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Trump warns countries that ‘play games’ with US trade deals will face higher tariffs

REUTERS

WASHINGTON — US President Donald J. Trump on Monday warned countries against backing away from recently negotiated trade deals with the US after the Supreme Court struck down his emergency tariffs, saying that if they did, he would hit them with much higher duties under different trade laws.

Mr. Trump, in a series of social media posts, said he also may impose license fees on trading partners as uncertainty over his next tariff moves gripped the global economy and sent stocks lower.

“Any Country that wants to ‘play games’ with the ridiculous Supreme Court decision, especially those that have ‘Ripped Off’ the USA for years, and even decades, will be met with a much higher Tariff, and worse, than that which they just recently agreed to. BUYER BEWARE!!!” Mr. Trump wrote on Truth Social.

Mr. Trump said that despite the court’s decision to invalidate his tariffs under the International Emergency Economic Powers Act (IEEPA), its decision affirmed his ability to use tariffs under other legal authorities “in a much more powerful and obnoxious way, with legal certainty, than the tariffs as initially used.”

He suggested that the US could impose new license fees on trading partners but did not provide any details.

A spokesperson for the US Trade Representative’s office did not immediately respond to a request for further comment on Mr. Trump’s plans.

In Brussels, the European Parliament decided on Monday to postpone a vote on the European Union’s (EU) trade deal with the US after Mr. Trump imposed a new temporary import duty of 15% on imports from all countries.

EU goods under the deal would face a 15% US tariff, with exemptions for hundreds of food items, aircraft parts, critical minerals, pharmaceutical ingredients and other goods, while the EU would remove duties on many imports from the US, including industrial goods.

Mr. Trump on Friday initially announced the temporary duty under Section 122 of the Trade Act of 1974 at 10%, but raised it to 15%, the maximum allowed under the statute, on Saturday.

The new duty is set to take effect at 12:01 a.m. EST (0501 GMT) on Tuesday. At that same moment, the US Customs and Border Protection agency said it would stop collecting the now-illegal IEEPA duties, more than three days after the Supreme Court’s ruling.

UNCERTAINTY UNNERVES MARKETS
Wall Street stocks ended lower on Monday as renewed tariff uncertainty following the Supreme Court decision and concerns about artificial intelligence-fueled disruption unnerved investors. The Dow Jones Industrial Average fell 1.65%, the S&P 500 fell 1.02%, while the tech-heavy Nasdaq Composite fell 1.01%. The dollar weakened against the euro and the yen.

The path forward for Mr. Trump’s foreign trade deals remained uncertain, with China urging Washington to scrap tariff measures, the EU freeze on its approval and India delaying planned talks.

US Trade Representative Jamieson Greer said over the weekend that the Trump administration expected to open new Section 301 unfair trade practices investigations on several countries, a legal step expected to allow it to threaten new tariffs.

A group of 22 Democratic US senators introduced legislation aimed at forcing the Trump administration to issue refunds for all of the now-illegal IEEPA-based tariffs within 180 days, but it faced an uncertain path to a vote.

Mr. Trump used his social media post to again lash out against the justices who ruled against him, which included two who he had appointed during his first term in the White House. In its ruling, authored by conservative Chief Justice John Roberts, the court reasserted its power to check the power of the president.

The president also expressed concern that the top court could rule against his administration’s bid to restrict birthright citizenship in its forthcoming decision in that case. — Reuters

China imposes export controls on 20 Japanese entities to curb ‘remilitarization’

A drone view shows shipping containers from China at the Port of Los Angeles in Wilmington, California, Feb. 4, 2025. — REUTERS

BEIJING — China has prohibited the export of dual-use items to 20 Japanese entities that it says supply Japan’s military, the commerce ministry announced on Tuesday.

The measure targets units of major Japanese industrial conglomerates such as Mitsubishi Heavy Industries’ shipbuilding and aero engines divisions, the ministry said, without specifying the controlled items.

The restrictions were aimed at curbing Japan’s “remilitarization” and nuclear ambitions, it said, adding overseas organizations and individuals were also banned from transferring Chinese-origin dual-use items to the listed entities.

Firms could apply to sell to the listed entities under “special circumstances” that required them to export, the ministry said in a statement.

China has assured that entities operating “in good faith” have no reason to worry, and that the measures announced will not affect normal economic and trade exchanges between the two countries.

The commerce ministry also added another 20 Japanese entities, including Subaru Corp, Itochu Aviation, and Mitsubishi Materials Corp to a watch list, saying it could not verify the end-users or end-uses of the entities’ dual-use items.

Subject to stricter scrutiny, companies exporting to these entities would have to apply for individual export licenses for dual-use items and provide a written commitment that the items would not contribute to enhancing Japan’s military capabilities.

None of the affected Japanese companies contacted by Reuters had an immediate comment on the trade measures. Market reaction in Tokyo was mixed, with Subaru shares falling 3.7% while Mitsubishi Materials shares rose 3% and Mitsubishi Heavy shares were down 3.5%. — Reuters

Various foreign ministers condemn Israel over West Bank moves, statement says

FREEPIK

ISTANBUL — The foreign ministers of Brazil, France, Spain, Turkey and various other states condemned Israeli decisions that they said introduce sweeping extensions to unlawful Israeli control over the West Bank.

“Changes are wide-ranging, reclassifying Palestinian land as so-called Israeli ‘state land,’ accelerating illegal settlement activity, and further entrenching Israeli administration,” said the joint statement, issued late on Monday by the Turkish foreign ministry.

Other countries to sign the statement included Saudi Arabia, Egypt and Qatar, as well as the heads of the Arab League and Organization of Islamic Cooperation.

Israel’s cabinet on Feb. 15 approved further measures to tighten Israel’s control over the occupied West Bank and make it easier for settlers to buy land, a move Palestinians called a “de-facto annexation.”

The West Bank is among the territories that Palestinians seek for a future independent state. Much of it is under Israeli military control, with limited Palestinian self-rule in some areas run by the Western-backed Palestinian Authority.

The joint statement said the settlements, and decisions designed to further them, are “a flagrant violation of international law” and a step towards “unacceptable de facto annexation.”

It said they also undermine the ongoing efforts for peace and stability in the region and threaten any meaningful prospect of regional integration. — Reuters

Drones dominate Ukraine battlefield four years into fighting

REUTERS/THOMAS PETER

KHARKIV REGION, Ukraine — Ukrainian tank platoon commander Valentyn Bohdanov remembers a time earlier in Russia’s war when heavy armor fought pitched battles like boxers trading punches in the ring. Four years into the conflict, he says such showdowns are all but impossible. 

Small but deadly “first-person-view” (FPV) drones now dominate the skies above Ukraine’s battlefields, making it extremely risky for armored vehicles to move, said Mr. Bohdanov, a senior sergeant in Ukraine’s 127th Separate Heavy Mechanized Kharkiv Brigade. 

“They won’t enter an open field: they’ll be peppered by FPV drones and stronger ones,” said the 36-year-old, who goes by the military call sign “Bodia.”

These days, his T-72 tank, which was captured from the Russians, remains hidden beneath webbing near the snowy frontline in the northeast region of Kharkiv — reduced, effectively, to a static piece of artillery.

Mr. Bohdanov, who has served since early in Moscow’s February 2022 invasion, has seen traditional military tactics upended as technology has forced both sides to make new battlefield calculations.

Thousands of precision drones, often costing only several hundred dollars apiece, roam the skies daily across an expanding “kill zone” along the 1,200-kilometer front. They are joined by a growing range of more powerful drones capable of flying farther and carrying heavier payloads.

The ever-present threat from the sky makes virtually any movement — from troop rotations and evacuations to tank assaults — increasingly deadly.

Drone-inflicted casualties have jumped from less than 10% of the total in 2022 to up to 80% last year, as much of the war has morphed into an “air battle of mutual denial,” according to a report by the French Institute of International Relations published this month.

It described the shift as part of “a new logic of warfare defined by speed of innovation, rapid adaptation, and seamless technological integration” that would include other technologies including artificial intelligence.

‘IN THE AIR ALL THE TIME’
Mobile drone-hunting teams, like the one Reuters recently visited near the besieged eastern city of Kostiantynivka, are now commonplace.

Patrolling roads shrouded in anti-drone netting and littered with the charred remains of vehicles, members are on constant alert for drones ranging from FPVs to larger, long-range Shaheds. They are tasked with defending supply routes critical for troops in a section of the front line where Russia is advancing.

Drone-hunter “Marine” of the 93rd Mechanized Brigade, who introduced himself by his call sign, recalled once seeing 54 drones attack a single target within one hour.

“Three would circle, another would attack while the others join,” he said. “They’re in the air like that all the time, not letting anyone get away.”

Many soldiers who have been directly under fire describe being overwhelmed by the speed and agility of FPVs. Footage of their strikes now saturate social media on both sides.

Speaking in a military hospital in the northeastern city of Kharkiv, Andriy Meskov said he had been returning from an assignment when he and two comrades were attacked by drones that whizzed after them as they sought cover.

“We ran into a building, not really expecting that it would follow us,” said Mr. Meskov, 42, himself a drone pilot in the 151st Separate Reconnaissance-Strike Battalion.

“The speed of a human being doesn’t compare to the speed of an FPV drone, so I didn’t even have time to pick up my rifle to shoot at it.”

NEW BATTLEFIELD LESSONS
Mr. Meskov’s knee was shattered when a drone ricocheted off his helmet and exploded near his leg.

He was eventually evacuated for medical treatment on an unmanned ground vehicle. Such ground drones are increasingly employed for tasks ranging from logistics to evacuations, to minimize casualties.

They carried out more than 7,000 missions in January, Defense Minister Mykhailo Fedorov said last week. Ukraine plans to boost their production and procurement this year, he said.

Longer evacuation times are another potentially fatal consequence of the expanding “kill zone.” Col. Viacheslav Kurinnyi, 45, chief doctor at the Kharkiv hospital where Mr. Meskov was being treated, said the drone threat to vehicles had pushed the average time for medical evacuation beyond three days.

That flies in the face of the so-called “golden hour” of battlefield medicine, he added, referring to the 60-minute window when intervention is critical to saving a fighter’s life.

Ukraine’s Western allies needed to learn the lessons: “Any countries that are preparing for war at home need to realize that there will be no ‘golden hour,’” Mr. Kurinnyi said. “Maybe a ‘golden day’ if they’re lucky.”

Once his hospital received a wounded soldier who had been wearing a tourniquet for more than two months.

WAITING FOR NEXT BREAKTHROUGH
Standing next to his snow-covered tank, commander Mr. Bohdanov said he believes such weapons are being rendered irrelevant and should be scaled back in favor of more long-range artillery. His crew is open to re-training to become more effective, he added.

While tanks are still used in urban battles or in poor weather conditions, armor-led attacks have largely been replaced by small infantry assaults, said military analyst Rob Lee at the Foreign Policy Research Institute.

But it is too soon to write off tanks. The pace of change means tactics could soon shift again, Mr. Lee said.

“Right now, the current role is diminished, and I think we’re waiting for the next technological breakthrough that will enable maneuvering again,” he said. — Reuters

Taiwan parliament to discuss stalled special defense budget next week

A soldier salutes Taiwan president Lai Ching-te in front of US-made M1A2T Abrams tanks after taking part in live-fire exercises in Hsinchu, Taiwan on July 10, 2025. — REUTERS/ANN WANG

TAIPEI — Taiwan’s parliament will discuss late next week the government’s stalled bill on a $40-billion special defense budget, which has been held up by opposition party objections attracting the concern of US lawmakers.

Taiwan President Lai Ching-te last year proposed the extra defense spending to counter China, which has ramped up military pressure to force the island to accept its claim of sovereignty.

But the opposition, which has a majority in parliament, refused to review the proposal and instead advanced its own, less expensive proposals, which only fund the purchase of some of the US weapons Mr. Lai wants.

Earlier this month, a bipartisan group of 37 US lawmakers wrote to senior Taiwanese politicians expressing concern about parliament stalling the proposed defense spending.

Taiwan’s ruling Democratic Progressive Party, the main opposition Kuomintang and its much smaller ally the Taiwan People’s Party have now agreed to schedule discussion on the government’s proposal on March 6, according to pictures of the agreement posted by lawmakers to social media.

Taiwan’s parliament speaker and his deputy, in a statement responding to the US lawmakers’ letter, pledged last week that the defense spending plan would be prioritized for review.

The United States is Taiwan’s most important international backer and arms supplier, despite the lack of formal diplomatic ties.

The Trump administration has pressed its allies to increase defense spending, something Mr. Lai and his government have enthusiastically embraced. 

China has never renounced the use of force to bring Taiwan under its control. Mr. Lai has repeatedly offered talks with China, but been rebuffed, and says only Taiwan’s people can decide their future. — Reuters

Canada plans to assist Cuba while Washington squeezes the island

A LARGE Canadian flag hangs on the front of a building in Winnipeg, Manitoba, Canada, March 5, 2025. — REUTERS

CANADA said on Monday it plans to provide assistance to Cuba while the island grapples with fuel shortages after Washington moved to choke off Cuba’s oil supplies.

Washington has escalated a pressure campaign against the Communist-run island and long-time US foe in recent weeks.

US President Donald Trump’s administration has moved to block all oil from reaching Cuba, including that from ally Venezuela, pushing up prices for food and transportation and prompting severe fuel shortages and hours of blackouts.

“We are preparing a plan to assist. We are not prepared at this point to provide any further details of an announcement,” Canadian Foreign Minister Anita Anand said on Monday, without giving details on what such an assistance will include.

The UN has warned that if Cuba’s energy needs are not met, it could cause a humanitarian crisis. Canada said last week it was monitoring the situation in Cuba and was concerned about “the increasing risk of a humanitarian crisis” there.

Emboldened by the US military’s seizure of ousted Venezuelan President Nicolas Maduro in a deadly raid in January, Mr. Trump has repeatedly talked of acting against Cuba and pressuring its leadership.

Washington and Ottawa have also had tensions under Mr. Trump over issues like trade tariffs, Mr. Trump’s rhetoric towards Greenland, Ottawa’s attempt to warm ties with Beijing and Prime Minister Mark Carney’s remarks that “middle powers” should act together to avoid being victimized by US hegemony.

Mr. Trump has said “Cuba will be failing pretty soon,” adding that Venezuela, once the island’s top supplier, has not recently sent oil or money to Cuba.

The UN human rights office has said the US raid in which Mr. Maduro was seized was a violation of international law. Human rights experts cast Mr. Trump’s foreign policy and his focus on exploiting Venezuelan oil and squeezing Cuba as echoing an imperialist approach. — Reuters

Meta executive warned Facebook Messenger encryption plan was ‘so irresponsible’, shows court filing

NEW YORK/SAN FRANCISCO — Meta  executives proceeded with a plan to encrypt the messaging services connected to its Facebook and Instagram apps despite internal warnings that it would hinder the social media giant’s ability to flag child-exploitation cases to law enforcement, according to internal company documents filed in a New Mexico state court case.

“We are about to do a bad thing as a company. This is so irresponsible,” wrote Monika Bickert, Meta’s head of content policy, in one internal chat exchange dated March 2019 as CEO Mark Zuckerberg’s public announcement of the plan was being prepared.

The filing, which was made public on Friday but not previously reported, contains emails, messages and briefing documents obtained in discovery for a lawsuit brought by New Mexico Attorney General Raul Torrez that shed new light on what the company assessed the impact of the plan would be and how senior policy and safety executives viewed it at the time.

Mr. Torrez alleges Meta allowed predators unfettered access to underage users and connected them with victims, often leading to real-world abuse and human trafficking. A trial began this month and is the first case of its kind against Meta to reach a jury.

The information comes as Meta is facing a wave of litigation and regulatory threats globally linked to the welfare of young users on its platforms.

In addition to New Mexico’s lawsuit – which focuses on the company’s alleged failure to address child predation – a coalition of more than 40 attorneys general are pursuing claims that the company’s products broadly harm youth mental health.

Some school districts are also suing the company, while Mr. Zuckerberg testified last week in yet another case brought by attorneys representing a teenager allegedly harmed by its products in Los Angeles County Superior Court.

The latest filing in the New Mexico case specifically accuses Meta of misrepresenting the safety of its plan to implement default end-to-end encryption on its Facebook-connected Messenger service, which it first announced in 2019 and later expanded to include Instagram direct messages.

HEIGHTENED RISK
End-to-end encryption – in which a sender’s message is transmitted in a format that only the recipient’s device can decode – is a standard privacy feature of many messaging apps, including Apple’s iMessage, Google Messages, and Meta’s WhatsApp.

But child safety advocates, including the National Center for Missing and Exploited Children (NCMEC), have argued that the technology poses a heightened risk when built into public social networks that readily connect children to people they do not otherwise know.

The New Mexico filings show senior Meta safety executives expressing that same fear. Even as Mr. Zuckerberg claimed publicly that the company was addressing the plan’s risks, top safety and policy executives internally expressed dismay, with Ms. Bickert, the head of content policy, saying the company was making “gross misstatements of our ability to conduct safety operations,” the documents show.

“I’m not very invested in helping him sell this, I must say,” Ms. Bickert wrote of Mr. Zuckerberg’s efforts to promote encryption on privacy grounds. With end-to-end encryption, “there is no way to find the terror attack planning or child exploitation” and proactively refer those cases to law enforcement, she added.

In an email from February 2019, a Meta briefing document estimated that the company’s total reporting of child nudity and sexual exploitation imagery to the NCMEC the previous year would have fallen to 6.4 million from 18.4 million if Messenger had been encrypted, a 65% drop.

A later update to the same document said Meta would have been “unable to provide data proactively to law enforcement in 600 child exploitation cases, 1,454 sextortion cases, 152 terrorist cases [and] 9 threatened school shootings.”

ADDITIONAL SAFETY FEATURES
Meta spokesperson Andy Stone said in response to Reuters queries that the concerns raised by Ms. Bickert and Antigone Davis, Meta’s Global Head of Safety, led Meta to work on additional safety features before the company launched encrypted messaging on Facebook and Instagram in 2023.

While messages are encrypted by default, users can still report objectionable messages to Meta for review and possible referral to law enforcement.

“The concerns raised in 2019 represent the very reason we developed a range of new safety features to help detect and prevent abuse, all designed to work in encrypted chats,” Mr. Stone said.

Among the company’s efforts were the creation of special accounts for underage users which prevent adult users from initiating contact with minors they do not know.

Safety executives specifically raised the specter of children being groomed on the company’s semi-public social media platforms and then exploited on its private messaging services.

“FB [Facebook] allows pedophiles to find each other and kids via social graph with easy transition to Messenger,” wrote Ms. Davis in a 2019 email assessing the plan’s risks.

By contrast, she wrote, Meta’s existing encrypted messaging service WhatsApp was not directly connected to a social media platform and therefore did not carry the same risks.

“WA (WhatsApp) does not make it easy to make social connections, meaning making Messenger e2ee (end-to-end encrypted) will be far, far worse than anything we have seen/gotten a glimpse of on WA,” she said. — Reuters

Total lunar eclipse to be visible on March 3 – PAGASA

The Hubble space telescope seen during a red moon during a total lunar eclipse on Jan, 2019. — WIKIMEDIA COMMONS/ESA/HUBBLE

A total lunar eclipse will be observable in Manila and parts of the country for about an hour on March 3, Tuesday, according to the Philippine Atmospheric, Geophysical and Astronomical Services Administration (PAGASA) on Monday.

If skies are clear, the maximum eclipse, or the phenomenon’s peak, is expected at 7:34 pm, PAGASA said in an official statement.

As for the timeline, the Moon will enter totality, or the moment when it is fully covered by Earth’s shadow, at 7:04 pm, remain in the planet’s primary shadow until 8:03 pm, and fully exit the umbral shadow at 9:17 pm.

In Manila, the Moon will rise at 5:58 pm, with the partial eclipse already visible, and will remain eclipsed until it exits the penumbral shadow — the faint outer part of Earth’s shadow — at 10:25 pm.

“The total lunar eclipse is very easy to observe. A modest pair of binoculars will provide an excellent view of the Moon’s surface, but is not required,” PAGASA said in a statement.

It added that, unlike a solar eclipse, a total lunar eclipse is completely safe to observe and does not require any protective eyewear.

A lunar eclipse happens when the Earth passes between the Sun and the Moon, causing the Earth to cast a shadow onto the Moon.

“During the maximum eclipse, the umbral shadow cast by the Earth will obscure 100% of the Moon’s disk,” PAGASA said. It added that the phenomenon is also called a blood moon because it appears red due to the way Earth’s atmosphere filters and scatters sunlight.

The total lunar eclipse will also be completely visible in other regions, including Eastern Asia, Australia, the Central Pacific, and most of the Americas. — Edg Adrian A. Eva

Apple to shift some Mac Mini production to Houston from Asia, WSJ reports

APPLE.COM

APPLE will move some production of its Mac Mini desktop computer to the US from Asia, with a new manufacturing effort set to begin later this year at a Foxconn facility in north Houston, The Wall Street Journal reported on Monday.

The plan marks the iPhone maker’s most recent US investment, following its commitment announced last August to invest $600 billion in the US over the next four years.

In May, US President Donald Trump had threatened Apple with a 25% tariff on products manufactured overseas, a sharp reversal from earlier policy when his administration had exempted smartphones, computers and other electronics from rounds of tariffs on Chinese imports.

The production for Mac Mini will continue in Asia, its chief operating officer Sabih Khan told WSJ, adding that the facility will meet local demand as the US assembly line ramps up.

It was not immediately clear whether Apple plans to scale down production in its Asia facilities. Apple did not immediately respond to a Reuters request for comment.

The company feels more confident projecting long-term demand for the Mac Mini, which is more popular than the Mac Pro, Mr. Khan added.

It is also expanding the Houston facility to include a new training center for advanced manufacturing, according to the report.

Apple has a mixed track record when it comes to following through on investment promises.

In 2019, for instance, Mr. Cook toured a Texas factory with Mr. Trump that was promoted as a new manufacturing site. However, the facility had been producing Apple computers since 2013 and Apple has since moved that production to Thailand.

Apple continues to manufacture most of its products, including iPhones and iPads, in Asia, primarily in China, although it has shifted some production to Vietnam, Thailand, and India in recent years. — Reuters

Son of slain Hollywood filmmaker Rob Reiner pleads not guilty to murder charges

AMERICAN actor, director, producer, writer, and political activist Rob Reiner and his wife Michele Singer Reiner at the Human Rights Campaign’s 2025 Los Angeles Dinner held at the Fairmont Century Plaza on March 22 in Century City, Los Angeles. — REUTERS FILE PHOTO/XAVIER COLLIN/IMAGE PRESS AGENCY/NURPHOTO

LOS ANGELES — Nick Reiner, the troubled son of slain Hollywood filmmaker Rob Reiner, pleaded not guilty on Monday to murder charges stemming from the fatal stabbing of his parents in their home, one of the most shocking celebrity homicide cases in Los Angeles history.

The 32-year-old was arraigned during a brief proceeding that had been twice rescheduled, most recently last month, when his original attorney abruptly quit without explanation and was replaced by a public defender.

Nick Reiner pleaded not guilty to two counts of first-degree murder in the deadly knife attack on actor-director Rob Reiner, 78, and photographer-producer Michele Reiner, 70. Their bodies were found on December 14 inside their West Los Angeles mansion.

Seated behind a glass partition dressed in brown jail garb, his head shaved and beard closely cropped, Mr. Reiner appeared alert but spoke little during the proceeding except to answer “yes” when asked if he agreed to waive his right to a speedy preliminary hearing.

Los Angeles County Superior Court Judge Theresa McGonigle also set the preliminary hearing, where prosecutors present evidence intended to show probable cause for proceeding to trial. It was set to take place within 30 days of April 29.

Nick Reiner, who has acknowledged a years-long struggle with substance abuse, was also ordered to remain jailed without bond, as he has been since his arrest in the hours after his parents were slain.

The killings stirred an outpouring of grief among Hollywood luminaries for Rob Reiner, who first gained fame by co-starring in the 1970s hit television comedy “All in the Family” and later directed such beloved films as “When Harry Met Sally,” “This is Spinal Tap” and “The Princess Bride.”

VICTIMS MINGLED CELEBRITY WITH POLITICS

Mr. Reiner went on to become a prominent Democratic Party activist and donor. He and his wife, married for nearly 37 years, had planned to attend an evening gathering with former President Barack Obama and Michelle Obama on the day of the murders.

Nick Reiner was widely reported to have quarreled with his parents while the three were attending a holiday party hosted by comedian Conan O’Brien the night before the couple were slain.

The circumstances and celebrity surrounding the Reiner case stirred memories of the 1994 stabbing deaths of former football star O.J. Simpson’s ex-wife Nicole Brown Simpson and her friend Ron Goldman.

O.J. Simpson was acquitted of murder charges in a sensational case hyped in the media as the “trial of the century,” but a civil court jury later found him responsible in a wrongful death lawsuit brought by the victims’ families.

If Nick Reiner is convicted as charged, he would face life in prison without the possibility of parole, or prosecutors could decide to seek the death penalty. Such a determination has yet to be made, District Attorney Nathan Hochman told reporters after Monday’s hearing.

Authorities have disclosed few details about the crime and offered no explanation for what may have precipitated the killings. Autopsies found both victims died of “multiple sharp force injuries.”

High-profile defense lawyer Alan Jackson, initially retained to represent Nick Reiner, suddenly withdrew from the case on January 7, forcing the second of two arraignment postponements in three weeks. A lawyer from the public defender’s office, Kimberly Greene, was assigned to take over for Mr. Jackson on short notice. She was in court with Mr. Reiner on Monday.

Neither of Nick Reiner’s siblings – older brother Jake Reiner, 34, or younger sister Romy, 28, who reportedly was the first to find her father’s body – has been present in court for their brother’s hearings.

Following his initial court appearance in December, the siblings issued a joint statement expressing the “unimaginable pain” they were experiencing following the “horrific and devastating loss of our parents.”

It remained to be seen how Nick Reiner’s history of drug addiction, rehab and periodic homelessness might factor into the murder case. Those struggles inspired the movie “Being Charlie,” which he co-wrote with his father.

The New York Times reported last week that in 2020, Nick Reiner was placed under a court-approved mental health conservatorship that had allowed for involuntary psychiatric treatment, a legal arrangement that ended in 2021.

The Times said both the public defender’s office and the district attorney’s office declined to comment on the matter. — Reuters

DBP senior official cited as ‘Audit Executive of the Year’

An international group of audit practitioners has named a senior executive of state-owned Development Bank of the Philippines (DBP) as “Chief Audit Executive of the Year”, citing his contributions in elevating the internal audit function in the government service.

Senior Vice-President Ryan R. Gabinete, head of DBP’s internal audit group, was recently conferred the honor by the Institute of Internal Auditors (IIA) Philippines, besting various candidates from both the private and public sectors.

“Our honoree has shaped the internal audit profession through decades of excellence, leadership, and innovation,” the IIA said in its introduction of Mr. Gabinete during the awarding ceremonies earlier this month. “His thought leadership spans fraud audit, strategic audit practices, and public sector reform, shared through national forums and professional organizations.”

DBP is the 10th largest bank in the country in terms of assets and provides credit support to four priority sectors of the economy – infrastructure and logistics; micro, small and medium enterprises; the environment; and social services and community development.

IIA Philippines is part of a global network of audit professionals across 170 countries with over 200,000 members from various industries, dedicated to the advancement of internal audit profession. Its annual excellence awards recognizes leaders for their strategic expertise and significant contributions in attaining the highest standards of audit practice.

DBP President and Chief Executive Officer Michael O. de Jesus said IIA’s conferment is reflective of the bank’s steadfast commitment to the highest standards of corporate governance through the optimization of its internal audit operations

He said Mr. Gabinete’s award is a testament to DBP’s resolute thrust to strengthen the Bank’s governance and control framework and enhance its audit methodology, leading to operational efficiency and timely and effective compliance to regulatory standards.

“DBP will continue to explore ways to strengthen its internal audit function, recognizing its critical role in enhancing governance and risk management in the organization, and helping create and sustain value for its clients and stakeholders,” Mr. de Jesus said.

As an IIA awardee, Mr. Gabinete will also be nominated to the prestigious Institute of Internal Auditors Global Excellence Awards – Chief Audit Executive of the Year in 2026.

 


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IPO candidates head overseas as Southeast Asian markets lag

A service assistant carries a tray of fries inside a Jollibee Foods Corp. restaurant in Quezon City, Metro Manila, the Philippines, on Tuesday, Feb. 7, 2023. -- Bloomberg

Companies across Southeast Asia are looking overseas to sell shares, as persistent underperformance in some parts of the region weighs on markets at home.

Philippine fast-food group Jollibee Foods Corp.’s international unit and financial-technology firm Maya are eyeing US listings. Indonesia’s PT Merdeka Gold Resources and a unit of the MNC Group conglomerate are considering Hong Kong, as is the restaurant arm of Thai hospitality group Minor International Pcl.

The moves highlight a broader strain across the Philippine, Indonesian and Thai markets, where thin liquidity and weak returns have made it harder to attract capital. All three have trailed the MSCI Asia Pacific Index over the past year, prompting companies to look abroad for higher valuations and more investors.

“The issue for many Southeast Asian markets is the relative lack of capital pools available for public equities and the relative maturity of their public equity ecosystems,” said William Bratton, head of Asia-Pacific cash equity research at BNP Paribas SA.

The challenge is more acute for niche or fast-growing companies, which often see overseas exchanges with more developed ecosystems as a lower-risk route to public capital, he added.

Last month, Jollibee’s chief financial officer said the US offers a deep pool of investors and strong market valuations for food-and-beverage companies. The Philippine Stock Exchange is projecting just four initial public offerings this year, after missing its own targets for 2023, 2024 and 2025.

A similar dynamic is playing out in Thailand, where Minor International is considering Hong Kong as the listing venue for its restaurant business, drawn by the prospect of higher valuations and broader investor base, its chief executive officer said last week. The company is also pursuing a listing of a real estate investment trust worth about $1 billion in Singapore, which — like Hong Kong — has been stepping up efforts to court international issuers.

Domestic conditions remain challenging. A senior Thai stock exchange official said last year the nation’s IPO market was likely to stay subdued as market reforms would take time to stem the drift of companies toward overseas exchanges.

Indonesia, meanwhile, is battling a potential downgrade to frontier-market status by MSCI Inc., which has raised concerns over investability and limited free float. Regulators are bracing for a record amount of share sales to meet tougher free-float rules.

For many companies, listing abroad offers a way to distance themselves from weaknesses at home and signals adherence to international standards, said Liza Camelia Suryanata, head of research at PT Kiwoom Sekuritas Indonesia. “That sends a clear signal: ‘We are comfortable operating under tighter, internationally benchmarked scrutiny,’” she added.

In Hong Kong, the deals will test its appeal to non-Chinese issuers after a bumper recovery in IPOs driven by large mainland Chinese companies. Not all recent listings are winners though: Shares of coconut-water firm IFBH Ltd., which has roots in Thailand, have fallen 47% since their June 2025 debut.

“The success of non-Chinese listings on the exchange has been a bit mixed,” Bratton said. “It may be premature to suggest that this will change, especially as growing capital pools across Asia may increase the relative attractiveness of their domestic exchanges.” — Bloomberg

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