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PBA Commissioner’s Cup semifinals battle royale at Big Dome

Games Wednesday
Smart Araneta Coliseum
4 p.m. — Phoenix vs Magnolia
8 p.m. — Ginebra vs San Miguel

THE BATTLE royale for the Philippine Basketball Association (PBA) Season 48 Commissioner’s Cup is fittingly down to the four squads that have essentially been the most dominant of the tournament.

Top seed Magnolia, owner of a sizzling 7-0 start and leader throughout, and No. 4 Phoenix, a youth-laden crew on a “fairytale” run highlighted by a six-game run early in the campaign, lock horns in one end of the explosive best-of-five semifinal stage.

On the other, it’s No. 2 San Miguel Beer (SMB), last season’s Philippine Cup kingpin, and No. 3 Barangay Ginebra, the defending champs, in a fierce duel between titanic brothers that haven’t tasted defeat in their last six and five assignments, respectively.

The last four standing fire the first salvo Wednesday at the Smart Araneta Coliseum.

Magnolia and Phoenix take the battlefield at 4 p.m., both intent on pushing their bids to crash the party of recent winners like SMB and Ginebra.

The Hotshots, whose last championship was back in the 2018 Governors’ Cup, have reached the semis in four of the last five conferences but got stuck in this stage three times and settled for runner-up the one time it made the finals.

The Fuel Masters are gunning for a franchise breakthrough in only their third Final Four appearance.

“We’re always here, every conference. We talked about it. We go to the semis, we go to the finals (only to fall short) but hopefully this time, we go all the way,” said Magnolia’s Chito Victolero after his wards dispatched No. 8 TNT, 109-94. “But again it’s very hard.”

As Phoenix mentor Jamike Jarin called it, “the fairytale continues” for the crew led by Johnathan Williams III, Javee Mocon, RJ Jazul, Tyler Tio and Ken Tuffin. But Mr. Jarin admitted the road got a lot tougher with the stacked Magnolia side of Tyler Bey, Paul Lee, Jio Jalalon, Calvin Abueva and Mark Barroca as opposition.

“They are the favorites even before the start of the conference and we’ll get our hands full. But the pressure is on them,” said Mr. Jarin of Magnolia.

Ginebra’s Tony Bishop, Scottie Thompson, Christian Standhardinger, Jamie Malonzo and Maverick Ahanmisi and SMB’s Bennie Boatwright, June Mar Fajardo, CJ Perz, Chris Ross and Don Trollano open fire at 8 p.m.

“In my mind, among the four, they’re the team to beat,” Ginebra tactician Tim Cone said of the Beermen.

“We know it’s going to be a hell of a series and pretty much a championship-level series,” seconded Mr. Malonzo. “These are the games we want to play in.” — Olmin Leyba

Strong Group Athletics eyes sweep of Group B at Dubai basketball tourney

STRONG Group Athletics tries to zero in on a group sweep when it tackles Beirut Sports Club in the resumption of its campaign in the 33rd Dubai International Basketball Championship Wednesday at the Al Nasr Club.

Coming off a two-day break, Strong Group wants no let-up against another Lebanese ball club at 1:15 a.m. Wednesday in a bid to go 4-0 in Group B with a game left in its schedule.

Strong Group over the weekend scored a gritty 104-95 win over Lebanon’s Homenetmen for its closest win so far in the 12-team Dubai joust after drubbing the United Arab Emirates (UAE) national team, 82-66, and Al Wahda of Syria, 89-67.

Kevin Quiambao, who attracted massive interest to play for the UAE national team, has been tasked to carry the fight for the Philippine representative anew with a team-high scoring average in the first three matches.

The UAAP Season 86 and Finals MVP has stamped his class as Strong Group’s strongest weapon so far despite the presence of four quality imports led by Dwight Howard with norms of 18.5 points, 4.0 rebounds and 2.5 assists.

Against Homenetmen, Mr. Quiambao poured in 19 points, four rebounds and four assists to provide coverage for Mr. Howard, who finally had his breakout performance with 32 points, seven rebounds and five blocks.

Andray Blatche, Andre Roberson and McKenzie Moore are also expected to continue their steady play as the charges of head coach Charles Tiu eye to prime up for a heavy collision against fellow Group B leader Al Ahly Tri Sports Club of Libya Thursday.

Like the Filipino team owned by Frank and Jacob Lao, the Libyan ball club took care of its first three assignments against Beirut, 81-75, Homenetmen, 93-71, and UAE national team, 94-79.

Strong Group is looking for a stronger outing in Dubai this time around after falling short in the quarterfinals against reigning champion Al Riyadi, which has been dominating Group A with a similar 3-0 slate. — John Bryan Ulanday

Raffy Mosuela named interim coach of Akari Chargers

RAFFY MOSUELA — AKARISPORTS.COM.PH

AKARI will give assistant coach Raffy Mosuela a chance to prove his real worth as he was named interim mentor of the Akari Chargers in the Premier Volleyball League All-Filipino Conference starting Feb. 20 at the Smart Araneta Coliseum.

The team made the announcement on Tuesday through its social media account as Mr. Mosuela filled in the spot vacated by their former Brazilian bench tactician Jorge Souza de Brito.

“Charging into an exciting new chapter with a new interim head coach leading the way. Coach Raffy Mosuela has taken on the role of interim head coach for the Akari Chargers,” the team said.

Mr. Mosuela will get the opportunity to handle a team that has improved a lot following the acquisitions of two new stars in Grethcel Soltones from Petro Gazz and Ced Domingo from Creamline.

The two joined Dindin Santiago-Manabat, Faith Nisperos, Fifi Sharma and Bang Pineda in a club that could legitimately challenge for a potential podium finish. — Joey Villar

NCAA S99 beach volleyball kicks off in Subic Freeport

PHILSTAR FILE PHOTO

COLEGIO de San Juan de Letran eyes to defend its women’s title while San Sebastian College-Recoletos (SSC)seeks to foil it as National Collegiate Athletic Association (NCAA) Season 99 (S99) beach volleyball comes off the wraps Wednesday at the Subic Bay Freeport in Zambales.

The Michael Inoferio-mentored Lady Knights have brought in Lara Silva, rookie Gia Maquilang and alternate Angel Afogao with an aim of replicating their dream title run orchestrated by eventual Most Valuable Player Chamberlain “Cha” Cunada and Lara Mae Silva a season ago.

The Dominican school has so far collected two titles including its first 21 years ago. Out to challenge them are the San Sebastian Lady Stags of Kat Santos, Juna May Gonzales and Von Dimaculangan.

SSC, under multi-titled Roger Gorayeb’s tutelage, is out to reclaim the title it last won seven years ago when it completed an amazing four-peat feat that hiked its title haul to a league-best seven. “We’re ready,” said Mr. Gorayeb.

Letran squares off with Jose Rizal University at 2 p.m. while SSC tangles with College of St. Benilde (CSB) in the morning matches unfolding at 7:30 a.m.

University of Perpetual Help, meanwhile, aims to replicate its championship conquest from a year ago and hiked its total titles won in the men’s side to four and close in on the league-high seven owned by CSB. — Joey Villar

Joel Embiid scores franchise-record 70 points as 76ers beat Spurs

JOEL Embiid scored a career-high and franchise-record 70 points to go along with 18 rebounds as the host Philadelphia 76ers defeated the San Antonio Spurs 133-123 on Monday.

Embiid, the reigning Most Valuable Player, became the third player in Philadelphia franchise history to produce at least 60 points in a game, joining Wilt Chamberlain (three occasions) and Allen Iverson.

Embiid surpassed Chamberlain’s previous franchise mark of 68 points set on Dec. 16, 1967, at the Chicago Bulls.

Embiid shot 24-of-41 from the field, 1-of-2 from 3-point range and 21-of-23 from the free-throw line.

Tyrese Maxey added 18 points and eight assists and Tobias Harris had 14 points and six assists for the Sixers, who won their sixth in a row.

The short-handed Sixers were severely depleted without Patrick Beverley, De’Anthony Melton, Marcus Morris Sr., Jaden Springer, Robert Covington and Mo Bamba.

Prized No. 1 overall pick Victor Wembanyama scored 33 points for the Spurs. Devin Vassell added 22, Jeremy Sochan contributed 14, Doug McDermott had 13 and Julian Champagnie and Tre Jones each finished with 12.

The Sixers led 110-91 with 10:32 left when Maxey tossed an alley-oop pass to Kenyon Martin Jr., who finished with a thunderous dunk.

McDermott banked in a 3-pointer with 8:26 remaining to bring the Spurs within 116-104.

With the fans on their feet, Embiid knocked down an 18-foot jump shot for his 65th point with 4:51 left for a 124-109 lead.

The Spurs managed to close within 127-118 when Vassell scored with 2:37 left. Kelly Oubre Jr. responded with a layup and Embiid scored the next four points to seal the victory.

After the Sixers pulled out to a 55-47 lead, Champagnie responded with a four-point play with 4:08 left in the second quarter.

Embiid tipped in his own miss with 1:14 remaining an added a 10-footer in the final seconds for a slim 62-58 halftime lead.

Embiid had 24 points in the first quarter alone and finished the half with 34 and 10 rebounds. It marked the second time this season that Embiid at least 30 points and 10 rebounds in a half.

Wembanyama was also effective with 18 points in only 14 minutes.

When Embiid scored in the lane for a 72-66 lead with 9:20 remaining in the third, he had already reached the 40-point mark.

Wembanyama stayed aggressive, was fouled on a 3-pointer with 7:32 left and made 2 of 3 free throws to close within 77-70.

Embiid’s three-point play with 4:58 remaining gave him 50 and a 92-78 Sixers advantage. — Reuters

Lakers polarity

The Lakers got back on track with a win the other day, but mixed emotions were evident in the aftermath. They were happy, to be sure, with the triumph overcoming the stench of an abhorrent setback versus the supposedly inferior Nets in their previous outing. The Blazers may have been patsies as well, but they took care of business from the get-go and never let up. So even though all the effort merely got them back to .500 ball, it’s fair to argue that they had enough positives from the outing to build on as they endeavor to improve their standing in the second half of the season.

Significantly, not a few observers wondered why the festive mood was laced with no small measure of melancholy. LeBron James shared a telling hug with Austin Reaves, who just so happens to be the subject of trade rumors. D’Angelo Russell, himself being dangled as bait for coveted talent, seemed to shed tears on the bench, and again during his presser. Rui Hachimura, yet another name being touted as available for the taking by interested parties, looked wistful. Which made the scene all the harder to absorb.

If anything, the sight of long faces greeting an otherwise fine victory underscored the dichotomy in the Lakers locker room. As Russell noted, they all like each other, and genuinely want to be together. On the other hand, the roller-coaster ride they are currently on makes the maintenance of esprit de corps difficult with each passing day. Such is life in the National Basketball Association — and even more so with the Lakers, where there are high thresholds for success regardless of circumstance. For the purple and gold, it’s invariably the championship or bust.

It’s no coincidence that Russell has been playing lights out of late. After all, he did regain his spot on the starting five, and his minutes increased accordingly. Playing with James, Anthony Davis, and Reaves has enabled him to get open looks, on which he creditably cashes in with his aggressiveness. At the same time, he’s basically doing one more audition for the role that he played to the hilt last year as the Lakers’ new trade deadline addition. And he’s got a point. Why bank on the unknown when he’s already around, and when all he needs to thrive are the right opportunities?

Interestingly enough, the pressure on the coaching staff to do better was somewhat increased by James apparently calling time to take himself out of the match with the outcome already certain the other day. Critics feasted on footage of Darvin Ham simply taking a cue from him, and then considered it as proof that the Lakers should change the head coach first and foremost. Because that’s not likely to happen, however, the focus is on the personnel. Right or wrong, it’s what will determine their fate.

 

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.

Canada sets 2-year cap on int’l student permits

Single family homes are seen against the skyline of Vancouver, British Columbia, Canada Sept. 30, 2020. — REUTERS

OTTAWA — Canada on Monday announced an immediate, two-year cap on international student permits and said it would also stop giving work permits to some postgraduate students as it seeks to rein in record numbers of newcomers seen aggravating a housing crisis.

The cap is expected to result in approximately 360,000 approved study permits in 2024, a decrease of 35% from 2023, according to a statement from the immigration ministry.

Immigration Minister Marc Miller said the federal government would work with the provinces, which oversee the educational system, to apply the cap.

He said the main reason for the cap is to protect students who attend colleges, which are often private-public partnerships, that provide inadequate services at high costs, but also to ease pressure on housing and services.

“Some private institutions have taken advantage of international students by operating under-resourced campuses, lacking supports for students and charging high tuition fees, all the while significantly increasing their intake of international students,” Mr. Miller told reporters.

“This increase is also putting pressure on housing, healthcare and other services,” he said, adding that fewer numbers would primarily help lower prices for rent.

Rapid population growth fueled by immigration has put pressure on services, like healthcare and education, and has helped drive up housing costs. These issues have weighed on Liberal Prime Minister Justin Trudeau’s support, with polls showing he would lose an election if one were held now.

In the third quarter of last year, the population grew at its fastest pace in more than six decades, with non-permanent residents — mostly students — increasing by 312,758, the most in more than five decades.

The Canadian Alliance of Student Associations (CASA), a student advocacy group, criticized the cap.

“The biggest problem is that … there’s been announced a cap that is a reaction to the housing crisis,” said CASA Director of Advocacy, Mateusz Salmassi, adding that what is needed is more support and housing for international students.

The University of Toronto welcomed the announcement and said it would work with all levels of government on the allocation of study permits.

The changes are “focused on addressing abuses in the system by particular actors and are not intended to adversely impact universities such as ours,” the university said in a statement. — Reuters

British businesses fear more disruption from new post-Brexit border checks

REUTERS

LONDON — British businesses are warning of a new wave of post-Brexit trade disruption because European Union (EU) exporters are not ready for United Kingdom (UK) customs changes which start this month, and Britain’s port infrastructure might be unprepared too.

Britain left the European Union’s single market in January 2021 but it has repeatedly delayed imposing checks on EU imports. By contrast, the EU immediately enforced its rules, leading to port delays in 2021 and prompting some British exporters — such as cheese-makers and high-end beef farmers — to give up on selling to the bloc, at least initially.

Make UK, representing manufacturers, said in December that 90% of firms it surveyed still faced problems doing business with the EU with customs and clearance the biggest barrier.

Marco Forgione, Director General of the Institute of Export & International Trade, representing UK importers, said large EU firms would probably cope with Britain’s new rules but smaller ones — such as specialist food exporters — might struggle.

Some of them might decide it has become too complicated to trade with the UK and stop exporting, Mr. Forgione said. “That then leads to price pressure and the possibility of scarcity,” he said.

THREE PHASES
Britain has postponed full implementation of its post-Brexit border controls on food and fresh products five times due to worries about port disruption and the cost-of-living crisis.

But its new Border Target Operating Model (BTOM) comes into force on Jan. 31 and will be introduced in three phases.

Initially, EU exporters of animal and plant products, such as eggs, dairy, meat and berries, will be required to present Export Health Certificates (EHCs) to British authorities.

But physical checks on shipments will only start on April 30 followed by a requirement for safety and security certificates from Oct. 31.

“We remain committed to delivering the most advanced border in the world,” a government spokesperson said.

William Bain, head of trade policy at the British Chambers of Commerce, said there was a risk of congestion and delays when the checks start in April.

Britain imports up to 70% of its fresh food from the EU in the winter months, falling to about 30% in warmer months, with as many as 1,000 trucks daily arriving at its ports.

“Will the government enforce by preventing material which doesn’t have an electronic EHC from entering the GB border? Or does it let stuff in and then simply enforce through contact with the companies involved afterwards?” Mr. Bain said.

“The government’s not telling us what they’re going to do.”

The British Retail Consortium and the Fresh Produce Consortium have also expressed concern. The British Meat Processors Association is worried that a lack of veterinary capacity in the EU might slow health certification.

James Barnes, chair of the Horticultural Trades Association, said there was a risk that the UK’s new border infrastructure, processes and IT systems would not be ready for April, the biggest month for plant shipments.

“It’s unfortunate that it’s happening when we think things aren’t ready and at the busiest time of year,” Mr. Barnes said.

The government said all infrastructure and systems were ready or on track to be ready by April and it would implement checks carefully with a view to avoiding delays.

The Dutch Association of Wholesalers in Floricultural Products called for a delay in the UK border checks until 2025.

That plea fell on deaf ears, but with a British national election expected in 2024, businesses hope the government might adopt a light touch to avoid delays and shortages.

“They’ve got the powers to dial up or dial down the mode of enforcement that they want to use, so it’s entirely in their hands to wave stuff through,” said the BCC’s Mr. Bain. — Reuters

Audits show less antisemitism on X than other apps, Musk says

REUTERS

KRAKOW, Poland — Social media company X’s platform has less antisemitic content compared with other applications, according to audits it has commissioned, X owner Elon Musk said on Monday at a conference on combating antisemitism.

Mr. Musk visited the Auschwitz-Birkenau site of a former Nazi German concentration camp earlier in the day, before appearing at the conference in the southern Polish city of Krakow, which addressed the rise in antisemitism since the Israel-Hamas conflict started in October.

The X platform has come under fire in recent months and has seen some major advertisers pause spending or flee since Mr. Musk late last year agreed with an X user who espoused an antisemitic conspiracy theory.

Mr. Musk said on Monday that free speech was still the social media platform’s general bias and that falsehoods being pushed should be corrected.

“The outside audits that we have had done … show that there is the least amount of antisemitism on X, if you look at all the other social apps,” he said as he was interviewed on stage by US conservative journalist Ben Shapiro.

Mr. Musk did not say who performed the audit or share any details from the report. He did not answer any questions for other journalists.

The Krakow event, organized by the European Jewish Association (EJA), focused on the “disconcerting surge of anti-Semitism in Europe” since the start of war between Israel and Hamas in October.

When asked about balancing free speech and tackling hate speech, Musk said the platform favoured free speech.

“I think at end of the day free speech wins, in that if somebody says something that is false, especially on our platform, you can then reply to it with a correction,” he said.

“So if somebody tries to push a falsehood, like Holocaust denial, they can immediately be corrected. And you can’t get rid of the tag.” — Reuters

Israel says 24 troops killed in Gaza fighting, highest single-day toll

A Palestinian man walks past the remains of a tower building which was destroyed by Israeli air strikes, amid a flare-up of Israeli-Palestinian violence, in Gaza City May 13, 2021. — REUTERS FILE PHOTO

GAZA/JERUSALEM — Twenty-four Israeli soldiers were killed in the Gaza Strip, the military said on Tuesday, the biggest Israeli death toll in a single day of the war against Hamas, as Israel pressed on with its biggest ground assault so far in 2024.

Israeli military spokesman Rear Admiral Daniel Hagari said 21 soldiers were killed in an explosion when two buildings they had mined for demolition collapsed after militants fired grenades at a nearby tank.

Earlier, the military said three soldiers were killed in a separate attack in southern Gaza.

“Yesterday we experienced one of our most difficult days since the war erupted,” Israeli Prime Minister Benjamin Netanyahu said. “In the name of our heroes, for the sake of our lives, we will not stop fighting until absolute victory.”

Defense Minister Yoav Gallant said the war would determine Israel’s future “for decades to come”.

“The fall of the fighters is a requirement to achieve the goals of the war,” Mr. Gallant said.

The deaths came as Israeli forces mount their biggest ground campaign of the new year, pushing deep into the western part of Khan Younis, the main city in the south of the Palestinian enclave, near areas sheltering hundreds of thousands of people who fled other parts of the enclave.

Gazans say Israeli blockades and storming of hospitals since Monday left the wounded and dead beyond the reach of rescuers as fighting escalated in the crowded city.

The dead were being buried inside the grounds of Khan Younis’s main Nasser hospital because it was unsafe to leave to reach the cemetery. Another Khan Younis hospital, Al-Khair, was stormed by Israeli troops who arrested staff there, and a third, Al-Amal, where Red Crescent rescuers are based, was cut off and unreachable, according to Palestinian officials.

Israel says Hamas fighters operate in and around hospitals, making them legitimate targets. Hospital staff and Hamas deny this.

Israel has vowed to wipe out Hamas, the Palestinian Islamist movement that rules Gaza and is sworn to Israel’s destruction, whose fighters stormed across the fence into Israel, killing 1,200 people and abducting around 250 hostages on Oct. 7.

At least 25,295 Gazans have since been confirmed killed, according to Palestinian authorities, with thousands more dead feared lost in the rubble, in Israel’s campaign, which has laid most of the enclave to waste.

Nearly all of Gaza’s 2.3 million people have lost their homes, the vast majority now penned into small towns just north and south of Khan Younis, many sleeping rough in makeshift tents with food and medicine running out and no clean water.

The large death toll of Israeli troops in fighting comes at a time when Israel itself is beginning to see the first stirrings of discontent with Netanyahu’s war strategy – committed to the total annihilation of Hamas but with only vague discussion of what would come next for Gaza.

Since last week, Mr. Netanyahu has vowed never to let Palestinians have an independent state, a break with Israel’s main ally Washington which has considered a peace process ultimately leading to a Palestinian state as the bedrock of its Middle East policy for decades.

Relatives of hostages still held in Gaza have called for more effort to bring them home, even if that means reining in the military campaign. A group of them burst into a parliamentary committee hearing on Monday.

Last week, a member of Netanyahu’s war cabinet, former military chief-of-staff Gadi Eisenkot, whose own soldier son was killed in the ground offensive in Gaza, said the campaign had yet to achieve its aims of dismantling Hamas and there was no hope of freeing the hostages in a military operation.

He called for swift elections to replace a government he said had lost public confidence.

The conflict has been accompanied by an escalation in violence elsewhere in the Middle East, especially where armed groups allied to Israel’s arch foe Iran operate, including Lebanon, Iraq, Syria and Yemen.

The Iran-aligned Houthi movement, which controls most of the populated parts of Yemen, has attacked shipping in the Red Sea in what it says is support for Gaza. The United States and Britain, which have been striking the Houthis this month, carried out another round of air strikes overnight. — Reuters

[B-SIDE Podcast] The sweet rewards of cacao farming in the Philippines

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To cap off 2023, the BBC released its 100 Women list, naming women who have inspired and influenced people worldwide.

Among those on the list are former US First Lady Michelle Obama and human rights lawyer Amal Clooney, and a 25-year-old Filipina farmer and entrepreneur named Louise Mabulo.

Ms. Mabulo, the daughter of San Fernando Camarines Sur mayor Fermin Mabulo, joins 27 other Climate Pioneers in the list. She was lauded for her efforts in setting up The Cacao Project, which according to the BBC “aims to revolutionize local food systems through sustainable agroforestry.”

In this B-side interview with Joseph L. Garcia, the 100 Women-lister extols the virtues of cacao as a crop, changing the face of farming in the Philippines, and how growing up Filipino can make one sensitive to climate change.

Cacao as Crop

After the devastation of Typhoon Nina (international name: Nock-Ten) in 2016, Ms. Mabulo thought that farmers in her Bicol hometown deserved more than seeing their crops destroyed and having to start all over again.

She set up The Cacao Project as a seed exchange program, which later evolved into a training program and social enterprise.

Ms. Mabulo said cacao was an ideal crop in the Philippines because aside from its high value as a crop due to global demand for chocolate, it is resilient to typhoons.

“It doesn’t get easily flooded, and it doesn’t get cut down by high winds, which is ideal for our landscapes,” she said.

Removing the stigma of farming

According to the Philippine Statistics Authority (PSA), the average daily pay for a farm worker in the Philippines in 2019 was P331.10 per day.

Apart from the low wages, the agricultural profession is not held in high esteem locally — with the exeception of wealthy landowners who own the farms. Ms. Mabulo is working to change the face of farming by presenting it as a viable career option.

“I’m trying to empower farmers to understand that what they’re doing is land stewardship. It’s not just farming and producing food, and creating harvests. It’s also rethinking what a farmer looks like,” she said. “That can be young people getting into agriculture and aspiring to be a farmer.”

Filipinos and climate sensitivity

All Filipinos have a storm story, and are thus affected by the increase in the strength and number of typhoons caused by climate change.

While she did grow up in Wales, their family’s move to Camarines Sur made her appreciate how knowledge of local climate and weather is learned from a very young age.

“What I like to say here in Bicol is all of us are raised as meteorologists and weathermen. We all know immediately what the tickers and signs are of typhoons and how to prepare for them,” said Ms. Mabulo.

Farmers have, therefore, learned how to live around the changes in weather.

“Resilience is incredibly important, and that we need to build resilience and adapt to the typhoons,” she said.

However, she said it is also important to have the resources to not just survive, but thrive despite challenges posed by climate and weather.

It shouldn’t just be left to farmers, says Ms. Mabulo.

“It also made me question the systems that kept us resilient. In an ideal world, we wouldn’t have to be resilient. All of these resources should be readily available to us,” she said.

Recorded remotely on Dec. 20, 2023.

Bank of Japan keeps ultra-easy policy, focus shifts to Ueda’s briefing

WIKIPEDIA.ORG

TOKYO — The Bank of Japan (BOJ) maintained ultra-easy monetary settings on Tuesday in a widely expected move, as policymakers allow more time to determine whether wage increases will broaden enough to keep inflation sustainably at its 2% target.

Traders are focusing on any clues provided by governor Kazuo Ueda on how soon the BOJ will pull short-term rates out of negative territory, which is seen as the next move Mr. Ueda will take in dismantling his predecessor’s radical stimulus programme.

At the two-day meeting that concluded on Tuesday, the BOJ left unchanged its short-term rate target at -0.1% and that for the 10-year bond yield around 0%.

The yen slipped after the decision, last trading down 0.2% at 148.39 per dollar.

In a quarterly outlook report, the BOJ cut its core consumer inflation forecast for the fiscal year beginning in April to 2.4% from 2.8% projected in October.

But it left unchanged its forecast that an index gauging trend inflation will hit 1.9% in fiscal 2024 and 2025.

Ueda is expected hold a press briefing to explain the decision at 0630 GMT (2:30 p.m. Philippine time).

The BOJ’s meeting precedes that of the European Central Bank on Thursday and the US Federal Reserve next week, both of which aggressively tightened monetary policy last year and are now contemplating cutting interest rates ahead.

Japan has seen inflation exceed the BOJ’s target for well over a year. But Ueda has stressed the need to hold off on raising rates until there is more evidence that inflation will durably stay around 2%, accompanied by solid wage growth.

Surveys and comments from business lobbies have shown an increasing chance Japan’s spring wage hikes will be above last year’s 30-year high 3.58% for major firms – a key prerequisite set by the BOJ for exiting ultra-loose monetary policy.

But the chance of success in meeting another prerequisite, which is a steady rise in services prices, remains uncertain.

While services prices have crept up, the increases are concentrated on sectors benefiting from a rebound in inbound tourism or where labor shortages are acute.

Markets are focusing on whether Ueda will sound more optimistic about prospects for wages to keep rising in tandem with inflation at his post-meeting briefing, which would signal an increasing chance of an end to negative rates in March or April. — Reuters