its customers’ online fund transfers for the first three transactions for the day would continue to be free.

Free online fund transfers are available through the LANDBANK mobile banking app and online retail banking channel iAccess.

The lender will also keep its transaction fee of P15 for fund transfers worth more than P1,000.

Fund transfers between LANDBANK and its digital arm Overseas Filipino Bank will remain free of charge regardless of the amount.

LANDBANK’s net income rose by 24% to P31.85 billion at end-September amid higher loans and yields from its investments, representing 90.9% of its P35-billion target for the year. — Aaron Michael C. Sy

HONOR launches ‘toughest phone’ X9b 5G in PHL

HONOR Philippines last week launched the “toughest” mid-range smartphone HONOR X9b 5G in the country.

The HONOR X9b 5G is priced at P16,999, the brand said in a statement, with the pre-order period set to run until Jan. 19. The phone is available in three colors: Sunrise Orange, Emerald Green, and Midnight Black.

“The latest addition to its acclaimed X Series lineup was seen to have combined exceptional display quality, expansive photography capabilities, and enhanced battery and hardware performance, the HONOR X9b 5G sets a new benchmark for mid-range smartphones in the industry,” it said.

“We are very excited to finally introduce the HONOR X9b 5G, the toughest phone that embodies our commitment to pushing the boundaries of innovation and delivering an exceptional user experience,” HONOR Philippines Vice-President Stephen Cheng said. “From the exceptional display and powerful camera system to the impressive durability and outstanding hardware performance, the HONOR X9b 5G truly represents our dedication to creating a new intelligent world for everyone.”

The smartphone’s display features HONOR’s Ultra-Bounce Anti-Drop technology certified by SGS’ Five-Star Overall Drop Resistance. The cushioning technology increases the display’s shock absorption capacity by up to 1.2 times for improved durability.

The HONOR X9b 5G has a 6.78-inch AMOLED Curved Display and supports 1.5K ultra-clear resolution, 100% DCI-P3 color gamut and up to 1.07 billion colors.

“As a testament to HONOR’s commitment to human-centric technology, the HONOR X9b 5G offers an array of eye protection features, including 1920Hz PWM Dimming, Low Blue Light, Dynamic Dimming, and Circadian Night Display, cater to the needs of today’s always-on generation who spend long hours in front of screens,” it said.

The phone is powered by the Qualcomm Snapdragon 6 Gen 1 Mobile Platform and runs on MagicOS 7.2 based on Android 13.

It has a 5,800mAh battery, which HONOR said can power the phone for three days on a single charge.

The HONOR X9b 5G has a triple camera system with a 108-megapixel (MP) main lens with a large sensor and aperture for improved clarity, a 5MP ultra-wide camera, and a 2MP macro lens. — BVR

Guinness World Records reviews evidence related to ‘world’s oldest dog’ title

OLDEST DOG EVER — GUINNESS WORLD RECORDS

LISBON — Guinness World Records (GWR) said on Tuesday it was conducting a formal review of the “world’s oldest dog” title it gave to a Portuguese dog named Bobi who died last year. The move follows complaints by veterinarians who raised doubts over his age.

Bobi was a purebred Rafeiro Alentejano who spent his life in a village in central Portugal. GWR originally said the creature lived for 31 years and 165 days, breaking a record held since 1939 by an Australian cattle-dog that died at 29 years and five months.

Bobi, who died in October last year, was declared the world’s oldest dog in February.

Bobi’s breed, traditionally used as sheepdogs, has a normal life expectancy of 12-14 years.

A spokesperson for GWR said the review into Bobi’s record was ongoing and it included looking over evidence again, seeking new evidence, reaching out to experts and those linked to the original application.

“While our review is ongoing, we have decided to temporarily pause applications on both the record titles for oldest dog living and (oldest dog) ever until all of our findings are in place and have been communicated,” the spokesperson said.

Bobi’s owner, Leonel Costa, said in a statement on Tuesday that after his dog’s death, “an elite within the veterinary world … tried to give people the idea that Bobi’s life story was not true.”

According to Mr. Costa, some veterinarians were upset because he attributed Bobi’s longevity to factors including a steady diet of “human food” rather than pet food, which he said was often recommended by those in the sector.

“Everything would be different if we had said he (Bobi) ate pet food for three decades,” Mr. Costa said, adding that all requirements requested by the GWR were met.

Mr. Costa said GWR has not reached out to him.

No action has yet been taken regarding any record holders, GWR said. It added that any action would be determined by the review’s outcome.

Prior to his death, Bobi still loved walks but had become less adventurous, Mr. Costa previously told Reuters. His fur was thinning, his eyesight had worsened, and he needed to rest more than in earlier years. — Reuters

Auto Sales (December 2023)

VEHICLE SALES rose by an annual 22% in 2023, surpassing the industry’s target, a report showed, as consumer demand remained robust despite elevated inflation and rising interest rates. Read the full story.

 

Auto Sales (December 2023)

Stolen Picasso, Chagall paintings found in Antwerp house

BRUSSELS — Belgian police have found stolen Picasso and Chagall paintings in a basement in the city of Antwerp, local authorities said on Tuesday, adding that the artworks are still in good condition.

The paintings, Picasso’s Tête and Chagall’s L’homme en prière, were stolen from an art collector in Tel Aviv, Israel, in 2010 and are worth $900,000.

At the time of the theft, $680,000 worth of jewelry was stolen as well but only the paintings have been found.

Local police had started an investigation when a source informed them that a Belgian national was offering both artworks for sale.

The local prosecutor said the main suspect has been arrested. — Reuters