West’s de-risking starts to bite China’s prospects

November 28, 2023 | 5:36 pm

BEIJING/HONG KONG — US furniture company head Jordan England thinks his firm’s Chinese suppliers are among the best in the game, but geopolitics and a slowing economy have pushed him to source more products from Southeast Asia, Eastern Europe and Mexico.

“I’m looking to move away from it (China),” said Mr. England, chief executive officer (CEO) and co-founder of Florida-based Industry West. “It was always ‘China plus one,’” he said, referring to the diversification strategy many businesses began implementing after Washington imposed trade tariffs on Beijing in 2018 to ensure they were not wholly dependent on Chinese suppliers. Now “it’s like ‘plus-10’ and then China,” he added, with the latter down to providing half of Industry West’s products and being trimmed more.

Foreign investors have been sour on China for most of this year, but data released over the past month has provided clear evidence of the negative impact de-risking strategies are having on the world’s second-largest economy.

Activity surveys showed manufacturing unexpectedly contracted in October, while exports accelerated their decline. China recorded its first-ever quarterly deficit in foreign direct investment in July-September, suggesting capital outflow pressure.

Nicholas Lardy, senior researcher at the Peterson Institute for International Economics, said in a note the new data imply that foreign firms are not only declining to reinvest earnings, but are selling existing investments and repatriating funds.

This trend could further weaken the yuan and clip China’s economic growth potential, he added.

“In recent years, the scale, proportion and growth rate of foreign investment absorbed by China have all remained at a relatively high level,” He Yadong, a Chinese commerce ministry spokesperson, said in response to a question from Reuters.

LONG-TERM PROSPECTS
Businesses have longstanding worries about geopolitics, tightening regulations and a more favorable playing field for state-owned companies. But for the first time in the four decades since China opened up to foreign investments, executives are now also concerned about long-term growth prospects.

A survey released last week by The Conference Board, a think tank, showed more than two-thirds of the CEOs who responded said China’s demand has not returned to pre-COVID levels, with 40% expecting a decrease in capital investments in the country over the next six months and a similar proportion expecting to cut jobs.

China is outwardly confident about growth despite a global economic slowdown, with policy advisers favoring a target of about a 5% expansion of gross domestic product in 2024 and the country aiming to double the economy’s size by 2035.

But England said he is concerned about how his Chinese suppliers that also produce for the domestic market will cope with the country’s severe property market downturn.

“I’m worried about these factories going from 500 workers to 200, to 100,” he said.

OPEN FOR BUSINESS?
Premier Li Qiang’s overtures declaring China open for business to foreign investors after the pandemic have been greeted with skepticism in some Western boardrooms in light of a broader anti-espionage law, raids on consultancies and due diligence firms and exit bans, trade bodies say.

Mr. Li is expected to make a similar call on Tuesday at the country’s inaugural China International Supply Chain Expo, which it is expected to use to tout its supply chain advantages.

“Foreign business executives here are eager to continue in China,” AmCham President Michael Hart said. “But boards back in the US are wary.”

European firms have raised fair competition concerns about state-directed lending to Chinese manufacturers, while Noah Fraser, managing director of the Canada China Business Council, said “bad blood” remains over the detention of two Canadians from 2018 to 2021.

In private equity, while Asia-focused funds have allocated capital to China, data from Preqin shows that as of Nov. 24, no China-focused buyout fund had been raised in 2023 in any currency, compared with $210 million in 2022 and $13.2 billion in 2019, before the pandemic.

Primavera Capital founder Fred Hu cites mounting macroeconomic uncertainty, a “murky capital market outlook,” and lingering concerns over past regulatory crackdowns on high-growth industries such as technology and education.

“Tech firms and other private enterprises must be able to tap public markets for financing and liquidity, so the current market conditions in China do considerable harm to the real economy,” said Mr. Hu, adding China-focused private equity firms were diverting capital to Southeast Asia, Australia and Europe.

Despite the challenges, foreign investment flows are not unidirectional. Many firms, especially in the retail sector, still target China’s giant market. McDonald’s said last week it had struck a deal to boost its stake in its China business.

An executive at a European hotel chain, who spoke on condition of anonymity due to the topic’s sensitivity, said his firm was happy to reinvest profits in China for now.

“We know what’s going on politically and yes, economically,” he said, adding the latest data “was nothing to be proud of.”

“It’s slow, but only warrants taking a ‘wait and see approach.’” — Reuters

Disposable vape imports to be banned in Australia

November 28, 2023 | 5:35 pm

e-cigarette-vape-vaping-110819 — REUTERS

SYDNEY — Australia will ban imports of disposable vapes in January, the Health Minister said on Tuesday, the first step in a crackdown aimed at curbing the growing popularity of these nicotine-filled devices with young people.

The ban will be expanded in March to include all non-therapeutic vapes, including refillable devices, while importers of vapes for medical purposes will need permit from the Office of Drug control, Health Minister Mark Butler said in a statement.

The legislative package will also include a total A$75 million in extra funding for the Australian Border Force and the Therapeutic Goods Administration to enforce the new rules.

Additional legislation next year will apply the same prohibitions to domestic manufacturers.

“These are the vapes that have pink unicorns on them, bubblegum flavoring, disguised in order for them to hide them in their pencil cases,” Mr. Butler told a news conference.

“This is not a therapeutic good to help hardened smokers kick the habit. This is a good that is deliberately targeted at kids to recruit them to nicotine addiction.”

Despite one of the lowest rates of smoking in the Organisation for Economic Co-operation and Development or OECD, a group of mostly rich countries, vaping in Australia is growing rapidly, especially among the young. Around one-in-five people aged 18 to 24 vape, according to government data.

First flagged in August, the reforms aim to curb the device’s popularity in response to research showing the potential for long-term harm. To ensure the bans don’t limit access for smokers looking to quit, doctors and nurses will be given expanded powers in January to prescribe therapeutic vapes where clinically appropriate.

But therapeutic vapes will be restricted from using flavors, have limited nicotine levels and be sold in pharmaceutical packaging under new rules to be introduced next year, with a transition period for manufacturers to comply. — Reuters

Hamas, Israel eye expansion of hostage deal criteria

November 28, 2023 | 5:34 pm

DUBAI/JERUSALEM — Hamas said it had sought a new truce deal with Israel under which the Palestinian militant group would free hostages beyond the women and children it has already released from the Gaza Strip.

The remarks by Hamas official Khalil al-Hayya late on Monday came as Israel expanded the roster of Palestinian detainees it could release in exchange for hostages — another signal that a revision of truce terms was being considered.

“We hope the Occupation (Israel) abides (by the agreement) in the next two days because we are seeking a new agreement, besides women and children, whereby other categories that we have that we can swap,” Mr. Al-Hayya told Al Jazeera.

That, he said, would entail “going towards an additional time period to continue swapping people at this stage.”

On Monday, the original four-day truce was extended by two more days.

Under the Qatari- and Egyptian-mediated deal clinched last week, Hamas has freed 50 Israeli women and children hostages in return for 150 Palestinian detainees released by Israel, with an option of doubling those numbers if the truce is extended by five days.

Accordingly, Israel had originally pre-cleared 300 Palestinian women and teenaged male detainees for prospective release.

Late on Monday, the Israeli cabinet added 50 female prisoners to that roster, according to officials.

Asked to explain the new number — which, not being divisible by three, suggested a new exchange formula might be in the works — Israeli government spokespeople did not immediately respond.

Hamas seized some 240 people during its Oct. 7 cross-border killing spree that sparked the Gaza war. Among hostages it still holds are fathers and husbands of those it has freed in recent days. — Reuters

N.Korea says its new spy satellite photographed White House, Pentagon

November 28, 2023 | 5:33 pm

SEOUL — After decades of satellite surveillance by foreign governments and analysts, North Korea has sent its first spy satellite on a global orbit with a message to the world: we can watch you too.

On Tuesday North Korean state media said leader Kim Jong Un had reviewed spy satellite photos of the White House, Pentagon and US aircraft carriers at the naval base of Norfolk.

North Korea last week successfully launched its first reconnaissance satellite, which it has said was designed to monitor US and South Korean military movements.

Since then, state media has reported the satellite photographed cities and military bases in South Korea, Guam, and Italy, in addition to the US capital.

“Remember when you got that toy you always wanted at Xmas and were so excited you wanted to tell everyone about it?” Chad O’Carroll, founder of the North Korea-focused website NK News, said of the KCNA reports in a post on X.

So far, Pyongyang has not released any imagery, leaving analysts and foreign governments to debate how capable the new satellite actually is.

South Korea, which said on Tuesday the Nov. 30 launch date for its own first spy satellite on a US Falcon 9 rocket would be delayed by weather, has said the North’s satellite capabilities could not be verified.

There’s no reason to doubt that the satellite could see the large areas or warships North Korea claimed it could, as even a medium-resolution camera could offer Pyongyang that capability, said Dave Schmerler, a satellite imagery expert at the James Martin Center for Nonproliferation Studies (CNS).

“But how useful those images are depends on what they want to use them for,” he said.

For medium-resolution satellites to be useful in a conflict, North Korea will need to launch many more to allow more frequent passes over key sites, Mr. Schmerler said, a goal that the North’s space agency has said it is pursuing.

“It’s a big leap for them going from zero to something, but until we can see the images they’re collecting, we’re speculating on its use cases,” he said.

Jeffrey Lewis, another researcher at CNS, said a state media photo of Mr. Kim examining the satellite images with his daughter suggest they may be panchromatic, a type of black-and-white photography that is sensitive to all wavelengths of visible light.

North Korea released panchromatic imagery of downtown Seoul after a rocket launch in December 2022 in what it said was a test of the satellite control, image taking and data downlink for its eventual military reconnaissance satellite.

Tuesday’s photos were the latest in a series of images of what KCNA described as “major target regions.”

Mr. Kim also inspected satellite photos of the Andersen Air Force Base in the US Western Pacific territory of Guam and a US shipyard and airbase in Norfolk and Newport, where four nuclear-powered aircraft carriers and a British aircraft carrier were spotted, KCNA said.

Commercial imagery of those cities on Nov. 27, the day North Korea says it captured its photographs, was not immediately available.

The United States and South Korea have condemned the satellite launch as a violation of U.N. Security Council resolutions banning any use of ballistic technology. — Reuters

Italy, Saudi and South Korea compete to host 2030 world fair

November 28, 2023 | 5:32 pm

Rome-Italy-Colosseum — PEOPLE walk past the Colosseum in Rome, Italy, July 31, 2020. — REUTERS

PARIS — Italy, Saudi Arabia and South Korea are battling it out in Paris on Tuesday for the right to host the Expo 2030 world fair, a five-yearly event that attracts millions of visitors and billions of dollars in investment.

The three countries’ delegations have been in horse-trading overdrive over the past few months to win votes from the 182 member states of the Bureau International des Expositions, holding splashy lobbying events in the French capital.

South Korea’s southeastern city of Busan is competing against Saudi Arabia’s Riyadh and Italy’s Rome.

Rome has placed a heavy emphasis on human rights and democracy in its bid to host the Expo, painting itself as a more ethical option than Riyadh, which is widely seen as the frontrunner.

“Rome is the most credible city for an expo which has as an objective sustainable development, an expo which respects human rights, diversity, dialogue, inclusion, women, the LGBTQ+ community, unions,” City Mayor Roberto Gualtieri told a conference last week.

“Certainly we have less economic capital to spend than others have done in asking for a direct vote … (but) if money that comes from the sale of fossil fuels is worth more than anything else, then we tell the world, ‘watch out how these events will turn out’,” he added.

HORSE-TRADING
A win for Saudi Arabia would be the icing on the cake for de-facto ruler Crown Prince Mohammed bin Salman’s ambitious Vision 2030 program, which aims to wean the country off its oil dependency.

Critics say Prince Mohammed is using the event to improve his country’s image after the 2018 murder of prominent Saudi journalist Jamal Khashoggi, which Western leaders believe was ordered by the crown prince.

Riyadh won French support for the first round of voting, with Macron advisers saying it was in return for some Saudi help on other issues at the heart of French diplomatic priorities.

A European official said it had to do with Lebanon, without specifying. But the Macron adviser has said the commitment is limited to the first round of voting. More than one vote will be necessary if no country gets a majority at the first ballot.

Meanwhile, campaigning has been in full swing in Paris.

South Korean President Yoon Suk Yeol made a final push during a trip to Paris, saying the Expo would be a chance for South Korea to give back to the world after benefiting from international aid in the aftermath of the 1950-53 Korean War.

Italian Prime Minister Giorgia Meloni personally got involved in trying to persuade international leaders to back the Rome bid, giving it her full political backing. However, she is not scheduled to travel to Paris on Tuesday — a sign for some that she believes it is likely to be a lost cause.

Rome is looking to use the Expo as a way of attracting investment, much as Milan did when it successfully hosted the 2015 Expo. That was the last Expo to be staged in Europe and Rome says it is only fair the continent get it back in 2030, given Dubai staged it in 2020 and Osaka, Japan will in 2025. — Reuters

Philippine government, rebels agree to peace negotiations

November 28, 2023 | 5:26 pm

soldiers-military training — Female candidate soldiers undergo drills as part of their basic Military training at the Philippine Army base at Camp O’Donnell, Capas, Tarlac in this undated file photo. — PHILIPPINE STAR/KRIZ JOHN ROSALES

The Philippine government and the country’s communist rebels have agreed to restart peace negotiations after a six-year hiatus, with the aim of ending decades of armed strife, the two sides and facilitator Norway said on Tuesday.

The bloody conflict between authorities and the New People’s Army (NPA), the military wing of the Communist Party of the Philippines (CPP), has raged for over 50 years and killed more than 40,000 people.

High-ranking delegations from both sides last week agreed to a “common vision for peace” that sought to address key obstacles, which was revealed by Norway’s foreign ministry on Tuesday.

If negotiations succeed, the rebels will end their armed struggle and transform into a political movement, according to Norway, which has facilitated the South East Asian island nation’s peace process for around 20 years.

“The parties agree to a principled and peaceful resolution of the armed conflict,” they said in their joint statement, adding that the peace talks will address “deep rooted socioeconomic and political grievances”.

Removing the communist party and affiliated groups from a government list of designated terror organizations was included in the talks, government Peace Process Adviser Carlito G. Galvez, Jr. told a press conference in Manila.

No immediate ceasefire was announced, however, and operations against the rebels would continue, Philippine military chief General Romeo S. Brawner, Jr. said.

But Mr. Brawner also said an eventual peace deal would allow the armed forces to focus on external and territorial defense rather than domestic conflict.

“If this conflict will finally end, your Armed Forces of the Philippines will be able to shift our focus to external or territorial defense. Our resources, efforts will be poured into defending our territory,” he said.

Formal talks were last conducted in 2017 but were acrimoniously terminated by then-President Rodrigo R. Duterte, Jr. whose bid to revive negotiations also failed.

He left office in mid-2022 and was replaced by Ferdinand R. Marcos, Jr.

Norwegian facilitators maintained contact with the parties, leading to confidential talks and a secret Nov. 23 signing ceremony at the Oslo City Hall attended by exiled rebel leaders and several Philippine government ministers, among others.

The announcement comes less than a week after Mr. Marcos issued an order granting amnesty to several rebel groups, including former members of the communist movement.

Under the amnesty order, former CPP, NPA and NDFP members would be absolved of crimes they committed “in pursuit of political beliefs”.

The talks had resumed before the death last year of self-exiled Communist Party founder Jose Maria Sison, who passed away in a Dutch hospital in December at the age of 83, Norway said.

The communist rebels will be represented in the negotiations by their political wing, the National Democratic Front of the Philippines (NDFP), which has been in on-again, off-again peace talks with the government since 1986. — Reuters

The Residences at The Westin Manila: A testament to RLC Residences’ commitment to premium condo living

November 28, 2023 | 3:00 pm

TWSRM_Exterior_Night_FA_190107_wide-Sky-Edit-OL — The Residences at The Westin Manila (Artist’s Perspective)

In the heart of the bustling metropolis of Ortigas Center, The Residences at The Westin Manila stands tall as a beacon of affluence and sophistication. Developed by RLC Residences, the residential brand of Robinsons Land Corp., in partnership with Marriott International, this upscale condominium development is a testament to the brand’s unwavering commitment to delivering top-notch living experiences, with the residents’ wellness at the forefront. From world-class amenities to exquisite design, The Residences at The Westin Manila showcases RLC Residences’ capacity to create premium condominiums that redefine urban living.

“We are very proud to finally showcase The Residences at The Westin Manila and equally excited to welcome its homeowners, especially now that we’re starting to hand over their units to them. Every time I’d go to this property, I’m still in awe of its beauty and how indulgent the whole surrounding feels. I can’t wait for the residents to experience the same pride we feel, whenever they walk into their new home in the city,” says Karen Cesario, Marketing Head and Chief Integration Officer of RLC Residences.

Luxurious Living Spaces

Designed for discerning homeowners in search of an upscale home in the city, The Residences at The Westin Manila boasts a collection of meticulously designed living spaces that epitomize opulence and comfort. The generously-spaced condominium units of the property are adorned with high-quality finishes and branded appliances and deliverables that blend form and function seamlessly. The spacious layouts and floor-to-ceiling windows provide breathtaking views of the city skyline, creating a sense of openness and connection to the vibrant energy of Manila.

“We partnered with reputable local and international consultants and experts to bring The Residences at The Westin Manila to life. During the design process, we ensured that each space and features of the property are outfitted with the finest details with comfort and convenience in mind,” shares Stephanie Anne Go, Head of Business Development and Design of RLC Residences.

Hotel-Like Amenities

One of the hallmarks of RLC Residences is its dedication to providing residents with a lifestyle attuned to their needs. The Residences at The Westin Manila is no exception, offering an array of above-standard amenities that mirror the Westin lifestyle found in properties abroad.

The Sky Lounge, perched at the 51st floor, provides a sophisticated venue for social gatherings or quiet reflection with panoramic views of the city. The four-level of amenities called The Haven features business, fitness, and leisure facilities such as Tee on Third, Indoor Lap Pool, and Wine Room, allowing residents to rejuvenate and unwind in the midst of a dynamic urban environment.

Actual photo of Tee on Third, one of the facilities at The Residences at The Westin Manila

Strategic Location

Beyond the lush interiors and exceptional amenities, The Residences at The Westin Manila benefits from its strategic location within the dynamic cityscape of Metro Manila. Situated in the heart of Ortigas Center, residents enjoy convenient access to commercial hubs, cultural institutions, and recreational venues.

“We at RLC Residences understand the significance of location in creating premium living spaces such as The Residences at The Westin Manila. This project not only provides a luxurious sanctuary but also ensures that residents are well-connected to the pulse of the city. That’s why our newly-launched premium developments are also within sought-out addresses that connect them to places and opportunities that matter,” Ms. Cesario adds.

As the demand for premium living experiences continues to grow, RLC Residences remains at the forefront of the real estate industry, setting the standard for excellence in condo development. Just this year, RLC Residences launched two new premium developments — Le Pont Residences in Bridgetowne, Pasig City, and Mantawi Residences situated along Ouano Avenue in Mandaue City, Cebu.

Learn more about The Residences at The Westin Manila and other premium condominium developments by RLC Residences by visiting rlcresidences.com or following them on Facebook, Instagram, and YouTube.

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by enabling them to publish their stories directly on the BusinessWorld website. 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.

Deal-hunters on track to spend record $12 bln in US Cyber Monday shopping spree

November 28, 2023 | 1:49 pm

laptop-3877800_1280 — STOCK PHOTO | Image by F. Muhammad from Pixabay

Spending online on Cyber Monday is set to exceed $12 billion, a record, as bargain hunters snap up deals on items including Barbie dolls, Lego sets, headphones and smart watches, according to preliminary estimates from Adobe Digital Insights.

The estimate projects US shoppers will spend $12 billion-$12.4 billion on Cyber Monday, the biggest US online shopping day.

A significant portion of this spending, around $4 billion, is expected to occur between 6 p.m. and 11 p.m. EST, particularly from last-minute shoppers, it said. At the top end, this would represent an 9.7% increase compared to the $11.3 billion spent on Cyber Monday last year.

Retailers have been coaxing inflation-weary US shoppers to open their wallets on Cyber Monday with push notifications, text messages and video streaming ads touting heavily discounted cosmetics, electronics, toys, clothing and other products.

The push seems to have worked with US shoppers spending $8.3 billion online as of 6 pm EST (2300 GMT), according to Adobe Analytics, which tracks data through Adobe’s Experience Cloud service for e-commerce platforms.

A record amount of price-pinched holiday shoppers are also expected to use buy now, pay later services for Cyber Monday to relieve stress on their wallets, according to the firm.

“Whether the consumer is going to continue at this pace or not, we’ll continue to see them spend. I think this is going to be a much better-than-advertised Christmas,” said Nancy Tengler, CEO of Laffer Tengler Investments in Scottsdale, Arizona.

Shoppers have been hunting for deals since 12 a.m. on Monday with transactions during the first 12 hours of the day exceeding those during the same timeframe in 2022, according to data firm Criteo, which tracks sales from more than 700 brands and retailers in the United States.

“Consumers are quite resilient and have found ways to buy presents and experiences for their kids and their pets,” said Matthew Katz, Managing Partner at consulting firm SSA & Company.

Still, Walmart, Target and Home Depot are among firms to raise caution on the strength of the consumer, citing higher interest rates and depleting household savings.

Charles Sizemore, chief investment officer at Sizemore Capital Management, said he expects retailers to have to discount more in the weeks ahead.

This makes him worried about profit margins at a time input and labor costs have not come down and shoppers continue to be picky. “I really think margins are going to be depressed,” during the holiday season, said Sizemore, whose firm holds about $2 million of shares each in Walmart and Target.

Amazon began marketing Cyber Monday Deals as early as Saturday, including discounts of up to 46% on some Instant Pot kitchen appliances, 37% off certain Vitamix blenders, and 35% on Amazon devices including a 55-inch Amazon Fire TV.

Walmart, eager to capture market share, slashed prices on Sunday night, joining the trend of retailers’ early discounts on major shopping days. On Monday, Walmart stepped up discounts on some clothing to 60%, up from the 50% it offered on Black Friday. – Reuters

More Israeli hostages, Palestinian prisoners expected to be freed

November 28, 2023 | 1:34 pm

foreigners-Rafah border crossing — People sit inside a car as Palestinians, including foreign passport holders, wait at Rafah border crossing after evacuations were suspended following an Israeli strike on an ambulance, in Rafah in the southern Gaza Strip, November 5, 2023. — REUTERS

CAIRO/JERUSALEM – An Israel-Hamas truce in the Gaza Strip stretched into a fifth day on Tuesday as the two sides completed the release of Israeli hostages and detained Palestinians and looked poised to free more as the pause in fighting was extended by two days.

Hamas took about 240 hostages during an Oct. 7 incursion into southern Israel that killed 1,200 people, according to Israeli figures, prompting Israel to retaliate by bombing the coastal enclave and launching a ground offensive in its north.

Israel said 11 Israelis had returned to the country from the Gaza Strip on Monday, bringing to 69 the total of Israeli and foreign hostages the Islamist Palestinian group has freed since Friday under the truce.

The White House and Qatari negotiators said on Monday the original four day pause in fighting, due to expire at 0500 GMT on Tuesday, had been extended for two more days.

Israel has not commented on any agreement to extend the truce but, in what may be an implicit confirmation, the Israeli prime minister’s office said the government approved the addition of 50 female prisoners to its list of Palestinians for potential release if additional Israeli hostages are freed.

Israel previously said it would extend the truce by one day for every 10 more hostages released, providing some respite from the war.

Israel’s government has received a list of hostages who are expected to be released on Tuesday, Israel’s Army Radio reported, citing the Israeli prime minister’s office.

The Axios news website reported the list contained 10 hostages. There was no immediate comment from the prime minister’s office.

CLASHES OUTSIDE PRISON

The Israel Prison Service said 33 Palestinian prisoners were released on Monday from Israel’s Ofer prison in the occupied West Bank and from a detention centre in Jerusalem, bringing the total number of Palestinians it has freed since Friday to 150.

Israeli forces clashed with some of the dozens of Palestinians who gathered outside Ofer prison to await the prisoner release, the Palestinian health ministry said.

Some of the protesters waved the flags of Hamas and Islamic Jihad, another Palestinian militant group.

The ministry said a Palestinian was killed in the area, and that it was unclear if he had participated in the clashes. Palestinian media reported he was shot dead. Israel had no immediate comment on the incident.

In response to the Oct. 7 attack, Israel has bombarded the Gaza Strip and mounted a ground offensive in the north. More than 15,000 Palestinians have been killed, Gaza’s Hamas-run government says, and hundreds of thousands displaced.

Each day since the truce began on Friday, Hamas has released some hostages while Israel has freed some Palestinians it holds. Of the 69 hostages freed by Hamas were 51 Israelis and 18 foreigners.

Ido Dan, a relative of Israelis Sahar Calderon, 16, and Erez Calderon, 12, spoke of the joy at their release on Monday mixed with anxiety about their father, Ofer, who is still being held.

“It is difficult to go from a state of endless anxiety about their fate to a state of relief and joy,” Dan said. “This is an exciting and heart-filling moment but … it is the beginning of a difficult rehabilitation process for Sahar and Erez, who are still young and have been through an unbearable experience.”

The US State Department said US Secretary of State Antony Blinken would visit Israel, the West Bank and the United Arab Emirates this week to discuss sustaining aid flows to Gaza and freeing all hostages as well as U.S. principles for the future of Gaza and the need for an independent Palestinian state.

The original truce agreement allowed more aid trucks into Gaza, where the civilian population faces shortages of food, fuel, drinking water and medicine. An estimated 1.8 million of the territory’s 2.3 million population are internally displaced, according to the United Nations.

While describing the extension as “a glimpse of hope and humanity,” U.N. Secretary-General Antonio Guterres said two more days was not enough time to meet Gaza’s aid needs.

Environmentalists ask Norway court to stop three oil and gas fields

November 28, 2023 | 1:31 pm

Environmental groups on Tuesday will ask a Norwegian court to block the development of three North Sea oil and gas fields, citing insufficient assessment of global climate impact from future petroleum use.

The lawsuit filed by Greenpeace and its partner Nature and Youth concerns the Equinor-operated Breidablikk and Aker BP’s Yggdrasil and Tyrving fields, which hold combined reserves of some 875 million barrels of oil equivalent.

The two NGOs in 2020 lost a case against Arctic drilling at Norway‘s top court, which concluded that parliament and the government had broad authority to award new oil acreage.

But the Supreme Court also noted that the government should consider the impact from total emissions when new fields are developed, including when oil and gas is eventually burned.

In the new lawsuit, the NGOs argue that the energy ministry failed to account for future emissions when approving the three projects and said the Oslo District Court should thus declare the approvals invalid and issue preliminary injunctions.

The state rejected this view, however, arguing that the ministry’s decisions were valid as laws and regulations did not require Norway to assess the consequences of emissions from petroleum exports abroad.

“The impact assessments are in line with current regulations,” Goeran Oesterman Thengs, an attorney representing the government, said in a submission to the court.

Breidablikk started production in October, four months earlier than previously expected, while Tyrving and Yggdrasil are scheduled to come on stream in 2024 and 2027, respectively.

“Norway‘s aggressive fossil policy spells disaster for the climate and people around the world. We have no choice but to confront the Norwegian government in court over the illegal oil fields,” Frode Pleym, head of Greenpeace Norway, said. – Reuters

3M, DuPont defeat massive class action over forever chemicals

November 28, 2023 | 1:26 pm

A US appeals court on Monday handed 3M, Corteva Inc. subsidiary E.I. du Pont de Nemours and Co and other manufacturers of toxic so-called “forever chemicals” a big win in their fight against legal liability for the substances, rejecting a lower court’s ruling that would have allowed about 11.8 million Ohio residents to sue the companies as a group.

The Cincinnati, Ohio-based 6th US Circuit Court of Appeals vacated a lower court’s approval of the massive class action, which included virtually every resident of Ohio and put considerable legal pressure on the chemical manufacturers to settle the plaintiffs’ claims.

The court found lead plaintiff Kevin Hardwick filed too broad a complaint against the manufacturers, and had not shown per- and polyfluoroalkyl substances, or PFAS, found in his body could be traced directly to the defendants such as units of 3M, DuPont and others.

The court said Hardwick’s complaint “rarely” targeted the actions of any one company, and instead accused the companies collectively of contaminating the environment with the chemicals.

“Seldom is so ambitious a case filed on so slight a basis,” wrote Circuit Judge Raymond Kethledge, noting there are thousands of companies that have manufactured PFAS but just 10 listed as defendants in the case.

The appeals court instructed the lower court to dismiss Hardwick’s lawsuit, which had aimed to force the companies to pay for studies analyzing the health impacts of PFAS. The chemicals are used in a wide range of consumer products including non-stick pans and clothing and have been tied to cancer and other diseases.

The lawsuit also sought to establish a fund to monitor Ohio residents for health impacts from PFAS exposure.

A 3M spokesperson said the company is pleased with the decision.

Robert Bilott, an attorney for Hardwick, said the court’s decision runs “counter to what we know about the history of manufacturing of PFAS in the United States” and said they are evaluating whether to appeal.

Representatives for the other defendants did not immediately respond to requests for comment.

The chemicals are often referred to as forever chemicals because they do not easily break down in nature or in the human body.

The lawsuit is among thousands that have been filed against 3M, DuPont and others in recent years over alleged PFAS contamination.

3M agreed in June to pay $10.3 billion to settle hundreds of claims the company polluted public drinking water with the chemicals, while Chemours Co., DuPont de Nemours Inc. and Corteva reached a similar deal with US water providers for $1.19 billion.

The US Environmental Protection Agency has called PFAS an “urgent public health and environmental issue,” and has taken steps to regulate PFAS, including in drinking water. – Reuters

UK hails $37 bln of foreign investment in vote of confidence

November 28, 2023 | 1:20 pm

HAMPTON COURT, England – Prime Minister Rishi Sunak announced 29.5 billion pounds ($36.8 billion) of private sector investment in Britain at a gathering of global executives on Monday aimed at catapulting the country back to Europe’s top spot as a destination for foreign money.

After the government last week offered permanent tax breaks for businesses to modernize plants and machinery, Mr. Sunak is hoping foreign investors will help speed up Britain’s moribund economy.

Australian funds IFM Investors and Aware Super will pump 10 billion pounds and 5 billion pounds, respectively, into projects ranging from infrastructure and energy transition to affordable housing, Mr. Sunak’s office said in a statement.

Spanish power giant Iberdrola would add 7 billion pounds to its investment plans in Britain, which include transmission and distribution electricity networks, the statement said.

Iberdrola said it would now be investing nearly 14 billion euros in Britain by 2028.

Microsoft will invest 2.5 billion pounds in artificial intelligence infrastructure.

“Your decision to choose to invest in Britain is a huge vote of confidence in our country’s future,” Mr. Sunak told the investment summit at London’s 16th-century Hampton Court palace.

Britain, like many other countries, is seeking private sector investment to help overhaul its economy for the net-zero era and to build the kind of infrastructure that its stretched public finances cannot fund on their own.

Investment minister Dominic Johnson said that Britain would welcome investments from China to help meet those goals.

But several major investors have said the political and regulatory uncertainty triggered by the 2016 Brexit referendum vote and subsequent political turmoil have diminished Britain’s appeal while other countries have made themselves more attractive for foreign direct investment (FDI) flows.

France has overtaken Britain as the European country with the highest number of new FDI projects. President Emmanuel Macron announced 13 billion euros ($14 billion) of investment commitments in France at a similar FDI gathering in May.

Britain has emphasized the value of investments, rather than the number of projects. Mr. Sunak said new funding for industries such as clean energy, life sciences and advanced technology would create high-quality jobs across Britain.

Britain’s government acknowledges it needs to do more to compete as laid out by a review launched after the country missed out on some high-profile investments.

Financiers Stephen Schwarzman from Blackstone, Jamie Dimon from JP Morgan Chase, David Solomon from Goldman Sachs and Aviva’s Amanda Blanc were among those attending the event.

King Charles later hosted a reception at Buckingham Palace on Monday evening, where he met attendees including Mansoor Bin Ebrahim Al-Mahmoud and Hamed bin Zayed Al Nahyan, the leaders of the sovereign wealth funds of Qatar and Abu Dhabi respectively, and Nissan’s Chief Executive Makoto Uchida.

SUBSIDY RACES

Britain now lags France and Germany in perceived attractiveness for FDI, according to accountancy firm EY. Business minister Kemi Badenoch called for ideas from attendees on what should be done differently “rather than sticking to the status quo.”

Nissan said on Friday it would build electric cars at its plant in northeast England, but competition between states for investment had stepped up in the wake of the United States’ Inflation Reduction Act.

Mr. Sunak said that as the pound was not a reserve currency like the dollar, “an approach that has got significant deficit-funded subsidies is not good”.

“I don’t think subsidy races are sensible… government’s role is to create the conditions for the private sector, through regulation or other means, to make the investments that are necessary.”

The 10-billion-pound investment plan for the UK of IFM was a significant jump from the original announcement last year of 3 billion pounds, while all the other projects announced by the government were new, a government official said. – Reuters