BEIJING — China and Russia have begun live-fire naval exercises in the South China Sea, Russian and Chinese state media reported, with the two countries having strengthened military and trade ties in recent years following US sanctions on both.
The opening ceremony of the Russian-Chinese naval exercise ‘Maritime Cooperation – 2024’ took place in the Chinese port of Zhanjiang, the Russian defense ministry said on the Telegram messaging app.
During their sea maneuvers, the crews of ships of the Russian Pacific Fleet and the PLA Navy were to conduct joint air defense exercises and anti-submarine drills with the involvement of PLA naval anti-submarine aviation, the Russian defense ministry said.
Both countries were to deploy at least three vessels each for the three-day exercises, China’s state controlled Global Times newspaper said, citing the People’s Liberation Army (PLA) Navy.
Russia’s RIA state news agency reported on Tuesday, citing Russia’s Pacific Fleet, that the Russian Navy and the Chinese Navy conducted artillery firing as part of the joint drills.
The drills follow the completion of a separate joint naval patrol in the north Pacific, which the Russian defense ministry said earlier involved a detachment of Russia’s Pacific Fleet ships, including two corvettes, the Rezky and the Gromky.
Wang Guangzheng of the PLA Navy’s Southern Theatre told Chinese state broadcaster CCTV that: “the China-Russia joint patrol has promoted the deepening and practical cooperation between the two in multiple directions and fields.”
“And effectively enhanced the ability to the two sides to jointly respond to maritime security threats.”
The participating vessels set off from a naval port in Zhanjiang in southern China’s Guangdong province on Monday, the report added, citing a PLA Navy statement.
The report did not specify where in the contested waterway the drills would take place.
China claims control over almost the entire South China Sea, including the disputed Second Thomas Shoal, where the Philippines maintains a rusty warship that it deliberately grounded in 1999 to reinforce its maritime claims and which has been central to a recent standoff between the two countries.
The rising tensions have led US officials to remind Beijing that their mutual defense treaty obligations with the Philippines are ironclad.
China and Russia declared a “no limits” partnership in 2022 when President Vladimir Putin visited Beijing just days before he sent thousands of troops into Ukraine. China has still not condemned the invasion and has stepped up its exports to Russia, helping Moscow keep its war economy afloat.
The “no limits” partnership saw two-way trade hit a record of $240.1 billion in 2023, up 26.3% from a year earlier, according to Chinese customs data.
Meanwhile, China-US trade fell 11.6% last year to $664.5 billion, Chinese customs data shows. — Reuters
WASHINGTON — Americans fear their country is spiraling out of control following an assassination attempt on Donald Trump, with worries growing that the Nov. 5 election could spark more political violence, a Reuters/Ipsos poll that closed on Tuesday found.
The two-day poll found Republican presidential candidate Mr. Trump opening a marginal lead among registered voters — 43% to 41% — over Democratic US President Joseph R. Biden, an advantage that was within the poll’s 3 percentage point margin of error, suggesting the attempt on Trump’s life had not sparked a major shift in voter sentiment.
But 80% of voters — including similar shares of Democrats and Republicans — said they agreed with a statement that “the country is spiraling out of the control.” The poll, which was conducted online, surveyed 1,202 US adults nationwide, including 992 registered voters.
Mr. Trump narrowly avoided death on Saturday when a would-be assassin’s bullet grazed his ear as he spoke at a campaign rally in Pennsylvania. Blood trickled across his face and he defiantly pumped his fist in the air, mouthing the words “Fight! Fight! Fight!” as he was rushed offstage. A rally attendee was slain and two others seriously injured.
The shooting brought back memories of turbulent political periods such as the 1960s, when Democratic President John F. Kennedy was assassinated in 1963, followed by the killing of Democratic presidential candidate Robert F. Kennedy in 1968.
Some 84% of voters in the poll said they were concerned that extremists will commit acts of violence after the election, an increase from the results of a Reuters/Ipsos poll conducted in May that showed 74% of voters having that fear.
Fears of political violence became more prominent in America after thousands of Trump supporters attacked the US Capitol on Jan. 6, 2021, in a bid to overturn Mr. Trump’s election loss to Mr. Biden. Four people died on the day of the attack, and one Capitol Police officer who fought against the rioters died the next day.
While Americans said they feared violence, few condoned it. Just 5% of respondents said it was acceptable for someone in their political party to commit violence to achieve a political goal, down from 12% in a Reuters/Ipsos poll from June 2023.
The attempt on Mr. Trump’s life has dominated media headlines and fueled discussion among some of his conservative Christian supporters that he was protected by God.
In the Reuters/Ipsos poll, 65% of registered Republicans said Mr. Trump was “favored by divine providence or God’s will.” Eleven percent of Democrats agreed.
The United States stands out among rich nations for its embrace of religion, with evangelical Christians largely aligned with the Republican Party in recent decades. Some 77% of Americans surveyed in 2022 said they believed in God, compared to 56% of Canadians and 39% of British respondents, according to a poll by the Gallup International Association. — Reuters
Visitors pose for pictures under blooming cherry blossoms at a botanical garden in Nanjing, Jiangsu province, China March 14, 2019. — REUTERS
BEIJING — Guilherme Carvalho made his first visit to China this month, and the Italian said one of the main factors behind the trip was the post-pandemic policy to scrap entry permits for some tourists.
Previously, all foreign visitors had to go through the onerous process of applying for a Chinese visa. Now, visitors from more than a dozen countries can just fly in, and stay for up to 15 days.
“I didn’t expect to feel so safe,” said Carvalho, who visited Shanghai. “Everyone is so kind.”
Carvalho is not alone. As the authorities focus on boosting foreign tourism in a bid to revive the economy and perk up sluggish consumer spending, thousands of visitors have flocked to China, encouraged by the visa policies and easier access to its unique digital payment services.
As of June 24, bookings from several countries under the visa policy including France, Germany, Italy, Malaysia and Thailand surged 150% year-on-year, data from China’s largest online travel agency Trip.com showed.
Bookings for July and August are also set to be higher.
“We’re very excited to see the trend. Lots of people had some misunderstandings about China before they came, but after they arrive, they feel cities like Shanghai are very safe, very clean,” said Trip.com CEO Jane Sun.
Since December, China has granted visa-free entry to tourists from several countries, including France, Germany, Italy, Spain, Australia, New Zealand and Poland.
Southeast Asian countries including Thailand, Singapore and Malaysia have also struck agreements with Beijing to facilitate visa-free travel.
In the week that China announced visa-free travel for visitors from Australia and New Zealand, sales of tours jumped 133% compared to the previous week, said Yvette Thompson, general manager for sales and marketing for Australia and New Zealand at tour agency Intrepid Travel.
“Coming out of COVID, visas are just another level of complexity for travellers. So to remove that complexity, I think is a good move,” she said.
LONG-HAUL RECOVERY The recent surge in tourism comes after China closed its borders in early 2020 to combat the COVID-19 pandemic, and kept them shut until the start of 2023.
But even with the visa-free policy boost, far fewer tourists are coming to China now than before the pandemic.
According to official tourism data, China received a total of 49.1 million overseas visitors in 2019, with more than a third coming in for sightseeing and leisure. Revenue from international tourism reached $131.3 billion that year.
In the first half of 2024, the number of foreign nationals entering China was far lower at 14.6 million. Among them, 8.5 million entered visa-free, accounting for just over half of the total, according to the National Immigration Administration.
International tourism revenue data for China has not been published since 2019.
Travel agents say they are hopeful next year will bring in more foreign tourists as global demand for travel, and flight schedules, recover further to pre-pandemic levels.
However, China needs to do more than just waive visas to encourage foreigners, experts say.
Geopolitical tensions, a government that tolerates no dissent and China’s sometimes belligerent portrayal in some Western media have kept some tourists away. Last month, two separate knife attacks on foreigners also sparked security concerns.
China must also compete for attention with Japan, which is experiencing a boom in tourism thanks to its weak yen.
“The more that we talk around the reasons to go to China – the diverse landscapes, the history, the difference between imperial Beijing versus futuristic Shanghai – I think the faster that negative PR dissipates,” travel agent Thomson said.
Another potential hurdle for foreigners is China’s vast digital infrastructure.
Paying for everything from transport tickets to restaurant bookings to tourist site admissions is done via QR codes linked to local payment apps such as WeChat and Alipay, making daily interactions difficult for holders of foreign bank cards.
China has allowed foreign bank cards to be linked to Alipay and WeChat, but the system and language barriers remain daunting.
“I can’t imagine how a foreigner who doesn’t have Chinese payment tools and doesn’t speak the language can deal with all this,” said Liang Hongling, a Chinese scholar living in Glasgow and who plans to travel with her Irish husband to her hometown in Xinjiang this month. — Reuters
Good health is essential for living a fulfilling and satisfying life. According to the World Health Organization (WHO), health is “a state of complete physical, mental and social well-being and not merely the absence of disease or infirmity.”
Prioritizing health and well-being has far-reaching positive effects that extend beyond individual lives. In fact, Investing in health not only benefits individuals but also has significant economic benefits. In a report, McKinsey & Company mentioned that improving global health could boost global gross domestic product (GDP) by $12 trillion by 2040.
Retchel Go, an international alternative medicine practitioner and director of Cocolife, said that maintaining good health and preventing diseases requires a holistic approach.
Retchel Go, an international alternative medicine practitioner and director of Cocolife
“Regular exercise strengthens the body, improves cardiovascular health, and enhances mood. Balanced nutrition, like quality water, fruits, vegetables, carbohydrates, protein, sugar, etc., supplemented with functional food supplements, provides essential nutrients for bodily functions and supports overall well-being,” Mr. Go said. “Sufficient sleep allows for proper rest and rejuvenation, vital for cognitive function and immune health. Effective stress management techniques, such as mindfulness or relaxation exercises, mitigate the harmful effects of chronic stress on physical and mental health.”
Mr. Go also emphasized the importance of avoiding harmful habits like smoking and excessive alcohol consumption, as these practices protect against various diseases, ensuring longevity and vitality.
One of the foundational elements that the Cocolife director highlights is health awareness. He advocates for widespread information drives and interactive discussions focused on health and well-being.
“By empowering individuals with knowledge and resources, we can create a culture of proactive health management and significantly reduce the burden of preventable diseases,” Mr. Go said.
In addition, regular health screenings and check-ups said that these evaluations are important to identify potential health issues before they become serious, allowing for timely interventions.
He added, “As I often emphasize, individuals are the doctors of themselves, entrusted with the freedom to prioritize their well-being. Through regular screenings and preventive health care, individuals can make informed decisions about their lifestyle and health, promoting longevity and vitality.”
Likewise, medical insurance plays a crucial role in disease prevention and wellness promotion, according to Edward Robin Gonzales, chief agency officer at Cocolife.
Edward Robin Gonzales, chief agency officer at Cocolife
“Through various medical insurance products in the market, people are made aware of the benefits it can provide,” Mr. Gonzales explained.
Furthermore, health insurance plans often include provisions for preventive care services. These services may range from routine health screenings to vaccinations and wellness programs.
“Products are designed to protect a person’s health and prevent the root causes of illnesses,” the Cocolife executive asserted.
One of the significant challenges people face in accessing healthcare is the escalating cost of medical services, including doctor’s fees, hospitalizations, and medications. Moreover, according to Mr. Gonzales, misconceptions about health insurance often deter individuals from exploring preventive care options. Many believe that insurance plans are rigid and expensive, covering only a limited set of conditions.
Cocolife recognizes this barrier and addresses it by continuously developing affordable medical insurance products. Specifically, the Cocolife ARUGA plan challenges these misconceptions by offering customizable options that fit various budgets.
Cocolife ARUGA plan is a life and health insurance plan that is specifically designed to safeguard individuals and families from the uncertainties of health challenges. The plan offers more comprehensive health coverage compared to traditional insurance plans. It goes beyond the usual lists of specific illnesses by providing results-oriented coverage for a wide range of health conditions. This means individuals can have peace of mind knowing they are protected against various health issues, offering comprehensive coverage that goes beyond what is expected.
“For only P147 a day, ARUGA can provide a medical insurance benefit of up to P1,000,000 for major health issues like confinement in an Intensive Care Unit (ICU), advanced cognitive impairment, permanent need for a wheelchair, permanent loss of use of two limbs, sight, hearing, and speech. It also provides up to P200,000 coverage upon diagnosis of early-stage critical illness,” he explained.
In addition, the insurance plan is the guaranteed cash benefit, which is equivalent to 100% of the plan’s face amount in the event of life impact, major loss, or specific illness conditions.
In the event of the policyholder’s passing, Cocolife ARUGA gives a death benefit that provides life insurance protection equal to the plan’s face amount, ensuring the financial security of beneficiaries during unforeseen circumstances, thus lessening the burden on loved ones during difficult times.
The ARUGA plan also offers a ‘return of premium’ where the policyholder will receive 100% of the total basic premiums paid if they outlive the policy, as long as no major health condition benefit has been paid.
Mr. Gonzales stressed the importance of consulting with a financial advisor to tailor insurance products based on specific needs and affordability. By enlisting the expertise of financial advisors, individuals can gain clarity on product features and understand how they stand to benefit from them.
“I would strongly suggest individuals consult a financial advisor to provide clients sound decisions on what products to buy based on needs and affordability. They can guide clients through the product features and how clients will benefit from it,” said Mr. Gonzales.
Cocolife, the biggest Filipino-owned stock life insurance company and the first ISO-certified Filipino insurance company, has a rich history of providing comprehensive insurance products and services to the people.
“With our enhanced product development efforts, we [have been aiming] to launch more products and services that are responsive to the changing landscape and consumer needs,” said Cocolife President and CEO Atty. Jose Martin A. Loon.
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The Pag-IBIG Fund has received another ‘Unmodified Opinion’ from the Commission on Audit (COA) for the 12th consecutive year, top officials announced on July 16, 2024.
In a letter dated June 21, 2024, state auditors informed the agency that it has rendered an unmodified opinion on the fairness of the presentation of Pag-IBIG Fund’s financial statements for 2023.
“This recognition from the COA, which Pag-IBIG Fund has earned for the 12th consecutive year, is a result of Pag-IBIG Fund’s commitment towards excellence and integrity in managing our members’ funds. We stay true to our mandate of providing secured savings and shelter financing in line with the directive of President Ferdinand Marcos, Jr. of providing means for Filipinos to achieve a better quality of life,” said Secretary Jose Rizalino L. Acuzar, head of the Department of Human Settlements and Urban Development and Chairman of the 11-member Pag-IBIG Fund Board of Trustees.
Pag-IBIG Fund received COA’s ‘unqualified opinion’ from 2012 to 2017 and ‘unmodified opinions’ from 2018 to 2023. *Both unqualified and unmodified opinions indicate that the financial statement of a government agency or corporation is presented, in all material respects, in accordance with applicable financial reporting frameworks.*
Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta highlighted the state auditor’s findings as a reflection of the agency’s notable performance in 2023.
“Pag-IBIG Fund achieved several milestones in 2023. Our financial standing remains strong, as we concluded 2023 with a record-high net income before MP2 returns of P49.79 billion. Pag-IBIG Fund also surpassed its housing records by releasing a total of P126.04 billion in housing loan takeouts, the highest home loans released during a single year in its 43-year history. This helped 96,848 members acquire new or better homes. Membership savings collection also reached a record high, with membership savings collections amounting to P89.26 billion. *All these enabled Pag-IBIG Fund to declare P48.76 billion in dividends, which was distributed to its members as earnings on their savings for said year — highest in the history of Pag-IBIG Fund,” Acosta said.*
“Earning the ‘unmodified opinion’ for the 12th consecutive year further signifies how we were able to achieve our best performance while maintaining the highest standards of financial integrity. Our members and stakeholders can rest assured that we will remain their reliable partner and that we will continue to serve them with Tapat na Serbisyo, Mula sa Puso,” Acosta added.
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The Philippines aims to become a model for tourism training programs worldwide by amplifying the Filipino Brand of Service Excellence (FBSE) program in tourism front liners, Ex-Link Management and Marketing Services Corporation Chief Operating Officer Orlando Ballesteros said.
“The main goal is to uplift the service of our country and to become the best model in Asia and the world,” Mr. Ballesteros said.
By leveraging and learning the basic skills and knowledge in AI, people can be who they want to be, co-founder and CEO of GevMe Veemal Gungadin said.
As early as now, Mr. Gungadin encouraged Filipino youth to educate themselves about the said technology and its tools to be more empowered in the future.
Interview by Almira Martinez
Editing by Jayson John D. Marinas
MANILA – The Asian Development Bank (ADB) slightly raised its growth forecast for developing Asia this year due to stronger domestic demand and export growth, but said downside risks from a series of important elections and geopolitical tensions remain.
Growth in developing Asia, which groups together 46 economies in the Asia-Pacific, is now expected to be 5.0% this year, the ADB said in a report on Wednesday, a touch higher than its 4.9% forecast in April. The region grew by 5.1% in 2023.
For 2025, the ADB maintained its growth forecast at 4.9%.
“Policy uncertainty related to elections in major economies, particularly the United States, clouds the outlook,” the ADB said, adding potential escalations in conflicts in the Middle East and Ukraine also posed challenges.
The ADB kept its 2024 and 2025 growth forecasts for China at 4.8% and 4.5% respectively, but noted a risk that a property slump there could deepen and lead to weaker growth prospects.
Official data on Monday showed China’s economy grew 4.7% in April-June from a year earlier, its slowest since the first quarter of 2023.
The ADB expects regional inflation to slow to 2.9% in 2024 from 3.3% last year, before nudging up to 3.0% in 2025.
WASHINGTON – At least three US House of Representatives Democrats were preparing to sign a letter protesting a plan to speed up the official party approval of President Joe Biden’s reelection bid, the lawmakers’ offices said on Tuesday.
The three lawmakers are among a growing number of Democrats upset by plans to hold a “virtual roll call” vote on Mr. Biden’s becoming the nominee as soon as July 21, instead of waiting for the Democratic National Convention being held on Aug. 19-22 in Chicago.
Democratic Representatives Susan Wild, Mike Quigley and Jared Huffman plan to sign the letter, representatives of each lawmaker said when contacted by Reuters.
“Stifling debate and prematurely shutting down any possible change in the Democratic ticket through an unnecessary and unprecedented ‘virtual roll call’ in the days ahead is a terrible idea,” said a copy of the draft letter seen by Reuters. “It could deeply undermine the morale and unity of Democrats.”
The virtual nomination was originally planned to beat an Ohio state deadline for placing candidates on the ballot for the Nov. 5 election that fell before the Democrats’ August convention. But Ohio extended the deadline, negating that obstacle, the letter to the DNC argued.
In response to criticism, DNC Chairman Jaime Harrison said on X that the Ohio extension would not take effect in time. He also disputed reports that he has said the virtual vote could happen as soon as next week. “The only thing you have heard us say is that we must get this done by August 5th to give us time to comply by August 7th,” he said.
Pass the Torch, Joe, a group pressuring Biden to drop out of the presidential race, accused the DNC in a statement of potentially engaging in “an undemocratic, and perhaps even Trumpian, maneuver,” deepening the Democrats’ internal bickering.
The latest effort follows a call by 19 congressional Democrats for Mr. Biden, 81, to end his campaign after his halting June 27 debate performance against Republican challenger Donald Trump.
Representative Adam Schiff, a California Democrat running for his state’s open Senate seat, who was not one of the 19, warned donors in a private meeting that his party would likely suffer major losses if Biden continued his reelection bid, the New York Times reported on Tuesday. A spokesperson for Schiff’s campaign declined to comment.
Last month’s debate raised concerns in the party about both Mr. Biden’s ability to beat Trump and his fitness to hold the high-pressure job for another four years.
Thirty-nine percent of Democratic respondents to a Reuters/Ipsos poll completed on Tuesday said they believed that Mr. Biden should end his White House run, a slightly higher reading than the 32% who said that in a Reuters/Ipsos poll days after the debate.
The letter from the three lawmakers has not yet been sent to the DNC and was being circulated widely among House Democrats, according to congressional sources.
Democrats fear that a poor performance by Mr. Biden in the Nov. 5 election could cost their party not only control of the White House but both chambers of Congress, setting the stage for a second Trump administration that would be able to pursue its policy goals with almost no Democratic opposition.
Republicans followed their party’s standard procedure in officially nominating Mr. Trump at their convention in Milwaukee on Monday.
If Mr. Biden were to drop out of his reelection campaign, the Democratic Party’s top choice is Vice President Kamala Harris for its presidential nominee, multiple sources have said.
Some Democrats, however, could insist on a more open process that would allow other potential candidates to vie for the nomination, less than three months before the general election. – Reuters
Cocogen President and CEO David Roy Padin, First Vice President Paolo Somera and Corporate Secretary Rhett Gaerlan represented Cocogen Insurance during the awards night.
As a testament to its unwavering commitment to the industry, Cocogen Insurance, Inc. received two recognitions from the Insurance Asia Awards 2024.
Cocogen was hailed as the Domestic General Insurer of the Year for the Philippines and bagged the New Product Innovation of the Year for HackGuard Personal Cyber Insurance.
President and Chief Executive Officer David Roy C. Padin, together with First Vice President for Corporate Finance and Strategy Division, Atty. Paolo S. Somera, and Corporate Secretary, Atty. Rhett D. Gaerlan, received the trophy during the awards night held at the Marina Bay Sands Expo and Convention Center in Singapore, July 9.
“At Cocogen Insurance, we aspire to transcend the conventional role of an insurance provider. Our vision is not only to be the top of mind and trusted ally during uncertainties, but we also strive to be part of the solution to societal issues we have today,” Padin stated in his acceptance speech.
Cocogen remains committed to provide innovative insurance solutions for the Filipino people. In recent years, the company launched new products relevant to the current demands for pets and cyber transactions. Aiming to be part of the solution in addressing the prevalence of cyberbullying in the Philippines, Cocogen included this as one of the coverage benefits of HackGuard.
Moreover, to help address the issue on the Philippines being number one in the World Risk Index (WRI) in 2023, Cocogen became the first non-life insurance company in the Philippines to be a member of ARISE Philippines, the private sector arm of United Nations Office for Disaster Risk Reduction (UNDRR). Cocogen is committed to the initiatives of both institutions as an avenue in improving disaster resiliency and sustainable business practices in the Philippine setting.
“These accolades serve as a constant reminder of Cocogen’s duty to foster innovation in the industry and make an impact on the lives of its insureds. Cocogen will continue to be COmmitted, COmpassionate, and GENuine in making a difference in the Philippines,” shared Chief Strategy Officer Paolo Somera.
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10 Downing Street, the Official residence of the Prime Minister of the United Kingdom. -- 10 Downing Street/Flickr
LONDON – Britain’s new Prime Minister Keir Starmer will set out his first package of proposed laws on Wednesday, fleshing out how he will honor his election-winning pledge to rebuild the country after years of weak economic growth and political turmoil.
In a grand ceremony to mark the opening of the new parliament, King Charles will read out the laws which the government wants the House of Commons to approve first after Mr. Starmer’s centre-left Labour Party won a commanding majority in this month’s national election.
The package of more than 35 bills will focus on growing the economy, including reforms to make it easier to build homes and speed up the delivery of major infrastructure projects, improving transport, and creating more jobs.
“Now is the time to take the brakes off Britain,” Mr. Starmer said in a statement. “I am determined to create wealth for people up and down the country. It is the only way our country can progress.”
The King’s Speech, which is written by the government, will be read out by the monarch in parliament from 1030 GMT in a ceremony full of pomp and pageantry.
Mr. Starmer won one of the largest parliamentary majorities in modern British history on July 4, making him the most powerful national leader since former prime minister Tony Blair, but he faces a number of daunting challenges, including improving struggling public services with little room for more spending.
The speech, and a raft of information published by the government alongside it, is expected to stick closely to the promises Labour made during the election campaign, while giving a clearer picture of Mr. Starmer’s immediate priorities.
HOUSING, INFRASTRUCTURE
According to Downing Street, the government will announce on Thursday legislation to “speed up and streamline the planning process” to help address Britain’s acute housing shortage and the long delays that dog many infrastructure projects.
The government will also set out plans to gradually renationalize the passenger rail network and set affordable fares to draw people back on to trains.
The plan would shut private companies out of running passenger trains by folding each operator into state control when their contracts to run trains expire.
This decision would mostly reverse the privatization of the railways conducted in the 1990s by the then-Conservative government.
The government will announce legislation to devolve more powers to local communities after Mr. Starmer used his first week in power to meet mayors of major cities and representatives from the devolved nations of the United Kingdom. – Reuters
Elon Musk said on Tuesday he is moving the headquarters of two more of his companies – social media platform X and rocket company SpaceX – to Texas from California, citing a new gender-identity law there as the “last straw.”
With these steps, the billionaire, who last week endorsed Republican Donald Trump for US president, will have relocated Tesla and most of the businesses he controls or heads to Texas.
The world’s richest man, he changed his own residence in 2021 from California to Texas, where there is no state income tax on individuals.
A new California law that forbids school districts from requiring teachers to notify parents when a child changes gender identity or sexual orientation helped spur Tuesday’s announcement, Musk said.
“Because of this law and the many others that preceded it, attacking both families and companies,” Mr. Musk, who has a transgender daughter, said in explaining the decision on X – formerly Twitter – which he bought in 2022.
The CEO of SpaceX and Tesla in recent years has become outspoken on politics and often criticizes the Biden administration and Democrats’ positions on issues including transgender rights and immigration.
California voters have historically supported Democratic candidates while Texas is considered a reliable Republican stronghold.
Mr. Musk said SpaceX’s main office would move to an existing facility in Boca Chica, Texas, while X would move to Austin. But the extent to which jobs or facilities in California will transfer to Texas was unclear.
SpaceX has a sprawling headquarters near Los Angeles, a major aerospace hub where thousands of employees build the company’s workhorse Falcon 9 rocket, Dragon astronaut capsules and some Starshield satellites.
In 2021, Mr. Musk moved Tesla’s headquarters from California to Texas as well but said last year that California would remain its engineering hub.
He transferred SpaceX’s incorporation from Delaware to Texas earlier this year. This followed a Delaware judge’s decision invalidating Mr. Musk’s $56 billion compensation plan at electric vehicle maker Tesla. – Reuters
