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Japan’s economy shrinks as recession risks grow

A WOMAN chooses clothes at a shop in Tokyo, Japan, Jan. 23, 2017. — REUTERS/KIM KYUNG-HOON/FILE PHOTO

TOKYO — Japan’s economy contracted in July-September, snapping two straight quarters of expansion on soft consumption and exports, complicating the central bank’s efforts to gradually phase out its massive monetary stimulus amid rising inflation.

The data suggests stubbornly high inflation is taking a toll on household spending, and adding to the pain for manufacturers from slowing global demand including in China.

“Given the absence of a growth engine, it wouldn’t surprise me if the Japanese economy contracted again in the current quarter. The risk of Japan falling into recession cannot be ruled out,” said Takeshi Minami, chief economist at Norinchukin Research Institute.

“The weak growth and the specter of slowing inflation could delay the BoJ’s exit from negative interest rates,” he said.

Gross domestic product (GDP) in the world’s third-largest economy contracted 2.1% in the third quarter, government data showed on Wednesday, a much larger decline than a median market forecast for an annualized 0.6% fall. It followed an expansion of 4.5% in the previous quarter.

The weak reading reflects lackluster consumption and capital expenditure, dashing policymakers’ hopes for a post-pandemic rebound in domestic activity to offset weaker external demand from China and elsewhere.

Consumption was flat in July-September after sliding 0.9% in the previous quarter, falling short of economists’ median estimate for 0.2% growth.

Capital expenditure fell 0.6% in the third quarter after declining 1.0% in April-June, confounding market forecasts for a 0.3% gain and casting doubt on the Bank of Japan’s (BoJ) view that robust corporate investment will underpin growth.

External demand shaved 0.1 of a percentage point off GDP in July-September, in line with expectations, as an increase in service imports offset rises in auto exports.

“The disappointing third-quarter reading serves as a sobering reminder that the country is not yet out of the woods,” said Stefan Angrick, senior economist at Moody’s Analytics.

He said better net exports, underpinned by car shipments and tourism, helped lift growth in the second quarter, belying the weakness in domestic demand.

“Now that the export recovery has run its course, that weakness is coming back to the fore,” Mr. Angrick said.

Japan’s economy had been making a delayed recovery from the pandemic as it re-opened borders and removed curbs on activity, leading in part to the strong April-June growth.

While the weak yen has given big exporters windfall profits, wages have not risen quickly enough to compensate households for the steady rise in inflation.

Inflation-adjusted real wages, a barometer of consumer purchasing power, fell 2.4% in September from a year earlier to mark the 18th straight month of declines.

Prime Minister Fumio Kishida has stepped up calls for firms to hike pay and announced a package of measures to cushion the economic blow from rising living costs, though analysts doubt the measures will have much effect in stimulating the economy. — Reuters

Israel raids Gaza’s Al Shifa Hospital, urges Hamas to surrender

ISRAELI FLAG flies in Berlin, Germany, Oct. 8, 2023. — REUTERS

GAZA — The Israeli military said it was carrying out a raid on Wednesday against Hamas militants in Al Shifa Hospital, having urged them to surrender with thousands of Palestinian civilians still sheltering inside Gaza Strip’s biggest hospital.

Dr. Munir al-Bursh, director-general of the Gaza health ministry, told Al Jazeera television that Israeli forces had raided the western side of the medical complex.

“There are big explosions and dust entered the areas where we are. We believe an explosion occurred inside the hospital,” Bursh said.

Hours later, Gaza health ministry spokesperson Ashraf al-Qidra to Al Jazeera: “The occupation army is now in the basement, and searching the basement. They are inside the complex, shooting and carrying out bombings.”

Israeli forces first raided the surgery and emergency departments, Mohammed Zaqout, the Gaza health ministry’s director of hospitals, told Al Jazeera.

Reuters was unable to independently confirm the situation at Al Shifa.

Global calls for a humanitarian ceasefire have mounted in recent days, and the fate of Al Shifa has become a focus of international alarm because of worsening conditions in the facility, where thousands of patients, medical staff and displaced people have been trapped during the Israeli assault on Gaza in the past five weeks.

Israel has said that Hamas has a command center underneath Al Shifa and uses the hospital and tunnels beneath it to conceal military operations and to hold hostages. Hamas denies it.

In a statement, the Israel Defense Forces (IDF) said: “Based on intelligence information and an operational necessity, IDF forces are carrying out a precise and targeted operation against Hamas in a specified area in the Shifa hospital.”

The military added: “The IDF forces include medical teams and Arabic speakers, who have undergone specified training to prepare for this complex and sensitive environment, with the intent that no harm is caused to the civilians.”

Israeli army spokesman Lieutenant Colonel Peter Lerner told CNN the hospital and compound were for Hamas “a central hub of their operations, perhaps even the beating heart and maybe even a center of gravity.”

The US said on Tuesday that its own intelligence supported Israel’s conclusions.

Hamas said on Wednesday that US announcement had effectively given a “green light” for Israel to raid the hospital. The group said it held Israel and US President Joseph R. Biden fully responsible for the operation.

“We do not support striking a hospital from the air and we don’t want to see a firefight in a hospital where innocent people, helpless people, sick people trying to get medical care they deserve are caught in the crossfire. Hospitals and patients must be protected,” a White House National Security Council spokesperson said in a statement.

Israeli forces have waged fierce street battles against Hamas fighters over the past 10 days before advancing into the center of Gaza City and surrounding Al Shifa.

Israel has sworn to destroy Hamas in retaliation for the militants’ cross-border assault into Israel on Oct 7. Israel says Hamas killed 1,200 people in the rampage and took more than 240 hostage.

In the West Bank, a separate Palestinian enclave not controlled by Hamas, Palestinian Authority Health Minister Mai Alkaila said Israel was “committing a new crime against humanity, medical staff and patients by besieging” Al Shifa.

“We hold the occupation forces fully responsible for the lives of the medical staff, patients and displaced people in Al Shifa,” Ms. Alkaila said in a statement. 

DIRE CONDITIONS
Al Shifa is a sprawling complex of buildings and courtyards a few hundred meters from Gaza City’s fishing port. Buildings on the western side of the complex, which the Gaza official said was the site of the raid, include the internal medicine and dialysis departments.

Hamas says 650 patients and 5,000 to 7,000 other civilians are trapped inside the hospital grounds, under constant fire from Israeli snipers and drones. Amid shortages of fuel, water and supplies, it says 40 patients have died in recent days.

Thirty-six babies are left from the neo-natal ward after three died. Without fuel for generators to power incubators, the babies were being kept as warm as possible, lined up eight to a bed.

Palestinians trapped in the hospital dug a mass grave on Tuesday to bury patients who died and no plan was in place to evacuate babies despite Israel announcing an offer to send portable incubators, Qidra, Gaza’s health ministry spokesman, said.

Qidra said there were about 100 bodies decomposing inside and no way to get them out.

U.N. Secretary-General Antonio Guterres was deeply disturbed by the “dramatic loss of life” in the hospitals, his spokesman said. “In the name of humanity, the secretary-general calls for an immediate humanitarian ceasefire,” the spokesman told reporters.

Medical officials in Hamas-run Gaza say more than 11,000 people are confirmed dead from Israeli strikes, around 40% of them children, and countless others were trapped under rubble.

Around two-thirds of Gaza’s 2.3 million people have been made homeless, unable to escape the territory where food, fuel, fresh water and medical supplies are running out.

INTERNATIONAL LAW
Israel’s move toward Shifa hospital has raised questions about how it would interpret international laws on protection of medical facilities and the thousands of displaced people sheltering there, U.N. human rights officials have said.

Hospitals are protected buildings under international humanitarian law. But allegations that Shifa is also being used for military purposes complicated the situation because that would also breach international law, U.N. officials have said.

Medical units used for acts harmful to the enemy, and which have ignored a warning to stop doing so, lose their special protection under international law.

Israel said in its statement on Wednesday that it had given Gaza authorities 12 hours to cease military activities within the hospital. “Unfortunately, it did not,” the military statement said. — Reuters

Puking bird wins NZ bird competition after John Oliver’s campaign

PUTEKETEKES are pictured in Lake Alexandrina, Mackenzie Country, South Island, New Zealand, in this undated handout photo. — LEANNE BUCHAN/HANDOUT VIA REUTERS

WELLINGTON — The puteketeke, a bird that pukes, grunts, growls and has bizarre mating rituals, won New Zealand’s (NZ) bird of the century title in a competition where American-British comedian John Oliver’s involvement has ruffled some local feathers.

The Bird of the Year competition — billed Bird of the Century in 2023 to celebrate environmental organization Forest & Bird’s centenary — is an annual event where people vote on their favorite New Zealand bird.

In 2023, the American-British comedian Oliver exploited a loophole in the system that allows anyone to vote from anywhere for a bird.

Taking on the role as campaign manager for the burnt orange-mulleted puteketeke, Oliver asked people to vote for the bird on his weekly show, appeared on The Tonight Show with Jimmy Fallon to promote it and erected campaign signage in capitals.

Campaign managers for other birds called foul, calling on New Zealanders to get involved and vote for other birds including the kakapo parrot and the national bird, the kiwi.

“We promised controversy but didn’t quite expect this. We’re stoked to see the outpouring of passion, creativity and debate that this campaign has ignited,” said Nicola Toki, chief executive of competition organizer Forest & Bird.

As a response to perceived “American interference” in the bird election, New Zealanders turned out to the polls in force.

The competition received a record more than 350,000 verified votes from 195 countries crashing the verification system and delaying the results for two days.

Ms. Toki said thousands of votes had to be discarded as fraudulent including 40,000 votes cast by a single person for a penguin. Another person from Pennyslvania cast 3,403 votes for their choice with one arriving every three seconds.

Following news that Oliver’s pick had beaten out the competition, New Zealand’s prime minister-elect congratulated him on X, formerly known as Twitter.

The puteketeke eats its own feathers to line its stomach and then vomits to expel parasites, makes grunting and growling sounds, and engages in mating dances such as the “weed dance” where the birds offers each other water weed and the “ghostly penguin” where they rise chest to chest while walking on water. — Reuters

Santa’s sleigh to be lighter as people buy fewer toys

THE HAMLEYS toy shop in London is seen in this file photograph dated Dec. 2, 2011. — REUTERS

LONDON — Santa Claus may not have as much to give this year because hard up shoppers in Europe and the United States are prioritizing food and household staples, global toy makers and industry experts said.

Consumers worldwide have struggled to cope with high inflation and sluggish economic growth. The holiday season, which begins with Black Friday at the end of November and lasts roughly until the end of December, is expected to be especially tough for retailers selling discretionary items, executives say.

Favorites such as Barbie dolls, Transformers action figures and Hot Wheels cars will still be at the top of children’s wish list, said Loo Wee Teck, consumer electronics industry manager at Euromonitor International.

But many parents can’t afford them this year, according to executives. The top selling Barbie doll on Amazon, “Barbie Pop Reveal,” currently costs parents 19.99 pounds ($24.89). Meanwhile, Hot Wheels’ Scorpion play set was 35 pounds in 2020, according to parent blogs, but the same toy is about 60 pounds on Amazon.co.uk this year.

“The most important thing for people this holiday is to have food on the table for their families,” Isaac Larian, Chief Executive Officer (CEO) of Bratz doll maker MGA Entertainment, said in an interview.

Toymakers Hasbro and Mattel have already warned of weaker industry sales. But trading could prove even tougher than expected, executives at four toymakers and experts told Reuters.

Mr. Larian is expecting holiday sales at his company, which also makes Little Tikes toys and sells products across Europe and the United States, to decline by 10-12% worldwide versus last year.

Demand in the lead up to Christmas will be “smaller” than last year, said Nic Aldridge, managing director at Bandai 7832.T, the maker of Tamagotchi virtual pets.

Mr. Aldridge anticipates more price cuts as retailers look to shift older products.

“The was an abundance of supply from previous years so there is a lot of clearance stock and a lot of deep discounting,” he said.

BLACK FRIDAY OFFERS CLUES
Global sales of action figures like Transformers and Spiderman are projected to decline by 2% this year, Euromonitor forecasts. Anticipating the lower demand and already holding surplus inventory, many retailers ordered in less product than usual this year. That means products that are in demand may sell out quickly. Black Friday will give retailers an early indication.

“We are seeing some early Black Friday sales start just now,” Barbie maker Mattel’s president and chief commercial officer, Steve Totzke, told Reuters on Monday.

Mattel’s inventory levels at the end of the third quarter declined by double-digit percentage versus the prior year, with weeks of supply down high single digits, it said last month.

MGA Entertainment ordered and made less product, Mr. Larian said, because it wanted to be “cautious and conservative” but now expects to run out of some new toys as a result.

US imports of toys fell by 32% year over year in the three months to Aug. 31, 2023 in dollar terms, according to S&P Global Market Intelligence’s trade data firm Panjiva. That’s usually a key ordering period for holiday stock.

Shipments by sea — measured by number of containers — fell by 8% in September.

“The market for toys has been declining for the whole year,” said Florian Sieber, CEO of German toy maker Simba. Demand from consumers in Europe is lower than last year and last year was already down from the previous year, Sieber added.

Still, some anticipate a late surge in demand.

“We are expecting a good holiday season for Mattel,” Totzke said. “We expect to continue to gain share throughout the holiday season.”

Frédérique Tutt, Global Toys Advisor at data firm Circana, formerly NPD, said toy sales were down about 7% year-on-year in countries it tracks in the first nine months of the year, but that she expects shoppers to come through in the three weeks before Christmas. The categories with the best performance to date are games and puzzles, plush, building sets and vehicles, she said.

“There’ll be some money set aside for toys,” said Jerry Storch, chief executive officer of consultancy Storch Advisors and former CEO of Toys-R-Us and Hudson’s Bay Co. “But it’s a reality that there won’t be as many toys sold this year as last year.” — Reuters

Social media companies must face youth addiction lawsuits, US judge rules

Social media logos are seen in this illustration taken on May 25, 2021. — REUTERS/DADO RUVIC/ILLUSTRATION

A FEDERAL judge on Tuesday rejected efforts by major social media companies to dismiss nationwide litigation accusing them of illegally enticing and then addicting millions of children to their platforms, damaging their mental health.

US District Judge Yvonne Gonzalez Rogers in Oakland, California, ruled against Alphabet, which operates Google and YouTube; Meta Platforms, which operates Facebook and Instagram; ByteDance, which operates TikTok; and Snap, which operates Snapchat.

The decision covers hundreds of lawsuits filed on behalf of individual children who allegedly suffered negative physical, mental and emotional health effects from social media use including anxiety, depression, and occasionally suicide.

The litigation seeks, among other remedies, damages and a halt to the defendants’ alleged wrongful practices.

“Today’s decision is a significant victory for the families that have been harmed by the dangers of social media,” the plaintiffs’ lead lawyers — Lexi Hazam, Previn Warren and Chris Seeger — said in a joint statement.

More than 140 school districts have filed similar lawsuits against the industry that are also before Judge Gonzalez Rogers, and 42 states plus the District of Columbia last month sued Meta for youth addiction to its social media platforms.

Alphabet through a spokesperson called the allegations “simply not true,” and said that protecting children “has always been core to our work.” A TikTok spokesperson said it had “robust safety policies and parental controls.”

Snap declined to comment. Meta did not respond to a request for comment.

In her 52-page ruling, Ms. Gonzalez Rogers rejected arguments that the companies were immune from being sued under the US Constitution’s First Amendment and a provision of the federal Communications Decency Act.

The companies said that provision, Section 230, provides immunity from liability for anything users publish on their platforms, and required the dismissal of all claims.

But Ms. Gonzalez Rogers said the plaintiffs’ claims were broader than just focusing on third-party content and said the defendants did not address why they should not be liable for providing defective parental controls, not helping users limit screen time and creating barriers to deactivating accounts.

She cited as an example allegations that companies could have used age-verification tools to warn parents when their children were online.

“Accordingly, they pose a plausible theory under which failure to validly verify user age harms users that is distinct from harm caused by consumption of third-party content on defendants’ platforms,” Rogers wrote.

Ms. Gonzalez Rogers said the companies legally owed a duty to their users arising from their status as product makers and could be sued for negligence over their duty to design reasonably safe products and to warn users of known defects.

But the judge said the companies owed no legal obligation to protect users from harm from third-party users of their platforms, and she narrowed the litigation by dismissing some of the claims the plaintiffs were pursuing. — Reuters

‘Transformational’ leadership: ING-FINEX 2023 CFO of the Year Award accorded to ACEN’s Cora Dizon

ACEN Chief Finance Officer Cora Dizon

The renewable energy company’s finance chief exemplifies this year’s theme, #LeadershipAndSustainabilityInNumbers

Powered by a pioneering, strategic mindset in corporate management and commitment to excellence in financial leadership, ACEN Chief Finance Officer Cora Dizon has been conferred with the ING-FINEX 2023 CFO of the Year Award.

Dizon brought ACEN, the listed energy platform of the Ayala Group,  to new heights through strategic finance initiatives since joining the renewables platform in 2016. With more than 35 years of industry experience in the real estate and energy sectors, she enabled ACEN’s phenomenal growth trajectory where its renewables business expanded over 70-fold to reach 4,500 MW of capacity across the Asia Pacific. Dizon excels in her key finance roles as strategist, operator, catalyst and steward, which serve as the four core criteria of the longest-running and most prestigious annual award that recognizes the country’s top finance leaders.

“The ING-FINEX CFO of the Year Award ranks first among my career accomplishments,” says Dizon, who describes the honor as a “once-in-a-lifetime recognition.”

Supercharging ACEN with dynamic initiatives

In the past decade, ACEN has evolved from a start-up investment company for the Ayala Group’s power sector interests into a core value driver of the conglomerate’s portfolio, reaching a peak market capitalization of US$10 billion. The multi-awarded energy company is now one of the Philippines’ largest renewable energy developers with a capacity of around 4,500 MW, 98% of which comes from renewable sources.

Dizon’s dynamic financial management and leadership style played a dominant role in ACEN’s remarkable transformation. In 2016, ACEN reached a critical inflection point when it decided to focus on renewable energy sources by transforming the organization and accelerating growth. That was the time when Dizon, who had been with Ayala Land for nearly thirty years in various roles, joined the company’s management team to help achieve its lofty goals.

Dizon immediately went to work. She assumed manifold leadership roles with ACEN, delivering key initiatives in strategy and execution, organizational development and infrastructure, and financial and risk management. Her first order of business: make the energy group financially self-sufficient.

“When I joined, the company was highly dependent on the parent company to support its finances, organization and even operating systems,” Dizon says. “Knowing that the company aimed to grow its business, my priority then was to make the company self-supporting by having its own credit lines, workforce, and systems.”

Dizon did just that and more. In 2019, she led the initiative in introducing the company to the US dollar debt capital markets through a differentiated strategy of tapping green financing, with the Asian Development Bank and International Finance Corporation listed as anchor investors. Since then, the company has been able to regularly raise cash in the capital markets and fund its accelerated growth plans.

Dizon likewise sealed landmark deals that paved the way for the company’s strategic expansion outside of the Philippines. As ACEN began to grow across the Asia Pacific region—establishing its presence in Indonesia, Vietnam, India, and Australia—it also followed through on its goal to shift from thermal to renewable energy. Dizon led the charge in ACEN completing the world’s first market-based Energy Transition Mechanism (ETM) financing last year.

“The Asian Development Bank promoted the ETM concept which leverages public and private investments in the goal of retiring coal plants at an earlier schedule than if they remained with their current owners,” Dizon says. “The coal plant will be transitioned to clean technology after its decommissioning. The ETM had a total transaction value of P17 billion, raising P7 billion of proceeds for deployment to renewable energy projects.”

Through the ETM, ACEN divested its stake in South Luzon Thermal Energy Corporation (SLTEC), resulting in zero coal ownership in ACEN’s portfolio. The deal also cut the plant’s technical life by half, avoiding up to 50 million metric tons of carbon emissions. The move aligns with ACEN’s transition to 100% renewables in terms of generation output by 2025, which forms part of its bigger-picture commitment to reach net zero greenhouse gas emissions by 2050 or earlier.

Aside from the ETM deal, Dizon spearheaded other milestones. Among these is the maiden issuance and listing on Singapore Stock Exchange of ACEN’s $400 million of green perpetual fixed-for-life bonds at a rate of 4%, which was achieved amid the COVID-19 global pandemic in 2021. Last September, her team also secured the issuance and listing on the Philippine Stock Exchange Index of the first peso-denominated fixed-for-life preferred shares.

“These funding activities have enabled ACEN to fund its growing portfolio of renewable energy projects aligned with its sustainability strategy,” Dizon says.

A champion of sustainability

ACEN proved ahead of the curve in supporting sustainability measures with ESG-oriented investments. Today, ACEN is on track to achieve its bold aspiration of becoming Southeast Asia’s largest listed renewables platform, set to reach a whopping 20 GW of renewables capacity by 2030.

“Sustainability is an integral part of our mission at ACEN,” Dizon says. “Our growth in renewables is not just a business strategy, but also a reflection of our commitment to sustainability. We believe that by investing in renewables, we are investing in the future of our planet and the generations to come.”

The CFO with a heart

Her financial expertise may be one thing, but Dizon’s leadership style merits commendation as well. She prefers to describe her approach as “transformational,” with an emphasis on bringing out the best from each member of the team.

“Cora’s impact goes beyond the numbers,” says Eric Francia, ACEN president and CEO. “Cora is a leader with heart and compassion, and has made a difference in the lives of those she has worked with.”

According to Hannie Tucay, ACEN VP of Finace, Dizon’s strengths helped carry the company to where it is now. Princess Marie Tayag, VP of finance, agrees, saying that Dizon’s win as ING-FINEX CFO of the Year is a testament to her exceptional leadership and expertise. “Her mentorship has provided me with the confidence and knowledge to navigate challenges and excel in my role.”

ACEN treasurer Cecile Cruzabra says, “Working alongside Cora has been an enriching journey. As a team, we have navigated through complex financial landscapes, and her guidance has been instrumental in our success.” For Oliver Pobre, senior manager of finance, “She’s a catalyst for ACEN’s success in the renewable energy sector, and I’m truly honored to be part of her team.”

Likewise grateful to work with Dizon is JP Aguirre-Lim, AVP corporate communications. “Her impact as a leader–a female one at that—extends far beyond her professional accomplishments. Ms. Cora’s leadership style encourages growth, nurtures talent and fosters a culture of inclusion and empowerment.”

Dizon is also a staunch advocate of continuing education, crediting her parents who were both teachers. She said that the biggest lesson in finance that school taught her was that numbers tell a story and that numbers don’t lie. Experience, Dizon said, taught her that all negotiations must begin with the establishment of trust between both parties.

Dizon joins an elite company as the 17th recipient of the ING-FINEX CFO of the Year trophy. She takes special pride in becoming the fourth woman to win the prestigious award.

“I am very honored to represent women in a highly competitive leadership position,” she says. “With this recognition, I hope to inspire more women to strive to excel in their respective fields, and in the process, promote more gender diversity in C-level positions.”

Dizon earns the nod as the award celebrates this year’s theme, #LeadershipandSustainabilityinNumbers. While a deserving winner who exemplifies the qualities, Dizon believes that the mantra goes beyond financial performance.

“It’s about using our financial resources responsibly and committing to a sustainable future,” she says. “This is the legacy I hope to leave at ACEN, and I am deeply grateful for the opportunity to do so.”

For more information about the ING-FINEX CFO of the Year Award, visit www.ingfinexcfooftheyear.com. Follow the Award on Facebook and Instagram and LinkedIn.

 

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MicroSourcing CEO named ‘Woman Leader of the Year’ at Asia CEO awards

MicroSourcing CEO Haidee Enriquez

MicroSourcing CEO Haidee Enriquez took the stage of the Marriott Grand Ballroom amidst a round of applause and cheers.

She was deeply honored when recently named one of Asia CEO’s 12 Woman Leader Circle of Excellence awardees.

Now, the dynamic leader has gone a step further by being crowned the ‘Woman Leader of the Year’ at the grand ceremony in Manila.

The largest event of its kind in Southeast Asia, the Asia CEO Awards celebrates the industry leaders and organizations shaping the Philippine business landscape and making significant strides in their respective industries.

Enriquez, radiant in her Filipiniana mermaid ensemble adorned with patriotic splashes of red, yellow, and blue, accepted the award with over a thousand eyes on her at the Marriott Manila Grand Ballroom. She paid tribute to the countless people who had supported her during her rise from a rural schoolgirl to a Harvard Business School alumna and a recognized and multi-awarded leader and professional.

Drawing from the wisdom of Nobel Peace Laureate Desmon Tutu, she said, “You stand out in a crowd only because you have these many, many people carrying you on their shoulders”.

“And there have been many who have carried me on their shoulders as I journeyed from a small, remote barrio in Palawan where I was born and raised to this illustrious venue, surrounded by all of you beautiful people. I share this honor with them.”

The Woman Leader of the Year, one of the award categories, recognizes the successful careers of Filipino women who have contributed to the country’s economy and social status, and Enriquez also paid tribute to other women leaders.

“The struggles and the triumphs of every woman leader here tonight are a resounding testament to the fact that yes – the Filipino can, and yes – the Filipino women can,” she declared before closing her speech in her Palawan tribe’s Cuyunon language.

“Matamang salamat kanindong tanan (thank you very much to all of you).”

Enriquez, known for her unique blend of being strategically results-oriented, decisively antifragile, and collaboratively innovative, is also a staunch champion of community development and touching lives beyond the corporate realm.

Having been born and raised in a remote barrio, she strives to ensure that growth and opportunities extend beyond the bustling metros. Enriquez led MicroSourcing’s countryside expansion to ensure business continuity and sustainability, steering the company to open two service delivery centers in Cebu, two career hubs outside of Metro Manila, and a country-wide recruiting strategy through a work-from-home option for associates.

To date, 59% of MicroSourcing’s employees are situated outside of Metro Manila, from the northern cities of the Ilocos Region to Mindanao.

Under Enriquez’s leadership, MicroSourcing’s corporate social responsibility initiatives have also created positive change in the lives of more than 10,000 individuals and their communities.

The Asia CEO Awards, now in its 14th year, continue to grow in stature and recognition, having received a staggering 700-plus  nominations this time around from the nation’s most influential leaders and organizations. The event and Enriquez’s achievement both serve as shining examples of the thriving business landscape in the Philippines.

“We continue to take bigger, bolder, and better steps towards growth, and that journey we share with the IT-BPM industry and our fellow Filipinos,” said Enriquez.

 

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Shopee says 11.11 transaction value hits over $1 billion

SHOPEE.PH

E-commerce platform Shopee saw a global gross merchandise value (GMV) of over $1 billion on Nov. 11 alone, with exclusive promotions for shoppers and breakthroughs for small online businesses.

When compared to an average day, Shopee Live saw an increase in products sold of 33 times, alongside an 8 times uplift in new viewers on 11.11 itself, Shopee Philippines said in an e-mailed press statement on Wednesday.

It also noted a seller’s livestream selling over 67,000 items, generating P1 billion in sales on the day alone.

“We are elated by the overwhelming response and record-breaking success of our 11.11 Mega Pamasko Sale,” said Vincent Lee, head of Shopee Philippines.

“[We] will continue elevating the platform for more rewarding shopping experiences,” he added.

The e-Conomy SEA report by Google, Temasek Holdings, and Bain & Company showed the Philippines’ digital economy is forecast to reach between $80 billion and $150 billion in gross merchandise value (GMV) by 2030, slightly lower than its previous projection of $100-150 billion.

According to the report, it is projected to grow by 13% this year to $24 billion in GMV. This will be mainly driven by e-commerce, which is expected to expand by 21% annually to hit $24 billion by 2025. E-commerce is forecast to reach $60 billion in GMV by 2030.

Shopee Philippines said its top categories during the 11.11 sale were home and living, followed by health and personal care.

The links of an affiliate were able to generate P1.2 million in total sales, which grew five times from a normal day, it added.

It noted 12 million vouchers redeemed and 1.2 million entries for its Shopee Live Milyonaryo program, which has a P1 million prize.—Miguel Hanz L. Antivola

National Youth Congress to present the role of youth in promoting economic equity in NYC 20 event

The National Youth Congress (NYC) Organizing Body, founded by the University of the Philippines-Diliman students, marks its 20th year. From Nov. 18-20, NYC will host a face-to-face event at the University of the Philippines Diliman, focusing on the theme “Milestones into Momentum: Twenty Years and Beyond of Fostering an Equitable Nation.”

The theme highlights the significance of economic history in pursuing progress and the vital role of youth in promoting economic equity. NYC 20 urges to reflect on key economic and social transformations to address persistent disparities and inequalities. The theme aims to empower and guide the path toward sustainable, inclusive development, spanning the past two decades and beyond.

Additionally, NYC 20 reintroduces the tradition of a field trip on the third day, offering delegates the chance to visit a prestigious institution and gain real-world insights into development.

The NYC Organizing Body’s mission is to unite its passion for youth development and academic excellence to provide a meaningful platform for the nation’s young minds, and NYC 20 represents a significant milestone in its journey.

This event is co-presented by Globe, Asahi Beverages, The Moment Group, Cravewell Snacks, Y.O.U. Beauty and Komunidad, and sponsored by Allegro Beverage.

Celebrating excellence: Southeast Asian Premier Business and Achiever Award 2023 set to dazzle on Dec. 8 at Winford Resort & Casino Manila

The glittering gala recognizing outstanding achievements across Asia

The stage is set, the excitement is building, and the countdown has begun for the most anticipated recognition event of the year — the Southeast Asian Premier Business and Achiever Award 2023. Organized by the esteemed La Visual Corporation and Sirbisu Channel, this gala celebration is scheduled to take place on Dec. 8th at the magnificent  Winford Resort & Casino Manila, promising an evening of glamour, inspiration, and unforgettable moments.

A Night to Remember:

The Southeast Asian Premier Business and Achiever Award is not just an event; it’s a tribute to the remarkable accomplishments of individuals, businesses, and organizations that have left an indelible mark on Southeast Asia. This grand celebration will honor those who have displayed unwavering commitment, innovation, and excellence across various sectors, contributing significantly to the region’s growth and development.

The Southeast Asian Premier Business & Achiever Award also recognizes outstanding individuals, CEOs, entrepreneurs, public servants, artists and celebrities who have made significant contributions to their respective fields. This year’s awardees include Salvacion Paparon, who will receive as the Premier Achiever Inspiring Female Entrepreneur; Shirley B. Belangel, CPA, MBA., who is recognized as the Premier Achiever Outstanding and Trusted Financial Advisor; Gabriel John Rimando as the Premier Achiever Empowered Entrepreneur; Judge Tarcelo A. Sabarre who is recognized as the Premier Achiever Innovative and Multi-Awarded Presiding Judge; Dr. Edward Q. Perez as the Premier Achiever Remarkable Consultant in the Gaming Industry; Wej Cudiamat as the Premier Achiever Best Male Broadcaster of the Year; Lino DG. Mallari as the Premier Achiever Excellent Host of Whatta Whatta Eurotv; Miller Daniolco who is recognized as the Premier Achiever Remarkable Reliable Event Director and Excellent Photographer; Annabelle D. Surara as the Premier Achiever Best Female Broadcaster of the Year; Lae Manego who is recognized as the Premier Achiever Inspiring Women and Remarkable Pop Rock Performing Artist of the Year; Atty. Persida V. Rueda Acosta who will be honored as the Premier Achiever Outstanding and Inspiring Public Servant of the Year; Braggy Braganza who is recognized as the Premier Achiever Outstanding PTV Professional Network Voice Over Announcer & as the Premier Achiever Best FM Radio Personality; Dennis Antenor, Jr. as the Premier Achiever Best Radio Newscaster; Audrey Gorriceta as the Premier Achiever Outstanding News Anchor or the Year; Alfonso “Fifi” delos Santos as the Premier Achiever Outstanding Man and TV Host of the Year; John Edward T. Tajanlangit aka Jed Madela as the Premier Achiever Outstanding Vocal Coach, Songwriter & Singer; Dianne Medina as the Premier Achiever Outstanding Woman and TV Host of the Year; USEC Maria Catalina Cabral who will receive the Premier Achiever Outstanding in Public Service; Hon. Nelda A. Favillaran who will be honored as the Premier Achiever Outstanding Vice-Mayor of Ayungon, Negros Oriental; Jeffrey Dy as the Premier Achiever Excellence Leadership in Hair & Makeup and Choreography; Daiana Menezes as the Premier Achiever Outstanding Female TV Host and Singer of the Year; Jamin Lim as the Premier Achiever Remarkable Photographer of the Year; Keyrol Cabuso as the Premier Achiever Outstanding Business Owner and Remarkable Videographer; Bon Jheo Exconde as the Premier Achiever Outstanding Sought-After Photographer of the Year; Sam Coloso as the Premier Achiever Inspiring Fast-Rising Actress, Best Female Host and Model; Marroth Nava as the Premier Achiever Trusted Professional Hair & Make-Up Artist of the Year; Janeena Chan as the Premier Achiever Outstanding Celebrity and Remarkable Host; Julie Anne San Jose as the Premier Achiever Inspiring Female Singer of the Year; Alden Richards as the Premier Achiever Outstanding Entrepreneur and Inspiring Male Celebrity Actor; Jillian Ward as the Premier Achiever Remarkable Actress of the Year; Neliza Cua Neal as the Premier Achiever Remarkable Fashion Designer and CEO of Neals Enesembles; Atty. Glynis Lynn R. Cabansag as the Premier Achiever Outstanding Property Dispute Attorney of the Year; Nodalyn Casaljay as the Premier Achiever Outstanding Business Leader and Female Entrepreneur of the Year; Pocholo De Leon Gonzales as the Premier Achiever Outstanding Filipino Motivational Speaker; Conrado Cagas Tacgos, Jr. aka DJ Bukol as the Premier Achiever Outstanding iFM Male DJ/Entertainer of the Year; Sarah Medina as the Premier Achiever Trusted CEO in Credit Collection Services; Chris Tsuper as the Premier Achiever Outstanding Multi-awarded Radio Disc Jockey; Nicole Hyala as the Premier Achiever Outstanding Queen of Philippine Radio and Remarkable Events Host of the Year; Raqi Terra as the Premier Achiever Inspiring Content Creator and Outstanding Radio DJ; Diego Bandido as the Premier Achiever Outstanding Radio Drama Director and Remarkable Male DJ; Ravve Jay Prevendido as the Premier Achiever Outstanding Male Entrepreneur and Trusted Business Leader; Mherie Vic Palomo Prevendido as the Premier Achiever Remarkable Female Entrepreneur and Trusted Business Leader; Caesar Vallejos as the Premier Achiever Outstanding Eagle Broadcasting Corporation Business Leader; Marvin G. Leyson Premier Achiever Outstanding Travel Vlogger and Inspiring Film Director; and Gov. Nilo P. Demerey, Jr. who will be honored as the Premier Achiever Inspiring Dynamic Governor of Dinagat Islands.

“We are proud to celebrate the achievements of these exceptional individuals and companies who have raised the bar for excellence in their respective fields,” said the event organizers. “We hope that their stories will inspire others to strive for excellence and help build a stronger and more vibrant business community.”

The confirmed awardees are from different business industries and have been recognized as the best in their respective fields. These include Sheanne Roll Up Door Construction Services, Chef Chateau, Hiroshi Wellness Healthcare Solutions Philippines, PAP 360, IPHIOS Logistics Corp., Petals of Love MNL, Lagniappe Printshop, Through The Glass Creatives, LIVE LEVELS Pro Audio and Lights Services, Kenta Kogaku Corp., Cave Beach Resort, Eyeleen Hair and Make up by: Aileen Sebua, Studio 45k, IBMAMMJ Construction Services, Rise and Shine Pilipinas, PhilNONI & Phil. Morinda Citrifolia, Inc., AJES Enterprise, Al Bernaldez Couture, Myeongdong Corner, Media House Express, DWIZ-AM, 97.9 Home Radio, Aliw Channel 23, Jam Lim Enterprises, Sparkle GMA Artist Center, Nabua Medical Equipment and Repair Services, Links Digital, Light TV, Coaching Training and Development Services, Love Radio, Macchiato Up, Eastland Hotel and Residences, Indak Hamaka Dance Company, and The Metropolista.

This year’s event is made possible with the support of our sponsors: Gown and Events Management by Touting, Adlin Events, JFBV & Lucky GHL Advertising as the Minor Sponsor and JP Catering Services as Major Sponsor. We appreciate your commitment and dedication to recognizing excellence in the business industry.

The Organizers of Excellence:

Hailing from the organizers who brought us the very successful Philippine Finest Business Awards and Outstanding Achiever 2023, this event promises to surpass expectations. La Visual Corp. and Sirbisu Channel have a proven track record of recognizing and celebrating excellence, making them the perfect hosts for this prestigious affair.

What to Expect:

The Southeast Asian Premier Business and Achiever Award 2023 will be a night filled with highlights. From the red-carpet glamour to the awards presentation, attendees can look forward to:

  • Inspiring Stories: Awardees from diverse sectors will share their inspiring journeys, underscoring the power of perseverance and innovation in achieving greatness.
  • Exclusive Networking: The event will bring together industry leaders, influencers, and change-makers, providing a unique opportunity for meaningful connections and collaborations.
  • Awards Presentation: The heart of the event — the recognition of outstanding individuals and organizations. A panel of expert judges will determine the winners based on their significant contributions.
  • Exclusive Content: Media partners will have exclusive access to behind-the-scenes interviews, coverage of the event, and exclusive interviews with the awardees.

Our Event Media partners such as Malaya Business Insight, Business Mirror, BusinessWorld, Philippines Graphic, Pilipino Mirror, Manila Bulletin, Hataw Tabloid, Consumer Asia Magazine, The Market Mirror, DWIZ-AM, 97.9 Home Radio, Media House Express, Amazing Manila Journal, Aliw Channel 23, Cook Mag, Pinoy OFW Today, Light TV, Light TV Radio, Balitang A2Z, ZOE TV, NET25 & The Metropolista.

Counting Down the Days:

As the countdown to Dec. 8th continues, anticipation is building. This gala promises not only to celebrate past achievements but also to inspire the next generation of leaders and change-makers in Southeast Asia. The Southeast Asian Premier Business and Achiever Award 2023 is poised to make history as it shines a spotlight on excellence and innovation in our region.

Be Part of the Celebration:

For those who wish to be part of this momentous occasion, attendance is an opportunity to witness history in the making. Stay tuned for updates and details on how you can secure your place at this extraordinary event.

In a year that has challenged us all, the Southeast Asian Premier Business and Achiever Award 2023 is a beacon of hope and a celebration of the enduring spirit of Southeast Asia. Mark your calendars, and get ready to be part of an evening that will redefine the boundaries of excellence.

 

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China central bank boosts liquidity injection through policy loan, rate unchanged

CARLOS DE SOUZA-UNSPLASH

SHANGHAI/SINGAPORE – China’s central bank ramped up liquidity injection but kept the interest rate unchanged when rolling over maturing medium-term policy loans on Wednesday, matching market expectations.

Market participants believe that a weakening Chinese yuan has constrained the central bank’s efforts to aggressively lower interest rates as the recovery of the world’s second-largest economy remains uneven and requires further stimulus.

The People’s Bank of China (PBOC) said it was keeping the rate on 1.45 trillion yuan ($199.92 billion) worth of one-year medium-term lending facility (MLF) loans CNMLF1YRRP=PBOC to some financial institutions unchanged at 2.50% from the previous operation.

The central bank said the loan operation was meant to maintain banking system liquidity reasonably ample to counteract short-term factors including tax payments and government bond issuance.

“At the same time, it will appropriately provide mid- and long-term base money,” the PBOC said in an online statement.

All 31 market watchers polled by Reuters this week expected the central bank to inject fresh funds to exceed the maturity.

“Weak inflation and the recent liquidity squeeze call for stronger policy support this week,” Carlos Casanova, senior economist for Asia at UBP, said in a note this week.

“Liquidity conditions tightened in October, as a deluge of bond issuance to fund fiscal stimulus and quarter-end cash demand from corporates drove up interbank rates. The most likely outcome is for PBOC to inject more support through open market operations, while leaving the MLF rate unchanged.”

He added that authorities will remain on alert and continue to support the recovery, expecting another 10-basis-point interest rate cut and an additional RRR cut in December, if not sooner.

The interest rate on one-year AAA-rated negotiable certificates of deposit (NCDs) AAANCD1Y=CFXS, which measure short-term inter-bank borrowing costs, is hovering at a six-month high of 2.5653%, about 7 bps higher than the MLF rate the central bank charges financial institutions.

With 850 billion yuan worth of MLF loans set to expire this month, the operation resulted a net 600 billion yuan fresh fund injection into the banking system.

Still, market watchers said the currency remained as a key constraint for the authorities to ease monetary policy. China’s yuan CNY=CFXS has lost about 5% to the dollar so far this year to become one of the worst performing Asian currencies.

The sizable depreciation has prompted authorities to step up efforts to support the currency, with many analysts believing policymakers may view yuan stability as a prerequisite for restoring confidence in yuan assets.CNY/

China remains an outlier among global central banks as it has loosened monetary policy to shore up a stalling recovery but further rate cuts will widen the yield gap with the United States, putting more pressure on the yuan and risking outflows.

The central bank also injected 495 billion yuan through seven-day reverse repos CN7DRRP=PBOC while keeping borrowing cost unchanged at 1.80%, it said in the statement. – Reuters

Investors expand bets on tech stocks as sector still fuels market gains -filings

Photo from RAWPIXEL.com | FREEPIK

NEW YORK – Several hedge funds expanded their bets on big technology stocks including Amazon, Microsoft and Meta Platforms even as these companies stumbled some during the third quarter after having fueled broad market gains this year, new regulatory filings show.

Tiger Global Management, a widely watched fund in the investment world, increased its holding of Nvidia, whose semiconductors back artificial-intelligence systems, by 77% during the third quarter. It boosted its bet on Alphabet by 40%, the filings show.

The firm also raised its Meta investment by 4%, boosted its bet on Microsoft by 8% and increased its Amazon stake by 6.5%.

Tiger Global and other hedge funds nursed heavy losses in 2022 when technology stocks skidded lower. But many fund managers put more money to work in the sector this year when seven big tech stocks raced higher, playing a critical role in helping the broader stock market recover after last year’s drop.

Bill Ackman, whose Pershing Square Capital Management is widely followed for investment clues, reported raising his stake in Alphabet Inc. Class A shares by nearly 100% to own 4.4 million shares at the end of the quarter.

Daniel Loeb’s Third Point said in a filing that it made a new bet on Meta, owning 1.1 million shares at the end of the quarter.

Coatue Management, founded by Philippe Laffont, increased its position in Meta by 9% to own 6.2 million shares on September 30, the filings show.

Glen Kacher’s Light Street Capital increased its position in Amazon by 5% after having reported a new position in the online retailer in the second quarter.

Ratan Capital Management reported even bigger increases, saying it increased its Amazon holding by 72% and boosted its Meta stake by 67%. The fund also reported a new position in Alphabet, saying it owned 20,000 shares on September 30.

Goldman Sachs reported in late August that hedge funds held record exposure to the seven biggest tech stocks by market capitalization.

2023 has been a better year for investors, with the S&P 500 .SPX stock market index up 18% since January after a 20% drop in 2022. The rally has been largely fueled by a small number of companies – the so-called magnificent seven.

Since January, Meta’s share price has surged 169% while Amazon gained 70% and Microsoft is up 53%.

Investment managers must disclose what they hold in U.S. stocks at the end of each quarter and report that information to the Securities and Exchange Commission 45 days after the end of the quarter. The deadline for so-called 13-F filings for the third quarter is on Tuesday.

While 13-F filings are backward-looking, they are closely watched by investors for trends.

But investors, many of whom suffered big losses only last year, also showed caution during the third quarter when markets stumbled some and certain tech stocks lost some ground.

Light Street cut its stake in Meta by 31% after having increased it 27% in the second quarter and Coatue cut its stake in Microsoft by 28% and reduced its stake in Amazon by 15%.

Representatives for the funds did not immediately respond to requests for comment. – Reuters

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