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Rejigged Beermen launch PBA Season 48 bid against NLEX

PBA FILE PHOTO

Games Wednesday
(Ynares Center, Antipolo)
4 p.m. — Terrafirma vs Blackwater
8 p.m. — San Miguel Beer vs NLEX

SAN Miguel Beer (SMB) surely won’t be wanting in hunger as it launches its bid in the PBA Season 48 Commissioner’s Cup today against NLEX at the Ynares Center in Antipolo.

Though they already regained lost glory in the centerpiece Philippine Cup last season, the rejigged Beermen haven’t found success in import-flavored tournaments since dismantling their old “Death Squad.”

“We haven’t won (an import-laden conference) since the time of Mr. McCullough,” SMB coach Jorge Gallent said, referring to the 2019 edition of the Commissioner’s Cup with Chris McCullough as spearhead.

SMB embarks on this quest with a fit-again June Mar Fajardo and Terrence Romeo and the rest of the gang along with promising new recruits Jeron Teng and Kyt Jimenez and new import Ivan Aska.

Mr. Fajardo missed the tail end of the Season 46 Governors’ Cup due to medial collateral ligament or MCL injury but has since returned, helping Gilas Pilipinas cop the coveted gold in the Hangzhou Asian Games and winning his seventh Most Valuable Player (MVP) plum.

Mr.  Fajardo, who reunites with Asiad teammates CJay Perez, Marcio Lassiter and Chris Ross, plus Mo Tautuaa, Simon Enciso, Jericho Cruz and Mr. Romeo, who’s back after missing the last conference due to hamstring issues.

At 8 p.m., the Beermen face a Road Warriors team (0-1) out to bounce back from a sorry 101-113 loss to Phoenix last week.

Interestingly, NLEX is headlined by Thomas Robinson, who would have played for SMB last year if not for a back injury. Mr. Robinson debuted with 25 points, six rebounds and four steals for NLEX but committed 10 turnovers.

Meanwhile, Blackwater (1-1) and Terrafirma (0-1) clash at 4 p.m. with similar pull-around intentions.

Failing to sustain the momentum from their 103-84 opening win over Converge, the Bossing lost to Meralco, 84-91, last Saturday. The Dyip yielded to NorthPort in their season curtain-raiser, 103-108.

Fancied Dyip rookie Stephen Holt vowed a better showing after going two-of-nine in his 11-point maiden game.

“I’m known as a shooter. I put in the work my whole entire career. Being a pro is making adjustments. If my shots aren’t falling, I still have to shoot it, find ways to help the team out. I thought defensively, I played pretty well. It’s just one loss. We can’t put our heads down. It’s a long season,” said Mr. Holt. — Olmin Leyba

Undermanned UE battles Ateneo in Final Four run

PRECIOUS MOMOWEI

Games Today
(Mall of Asia Arena)
11 a.m. — UE vs Ateneo (men)
1 p.m. — UP vs UST (men)
4 p.m. — DLSU vs FEU (men)
6 p.m. — NU vs AdU (men)

(Smart Araneta Coliseum)
9 a.m. — UST vs FEU (women)
11 a.m. — Ateneo vs DLSU (women)
1 p.m. — UP vs UE (women)
3 p.m. — NU vs AdU (women)

TOP rookie Precious Momowei has been slapped with a one-game suspension as the University of the East (UE) takes a major blow in its one last attempt to make a Final Four run in the University Athletic Association of the Philippines (UAAP) Season 86 men’s basketball tournament.

The league announced yesterday Mr. Momowei’s penalty after he infracted his second unsportsmanlike foul in the second quarter of UE’s 86-76 loss against the red-hot De La Salle University (DLSU) at the Smart Araneta Coliseum over the weekend.

Mr. Momowei committed his first unsportsmanlike foul last month in the Warriors’ 72-65 defeat against Adamson University.

He will serve his suspension today as UE, with a 4-8 record, battles Ateneo de Manila University (6-6) in a must-win match at 11 a.m. at the Mall of Asia Arena to keep its Final Four hopes alive.

The Warriors will definitely miss the services of Mr. Momowei, who’s leading the Rookie of the Year race with averages of 12. 5 points, 10. 33 rebounds, 1.17 assists, 1.25 steals and 1.83 blocks, in the crucial duel against the reigning champions. UE held its own in the first round against Ateneo before absorbing a close 76-69 loss.

In other games, leaders University of the Philippines (UP) and National University (NU) as well as the rampaging DLSU step up their drives against separate foes in an expected mad dash to a Top-Two finish for the twice-to-beat incentives in the Final Four.

All three teams are already in the semis with UP (10-2) out to bolster their bid against also-ran University of Santo Tomas (1-11) at 1 p.m. and National University (10-2) clashing against Adamson (5-7) at 6 p.m.

De La Salle (9-3), which has yet to lose in the second round with six straight wins, want no let-up against also-ran Far Eastern University (3-9) at 4 p.m. — John Bryan Ulanday

Giannis shoulders the load as Bucks sink Bulls

GIANNIS ANTETOKOUNMPO — NBA

GIANNIS ANTETOKOUNMPO scored 35 points and Bobby Portis added 19 off the bench to help the Milwaukee Bucks snap their two-game skid with a 118-109 win against the visiting Chicago Bulls on Monday night.

Mr. Antetokounmpo and Mr. Portis each had a double-double with 11 and 10 rebounds, respectively. Khris Middleton added 13 points while Damian Lillard scored 12 despite shooting three-for-17 from the field. Mr. Lillard also had five assists.

Nikola Vucevic led the way for Chicago with a double-double of his own, totaling 26 points, 12 rebounds and five assists. Zach LaVine added 20 points while DeMar DeRozan was limited to just 11 on 3-of-14 shooting.

It was a game of runs early on, with the Bucks ultimately taking a sizable lead with an 11-0 burst in the first quarter to make it 20-8. Mr. Antetokounmpo hit a fadeaway 3-pointer as the buzzer sounded at the end of the period to give Milwaukee a 35-18 advantage. It was his 500th career trey.

Chicago would close the gap in the second, bringing its deficit down to four on two occasions, the last of which came after Mr. DeRozan banked in a jumper with 3:32 left. The Bulls ultimately went into halftime trailing 59-49.

Mr. Antetokounmpo scored 19 points before the break, while no Chicago player had more than eight.

From there, the teams traded blows, with the Bulls outscoring Milwaukee 25-24 in the third quarter and each team pouring in 35 points in the fourth. Chicago did take the lead for a short period in the third thanks to a 12-3 run, but Milwaukee was able to answer and pull away.

Mr. Middleton made Bucks franchise history on Monday, becoming the fifth-leading scorer by passing Michael Redd, who had 11,554 points. Mr. Middleton now has 11,559 and is within striking distance of Sidney Moncrief, who ranks fourth in team history with 11,594. — Reuters

TNT Triple Giga all-business in Leg 5 finale against Pioneer, 21-13

TNT TRIPLE GIGA — PBA.PH

LIKE a wounded beast, TNT cut to pieces the teams that denied it a podium finish last week en route to its old spot in the PBA 3×3 mountaintop.

After seeing their four-peat bid extinguished in the previous stop, the all-business Triple Giga dismantled all opposition and claimed the league’s Season 3 Second Conference Leg 5 plum with a 21-13 clincher over Pioneer on Tuesday.

Almond Vosotros, Chester Saldua and Samboy de Leon shot six points apiece while Ping Exciminiano added three as TNT accomplished the mission at the Ayala Malls Fairview Terraces while getting back at those responsible for its fall last time.

A week ago, the Katibays beat the Triple Giga for bronze in Leg 4.

The Triple Giga also gained payback against MCFASolver via a 21-18 semifinal verdict on the way to the finale. It was the Tech Centrale who ended the reign of the Legs 1, 2 and 3-winning TNT in the Final Four last week and went on to score their breakthrough leg title.

“We preach effort, that’s our staple in TNT. That’s how we win games,” said Mr. Saldua. “Thanks to coach Mau (Belen) for putting a lot of pressure and setting the bar high for us and to Almond for leading the team.”

The Triple Giga banked P100,000 for this latest feat, which hiked their collection to 17 leg wins overall.

For Pioneer’s Wilson Baltazar (four), Reggie Morido (four), Denice Villamor (three) and Ken Mocon (two), the search for that first leg victory continues after falling short in the franchise’s seventh final appearance.

The Katibays settled for P50,000 second prize.

Its back-to-back quest foiled, MCFASolver took a consolation third place and P30,000. The Tech Centrale beat NorthPort in the battle for the bronze, 21-15. — Olmin Leyba

Korea’s Hae Ran Ryu named LPGA Rookie of the Year

HAE RAN RYU has won the 2023 Louise Suggs Rolex Rookie of the Year award, the Ladies Professional Golf Association (LPGA) Tour announced Monday.

The 22-year-old South Korean clinched the honor after tying for 12th at The Annika on Sunday.

With 893 total points entering the CME Group Tour Championship, she holds an insurmountable 274-point lead over Grace Kim of Australia.

“I’m honored to earn the Rookie of the Year award and add my name to the prestigious list of winners before me. This year has been a memorable one, and I’m proud of what I’ve been able to accomplish on the LPGA Tour,” Ms. Ryu said in a news release. “I’m forever grateful to my team and fans for their support over my first season, and I can’t wait to close out the year at the CME Group Tour Championship.”

Ms. Ryu is the sixth player from South Korea to earn the honor since 2015, the first since Jeongeun Lee in 2019.

Ms. Ryu recorded her first LPGA Tour victory at the Walmart NW Arkansas Championship in September. She has five other top-10 finishes and enters the season’s final week ranked second in greens in regulation (75.7 percent) and third in birdies (314). She has earned more than $1.5 million this season.

Ms. Ryu will receive her Rookie of the Year award at the 2023 Rolex LPGA Awards ceremony on Thursday in Naples, Florida. — Reuters

Higher expectations

The Warriors were not happy campers in the aftermath of their loss to the Timberwolves the other day. It wasn’t simply that the setback was their third straight, or that it dropped them to an abhorrent one and three at Chase Center. It was that they appeared to be wasting the sterling production of Stephen Curry. For all the outstanding numbers the two-time Most Valuable Player awardee had been putting up, they somehow seemed to find ways to falter in the crunch — uncharacteristic for a core boasting of a dynastic run.

Even for casual observers, it’s obvious that the Warriors’ record of futility stems from the inability of Splash Brother Klay Thompson and fellow starter Andrew Wiggins to live up to billing. To argue that both have had slow starts would be an understatement; the former is norming a relatively anemic 16.1 points on 42.6% shooting per contest, while the latter is at 10.5 and 41.2%. If nothing else, the significant drop-offs have accentuated the pitfalls of their small-ball predilections.

To be sure, the season is young, and pundits remain high on the Warriors’ capacity to turn their fortunes around. After all, these are veterans who understand the rigors of competition through a long campaign. On the other hand, the signs are telling enough to get the brain trust thinking of ways to jump-start their efforts. Thompson, in particular, should be motivated to exceed himself, what with his contract situation remaining unresolved. And they’re not wrong to want to do something — anything — by way of an answer to their woes. After all, what is insanity but doing the same thing over and over again, and expecting the same result?

Perhaps the Warriors are likewise suffering from the burden of heightened expectations. Offseason projections counted them among legitimate contenders for the hardware, the advancing age of their vital cogs notwithstanding. It’s also fair to concede the need for time to make adjustments and incorporate the addition of point god Chris Paul to the rotation. All the same, the here and now needs to be addressed, and fast. The National Basketball Association is too deep for hopefuls to absorb a slump.

 

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994. He is a consultant on strategic planning, operations and human resources management, corporate communications, and business development.

[B-SIDE Podcast] Understanding the risks posed by fake and low-quality drugs

Follow us on Spotify BusinessWorld B-Side

Fake and low-quality medicines have become more common and are being sold at lower prices through online platforms.

In this B-Side episode, Monash University professor Michelle McIntosh discusses the effects of subpar medication on the overall health of people with BusinessWorld reporter Adrian H. Halili. 

“Understanding the quality of medicines is important, and in many cases around the world, the pharmaceutical products can be counterfeit or substandard products that are available,” Ms. McIntosh said. 

She said that medications like these may not be very effective and could be harmful to one’s health. “There can be consequences when people use substandard materials.” 

“There is definitely a high prevalence of substandard medication in third-world or low-resource settings,” she added. “It’s not only in those environments; it is something that people around the world are aware of.” 

Ms. McIntosh said that there is also a risk in purchasing medications through online platforms. “If you purchase medicine through the internet, you don’t actually know what quality it is when it arrives at your house,” she added. 

Counterfeit and substandard medication, such as anti-malaria and maternal healthcare drugs, are also observed being sold in third-world countries, according to Ms. McIntosh.

She said that due to high populations and less regulatory monitoring, the likelihood of these products being sold in the market is higher.

“Whether the regulatory agency can conduct routine testing to check the quality of products that come in… may be more challenging. People see an opportunity to make money by providing a counterfeit or substandard product,” she added.

Ms. McIntosh said that there is a need to identify poor-quality medicines in collaboration with experts and government organizations.

“At Monash University, we’ve recently established a quality of medicines initiative where we are working to apply our expertise in understanding pharmaceutical products, how they work, and how sometimes they may not work as they are supposed to,” she said. 

The quality cannot be determined easily by looking at it alone. She also said that using them might result in health problems or side effects. 

“That can create problems for the individual who is taking them, and also it can lead to anti-microbial resistance, in the case of antibiotics.”

Ms. McIntosh said that the university’s program aims to work with governments in developing and strengthening their pharmaceutical sectors.

‘Can’t buy new jeans’: Argentinians tighten belts as inflation hits 143%

REUTERS

BUENOS AIRES — Hard-up Argentines, tightening their purse strings with inflation topping 140%, are increasingly turning to second-hand clothing markets, both to find affordable apparel and raise extra cash from selling old garments.

The South American nation, the region’s No. 2 economy and a major grains exporter, is facing its worst crisis in decades. Two-fifths of people live in poverty and a looming recession is shaking up Argentina’s presidential election runoff next Sunday.

Rising voter anger is propelling a radical outsider, Javier Milei, the slight favorite in polls on the presidential election to beat Economy Minister Sergio Massa, the candidate of the ruling Peronist coalition, whose bid has been hobbled by his failure to rein in rising prices.

“You can’t just go to the mall and buy something you like as you did before. Today prices are unthinkable,” said Aylen Chiclana, a 22-year-old student in Buenos Aires.

New jeans cost more than double the price a year ago, representing over one-third of Argentina’s monthly minimum wage.

Annualized inflation hit 142.7% in October, the country’s statistics office said on Monday, with the monthly rise landing at 8.3%, although that was down from peaks in August and September and below analyst forecasts.

Argentina has for years battled high inflation, which economists blame on money printing and an entrenched lack of confidence in the local peso. Inflation has accelerated over the last year to its highest since 1991.

Beatriz Lauricio, a 62-year-old semi-retired teacher, said that she and her husband, a bus company employee, go on weekends to a clothing fair to sell old garments to make ends meet.

“We’re middle class, lower middle class, I would say. We have our jobs but we need to come to the fair,” she said, adding that when it was canceled one weekend due to bad weather the couple’s finances “collapsed.”

“We’re not doing this as a little extra so we can go on vacation to Brazil, we do it out of daily necessity,” Ms. Lauricio said.

María Silvina Perasso, the organizer of the clothing fair in Tigre, on the outskirts of Buenos Aires, said many people shop there because prices have risen far faster than salaries. The local monthly minimum wage is 132,000 pesos, $377 at the official exchange rate but half that at real street rates due to capital controls — restrictions on foreign exchange transactions.

“With the economy the way it is, they buy clothes at 5% or 10% of the value that comes from a store and they can buy things for their families,” she said.

María Teresa Ortiz, a 68-year-old retiree, lives off her pension and from casual sewing work, which pays her 400 pesos an hour, officially about a dollar. She goes to the fair to be able to afford clothes she otherwise couldn’t buy.

“We simply can’t buy new things. You can’t buy new sneakers, you can’t buy new flip-flops, you can’t buy new jeans, you can’t buy a shirt or a T-shirt either. So you have to look for them at the fairs,” she said. — Reuters

‘Too close and too cold’: Premature babies in grave peril at Gaza hospital

NEWBORNS are placed in bed after being taken off incubators in Gaza’s Al Shifa hospital after power outage, amid the ongoing conflict between Israel and the Palestinian Islamist group Hamas, in Gaza City, Gaza Nov. 12, 2023 in this still image obtained by Reuters. — REUTERS

GAZA — The tiny babies lie side by side, some wrapped in green fabric roughly taped around them for warmth, others wearing only nappies, a picture of vulnerability, their lives in grave danger with every minute that passes.

The newborns are under the care of exhausted medics at Gaza’s Al Shifa hospital, which is besieged by Israeli tanks battling Hamas fighters, and lacks electricity, water, food, medicines and equipment.

“Yesterday I had 39 babies and today they have become 36,” said Dr. Mohamed Tabasha, head of the pediatric department at Al Shifa, in a telephone interview on Monday.

“I cannot say how long they can last. I can lose another two babies today, or in an hour,” he said.

The premature babies, who weigh less than 1.5 kg (3.3 pounds) each and in some cases only 700 or 800 grams, should be in incubators where the temperature and humidity can be regulated according to their individual needs.

Instead, they had to be moved to ordinary beds over the weekend because of a shortage of electricity, said Mr. Tabasha. They were placed side by side, surrounded by packets of nappies, cardboard boxes of sterile gauze and plastic bags. “I never expected in my life that I would put 39 babies side by side on a bed, each with a different disease, and in this acute shortage of medical staff, of milk,” said Mr. Tabasha.

The infants are too cold, and the temperature is not stable because of power cuts, he said. In the absence of infection control measures, they are transmitting viruses to each other and they have no immunity.

He said there was no longer any way of sterilizing their milk and bottle teats to the required standard. As a result, some had contracted gastritis and were suffering from diarrhea and vomiting, which meant an acute risk of dehydration.

‘YOU SLOWLY KILL THEM’
Dr. Ahmed El Mokhallalati, also involved in caring for the babies, described the conditions as deadly.

“They are in a very bad situation where you slowly kill them unless someone interferes to adjust or to improve their situation,” he said, also by telephone from Al Shifa.

“These are very critical kinds of cases, where you have to be very sensitive in dealing with them. You have to take care of each of them in a very special way. Currently they are all in open space, they are all with each other,” he said.

Mr. Tabasha listed everything he would need to keep the babies safe: electricity to run the incubators, a proper sterilizer for the milk and bottle teats, medicines, and support machines in case any of them went into respiratory failure.

He said the situation was harrowing for the doctors and the four nurses in charge of the babies.

“We are exhausted emotionally and physically,” he said.

Israel launched its military assault to destroy Hamas, the Palestinian militant group which runs the Gaza Strip, after Hamas fighters rampaged through southern Israel on Oct. 7, killing civilians. Around 1,200 people died and 240 were taken hostage, according to Israel’s tally, the deadliest day in its 75-year history.

Since then, thousands of Gazans have been killed and more than half the population made homeless by Israel’s relentless onslaught. Gaza medical authorities say more than 11,000 people have been confirmed killed, around 40% of them children.

Israel says Al Shifa hospital sits atop tunnels housing a headquarters for Hamas fighters, who are to blame for its plight for using patients as human shields, which Hamas denies.  Reuters

Forests key to climate fight along with cutting fossil fuels, study suggests

AN AERIAL VIEW shows a dead tree near a forest on the border between Amazonia and Cerrado in Nova Xavantina, Mato Grosso state, Brazil, July 28, 2021. — REUTERS

SAO PAULO — Restoring global forests could sequester 22 times as much carbon as the world emits in a year, according to a scientific study published on Monday, making the case that trees are a key tool in confronting the climate crisis along with cutting fossil fuels.

The study considers restoring forests where they would naturally exist if not for humans, either by allowing degraded woodlands to regrow or by reforesting denuded areas, but excludes areas vital to agriculture or already turned into cities.

Reaching the world’s full potential for restoration would draw out an estimated 226 gigatons of excess carbon from the atmosphere — or roughly one-third the amount added to the atmosphere since the industrial revolution, the research finds.

“There cannot be a choice between nature and decarbonizing. We absolutely must take steps to achieving both simultaneously,” said ecologist Thomas Crowther of Switzerland’s Federal Institute of Technology Zurich.

The paper, published in the journal Nature by Mr. Crowther and more than 200 other researchers, offers a major update to a 2019 paper that sparked fierce debate in the scientific community.

The new findings show that, while forests can help to combat climate change, it is counterproductive to use them to offset future greenhouse gas emissions, Mr. Crowther said. Any additional emissions will exacerbate climate change and extreme weather, damaging forests and hurting their ability to absorb carbon. That would negate the benefits of an offset, he said.

The idea of earning an offset through simply planting trees “is now categorically against what the science says,” Mr. Crowther said.

Mr. Crowther said he plans to attend the upcoming United Nations COP28 climate summit in Dubai to deliver that message to policymakers. “This paper has to be the one to kill greenwashing,” he told Reuters.

TREE CONTROVERSY
The research follows on a landmark 2019 study also co-authored by Mr. Crowther, indicating that 205 gigatons could be sequestered by forest restoration. Salesforce CEO Marc Benioff read the study and was inspired to work with the World Economic Forum to develop its initiative to plant a trillion trees.

But the paper and the trillion trees effort — which was quickly endorsed by then-US President Donald Trump — set off a controversy among scientists and environmentalists.

Many scientists — as well as Swedish activist Greta Thunberg — said trees were being presented as an overly simplistic cureall for the climate crisis that could distract from efforts to reduce the use of fossil fuels, the main culprit for climate change.

Mr. Crowther said the response drastically oversimplified the paper’s message.

More than 40 scientists wrote in the journal Science that the 2019 study may have inflated the carbon sequestration potential of forest restoration by 4-5 times by considering tree planting in non-forest ecosystems among other oversights.

Joseph Veldman, an ecologist at Texas A&M University and lead author of that criticism, said he thinks the new paper still exaggerates how much carbon could be sequestered, potentially by half.

He said the 226 gigaton figure includes carbon sequestered in places that are “inappropriate” for planting trees, like at high altitudes, and overly rely on forest gains in savannas, among other concerns.

“This is like the absolute, absolute upper bound of what could possibly ever be fathomable,” Mr. Veldman said. “You’re never going to get there. It’s unwise and it’s not feasible.”

Mr. Crowther said that while the current and previous study show where trees could be planted, it did not mean that they necessarily should be planted there.

The study’s authors specify that restoration must be done a certain way to be effective.

They argue that forests must be diverse, rather than mass plantings of a single species, and restoration must serve local community needs.

Cristina Banks-Leite, a tropical ecologist, teaches the 2019 Crowther paper and a paper that criticized it in the first week of her master’s course at Imperial College London to illustrate the debate around forests in the scientific community.

Doing such complex measurements for the whole world is always going to have some flaws, but also improves with technology advances, she said.

The paper also finds that protecting existing forests is more beneficial than trying to regrow them. Of the total carbon sequestration potential, only 39% would come from reforesting denuded areas. Most of the carbon gains, an estimated 61%, would come simply from protecting forests that are still standing and allowing degraded woodlands to recover.

“The take-home message – that the forest that we have should be protected – is absolutely foundational and correct,” said ecologist Nicola Stevens at University of Oxford, who had co-authored the criticism of Crowther’s earlier paper. — Reuters

Gang says ICBC paid ransom over hack that disrupted US Treasury market

REUTERS

LONDON — China’s biggest lender, the Industrial and Commercial Bank of China (ICBC), paid a ransom after it was hacked last week, a Lockbit ransomware gang representative said on Monday in a statement which Reuters was unable to independently verify.

ICBC, whose US arm was hit by a ransomware attack that disrupted trades in the US Treasury market on Nov. 9, did not immediately respond to a request for comment.

“They paid a ransom, deal closed,” the Lockbit representative told Reuters via Tox, an online messaging app.

The blackout at ICBC’s US broker-dealer left it temporarily owing BNY Mellon $9 billion, an amount many times larger than its net capital.

The hack was so extensive that even corporate email at the firm ceased to function, forcing employees to switch to Google mail, Reuters reported.

“The market is mostly back to normal now,” said Zhiwei Ren, a portfolio manager at Penn Mutual Asset Management.

The ransomware attack came at a time of heightened worries about the resiliency of the $26 trillion Treasury market, essential to the plumbing of global finance, and is likely to draw scrutiny from regulators.

A spokesperson for the US Treasury Department did not immediately provide comment on Monday.

The Financial Services Information Sharing and Analysis Center, a financial industry cybersecurity group, said financial firms have well-established protocols for sharing information on such incidents.

“We are reminding members to stay current on all protective measures and patch critical vulnerabilities immediately,” a spokesperson said in a statement, adding: “Ransomware remains one of the top threat vectors facing the financial sector.”

WHY PAY?
Lockbit has hacked some of the world’s largest organizations in recent months, stealing and leaking sensitive data in cases where victims refused to pay ransom.

In just three years, it has become the world’s top ransomware threat, according to US officials.

Nowhere has it been more disruptive than in the United States, hitting more than 1,700 American organizations in nearly every sector from financial services and food to schools, transportation and government departments.

Authorities have long advised against paying ransomware gangs in a bid to break the criminals’ business model. Ransom is usually demanded in the form of cryptocurrency, which is harder to trace and gives the receiver anonymity.

Some companies have quietly paid up in a bid to get back online quickly and avoid the reputational damage of having their sensitive data publicly leaked. Victims who do not have digital backups that allow them to restore their systems without the need of a decryption key sometimes have no choice but to pay.

Last week, Lockbit hackers published internal data from aerospace giant Boeing and said on their website they had infected computer systems at law firm Allen & Overy. — Reuters

Tricky politics on menu for China’s Xi at US business dinner

SCREENSHOT VIA APEC

SAN FRANCISCO — Top business leaders in the United States are expected to dine with Chinese President Xi Jinping in San Francisco on Wednesday as he seeks to court American companies and counter his country’s recent struggles to entice foreign investment.

The dinner on the margins of the Asia-Pacific Economic Cooperation (APEC) forum will follow a day of talks between Xi and U.S. President Joe Biden, aimed at stabilizing fraught ties between the world’s two largest economies.

For American businesses, it will be a chance to hear directly from China’s leader as they search for ways to navigate China’s economic slowdown, a U.S. push to “de-risk” some American supply chains away from China, and uncertainty caused by expanding Chinese security rules.

“The purpose of the dinner is to foster better communication,” one source close to the organizers told Reuters, declining to say who would speak while confirming representatives from both the Chinese and U.S. governments would share the podium.

But the event, yet to be formally announced by hosts U.S.-China Business Council (USCBC) and the National Committee on U.S.-China Relations (NCUSCR), also presents uneasy optics.

According to event notifications seen by Reuters, some U.S. firms will pay tens of thousands of dollars to hear a “Chinese state leader” from a government that Washington has accused of genocide against Muslim Uyghurs. China has vigorously denied the accusations.

The USCBC and NCUSCR both declined to comment on the planned dinner. China’s embassy in Washington did not respond to a request for comment.

Xi, who is widely expected to deliver a speech, will be eager to convince U.S. industry that China is still open for business after recording its first quarterly deficit in foreign direct investment.

Even as China this year cast off COVID-19 pandemic controls that effectively shut its borders, it has grown more suspicious of engagement with Western companies, in line with Xi’s emphasis on national security. Xi has overseen a crackdown on U.S. consultancy and due-diligence firms, a further blow to investor confidence.

‘FILET MIGNON’ AND HUMAN RIGHTS
For decades, business and trade has been at the center of U.S.-China relations, helping to fuel China’s explosive economic resurgence and offering what Beijing has often described as the ballast in otherwise contentious ties.

But concerns about a new style cold war between the rival economic and geopolitical superpowers has increasingly placed companies in the cross hairs of both governments.

Xi is on his first visit to the U.S. in more than six years and the pricey dinner, up to $40,000 for a table of eight, according to one notice for the event, is routine by standards for past Chinese presidential visits.

Reuters was not able to obtain a list of attendees, but executives of some companies who spoke privately to Reuters said they would steer clear given questions about the utility for their operations in China and U.S. political risks.

Jeff Moon, a former U.S. trade official turned business adviser, said China’s goal would be to soften Xi’s image and attract investment, but that the dinner was unlikely to “move any needles.”

U.S. lawmakers have castigated some American businesses for turning a blind eye to allegations of forced labor in China and some have been scathing in their criticism of the event.

“How does that dinner conversation go? ‘Wow, this filet mignon is a little dry. How’s your extrajudicial internment of over a million Uyghur Muslims going?” said Mike Gallagher, the Republican chair of the House of Representative’s select committee on China.

Despite human rights concerns, Biden has made a diplomatic push to improve relations, which slid to what many analysts viewed as an all-time low after the U.S. shot down an alleged Chinese spy balloon in February.

The Biden administration says communication at the highest level is essential to prevent competition veering into conflict, and in the interest of the global economy too.

Biden’s Treasury Secretary Janet Yellen reiterated ahead of the APEC summit that while the U.S. sought to reduce its dependence on China in some areas, it did not seek broad economic decoupling.

The dinner is Xi’s “reassurance tour,” and business leaders would look to him to set expectations for how foreign companies would be treated in China, said Nirav Patel, chief executive of consultancy The Asia Group.

“They have come to accept that there’s no substitute for hearing and seeing and observing what Xi Jinping is doing,” said Patel. “Of course, there are some that want to be able to demonstrate that they are committed to China and their presence in these meetings demonstrates that.” — Reuters