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Women’s 3×3 semis

Hoops habitues who took time out to watch the women’s 3×3 semifinal round match between Spain and the United States were treated to a humdinger. Both sides knew exactly what was at stake: A win would mean a spot in the final at the Paris Games. Which was why they played exactly as expected — with every instant mattering, every possession contested, every point hard fought. That the format called for quick reactions served only to heighten the tension between them.

In retrospect, it was, perhaps, only right for the set-to to be decided in overtime. And when the battlesmoke cleared, Spain emerged triumphant. Never mind its underdog status; for all its supposed deficiencies, it proved more resilient and only too ready to capitalize on breaks that ultimately decided the outcome. Meanwhile, the US found itself handicapped by its uneven roster; in the absence of erstwhile 3×3 mainstay Cameron Brink, it could not overcome a relative lack of esprit de corps on both offense and defense.

Given the manner in which the contest unfolded, not a few pundits have lamented the seeming predilections of the referees to make their presence felt, especially at critical junctures. There is cause to argue that the US fell prey to tight officiating, a hurdle under any circumstance, but certainly far more challenging in light of 3×3 rules that value a free throw as much as a field goal inside the arc. It bears noting that the scoring bias becomes even more pronounced after the seventh foul, when two charities are awarded the aggrieved player.

Still, the US could have won were it more accurate from the line. Unfortunately, Dearica Hamby, its leading light, was middling at best. And, as fate would determine, one of her misses led to a foul call that gave Spain two free throws. In a low-scoring affair, the turnaround was fatal. And so the red, white, and blue are relegated to the battle for Bronze, while the red and yellow will go for Gold. Such is sports in general, and the Olympics in particular: The thrill of victory is invariably accompanied by the agony of defeat.

 

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.

UK examines foreign states’ role in sowing discord leading to riots

FAR RIGHT PROTESTORS shout behind police a cordon in Liverpool, Britain, Aug. 3, 2024. — REUTERS

LONDON — The British government said on Monday officials were examining the role foreign states had played in amplifying disinformation online which had helped fuel violent protests, while warning social media firms they had to do more to stop it.

Trouble flared last week following the murder of three girls at a Taylor Swift-themed event in Southport, a seaside town in northern England, after false messaging on social media wrongly identified the suspected killer as an Islamist migrant.

Protests by anti-Islam and anti-immigration groups then spread to other towns and cities across Britain, with mosques and hotels housing migrants targeted, leading to violent clashes with police.

Jacob Davey, Director of Policy and Research at the Institute of Strategic Dialogue (ISD), said the flood of online disinformation and the role of social media firms themselves had been key.

“I don’t think we can underestimate how central the spread of this information is to the horrific events of the weekend,” he told Reuters.

In response, the government, which has for years accused countries such as Russia of seeking to sow discord, has said it was looking to see how much impact foreign states had in promoting the false messages.

“We have seen bot activity online, much of which may well be amplified or have the involvement of state actors, amplifying some of the disinformation and misinformation that we’ve seen,” a spokesperson for Prime Minister Keir Starmer told reporters.

“It is clearly something that is being looked at.”

Elon Musk, the owner of X, has also weighed in. Responding to a post on X that blamed mass migration and open borders for the disorder in Britain, he wrote: “Civil war is inevitable.”

Mr. Davey said disinformation was spread not just by those seeking to cause trouble but by the social media platforms themselves because of their business models’ algorithms which are set up to amplify a narrative online.

“You saw that in the trending in the UK topics, you saw that disinformation cropping up under searches for Southport … That business model side of things is really important.”

Disinformation was also pushed by high profile anti-immigrant activists. Stephen Yaxley-Lennon, known by the pseudonym Tommy Robinson and previously the leader of the defunct anti-Islam English Defense League, has been blamed by media for spreading misinformation on X.

He had been banned from the platform in 2018, over the production of hateful content according to media reports at the time, but was reinstated after it was bought by Mr. Musk.

PLATFORM FOR HATE
Britain brought in a new Online Safety Act last year to tackle such issues as child sexual abuse and promoting suicide, but Professor Matthew Feldman, a specialist on right-wing extremism at the University of York, said it may not help in this situation.

It did not appear to cover “online incitement to offline criminality or disorder,” he said.

Mr. Feldman said far-right groups were less organized than they had been more than a decade ago when the likes of the British National Party could boast thousands of members. Now, no organization has more than a few hundred.

Despite that, they are highly visible. Modern technology was being exploited by extremists and influencers to capture attention, he said.

Nor had the trouble come out of nowhere, said the ISD’s Mr. Davey: there had been unrest outside migrant centers, disorder at last year’s Remembrance Day events, and thousands of people out in central London a few weeks ago to support Yaxley-Lennon.

“I think that this is really the accumulation of a much longer process whereby we’ve seen extremist groups become more confident,” he said. — Reuters

Hamas leader’s killing aims to prolong Gaza war, Abbas tells RIA before Moscow visit

FREEPIK

THE KILLING of Hamas leader Ismail Haniyeh was intended to prolong the Gaza conflict, Palestinian President Mahmoud Abbas told Russia’s state news agency, adding that he will discuss the regional crisis with President Vladimir Putin in Moscow.

RIA, citing a diplomatic source, said Mr. Abbas will come on a long-expected visit to Moscow on Aug. 12-14.

Mr. Haniyeh, the political leader of Palestinian Islamist group Hamas, was assassinated in the Iranian capital Tehran last week in an attack that drew threats of revenge on Israel and fuelled concern that the conflict in Gaza was turning into a wider Middle East war.

In an interview published by state news agency RIA on Tuesday, Mr. Abbas said he considers Mr. Haniyeh’s assassination “a cowardly act and a dangerous development in Israeli politics”.

“There is no doubt the purpose of Mr. Haniyeh’s assassination is to prolong the war and expand its scope,” he said. “It will have a negative impact on the ongoing negotiations to end the aggression and withdraw Israeli troops from Gaza.”

The interview was published in Russian.

Mr. Haniyeh was the face of Hamas’ international diplomacy since the war started on Oct. 7, 2023, and had been taking part in internationally brokered efforts to reach a ceasefire in Gaza.

Iran, which backs Hamas in its war with Israel in Gaza, has blamed Israel for the killing and said it will “punish” it. Israeli officials have not claimed responsibility.

Mr. Abbas also told RIA that the Gaza Strip must be transferred to the control of the legitimate Palestinian authorities.

“We strongly oppose Israeli plans that provide for some temporary solutions,” he said.

COORDINATING WITH MOSCOW
Russia, which has forged close ties both with Iranian Supreme Leader Ayatollah Ali Khamenei and Arab leaders including Saudi Crown Prince Mohammed bin Salman, has condemned Mr. Haniyeh’s killing and called on all parties to refrain from further destabilization of Middle East.

It has also repeatedly scolded the West for ignoring the need for an independent Palestinian state within 1967 borders.

Mr. Abbas told RIA that he plans to discuss the peace process in the region with Mr. Putin and coordinate positions.

“The main goal of our visit is to hold consultations and exchange views on the latest events in the Palestinian and international arenas, coordinate positions and strengthen bilateral relations in all areas,” RIA cited Mr. Abbas as saying. — Reuters

Record production hours, high ratings boosted by iconic Paris images

THE OLYMPIC cauldron and the Eiffel Tower are seen from the Musee des Arts Decoratifs after sunset in Paris, France, Aug. 5, 2024. — REUTERS

PARIS — The Paris Olympics will see a record number of hours of broadcast production, and ratings across many major territories are on a 12-year high, boosted by the city’s iconic landmarks that are integrated into these Games, the Olympics’ broadcasting chief said on Monday.

From the United States to host France and Australia, broadcasters are enjoying increased ratings across television and digital platforms with the first post-pandemic Olympics.

The Olympics have so far been a runaway hit for NBCUniversal, the Games’ biggest broadcasting partner, which achieved an advertising sales record amid a sharp rise in ratings.

Surveys show that one in four Americans say their work productivity has declined since the Games began, and half say they have rearranged their daily routines in order to watch the action, the Comcast-owned media company said last week.

For Yiannis Exarchos, Chief Executive Officer of Olympic Broadcasting Services, Paris landmarks such as the Eiffel tower, the Grand Palais and the Champs Elysees that have been integrated into the competition venues have been a major contributing factor.

“You can already tell these Games are a huge success,” Mr. Exarchos told Reuters. “France and Paris had a fantastic plan to bring sports back into the city. This vision has been fully embraced by media broadcasters and viewers from around the world.”

“I believe it is a highlight of these Games. This creates a moment which is unique, images that will remain in the collective memory. It is not just any other venue, the whole of Paris has become a stage.”

12-YEAR RATINGS HIGH
The Games’ opening ceremony along the river Seine attracted 28.6 million US viewers — the most-watched start to a Summer Games since London in 2012 — even though the 2016 Rio de Janeiro Games had a more favorable time zone than Paris for the US audience.

In comparison, the Tokyo Games opening ceremony in 2021 drew 16.7 million viewers, the smallest US television audience for the event in 33 years at the time.

“There is huge media consumption around the world,” Mr. Exarchos said in the sprawling international broadcasting center on the outskirts of the city. “This is by far the largest production we have ever done.”

His staff of 8,300 people will be producing more than 11,000 hours of content — nearly 16% up from Tokyo — to feed the growing appetite of broadcasters and digital platforms for the Olympic product.

OBS is using new technologies such as AI, stroboscopic analysis to explain and highlight some of the 32 sports, and cinematic lenses that enhance story-telling.

“It is important that we produce content tailor-made for different types of platforms,” Mr. Exarchos said.

The return of fans to the venues after two Games due to COVID-19 further improves these Games’ visual image, he said

“Having spectators back in the heart of the city is a fantastic problem to have,” Mr. Exarchos said. “The design of the Games is so incredibly beautiful.” — Reuters

Five US states push Musk to fix AI chatbot over election misinformation

STOCK PHOTO | Image by Rawpixel.Com from Freepik

WASHINGTON — Secretaries of state from five US states urged billionaire Elon Musk on Monday to fix social media platform X’s AI chatbot, saying it had spread misinformation related to the Nov. 5 election.

Social media platforms, including X, have been under scrutiny for years over the spread of misinformation and conspiracy theories, including false information about elections and vaccines. There has been growing concern in Washington that AI-generated content could mislead voters in the November presidential and congressional elections.

Since Mr. Musk bought the platform formerly called Twitter in 2022, civil rights groups have raised concerns over a rise in hate speech and misinformation due to reduced content moderation.

Mr. Musk, who last month endorsed Republican presidential candidate Donald Trump, himself has been accused of spreading misinformation. For example, he has said, without evidence, that Democrats are allowing migrants to cross the southern border so that they can vote in federal elections, even though they are ineligible to do so.

“As Secretaries of State whose offices and 37 million constituents were recently impacted by false information provided by your platform, we are calling on you to immediately implement changes to X’s AI search assistant, Grok, to ensure voters have accurate information in this critical election year,” the officials from Minnesota, Pennsylvania, Washington, Michigan and New Mexico said in an open letter to Mr. Musk.

After Democratic US President Joseph R. Biden stepped aside as presidential candidate on July 21 and endorsed Vice President Kamala Harris, the chatbot, Grok, falsely told social media users that Ms. Harris had missed the ballot deadline in nine states.

“This is false. In all nine states the opposite is true,” the letter from the secretaries of state added.

Mr. Musk said in March that Grok — a chatbot from artificial intelligence (AI) startup xAI — would be enabled for all premium subscribers of X.

The officials said in their letter that even though the chatbot is only available to premium users, its misinformation was shared with millions of people on social media.

The officials said that X should direct Grok users to CanIVote.org, a nonpartisan website on US voting information, when asked about US elections.

The social media platform did not immediately respond to a request for comment on the letter. — Reuters

As temperatures rise, South Korean farmers experiment with tropical bananas

 – South Korean farmer Ma Myung-sun had low expectations for the crop of subtropical bananas he planted in a community farm in Seoul, but warmer temperatures due to climate change have produced a welcome surprise in the form of flowers and fruit.

Ma, 73, still has to use a greenhouse for part of the year to shield the plants from South Korea’s cold winters, and is among a growing number of farmers experimenting with crops usually more suited to a warmer climate.

South Korea’s cultivated area of subtropical crops has jumped from about 295 hectares (730 acres) in 2021 to 3,306 hectares in 2023, with 67 banana farms in the south, according to the Rural Development Administration, a state agricultural organisation.”I want to try growing other tropical crops too. So, as you can see here, I have planted these papaya trees as well,” said Ma, pointing to a shrub growing next to the banana trees.

Ma opened up part of his family pear farm to city dwellers in 2006, and as happy as he is about his modest success, he worries about what it means for the climate.

“I feel that the climate crisis has become very serious,” said Ma, who has been a farmer for 25 years.

South Korea lies in the temperate zone and has four distinct seasons, but its climate appears to be getting warmer and wetter throughout the year.

Since 2012, average annual temperature has shown a continuous warming trend, the Korea Meteorological Administration said in a report, noting that the average temperature last year of 13.7 degrees Celsius (57°F) was the highest since its records began in 1973.

Rainfall during last year’s monsoon season was 660.2 mm (26 inches) nationwide, nearly double the 356.7 mm annual average figure.

Kim Kwang-soo, a professor of Agriculture and Life Sciences at Seoul National University, said South Korea’s climate conditions were becoming similar to subtropical regions, so it was vital for farmers to find suitable crop varieties.

Tropical and subtropical fruit are typically expensive in South Korea, meaning consumers should welcome the prospect of cheaper local produce.

“My kids love bananas. So, it would be good if we harvest bananas in this country,” said Kim Ji-youn, who was purchasing imported bananas in a Seoul supermarket. – Reuters

Kamala Harris vice president choice narrows to Walz, Shapiro, sources say

US VICE-PRESIDENT Kamala Harris delivers remarks during a campaign event at West Allis Central High School in West Allis, Wisconsin, US, July 23, 2024. — REUTERS

 – Democratic presidential candidate Kamala Harris has narrowed her search for a vice presidential running mate to two finalists, Governors Tim Walz of Minnesota and Josh Shapiro of Pennsylvania, three sources with knowledge of the matter said.

Ms. Harris, the US vice president, is expected to announce her selection by Tuesday, ahead of her first scheduled public appearance with her running mate that evening at Temple University in Philadelphia.

In a message to supporters late on Monday, Ms. Harris said she had yet to make her decision.

“I know many of you are eager to find out who I will be selecting to join me on the campaign trail, and hopefully in the White House, as my Vice President,” she wrote.

“Though I have not made my decision yet, it is important to me that grassroots supporters – like you – have direct updates about the state of the race,” she said, offering voters a chance to sign up on a link to get news of the announcement first.

The choice of a running mate is one of the most consequential decisions of Harris’ political career, as she hastily pulls together a campaign to challenge Republican presidential nominee Donald Trump and US Senator JD Vance, his vice presidential pick, in the Nov. 5 election. Mr. Vance will also make a campaign stop in South Philadelphia on Tuesday.

Mr. Shapiro, 51, is a rising star of the party with strong approval ratings in Pennsylvania, whose 19 electoral votes makes it a must-win state for both Ms. Harris and Mr. Trump.

A former state attorney general, Mr. Shapiro would add to the ticket’s historical significance; he would be the country’s first Jewish vice president, while Harris is seeking to become the first Black and South Asian American woman elected US president.

Mr. Shapiro’s strong support for Israel could alienate some progressive voters, though it could also appeal to moderate voters and defang Republican efforts to turn the Israel-Gaza war into a wedge issue for Democrats.

Mr. Walz, 60, is a former US Army National Guard member and a former teacher who has raised his profile in recent weeks as an effective advocate for Ms. Harris. He has attacked Trump and Vance as “weird,” a viral insult the Harris campaign has embraced.

A former member of Congress from a Republican-leaning district, Mr. Walz has proven appeal to rural, white voters, though he has also championed progressive policies as governor, such as free school meals and expanded paid worker leave. While Minnesota is a solidly Democratic state, it is close to Wisconsin and Michigan, two crucial battlegrounds.

Speculation had focused on six finalists – four governors, a senator and a cabinet secretary in the Biden administration, all white men with a record of winning over rural, white or independent voters.

In addition to Mr. Shapiro and Mr. Walz, contenders included US Senator Mark Kelly of Arizona, Transportation Secretary Pete Buttigieg, Kentucky Governor Andy Beshear and Illinois Governor J.B. Pritzker.

The candidates will be informed on Monday night or Tuesday morning whether they were picked, sources told Reuters. The Harris campaign plans a social media announcement featuring the duo, campaign officials familiar with the arrangements said.

Ms. Harris’ search for a running mate began in earnest two weeks ago, shortly after President Joe Biden withdrew from the race and endorsed her to replace him.

There was no immediate indication that Monday’s market selloff would have an impact on Harris’ announcement timing. Mr. Trump, seeking to capitalize on the downturn, referred to the “Kamala crash” in a post on his social media site, Truth Social.

Over the weekend, Harris met with her vetting team, including former attorney general Eric Holder, whose law firm Covington & Burling LLP scrutinized the finances and background of potential running mates. Holder and his office made in-depth presentations on each of the finalists, according to multiple sources familiar with the process.

Ms. Harris is weighing the decision with her husband, Doug Emhoff, brother-in-law Tony West and a small circle of aides and advisers, the sources said.

 

SEVERAL CITIES, FIVE DAYS

Tuesday afternoon’s rally will kick off a five-day, multiple-city tour of battleground states likely to decide the election.

Ms. Harris and her running mate will hit six cities: Philadelphia, Pennsylvania; Eau Claire, Wisconsin; Detroit, Michigan; Durham, North Carolina; Phoenix, Arizona; and Las Vegas, Nevada.

They will hold rallies in each location along the tour, which will include college campuses, historically Black universities, union halls and restaurants, a campaign official said.

Over the weekend, the Harris campaign launched a program to persuade Republican voters to support the Democrat and showcased endorsements from Republicans including former Trump White House officials Stephanie Grisham and Olivia Troye.

The program – called Republicans for Harris – will hold kickoff events in the battleground states of Arizona, North Carolina and Pennsylvania on Monday.

On Monday, Ms. Harris notched another union endorsement with the hospitality workers union praising her as having a longstanding record of delivering for union workers. – Reuters

Google has an illegal monopoly on search, US judge finds

REUTERS

 – A US judge ruled on Monday that Google violated antitrust law, spending billions of dollars to create an illegal monopoly and become the world’s default search engine, the first big win for federal authorities taking on Big Tech’s market dominance.

The ruling paves the way for a second trial to determine potential fixes, possibly including a breakup of Google parent Alphabet, which would change the landscape of the online advertising world that Google has dominated for years.

It is also a green light to aggressive US antitrust enforcers prosecuting Big Tech, a sector that has been under fire from across the political spectrum.

“The court reaches the following conclusion: Google is a monopolist, and it has acted as one to maintain its monopoly,” US District Judge Amit Mehta, Washington, D.C., wroteGoogle controls about 90% of the online search market and 95% on smartphones.

The “remedy” phase could be lengthy, followed by potential appeals to the US Court of Appeals, District of Columbia Circuit and the US Supreme Court. The legal wrangling could play out into next year, or even 2026.

Shares of Alphabet fell 4.5% on Monday amid broad decline in tech shares as the wider stock market cratered on recession fears. Google advertising was 77% of Alphabet’s total sales in 2023.

Alphabet said it plans to appeal Mr. Mehta’s ruling. “This decision recognizes that Google offers the best search engine, but concludes that we shouldn’t be allowed to make it easily available,” Google said in a statement.

US Attorney General Merrick Garland called the ruling “a historic win for the American people,” adding that “no company – no matter how large or influential – is above the law.”

White House press secretary Karine Jean-Pierre said the “pro-competition ruling is a victory for the American people,” adding that “Americans deserve an internet that is free, fair, and open for competition.”

 

BILLIONS PAID

Mr. Mehta noted that Google had paid $26.3 billion in 2021 alone to ensure that its search engine is the default on smartphones and browsers, and to keep its dominant market share.

“The default is extremely valuable real estate,” Mr. Mehta wrote. “Even if a new entrant were positioned from a quality standpoint to bid for the default when an agreement expires, such a firm could compete only if it were prepared to pay partners upwards of billions of dollars in revenue share and make them whole for any revenue shortfalls resulting from the change.”

He added, “Google, of course, recognizes that losing defaults would dramatically impact its bottom line. For instance, Google has projected that losing the Safari default would result in a significant drop in queries and billions of dollars in lost revenues.”

The ruling is the first major decision in a series of cases taking on alleged monopolies in Big Tech. This case, filed by the Trump administration, went before a judge from September to November of last year.

“A forced divestiture of the search business would sever Alphabet from its largest source of revenue. But even losing its capacity to strike exclusive default agreements could be detrimental for Google,” said Emarketer senior analyst Evelyn Mitchell-Wolf, who said a drawn-out legal process would delay any immediate effects for consumers.

In the past four years, federal antitrust regulators have also sued Meta Platforms, Amazon.com and Apple, claiming the companies have illegally maintained monopolies.

Those cases all began under the administration of former President Donald Trump.

Senator Amy Klobuchar, a Democrat who chairs the Senate Judiciary Committee’s antitrust subcommittee, said the fact that the case spanned administrations shows strong bipartisan support for antitrust enforcement.

“It’s a huge victory for the American people that antitrust enforcement is alive and well when it comes to competition,” she said. “Google is a rampant monopolist.”

When it was filed in 2020, the Google search case was the first time in a generation that the US government accused a major corporation of an illegal monopoly. Microsoft settled with the Justice Department in 2004 over claims that it forced its Internet Explorer Web browser on Windows users. – Reuters

World Bank says assessing impact of Bangladesh events on its loan program

REUTERS

 – The World Bank on Monday said it was assessing the impact of events in Bangladesh on its loan program with the country after its Prime Minister Sheikh Hasina resigned and fled.

Mr. Hasina’s exit came after hundreds of people were killed in a crackdown on demonstrations that began as protests against preferential job quotas and swelled into a movement demanding her downfall.

“We mourn the violence and tragic loss of life that has taken place in recent weeks in Bangladesh and hope for a swift and peaceful resolution. We are assessing the impact of the unfolding situation on the World Bank Group program and remain committed to supporting the development aspirations of the people of Bangladesh,” a spokesperson for the bank said.

The World Bank’s board in June approved two projects totaling $900 million to help Bangladesh strengthen fiscal and financial sector policies and improve urban infrastructure to ensure sustainable and climate-resistant growth.

The World Bank was among the first development partners to support Bangladesh following its independence. Since then, the bank has committed about $41 billion in grants and interest-free credits to the disaster-prone country.

The World Bank Group had total commitments in Bangladesh of $2.85 billion in fiscal year 2024, ended June 30, according to the bank’s website. – Reuters

Fed policymakers signal rate cuts ahead, but not recession

WIKIMEDIA.ORG

US central bank policymakers pushed back on Monday against the notion that weaker-than-expected July jobs data means the economy is in recessionary freefall, but also warned that the Federal Reserve will need to cut rates to avoid such an outcome.

Many of the latest job report’s details leave “a little more room for confidence that we’re slowing but not falling off a cliff,” San Francisco Fed President Mary Daly said at an event in Hawaii.

“Our minds are quite open to adjusting the policy rate in coming meetings,” she said. When and by how much will depend on incoming economic data, of which there is a lot before the Fed’s next meeting in mid-September, she said, adding, “it’s extremely important that we not let (the job market) slow so much that it tips itself into a downturn.”

US stocks fell steeply on Monday amid fears the U.S. central bank has waited too long to begin cutting interest rates. Interest-rate futures contracts at the day’s end reflected overwhelming bets that the Fed will start cutting borrowing costs next month with a bigger-than-usual 50-basis-point reduction to its policy rate.

Speaking earlier on Monday, Chicago Federal Reserve President Austan Goolsbee cautioned against taking too much of a signal from the global market sell-off, noting it stemmed in part from the Bank of Japan’s decision last week to raise rates, as well as increasing geopolitical tensions in the Middle East.

“The law doesn’t say anything about the stock market; it’s about the employment and it’s about price stability,” Mr. Goolsbee said in an interview with CNBC, referring to the Fed’s dual goals set by Congress, as he noted how prone financial markets were to volatility.

Nonetheless, Fed policymakers need to be aware of the possibility that markets are signaling a change in the economy’s direction, he said.

“If the market moves give us an indication over a long arc that we’re looking at a deceleration of growth, then we should react to that,” Mr. Goolsbee said. “As you see jobs numbers come in weaker than expected but not looking yet like recession, I do think you want to be forward-looking at where the economy is headed for (in) making the decisions.”

Fresh data on Monday showed that the vast US services sector rebounded from a four-year low last month, with a measure of services employment rising for the first time since January.

The US services data “aligns with our view of an economy in transition rather than one on the brink of collapse,” said Matthew Martin, a US economist at Oxford Economics. “Expectations for aggressive rate cuts in September are overdone.”

 

INTER-MEETING CUT

The Fed kept its benchmark interest rate unchanged in the current 5.25%-5.50% range last week and signaled it was on course to begin cutting rates in September, but that decision was followed by worrying signs the labor market might already have turned.

The number of Americans filing new applications for unemployment benefits increased to an 11-month high while job gains markedly slowed in July and the unemployment rate rose to 4.3%.

The data cast doubt on Fed Chair Jerome Powell’s assertion directly after the latest policy meeting that the labor market appeared to be normalizing gradually, which would allow the central bank to take a bit more time before cutting rates to ensure inflation was fully quelled.

Instead, economists and traders honed in on Mr. Powell’s other comments that the Fed would respond if there was an unexpected deterioration in the labor market.

Asked about the possibility of an inter-meeting rate cut, Mr. Goolsbee said “everything is always on the table” from rate increases to cuts as the Fed maintains its focus on employment, inflation and financial stability.

“If the conditions collectively start coming in on the through line that there’s deterioration on any of those parts, we’re going to fix it,” Mr. Goolsbee said.

Inter-meeting cuts are typically reserved for emergencies, however, and so far neither Mr. Goolsbee nor Ms. Daly signaled that’s what they are seeing.

Last week marked a shift in the Fed’s communications to focus on its full employment mandate as much as its price stability mandate, Ms. Daly said, and that shift has sparked a downward move in market-determined borrowing costs like mortgage rates.

“The communication itself is a policy adjustment,” she said. – Reuters

Philippine annual inflation quickens to 4.4% in July

MANILA – Philippine annual inflation quickened in July, reflecting faster pace of increases in food and utility costs, the statistics agency said on Tuesday.

The consumer price index (CPI) rose 4.4% in July, above the previous month’s 3.7%, bringing year-to-date inflation to 3.7% and close to the top of the central bank’s 2.0%-4.0% target range.

Economists polled by Reuters had projected a rate of 4.1% for July, at the bottom end of the central bank’s 4.0% to 4.8% forecast range for that month.

Core inflation, which strips out volatile food and oil prices, eased to 2.9% in July from 3.1% in June, government data showed.

Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona said on Monday that monetary authority could look at cutting rates if price pressures continued to ease.

The BSP, which has kept policy rate steady at 6.5% at its last six meetings, will review the direction of interest rates at its Aug. 15 meeting. It would also have second-quarter gross domestic product data by then.

Separate data on Tuesday showed exports shrank 17.3% in June from a year earlier, while imports contracted 7.5%. That led to a trade deficit of $4.3 billion for June, narrower than the previous month’s revised deficit of $4.7 billion. — Reuters

BingoPlus donates P15 million to worthy causes

Typhoon Carina relief operations conducted by the BingoPlus Foundation.
Comprehensive sports and entertainment platform BingoPlus celebrated BingoPlus Day Cebu Carnival by granting P15 million worth of donations to worthy causes.
The company’s  acts of generosity were driven by its desire to give back to important communities in the country amid trying times.
Out of the P15-million donation, the BingoPlus Foundation gave P10 million to the families and individuals affected by the recent Super-Typhoon Carina.
Given the extreme weather event’s devastating aftermath, the Foundation immediately began relief operations in Metro Manila and several areas in Luzon.

Initially set at P8 million, the donation was bolstered by an additional P2 million at the end of the Cebu Carnival, thanks to a crossover between the BingoPlus Foundation and Cornerstone.

“This is an aspect of the BingoPlus Day Cebu Carnival where we give back to the people,” said Andy Tsui, president of DigiPlus, during a pre-event press conference. “We always try find a balance between having fun and being responsible nation-builders, and this is what we decided on.”
Apart from the quick response to the adverse effects of the recent typhoon, BingoPlus honored its commitment to donate millions to three beneficiaries that were present at the BingPlus Day Cebu Carnival. These were the Department of Social Welfare and Development (DSWD) Area Vocational Rehabilitation Center II; the Philippine Accessible Disability Services, Inc. (PADS); and the Municipality Of Dumanjug, Cebu province.
For the DSWD Area Vocational Rehabilitation Center II, BingoPlus Foundation is providing a PLUS e-Center for Livelihood and Technology, featuring computer sets for digital skills training and printing machines for the application of design skills in tarpaulin and t-shirt printing — an investment of at least P1.5 million. The Foundation aims to expand job opportunities in the digital economy, especially for persons with disabilities (PWDs), as the computers will be equipped with audio software for the benefit of blind trainees. The e-center will further help graduates who, at present, cannot afford computers and internet service for remote work, while the printing machines will help jump-start small business operations. The vocational center currently accommodates 154 trainees.
“On behalf of DSWD, particularly Field Office 7, we are enormously grateful to the BingoPlus Foundation for their most generous donation,” said Juanito C. Cantero, DSWD Assistant Regional Director for Operations for Region VII. “It will boost the confidence of our clients and help them become more productive in the community.”
President Andy Tsui, President Jasper Vicencio, and Vice-President Celeste Jovenir are shown cheering alongside the representatives of PADS as they receive their cheque donation.

Meanwhile, the Philippine Accessible Disability Services, Inc. (PADS) will be benefiting from the donation of P2 million for the construction of a PLUS Center for Adaptive Sports and Physical Rehabilitation. Indigent PWDs and recovering patients of stroke, paralysis, and other conditions impacting mobility will receive free rehabilitation services. In partnership with the Mandaue LGU and Colleges of Rehabilitative Sciences in Cebu, doctors and medical specialists will also be able to hone their skills in the center. With the provision of accessible rehabilitation, PWDs will be able to gain employment and achieve social integration as PWD athletes, coaches, and employees in other industries.

In reference to the donation, PADS representative and team captain of the PADS Adaptive Dragon Boat Racing Team, Owen Loceno Paddler, shared, in Cebuano, that his only dream is that what he has received will be received by others twofold.
With BingoPlus Foundation’s donation worth P1.5 million, the Municipality Of Dumanjug will acquire rainwater catchment tanks and clean water filtration systems across 11 barangays. The Foundation aims to enable residents to convert water from natural sources, thus preventing the spread of water-borne diseases at any time, but especially during disasters.
Dr. Reynilee Chrstine Cabilin, Department Head of the Municipal Health Office of Dumanjug, also expressed gratitude to the Foundation for the aid being extended, “We are so grateful for BingoPlus Foundation’s generosity to our municipality. It’s so timely because of the devastation caused by Typhoon Carina. This will help our people tremendously, especially those in the mountainous areas.”
Together with its newest endorser, Kim Chiu, the star-studded and fun-filled event highlighted the blessing of giving back through the BingoPlus Foundation. BingoPlus Day Cebu Carnival was an occasion made for the sole purpose of expressing BingoPlus’ gratitude to all its supporters.
DigiPlus is the fastest-growing digital entertainment company in the country. It operates the country’s leading digital platforms BingoPlus, ArenaPlus, PeryaGame, Tongits+, and BingoPlus Poker, with more to come. BingoPlus is a platform for various forms of entertainment for Filipinos where players can explore tongits, bingo, perya games, and many other game choices to have fun at home. For more information, visit www.bingoplus.com or download the app now from App store and Google Play.

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