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BRICS demands wealthy nations to fund global climate transition

STOCK PHOTO | Image by Jcomp from Freepik

RIO DE JANEIRO — Leaders of the BRICS group of developing nations prepared to address the shared challenges of climate change on Monday, the final day of their summit in Rio de Janeiro, demanding that wealthy nations fund global mitigation of greenhouse emissions.

Brazilian President Luiz Inacio Lula da Silva has touted the importance of the Global South in tackling global warming as he prepares to host the United Nations climate summit in November.

Still, a joint statement from BRICS leaders released on Sunday argued that fossil fuels will continue to play an important role in the global energy mix, particularly in developing economies.

“We live in a moment of many contradictions in the whole world. The important thing is that we are willing to overcome these contradictions,” Brazil’s Environment Minister Marina Silva said on the sidelines of the summit, when asked about the plans to extract oil off the coast of the Amazon rainforest.

In their joint statement, BRICS leaders underscored that providing climate finance “is a responsibility of developed countries towards developing countries,” which is the standard position for emerging economies in global negotiations.

Their declaration also mentioned the group’s support for a fund that Brazil proposed to protect endangered forests — the Tropical Forests Forever Facility — as a way for emerging economies to fund climate change mitigation beyond the mandatory requirements imposed on wealthy nations by the 2015 Paris Agreement.

China and the United Arab Emirates signaled in meetings with Brazilian Finance Minister Fernando Haddad in Rio that they plan to invest in the fund, two sources with knowledge of the discussions told Reuters last week.

The joint statement from BRICS leaders also blasted policies such as carbon border taxes and anti-deforestation laws, which Europe has recently adopted, for imposing what they called “discriminatory protectionist measures” under the pretext of environmental concerns.

DEFENDING MULTILATERAL DIPLOMACY
The opening of the BRICS summit on Sunday presented the bloc as a bastion of multilateral diplomacy in a fractured world and underscored the influence of 11 member nations that represent 40% of global output.

Leaders also indirectly criticized US military and trade policy, while pushing for the reform of multilateral institutions now largely run by Americans and Europeans.

In his opening remarks at the meeting on Sunday, Brazil’s Lula drew a parallel with the Cold War’s Non-Aligned Movement, a group of developing nations that resisted joining either side of a polarized global order.

“BRICS is the heir to the Non-Aligned Movement,” Lula told leaders. “With multilateralism under attack, our autonomy is in check once again.”

The Rio summit, the first to include Indonesia as a member, has showcased the rapid expansion of BRICS but raised questions about shared goals within its diverse group.

In a joint statement published on Sunday, the BRICS condemned military attacks on Iran and Gaza, but stopped short of a unified position on which countries should have seats on a reformed United Nations Security Council. Only China and Russia supported adding Brazil and India to the council.

Leaders including Indian Prime Minister Narendra Modi and South African President Cyril Ramaphosa gathered in Rio to discuss economic and geopolitical tensions. But the meeting’s political weight was diminished by Chinese President Xi Jinping’s decision to send Premier Li Qiang in his place. — Reuters

Typhoon Danas lashes southern Taiwan with record winds, injuring hundreds

REUTERS

TAIPEI — Typhoon Danas lashed southern Taiwan with record winds and strong rain early on Monday, killing two people and injuring more than 330 in a rare hit to the island’s densely populated west coast, where businesses and schools were shut.

Taiwan is regularly struck by typhoons but they generally land along the mountainous and sparsely populated east coast facing the Pacific.

Typhoon Danas, at one point listed by Taiwan’s weather authority at the second-strongest level, headed north towards the Taiwan Strait after making landfall along its southwestern coast late on Sunday.

It has greatly weakened since and was forecast to hit eastern China later this week.

“The typhoon track is rare…  the whole of Taiwan will be affected by the wind and rain one after another,” President Lai Ching-te said in a post on Facebook, urging citizens to make preparations.

Power to more than half a million homes was cut and over 300 domestic and international flights were cancelled, government data showed. The north-south high-speed rail line scaled back services.

The National Fire Agency said one person was killed by a falling tree while driving and another died after their respirator malfunctioned due to a power cut.

Record winds of around 220 kilometers per hour were recorded in the southwestern county of Yunlin, while more than 700 trees and street signs were blown over across western cities and towns, government data showed.

There was no major report of damage in the Tainan Science Park that houses tech giants such as TSMC.

Maritime officials in eastern China’s Zhejiang province raised their emergency response to the second-highest level on Monday, according to state broadcaster CCTV.

As of 10 a.m. (0200GMT), 121 passenger vessels and 64 ferry routes had been suspended across the province, CCTV reported. Authorities also halted 181 construction projects, including wind farms, as a precaution.

Danas is expected to gradually approach the coastal areas between Zhejiang’s city of Taizhou and Fuzhou city in neighboring Fujian province, according to the China Meteorological Administration.

The typhoon is forecast to make landfall along the stretch late on Tuesday. — Reuters

Israel’s Netanyahu says he believes Trump can help seal ceasefire deal

STOCK IMAGE | Image by freepik

JERUSALEM — Israel’s Prime Minister Benjamin Netanyahu said he believed his discussions with US President Donald J. Trump on Monday would help advance talks on a Gaza hostage release and ceasefire deal, as Mr. Trump predicted an agreement could be reached this week.

Israeli negotiators taking part in the ceasefire talks that resumed in Doha on Sunday have clear instructions to achieve a ceasefire agreement under conditions that Israel has accepted, Mr. Netanyahu said on Sunday before flying to Washington.

“I believe the discussion with President Trump can certainly help advance these results,” he said, adding his determination to ensure the return of hostages held in Gaza and to remove the threat of the Palestinian militant group Hamas to Israel.

It will be Mr. Netanyahu’s third visit to the White House since Mr. Trump returned to power nearly six months ago.

Mr. Trump said he believed a hostage release and ceasefire deal could be reached this week, which could lead to the release of “quite a few hostages.”

“I think there’s a good chance we have a deal with Hamas during the week,” Mr. Trump told reporters before flying back to Washington after a weekend golfing in New Jersey.

Public pressure is mounting on Mr. Netanyahu to secure a permanent ceasefire and end the war in Gaza, a move opposed by some hardline members of his right-wing coalition. Others, including Foreign Minister Gideon Saar, have expressed support.

Palestinian group Hamas said on Friday it had responded to a US-backed Gaza ceasefire proposal in a “positive spirit,” a few days after Mr. Trump said Israel had agreed “to the necessary conditions to finalize” a 60-day truce.

But in a sign of the potential challenges still facing the two sides, a Palestinian official from a militant group allied with Hamas said concerns remained over humanitarian aid, passage through the Rafah crossing in southern Israel to Egypt and clarity over a timetable for Israeli troop withdrawals.

The first session of indirect Hamas-Israel ceasefire talks in Qatar ended inconclusively, two Palestinian sources familiar with the matter said early on Monday, adding that the Israeli delegation didn’t have a sufficient mandate to reach an agreement with Hamas.

Mr. Netanyahu’s office said in a statement that changes sought by Hamas to the ceasefire proposal were “not acceptable to Israel”. However, his office said the delegation would still fly to Qatar to “continue efforts to secure the return of our hostages based on the Qatari proposal that Israel agreed to.”

Mr. Netanyahu has repeatedly said Hamas must be disarmed, a demand the militant group has so far refused to discuss.

Mr. Netanyahu said he believed he and Mr. Trump would also build on the outcome of the 12-day air war with Iran last month and seek to further ensure that Tehran never has a nuclear weapon. He said recent Middle East developments had created an opportunity to widen the circle of peace.

HOSTAGES
On Saturday evening, crowds gathered at a public square in Tel Aviv near the defense ministry headquarters to call for a ceasefire deal and the return of around 50 hostages still held in Gaza. The demonstrators waved Israeli flags, chanted and carried posters with photos of the hostages.

The latest bloodshed in the decades-old Israeli-Palestinian conflict was triggered on Oct. 7, 2023, when Hamas attacked southern Israel, killing around 1,200 people and taking 251 hostages, according to Israeli tallies.

Gaza’s health ministry says Israel’s retaliatory military assault on the enclave has killed over 57,000 Palestinians. It has also caused a hunger crisis, displaced the population, mostly within Gaza, and left the territory in ruins.

Around 20 of the remaining hostages are believed to be still alive. A majority of the original hostages have been freed through diplomatic negotiations, though the Israeli military has also recovered some. — Reuters

Marriott Bonvoy spotlights Filipino bridal masterpieces at Marry Me At Marriott x Gideon Hermosa

In photo (from left): Designer Rajo Laurel; Marriott International Philippines Market Director of Sales and Distribution Lala Quilantang; Designer Michael Leyva; Designer Vania Romoff; Marriott International Philippines Area Manager Bruce Winton; Event Stylist Gideon Hermosa; Designer Francis Libiran; Marriott Worldwide Business Council Philippines Chair Dottie Wurgler Cronin; Designer Michael Cinco; Manila Marriott, Sheraton Manila and Courtyard by Marriott Iloilo Cluster Director of Marketing Communication Archie Nicasio; and Designer Mak Tumang

The premier wedding showcase and expo celebrated its grandest edition yet, featuring world-class Filipino designers Michael Leyva, Francis Libiran, Vania Romoff, Mak Tumang, Rajo Laurel, and Michael Cinco

Since its inception in 2014, Marry Me At Marriott — the signature bridal fashion show and wedding expo of Marriott Bonvoy and its partner hotels — has set the standard for weddings and celebrations, consistently elevating them through its annual event. With Marriott Bonvoy’s award-winning campaign Marriott Moments, launched in 2022, the fair has evolved into something greater — embracing more of life’s most memorable milestones. It empowers couples and other celebrants through spectacular event inspiration, sumptuous fare, and immersive experiences.

Marriott International’s partner hotels in the Philippines include the pioneering Michelin Guide hotel in the country — the Manila Marriott Hotel at Newport World Resorts, along with Sheraton Manila Hotel at Newport World Resorts, Sheraton Manila Bay, Clark Marriott Hotel, Sheraton Cebu Mactan, The Westin Manila, Courtyard by Marriott Iloilo, Four Points by Sheraton Palawan, Four Points by Sheraton Boracay, and Fairfield by Marriott Cebu Mandaue.

Marry Me At Marriott x Gideon Hermosa

The mission of Marriott Moments continues today through the 2025 edition of Marry Me At Marriott: Philippine Gratus Gala. Now in its 11th year, Marry Me At Marriott has raised the bar even higher by partnering with renowned event stylist Gideon Hermosa. Known for his work under his studio, House of Hermosa, Gideon has become synonymous with luxury, artistry, and transformative event experiences. He has collaborated with celebrity and high-profile clients both locally and internationally, making him one of the most sought-after creatives in the Philippine events industry and beyond.

On July 3, 2025, at the Marriott Grand Ballroom, the partnership between Manila Marriott and Gideon culminated in an awe-inspiring runway show, taking bridal fashion to the next level.

“Tonight is a celebration of an important milestone for the reputable event stylist Gideon Hermosa, who is celebrating 15 years of unrivaled artistry and deserves to be honored for his significant contributions to the weddings and events industry. The events that follow are expressions of gratitude and a testament to our concerted commitment to providing more winning moments,” said Bruce Winton, Area General Manager, Marriott International-Philippines. “Marriott International is growing its presence in the Philippines, and we look forward to making a bigger impact.”

Philippine Gratus Gala — The Gideon Hermosa Anniversary Edition

Championing local design talent has always been at the core of Marry Me at Marriott. Over the years, its runway has featured breathtaking bridal couture by seasoned Filipino designers and served as a launchpad for emerging talents. This year’s Philippine Gratus Gala features a premier roster of designers selected by Marriott Bonvoy and Gideon Hermosa.

“Our aim is to highlight Filipino creativity — showcasing how unconventional materials and approaches can be used to create world-class aesthetics. It’s about telling a story of innovation, craftsmanship, and cultural pride,” Gideon said.

Opening the Philippine Gratus Gala runway show on a high note was Rajo Laurel, a master couturier in blending Filipino heritage and modern luxury. For his latest bridal collection, he focused on the ideas of ease and elegance, excitement and freshness, and escape and adventure.

“We all know that weddings are stressful, so I wanted to explore the idea of how I can make this as enjoyable and as stress-free as possible,” Rajo mused. “I concentrated on pieces I love — such as a great shirt, a fabulous skirt, and perhaps, even a coat?”

Michael Leyva brought drama to the gala with his bridal collection. Using a black and white palette, the designer played with textures and patterns — from stripes and polka dots to gathered tulle and dancing fringes.

“I’m going to do something different this time,” Michael said of his goal for the gala. “I want to showcase a collection that has never been seen in my past years of designing.”

Making her Marry Me at Marriott debut was Vania Romoff. Her collection highlights everything women love about her designs — ultra-feminine and romantic. Its power lies in her restraint, as she creates modern silhouettes beyond traditional bridal norms, yet full of whimsy.

With his flair for Art Deco and architectural design, Francis Libiran sent down the runway gowns that played with linear beadwork, asymmetry, metallics, and cut-out details. Ending his collection was a fiery piece — a gown fit for the unconventional bride.

“I want to showcase my work as a designer, making sure that it speaks to the aesthetic that I have established,” Libiran said.

Mak Tumang brought theatrical flair and cultural storytelling through his dramatic gowns. His collection, dubbed Luna Regenta, featured hand pleating and ruching elements adorned with beadwork, laser-cut and molded petals, and structural design details.

“For this collection, I focused on ball gowns. There are grand sculptural silhouettes that still feel delicate and feminine. It is an ode to nature, which has always been my constant source of inspiration,” Tumang explained. “You’ll see organic lines, floral motifs, and textures that echo elements from the natural world. The pieces are romantic, intricate, and made to celebrate the beauty and strength of a modern Filipina bride.”

Last to grace the runway of the Philippine Gratus Gala were the works of Dubai-based couturier Michael Cinco. His collection, titled “The Impalpable Dream of Marie Antoinette,” draws inspiration from the extravagant world of Marie Antoinette and the golden age of Versailles.

“For this collection, we used a rich mix of luxurious materials — silk taffeta, organza, brocade, and layers of delicate tulle to create volume and movement,” Cinco remarked. “The fabrics were chosen not only for their elegance but also for how they reflect light and texture, evoking the romantic grandeur of the Rococo period.”

Marriott Moments A-Fair: Luxuriant Expo

Marry Me at Marriott: Philippine Gratus Gala — The Gideon Hermosa Anniversary Edition is a testament to Marriott Bonvoy’s mission of creating more winning moments for its guests. And it marks just the beginning of a month-long celebration under the Marriott Moments campaign, culminating in the much-anticipated Marriott Moments A-Fair: Luxuriant Expo on July 26 and 27, 2025, at the MGBX Exhibition Hall of the Marriott Grand Ballroom.

“We will not only have a wedding and event expo, but will be introducing to the country the first ‘fashion and arts weekend,’” said Lala Quilantang, Market Director of Sales and Distribution, Marriott International-Philippines. “Now stronger in its fourth season, and with our invaluable partner and co-presenter Themes & Motifs, Marriott Moments A-Fair has been redefined and categorized as a ‘Luxuriant Expo’ this year.”

The country’s first Fashion and Arts Weekend is a bold innovation made possible in partnership with the 9th Calgary International Fashion and Arts Week, Rotary Club Passport One, One Gallery, and the Wedding and Portrait Photographers of the Philippines (WPPP).

The Marry Me at Marriott Philippine Gratus Gala: The Gideon Hermosa Anniversary Edition is presented by Marriott Bonvoy with the unwavering support of Manila Marriott Hotel, a Michelin Guide Hotel, along with Sheraton Manila Hotel, Clark Marriott Hotel, Sheraton Manila Bay, Sheraton Cebu Mactan Resort, and The Westin Manila. In cooperation with Courtyard by Marriott Iloilo, Four Points by Sheraton Palawan Puerto Princesa, Fairfield by Marriott Cebu Mandaue City, and Four Points by Sheraton Boracay, the event highlighted Marriott’s diverse wedding destinations across the Philippines. The collaboration with industry leaders and creative partners — including House of Hermosa, COTE, Newport World Resorts, Paperless PR + Creative Agency, Twin Princess Gems, Jesi Mendez Salon, Themes and Motifs, One Gallery, Spotlight Couronne Internationale, Cameron Castrillo, Rotary Club Passport One, Rotary Club District 3800, Freixenet, Philippine Wine Merchant, Googly Gooeys, The Happy Station, Pix Republik, Wedding and Portrait Photographers of the Philippines, LuChris Printing, NicePrint, SAGA, Sound Level Production Equipment Rental, Stage Riggers, Forscink, LX Events Pro, Ms. A Voice Over, Manila Craft, Cether Coffee, Always in Motion, C&L Décor, Wine Century Bros. Phils., Inc., DJ Pete Chin, Family Rubbing Alcohol, CameraHaus, Lumi Candles, and Shop Rent Gala — helped elevate every detail of the event. Their collective passion and support continue to pave the way for more winning wedding moments under the Marry Me at Marriott legacy.

_________

MARRIOTT MOMENTS

The award-winning Marriott Bonvoy overarching campaign in the Philippines dubbed, “Marriott Moments” was launched in 2022, which evolved from the industry benchmark of world-class bridal fashion show, “Marry Me at Marriott” which started as a property-based initiative over a decade ago, sets the tone of excellence and trend in Marketing Communications which other players in the Hotel, Weddings and Events industries opt to emulate. It is the first hotel-based campaign bestowed with an Anvil, a Quill and two APAC Stevie Awards. From onstage showcase of the best bridal collections, to becoming a meaningful platform to feature the best of Philippine artistry to the world, and the world to the Philippines that created the milestone as the very first local initiative of a hotel which hit the catwalk of New York City with its partnership with Filipinxt. Aside from being showcased in the USA, it also pioneered the mounting of an on-ground activation of a full-blown weddings and events expo of a group of hotels, serving as one of the major pillars of the overarching market campaign also in 2022 in collaboration with Themes & Motifs.

 

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EDC president on drilling, growth strategy, and 2025 outlook

Energy Development Corp. (EDC) President and COO Jerome H. Cainglet talks to BusinessWorld about EDC’s growth prospects, ongoing geothermal drilling efforts, and plans to expand its renewable energy footprint. With 83 MW of geothermal and 40 MWh of battery storage capacity set for commercial operations this year, EDC is optimistic it will surpass its 2024 net income of P9.19 billion.

Global Dominion at the forefront of SME empowerment and economic progress

By Jay Ann Bonghanoy

At Global Dominion Financing Inc., growth isn’t just counted in pesos, it is measured in lives uplifted, dreams realized, and futures secured.

Anchored in its purpose to ignite and accelerate the growth of people and organizations to transform lives for the better, Global Dominion has solidified its reputation as more than a lender, it’s a trusted partner in progress. With over 3 billion pesos in loans released in the first quarter of 2025 alone, the company continues to earn the confidence of entrepreneurs, SMEs, and Filipino families across the country.

A consistent focus on empowering small and medium-sized enterprises (SMEs), the backbone of the Philippine economy, drives much of this momentum. From January to March 2025, Global Dominion supported a total of 3,900 SMEs, disbursing over P1.68 billion in loans for their growth and expansion. This performance highlights the company’s dedication to enabling scalable, inclusive business development across sectors.

Performance across key loan products also remains exceptional, led by P1.59 billion in second-hand car financing and P843.6 million in car refinancing. Strong demand continues for truck loans, real estate refinancing, and other personal and business financing solutions, keeping monthly disbursements consistently near the P1 billion mark.

These figures reflect more than financial strength, they highlight the growing number of Filipinos placing their trust in a financing partner that delivers fast, flexible, and people-first solutions.

As of March 2025, Global Dominion holds a robust loan portfolio of P12.46 billion, with a remarkably low Non-Performing Loan (NPL) rate of just 1.87%. It’s proof that growth, when done right, benefits everyone clients, communities, and the economy at large.

At the core of the company’s mission is a clear and powerful vision: Make financing simplified.

Through seamless processes, responsive service, and approvals that keep pace with real-world needs, Global Dominion continues to meet clients where they are and helps them rise to where they want to be.

Because at Global Dominion, when Filipinos move forward, the company moves with them.

Let Global Dominion be “Ka-Partner Mo Sa Pag-Angat” for your business, your family, and your future.

 

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.

Oil tumbles as OPEC+ hikes August output more than expected

STOCK PHOTO | Image by Schmucki from Pixabay

SINGAPORE – Oil prices slipped more than 1% on Monday after OPEC+ surprised markets by hiking output more than expected in August, raising concerns about oversupply.

Brent crude futures LCOc1 fell 80 cents, or 1.2%, to $67.50 a barrel by 0010 GMT, while U.S. West Texas Intermediate crude CLc1 was at $65.68, down $1.32, or 2%.

The Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, agreed on Saturday to raise production by 548,000 barrels per day in August.

“The increased production clearly represents a more aggressive competition for market share and some tolerance for the resulting decline in price and revenue,” said Tim Evans of Evans Energy in a note.

The August increase represents a jump from monthly increases of 411,000 bpd OPEC+ had approved for May, June and July, and 138,000 bpd in April.

OPEC+ cited a steady global economic outlook and healthy market fundamentals, including low oil inventories, as reasons for releasing more oil.

The decision will bring nearly 80% of the 2.2 million bpd voluntary cuts from eight OPEC producers back in the market, RBC Capital analysts led by Helima Croft said in a note. However, the actual output increase has been smaller than planned so far and most of the supply has been from Saudi Arabia, they added.

In a show of confidence in oil demand, Saudi Arabia on Sunday raised the August price for its flagship Arab Light crude to a four-month high for Asia.

Goldman analysts expect OPEC+ to announce a final 550,000 bpd increase for September at the next meeting on August 3.

Separately, the United States is close to finalizing several trade agreements in the coming days and will notify other countries of higher tariff rates by July 9, U.S. President Donald Trump said on Sunday, with the higher rates scheduled to take effect on August 1. – Reuters

Israel’s Netanyahu says he believes Trump can help seal ceasefire deal

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JERUSALEM – Israel’s Prime Minister Benjamin Netanyahu said he believed his discussions with U.S. President Donald Trump on Monday would help advance talks on a Gaza hostage release and ceasefire deal, as Mr. Trump predicted an agreement could be reached this week.

Israeli negotiators taking part in the ceasefire talks that resumed in Doha on Sunday have clear instructions to achieve a ceasefire agreement under conditions that Israel has accepted, Netanyahu said on Sunday before flying to Washington.

“I believe the discussion with President Trump can certainly help advance these results,” he said, adding his determination to ensure the return of hostages held in Gaza and to remove the threat of the Palestinian militant group Hamas to Israel.

It will be Netanyahu’s third visit to the White House since Mr. Trump returned to power nearly six months ago.

Mr. Trump said he believed a hostage release and ceasefire deal could be reached this week, which could lead to the release of “quite a few hostages.”

“I think there’s a good chance we have a deal with Hamas during the week,” Mr. Trump told reporters before flying back to Washington after a weekend golfing in New Jersey.

Public pressure is mounting on Netanyahu to secure a permanent ceasefire and end the war in Gaza, a move opposed by some hardline members of his right-wing coalition. Others, including Foreign Minister Gideon Saar, have expressed support.

Palestinian group Hamas said on Friday it had responded to a U.S.-backed Gaza ceasefire proposal in a “positive spirit”, a few days after Trump said Israel had agreed “to the necessary conditions to finalize” a 60-day truce.

But in a sign of the potential challenges still facing the two sides, a Palestinian official from a militant group allied with Hamas said concerns remained over humanitarian aid, passage through the Rafah crossing in southern Israel to Egypt and clarity over a timetable for Israeli troop withdrawals.

The first session of indirect Hamas-Israel ceasefire talks in Qatar ended inconclusively, two Palestinian sources familiar with the matter said early on Monday, adding that the Israeli delegation didn’t have a sufficient mandate to reach an agreement with Hamas.

Mr. Netanyahu’s office said in a statement that changes sought by Hamas to the ceasefire proposal were “not acceptable to Israel”. However, his office said the delegation would still fly to Qatar to “continue efforts to secure the return of our hostages based on the Qatari proposal that Israel agreed to.”

Mr. Netanyahu has repeatedly said Hamas must be disarmed, a demand the militant group has so far refused to discuss.

Mr. Netanyahu said he believed he and Mr. Trump would also build on the outcome of the 12-day air war with Iran last month and seek to further ensure that Tehran never has a nuclear weapon. He said recent Middle East developments had created an opportunity to widen the circle of peace.

 

HOSTAGES

On Saturday evening, crowds gathered at a public square in Tel Aviv near the defense ministry headquarters to call for a ceasefire deal and the return of around 50 hostages still held in Gaza. The demonstrators waved Israeli flags, chanted and carried posters with photos of the hostages.

The latest bloodshed in the decades-old Israeli-Palestinian conflict was triggered on October 7, 2023, when Hamas attacked southern Israel, killing around 1,200 people and taking 251 hostages, according to Israeli tallies.

Gaza’s health ministry says Israel’s retaliatory military assault on the enclave has killed over 57,000 Palestinians. It has also caused a hunger crisis, displaced the population, mostly within Gaza, and left the territory in ruins.

Around 20 of the remaining hostages are believed to be still alive. A majority of the original hostages have been freed through diplomatic negotiations, though the Israeli military has also recovered some. – Reuters

UK’s Reeves announces National Wealth Fund investment in carbon capture

— REUTERS/TOBY MELVILLE/FILE PHOTO

LONDON – British finance minister Rachel Reeves will announce on Monday a 28.6 million pound ($39 million) investment by the National Wealth Fund in a carbon capture project that could create jobs in central and northern England.

Last year, Britain said it would provide funding of up to 21.7 billion pounds over 25 years to develop carbon capture and storage projects to curb emissions from industry and create new jobs.

Britain has a climate target to reach net zero emissions by 2050 and has said CCS will be needed to curb emissions from energy-intensive industrial sectors.

On Monday, Ms. Reeves will hail the funding as the first step towards the development of a carbon capture pipeline between cement and lime companies in Britain’s Peak District, which will store emissions below the Irish Sea, according to a statement from her ministry.

“The National Wealth Fund is a force for growth, investing 3 billion pounds into the British economy and securing 12,500 jobs,” Ms. Reeves said in a statement.

“We’re modernizing the cement and lime industry, delivering vital carbon capture infrastructure and creating jobs across Derbyshire, Staffordshire and the North West to put more money into working people’s pockets.”

Reeves and the rest of Prime Minister Keir Starmer’s cabinet are keen to show what the Labor government is doing to change Britain by announcing new projects after being forced into a series of embarrassing U-turns and a major rebellion from within the party over welfare reforms. Those have raised questions about the government’ ability to cut spending and about party control.

Trump says US nears trade deals as tariff effective date delayed

REUTERS

MORRISTOWN, New Jersey – The United States is close to finalizing several trade agreements in the coming days and will notify other countries of higher tariff rates by July 9, U.S. President Donald Trump said on Sunday, with the higher rates scheduled to take effect on August 1.

Trump and other top officials had flagged the August 1 date earlier, but it was unclear if all tariffs would increase then.

Asked to clarify, Commerce Secretary Howard Lutnick told reporters the higher tariffs would take effect on August 1, but Trump was “setting the rates and the deals right now.”

Mr. Trump in April announced a 10% base tariff rate on most countries and additional duties ranging up to 50%, although he later delayed the effective date for all but 10% until July 9. The new date offers countries a three-week reprieve.

U.S. Treasury Secretary Scott Bessent told CNN’s “State of the Union” earlier on Sunday that several big announcements of trade agreements could come in the next days, noting the European Union had made good progress in its talks.

He said Mr. Trump would also send out letters to 100 smaller countries with whom the U.S. doesn’t have much trade, notifying them that they would face higher tariff rates first set on April 2 and then suspended until July 9.

“President Trump’s going to be sending letters to some of our trading partners saying that if you don’t move things along, then on August 1 you will boomerang back to your April 2 tariff level. So I think we’re going to see a lot of deals very quickly,” Mr. Bessent told CNN.

Since taking office, Mr. Trump has set off a global trade war that has roiled financial markets and sent policymakers scrambling to guard their economies, including through deals with the U.S. and other countries.

Kevin Hassett, who heads the White House National Economic Council, told CBS’s “Face the Nation” program there might be wiggle room for countries engaged in earnest negotiations.

“There are deadlines, and there are things that are close, and so maybe things will push back past the deadline,” Mr. Hassett said, adding that Mr. Trump would decide if that could happen.

 

‘I HEAR GOOD THINGS’

Stephen Miran, chairman of the White House Council of Economic Advisers, told ABC News’ “This Week” program that countries needed to make concessions to get lower tariff rates.

“I hear good things about the talks with Europe. I hear good things about the talks with India,” Mr. Miran said. “And so I would expect that a number of countries that are in the process of making those concessions… might see their date rolled.”

Mr. Bessent told CNN the Trump administration was focused on 18 important trading partners that account for 95% of the U.S. trade deficit. But he said there had been “a lot of foot-dragging” among countries in finalizing trade deals.

Mr. Trump has repeatedly said India is close to signing a deal and expressed hope that an agreement could be reached with the European Union, while casting doubt on a deal with Japan.

Thailand, keen to avert a 36% tariff, is now offering greater market access for U.S. farm and industrial goods and more purchases of U.S. energy and Boeing BA.N jets, Finance Minister Pichai Chunhavajira told Bloomberg News on Sunday.

India and the United States are likely to make a final decision on a mini trade deal in the next 24 to 48 hours, local Indian news channel CNBC-TV18 reported on Sunday, with average tariffs on Indian goods shipped to the U.S. to be 10%, it said.

Mr. Hassett told CBS News that framework agreements already reached with Britain and Vietnam offered guidelines for other countries seeking trade deals. He said Trump’s pressure was prompting countries to move production to the United States.

Mr. Miran called the Vietnam deal “fantastic.”

“It’s extremely one-sided. We get to apply a significant tariff to Vietnamese exports. They’re opening their markets to ours, applying zero tariff to our exports.” – Reuters

Russian forces gain control of two settlements in Ukraine, Russian military says

Army soldier figurines are displayed in front of the Ukrainian and Russian flag colors background in this illustration taken, Feb. 13, 2022. — REUTERS/DADO RUVIC/ILLUSTRATION

MOSCOW – Russian military forces have gained control of two more villages in Ukraine in areas where they have been making advances, one in the eastern Donetsk region and the other in the Kharkiv region in the northeast, according to the Russian Defense Ministry.

A ministry statement issued on Sunday said Russian troops had seized Piddubne in the Donetsk region, where Moscow’s forces have long been advancing slowly westward. The statement said Russian forces also captured Sobolivka, near the town of Kupiansk in the Kharkiv region, another area that for months has been under Russian attack.

A subsequent Russian ministry statement said the “east” group of the Russian forces penetrated defenses around Piddubne. The village is located southwest of Pokrovsk, one of the focal points of Russian military action in the drive to secure control over all of the Donetsk region.

Ukraine’s General Staff in its own statement made no mention of either village changing hands. But it reported Russian attacks in other villages near Kupiansk, which according to local officials has been all but destroyed after being occupied by Russian forces in the first weeks after the February 2022 invasion and later recaptured by Ukrainian forces.

Sobolivka is located west of the town and the Russia statement, if accurate, would indicate some Russian gains in the area.

Reuters could not independently verify battlefield reports from either side.

Separately, Interfax news agency said Russian forces hit a Ukrainian air base, a facility for the production of components for long-range drones and ammunition warehouses.

And in the northeastern region of Sumy, where Russian forces have carved out a foothold in recent weeks, Russian shelling killed two residents in the village of Bytytsya, just inside the border, the regional governor said.

Russia controls nearly 19% of what is internationally recognized to be Ukraine, including the Luhansk region in the east, more than 70% of the Donetsk, Zaporizhzhia and Kherson regions, and fragments of the Kharkiv and Sumy regions.

Russia has said Ukraine must abandon four regions – Donetsk, Luhansk, Zaporizhzhia and Kherson – as part of any prospective peace settlement. – Reuters

Benign inflation gives BSP room to cut

A customer buys fresh produce at the public market in Marikina. — PHILIPPINE STAR/ WALTER BOLLOZOS

BELOW-TARGET June inflation gives the Bangko Sentral ng Pilipinas (BSP) room to continue its easing cycle this year, but unexpected price shocks and the US Federal Reserve’s rate path could affect this outlook.

Finance Secretary and Monetary Board member Ralph G. Recto said in a statement on Friday that the lower-than-expected June inflation print “provides more room for the BSP to further cut policy interest rates to help us further boost the spending power of Filipinos, drive in more investments, and grow the economy, especially amid rising global uncertainties.”

“With the outlook for inflation remaining favorable and recent guidance from the BSP leaning dovish, another rate cut in the coming months is possible,” Bank of the Philippine Islands Lead Economist Emilio S. Neri, Jr. said in a note.

Inflation picked up to 1.4% in June from 1.3% in May, the Philippine Statistics Authority reported on Friday.

Still, this was slower than the 3.7% clip in June last year and was within the central bank’s 1.1% to 1.9% forecast for the month. This was also just below the 1.5% median estimate in a BusinessWorld poll of 17 analysts.

June marked the fourth straight month that inflation settled below the BSP’s 2-4% annual target.

For the first six months, headline inflation averaged 1.8%, slightly higher than the central bank’s baseline forecast of 1.6%.

BSP Governor Eli M. Remolona, Jr. said on Thursday that the central bank has room for two more rate cuts this year amid moderating inflation and weak economic growth.

The Monetary Board on June 19 delivered a second straight 25-basis-point (bp) cut to bring the policy rate to 5.25%. It has now lowered benchmark interest rates by a cumulative 125 bps since it started its easing cycle in August last year.

Its remaining policy meetings this year are scheduled for Aug. 28, Oct. 9, and Dec. 11.   

Mr. Neri said the consumer price index is expected to stay below 2% in July and August amid easing rice prices.

Rice inflation contracted for the sixth straight month to 14.3% in June, the biggest drop since 1995. National Statistician Claire Dennis S. Mapa earlier said he expects rice prices will likely be negative until the end of the year.

“However, favorable base effects may start to fade by September, with inflation likely to return to 3% by November. This outlook excludes any supply shocks from the upcoming typhoon season. Inflation could be higher if a strong typhoon hits the agriculture sector,” Mr. Neri said.

Ten to 14 tropical cyclones are expected to enter the Philippine area of responsibility this year, according to the Philippine Atmospheric, Geophysical and Astronomical Services Administration.

Mr. Neri said the “biggest risk” to the further monetary easing by the BSP is uncertainty over the US Federal Reserve’s own rate cut cycle.

“It is still uncertain whether the Federal Reserve will cut rates this year, and US inflation data in the next two months will be crucial in determining the likelihood of a Fed cut in September,” he said.

“There’s a risk that tariffs have not been fully passed on to consumers as many US companies imported heavily before April to cushion the impact. If inflation in the US picks up, the Fed may delay the rate cuts, which could weaken the peso and limit the BSP’s room to maneuver.”

President Donald J. Trump has demanded immediate rate cuts, but Fed officials have said that with inflation risks rising there is no need to ease policy unless the job market begins to weaken in a significant way, Reuters reported.

New inflation data will be released in about two weeks, and Fed Chair Jerome H. Powell has said that if inflation does rise due to tariffs, it will likely begin happening this summer.

The Fed last month left its benchmark overnight interest rate in the 4.25%-4.5% range, where it has been since December. The decision has drawn fury from Mr. Trump, who feels that recent weak inflation means the central bank should be sharply reducing its policy rate. He has asked Mr. Powell to resign.

Mr. Powell, who has said he intends to serve out a term as chair that ends on May 15, on Tuesday last week reiterated the central bank’s plans to “wait and learn more” about how much tariffs push up on inflation before lowering rates again.

Rate futures show traders are back on board with that vision, with financial market bets pointing to a September start to rate cuts and a total of just two quarter-point reductions by yearend, not the three rate cuts that they had earlier favored.

Pantheon Macroeconomics Chief Emerging Asia Economist Miguel Chanco said they expect two more 25-bp cuts from the BSP before the year ends.

“Our 1.8% full-year average forecast for this remains appropriate, with risks tilted to the downside, and we expect to see this average rate rising to a still-modest 2.6% next year, comfortably within the BSP’s 2-to-4% target range,” he said in note.

For its part, Citigroup, Inc. said inflation is expected to remain below the central bank’s target until the first quarter of 2026 amid slowing external and domestic demand.

It said it expects the Monetary Board to deliver 25-bp cuts at its August and October reviews. It also sees another 25-bp reduction at the policy-setting body’s first meeting in 2026, which will likely be held in February.

Citigroup sees headline inflation averaging 1.7% this year.

“Our forecasted trajectory reflects easing year-on-year disinflation in food on rice prices, largely as base effects kick in from the second half of 2025, even as prices rise sequentially,” it said.

“We also expect steady or slightly higher inflation in services such as recreation and education. This, however, could be offset by increased disinflation from utilities and fuel prices, especially after the recent pullback in oil prices. Risks may be tilted to the downside, especially if food inflation continues to fall sequentially.”

Mr. Neri likewise said that inflation will stay manageable as long as Brent crude’s price stays below $85 per barrel.

“The recent ceasefire in the Middle East has led to a decline in oil prices, easing the impact on inflation,” he said. — Aubrey Rose A. Inosante with Reuters

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