THE World Bank-International Monetary Fund annual meetings are being held in Marrakech, Morocco, Oct. 9, 2023. — WORLD BANK / GRANT ELLIS
MARRAKECH, Morocco — World Bank President Ajay Banga said on Tuesday that the Israel-Gaza conflict is an unnecessary global economic shock that will make it harder for central banks to achieve soft landings in many economies if it spreads.
“It’s a humanitarian tragedy and it’s an economic shock we don’t need,” Mr. Banga told Reuters on the sidelines of the World Bank-International Monetary Fund annual meetings in Morocco.
Central banks were “beginning to feel a little more confident that there was an opportunity for a soft landing, and this just makes it harder,” Mr. Banga said.
Mr. Banga said there was less immediate economic impact than at the start of Russia’s invasion of Ukraine last year because the Israel-Gaza conflict does not impact exports of oil, grains and fertilizers.
But it does transmit through financial markets, with dollar assets suddenly rising, he said. Inflation has come down in recent months, prices and wages were stabilizing and markets had become used to the idea that rates would stay higher for longer, Mr. Banga said, adding that another prolonged conflict could upset those dynamics.
“It’s the side effects of all that. That’s not a good feeling,” Mr. Banga said.
The World Bank has temporarily closed its operations in the Gaza Strip, evacuating a number of employees because it has become a “war zone,” but its operations in the West Bank Palestinian Territories remained open, Mr. Banga said.
The European Union initially “made a mistake” in announcing a cut-off of all aid to the Palestinian Territories in response to the Hamas attack on Israel, which was later reversed, he said, adding that he will leave others to sort out the politics of the conflict.
“I’m in the development business. And in the development business they feel, at the end of the day, when all this is done, places need to be helped,” he said. “And we will try our best to help.” — Reuters
UTAH sued Chinese-owned app TikTok on Tuesday, accusing it of harming children by intentionally keeping young users spending unhealthy amounts of time on the short-video sharing platform.
The Utah suit is the latest action challenging the popular app in the United States, with Indiana and Arkansas bringing similar suits.
Last month, a federal judge blocked California from enforcing a law meant to protect children when they use the Internet.
“What these children (and their parents) do not know is that TikTok is lying to them about the safety of its app and exploiting them into checking and watching the app compulsively, no matter the terrible effects it has on their mental health, their physical development, their family, and their social life,” said Utah Attorney General Sean Reyes in a filing.
Utah’s suit filed in state court said the videos leverage “highly powerful algorithms and manipulative design features — many of which mimic features of slot machines” and the result “of these manipulative tactics is that young consumers become hooked.”
ByteDance-owned TikTok, which has more than 150 million US users, said in response to the suit it “has industry-leading safeguards for young people, including an automatic 60-minute time limit for users under 18 and parental controls for teen accounts.”
Mr. Reyes said the state’s investigation is ongoing and he will ask a court next week to compel TikTok’s compliance with investigative subpoenas.
Utah is seeking civil penalties as well as an injunction prohibiting TikTok from violating state law that protects consumers from deceptive business practices.
Indiana’s lawsuit against TikTok, brought in December, is pending in state court.
Arkansas also sued both TikTok and Facebook-parent Meta in March “for pushing addictive platforms.”
Last year, a group of Republican lawmakers said that “many children are exposed to non-stop offerings of inappropriate content that TikTok’s algorithm force-feeds to them.”
On Thursday, a judge will hear arguments in TikTok’s lawsuit seeking to block Montana’s first-of-its kind state ban on the use of TikTok before it takes effect Jan. 1. Montana’s legislature approved legislation to ban TikTok citing spying concerns.
Congress has been considering legislation for months that would enable the Biden administration to restrict or ban TikTok over concerns of potential spying. TikTok has said it has spent more than $1.5 billion on rigorous data security efforts and rejects spying allegations. — Reuters
People walk in front of the Hong Kong Observation Wheel in Hong Kong, China, Sept. 5, 2019. — REUTERS
HONG KONG — Hundreds of executives, diplomats and foreign business chambers congregated at Hong Kong’s landmark M+ art museum over canapés and cocktails last month with a clear mission — reinvigorate appeal for the financial hub.
Anti-government protests in 2019, followed by Beijing’s swift imposition of a sweeping national security law in 2020 and three years of draconian COVID lockdowns prompted an exodus of tens of thousands of people from Hong Kong, taking a toll on its reputation and economy.
Sino-US tensions and China’s slowing economy have piled additional challenges on Hong Kong, hurting its traditional role as a gateway between the West and the mainland, said diplomats and business executives.
“The last few years have created a very negative image of Hong Kong,” said Inaki Amate, chairman of the European chamber in Hong Kong, one of the speakers at the M+ event.
Other speakers included government officials, European Union representatives and executives including from the city’s banks, aviation industry and its stock exchange.
The event is among many trying to rebuild ties between the West and the former British colony, with visitors mainly coming from the mainland and Asia, while visa applicants are primarily from China, said Mr. Amate.
Executives point to the changing fabric of Hong Kong with mainlanders making up more than nine-out-of-ten of all those approved to work under government talent schemes.
“If we believe that Hong Kong will be able to recover its most international Asia city status by continuing on this trend, we are very wrong,” said Mr. Amate. “Hong Kong needs diversity.”
Finance Secretary Paul Chan held a marketing blitz tour in European cities in September, while Hong Kong’s Monetary Authority is holding a high-profile banking conference in November to enable people to see Hong Kong’s “vibrancy” and “show guests the best” of the city.
For many outside Hong Kong however, the perception is still very negative, said executives.
“For people who haven’t lived in Hong Kong, they see a really battered and negative image that’s been present since the protests in 2019,” said former American Chamber of Commerce President Tara Joseph.
“You’ve got what happened with the national security law, the pandemic and now you’ve got a pretty big problem with China’s economy. People have a very deeply damaged image and it’s going to take more than having a banking conference in the Four Seasons hotel to really get people to go ‘wow this is exciting.’”
BAD PR Hong Kong’s efforts to attract high caliber talent are hindered by concerns over Beijing’s imposition of the security law, said a diplomat in the city, citing the bounty on opposition figures which have fueled adverse publicity.
“Life is great here, particularly if you are an expatriate. It’s safe, great nature and so much going on, but the image is still very negative,” the diplomat said.
Many in the legal sector said the law has stoked concerns over judicial independence, while some executives are concerned that Hong Kong is losing relevance as some businesses relocate to Singapore and Dubai.
More than one-fifth of Hong Kong’s office tenants are likely to reduce office space in the coming two years with more than half citing shrinking business demand, according to Colliers.
A survey by recruiter Robert Walters in September said that more than half of Hong Kong professionals are considering or planning to move out of the city.
Companies such as National Bank Australia have left Hong Kong, whilst dozens of bankers and corporate lawyers have been fired due to a lack of business.
“Hong Kong is a barometer of the economic activities in China,” said Patrick Ip, managing director at China-ASEAN Investment Cooperation fund. “Because of the recent China economic downturn and regulatory policy changes in some key sectors, the capital market is suffering due to weak investment sentiment.”
Hong Kong’s IPO market has lost momentum with only around $2.7 billion raised so far this year compared with $4 billion a year earlier and at least $35 billion at the market’s peak during COVID.
Asia Pacific funds that include China are now harder to arrange due to concerns over the country’s political and economic outlook, said a senior banker.
Overall visitor levels are 70% of pre-pandemic levels, with tourism from mainland China recovering much faster than those from Europe and the US.
David Baverez, an investor in Hong Kong and author of China & Europe: The Turning Point, said the city will adapt and thrive, with inflows from the Middle East and the mainland replacing money from the West.
“Old Hong Kong is not back,” Mr. Baverez said. “A new Hong Kong will emerge. It will continue to thrive but only because it succeeds in reinventing itself.” — Reuters
THE RAPID spread of misleading claims and doctored images in the aftermath of a deadly rampage by Hamas gunmen in Israel has put the focus on Elon Musk’s X platform, which has drawn the ire of the European Union.
Part of the challenge for those combating fake information online is that changes made by Mr. Musk earlier this year have made it more difficult to track the full scale of deception on X, the site formerly known as Twitter, social media researchers told Reuters.
Researchers studying the origins and proliferation of misinformation said they have lost the ability to automatically track keywords, hashtags and other information about real-time events, as X eliminated access to a data tool that was free to academics before Mr. Musk’s acquisition of the platform in October last year.
Without the tool, researchers now need to manually analyze thousands of links, said Ruslan Trad, a resident fellow at the Atlantic Council’s Digital Forensic Research Lab (DFRLab).
Asked for comment, an X representative said more than 500 unique Community Notes, a feature that lets users add context to potentially misleading content, have been posted about the Israeli-Palestinian conflict.
In a post on the social media platform on Monday, X said it removed newly created accounts affiliated with the Islamist group Hamas and had “actioned tens of thousands of posts for sharing graphic media, violent speech, and hateful conduct.” X did not disclose the actions it took on the posts, which can be removed or have their distribution reduced by the company.
One false claim that spread on X and Meta Platform’s Facebook showed a US government document edited to look like approval for $8 billion in military funds to Israel, according to a report by the Reuters Fact Check team.
A Meta spokesperson said a team of experts including Hebrew and Arabic speakers were monitoring the “rapidly evolving situation in real-time.”
Others include a falsely labeled video purporting to be Hamas militants with a kidnapped child, and video from a concert by American singer Bruno Mars miscaptioned as footage from an Israeli music festival that was attacked by Hamas, according to Reuters Fact Check.
In a surprise attack on Saturday, Hamas gunmen rampaged through towns, taking captives and killing hundreds of people in the deadliest Palestinian militant attack in Israel’s history.
REGULATORY SCRUTINY While disinformation has spread on all major social media platforms including Facebook and TikTok, X appeared to be the most recent to draw scrutiny from regulators.
On Tuesday, European Union (EU) Commissioner Thierry Breton warned Mr. Musk that X was spreading “illegal content and disinformation,” according to a letter Mr. Breton posted on X. The EU is home to some of the strictest internet laws in the world which require platforms to fight fake content.
Mr. Musk challenged Mr. Breton’s post and responded, “Please list the violations you allude to on X, so that the public can see them.”
Under Mr. Musk, X has allowed users to pay to verify their accounts and lets certain users earn a portion of ad sales under a revenue share program. The changes now offer paid accounts the incentive to spread provocative or false claims to rack up followers, said Renee DiResta, a research manager at Stanford Internet Observatory.
“Some of these accounts (on X) appeared to have been set up recently to gain virality … and spread popular misinformation about the war,” said Jack Brewster, enterprise editor at Newsguard, which creates reliability ratings for news websites.
Mr. Musk himself recommended that X users follow two accounts that had previously spread false claims for “real-time” updates on the conflict, the Washington Post reported. The billionaire owner of the platform posted the recommendation on Sunday and later deleted the post, according to the Washington Post.
Misinformation appeared to be most prevalent on X, according to Brewster and Tamara Kharroub, deputy executive director at Arab Center Washington DC, a nonpartisan research center.
False information has also spread on messaging app Telegram and short-form video app TikTok, said DFRLab’s Trad.
A Telegram spokesperson said the company does not have the “power to verify information.” TikTok did not respond to request for comment.
Social media platforms face the challenge of straddling a line between moderating content to protect users while allowing information to spread in real time, something that has also helped the news media and investigators track civilian deaths.
Towing the line is difficult even when platforms plan months in advance for planned events like elections, said Solomon Messing, a professor at New York University’s Center for Social Media and Politics who previously worked at Twitter and Facebook.
“It’s much more difficult when there’s a surprise terrorist attack, particularly one with this much video footage,” said Mr. Messing.
Some Community Notes on X have appeared after misleading narratives were viewed by thousands of users, Kharroub said, making them less effective at correcting false information.
X said in its post on Monday that Community Notes typically appear within minutes of content posting. The company said while it may be “incredibly difficult” to see certain content, it was in the public interest to see information in real time.
A YouTube spokesperson said some violent or graphic content may be allowed if it provides sufficient news or documentary value about the conflict, adding the company prohibits content that promotes violent organizations, including video filmed by Hamas. Like other online platforms, YouTube has moderation employees and technology to remove content that violates its rules.
Snap, owner of messaging app Snapchat, said its map feature, which lets users view public posts from anywhere in the world, will remain available in the region with teams monitoring for misinformation and content that incites violence. — Reuters
(From left) Cathy Yang, First Vice President and Group Head of Corporate Communications of PLDT and Smart; Chet Alviz, Vice President and Head of Enterprise Marketing of PLDT Enterprise; Mitch Locsin, First Vice President and Head of Enterprise and International Business Groups of PLDT and Smart; Melissa Vergel de Dios, First Vice President, Chief Sustainability Officer, and Head of Investor Relations of PLDT and Smart; Nina Posadas, Vice President and Head of Marketing and Corporate Communications of ePLDT; Victor Genuino, President and CEO of ePLDT
PLDT Enterprise is calling on innovation enthusiasts and forward-thinkers to mark their calendars for a digitally transformative experience.
The corporate business arm of PLDT, the country’s largest integrated telecommunications group, announced that PH Digicon 2023 is set at the Marriott Grand Ballroom in Pasay this Oct. 12 to 13.
A digital convention where global industry mavens, thought leaders, and pioneers in technology come together to help drive technological enablement for enterprises, PH Digicon has served as a hub for innovation, digital transformation, and technology advancements in the Philippines.
As with previous renditions, the PLDT Group and PLDT Enterprise are hosting the highly anticipated annual meet.
The last PH Digicon in 2022 saw over 2,700 delegates from multiple countries with over 2,200 companies participating. Building on that success, the upcoming event is poised to raise the bar even higher.
For 2023, the theme “VISION: Reimagine Tomorrow’s Enterprise” reflects the goal to empower tomorrow’s tech titans and enterprises, ignite future-forward thinking, explore cutting-edge technologies, and inspire leaders and business owners to drive success in the evolving business landscape.
“This theme aligns perfectly with our overall VISIONARIES brand campaign of inspiring visionary leadership and innovative thinking, which are essential for navigating the digital landscape,” said Chet Alviz, Vice President and Head of Enterprise Marketing of PLDT Enterprise.
Meanwhile, today’s technology giants are among PH Digicon’s esteemed event partners.
Zaza Soriano-Nicart, Managing Director, Cisco Philippines, explained how Cisco is proud to be part of PH Digicon 2023, saying, “we look forward to collaborating with tomorrow’s innovators to drive meaningful change.”
Adam Liu, Vice President of 5G & LTE FDD Domain of Huawei Technologies Co., Ltd. echoed the sentiment. “Huawei is committed to being a catalyst for digital transformation. We’re thrilled to be part of PH Digicon 2023 in shaping the future of technology,” he said.
And Daniel Jaeger, Vice President of South East Asia of Nokia, similarly said, “We are delighted to join PH Digicon 2023 in their vision for a digital future. As a B2B technology innovation leader, Nokia plays an active role in shaping it. Together, we will pioneer innovative solutions that revolutionize businesses and realize the potential of digital in every industry in the Philippines.”
For his part, Mitch L. Locsin, First Vice President and Head of Enterprise and International Business Groups of PLDT and Smart, expressed his excitement over the coming conference.
“We’re thrilled to bring together visionary leaders, business owners, and professionals to explore the dynamic intersection of humanity and technology. Our aim is to empower enterprises across various sectors to embrace forward-thinking strategies and the latest technological advancements,” said Locsin.
(From left) Cathy Yang, First Vice President and Group Head of Corporate Communications of PLDT and Smart; Mitch Locsin, First Vice President and Head of Enterprise and International Business Groups of PLDT and Smart; Melissa Vergel de Dios, First Vice President, Chief Sustainability Officer, and Head of Investor Relations of PLDT and Smart; Victor Genuino, President and CEO of ePLDT
At PH Digicon 2023, attendees can look forward to:
Innovation Showcase: A chance to witness groundbreaking solutions from the top 10 startups, focusing on areas like IoT, AI, 5G, and automation.
Immersive Experience: The Digi Grounds offers a captivating journey, crafted to provide a dynamic experience.
Cutting-Edge Technologies: Dive into the creative booths of the MVP Group and its technology partners at the Digi Booths.
Insightful Tech Forums: Learn about the latest tech developments, engage with industry innovators, and hear success stories from enterprises that have deployed outcome-based solutions.
In-Depth Discussions: Engage in insightful conversations at the Digi Hub, focusing on stakeholder management and sustainability.
Support for SMEs: The SME Zone will feature booths and mentoring sessions with seasoned business experts.
Another event highlight, Simon Sinek, a renowned speaker and author of bestselling books on leadership and innovation, will address attendees on the topic of “INFINITE VISION” in an exclusive live broadcast. His insights into leadership have inspired millions worldwide, making him the ideal keynote speaker for PH Digicon 2023’s vision.
“I’m deeply impressed by the Philippines’ growing digital footprint in the region. The enthusiasm for innovation and the commitment to harnessing technology’s power are truly remarkable. It’s a privilege to be part of PH Digicon 2023, and I look forward to addressing the conference attendees, sharing insights, and exploring the limitless possibilities that lie ahead for the Philippines in this digital era,” Sinek said.
Day 1 and Day 2 of PH Digicon 2023 are set to be a whirlwind of innovation and collaboration.
On Day 1, Oct. 12, attendees will have the opportunity to immerse themselves in the Digi Grounds, a space crafted to offer a dynamic journey through the latest in digital advancements. The Digi Booths and Digi Hub will be the epicenters of cutting-edge technologies and in-depth discussions, fostering a rich environment for learning and networking.
The SME Zone will be a haven for budding entrepreneurs, offering them a platform to connect with seasoned business experts and gain insights to fuel their entrepreneurial visions.
Day 1 will also feature high-level keynote presentations, including that from Sinek. The evening will culminate in a Fellowship Night, a grand event designed to foster connections and celebrate the spirit of innovation.
Moving into Day 2 on the 13th, the spotlight will be on the PLDT and Smart Innovation Challenge, where the top 10 startups will showcase their groundbreaking solutions. The day will also feature Tech Leadership Forums, offering deep dives into key technology trends and industry advancements, particularly on data centers, multi-cloud, AI, and smart cities. The event will wrap up with a Networking Night, providing a perfect setting for delegates to broaden their connections and interact with the brightest minds in the industry, setting the stage for future collaborations and partnerships.
The two-day event kicked off with a media launch on Sept. 29, also at the Marriott Grand Ballroom.
With a blend of immersive experiences, networking opportunities, and a lineup of esteemed speakers, PH Digicon 2023 promises to redefine the digital horizon. It is the definitive place to be for those eager to be at the forefront of the coming digital transformation.
“PH Digicon 2023 is not just an event; it’s a movement. We’re creating a platform where innovation meets inspiration, and we invite everyone to be a part of this transformative journey,” said Victor S. Genuino, President and CEO of ePLDT, the ICT subsidiary of PLDT.
PH Digicon 2023: VISION is powered by Amdocs, Cisco, Huawei Technologies Phils. Inc., Nokia, Google Cloud, Samsung, ZTE Corporation, Avolution, Inc., Fortinet, Soprano Design, CSG, Dell Technologies Philippines, Ericsson Telecommunications, Inc. and Maya Philippines, Inc.
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Simon Groot and Benito Domingo, founded East-West Seed together in 1982.
It is with great honor and pleasure that we announce the recognition bestowed upon Simon N. Groot, the esteemed founder of East-West Seed. Mr. Groot has received the prestigious Order of Sikatuna in recognition of his exceptional contributions to the Republic of the Philippines and his dedicated efforts in fostering, developing, and strengthening relations between various nations and the Philippines. Mr. Groot is the first Dutch private citizen to be conferred with this diplomatic decoration.
The Order of Sikatuna, one of the Republic’s most distinguished diplomatic honors, acknowledges Mr. Groot’s pivotal role in improving the livelihoods of millions of smallholder farmers in the Philippines and across more than 60 tropical countries.
After years of dedicated research and development, starting in the Philippines with business partner Benito Domingo, Groot introduced the first locally developed commercial vegetable hybrids in tropical Asia. Under Mr. Groot’s guidance and together with Mr. Domingo, East-West Seed has pioneered a dynamic, smallholder-centric tropical vegetable seed industry, born in the Philippines, that continues to expand globally. This was recognized in 2019 when Mr. Groot won the World Food Prize. The same year he obtained an honorary doctorate from University of the Philippines in Los Baños (UPLB).
Mr. Groot is also one of the founding members of the Philippine Netherlands Business Council (PNBC) and continues to serve in its Advisory Council to this day.
“Seeing big smiles on the faces of farmers has given me tremendous satisfaction as I can observe from these smiles that what we have done for them is really of value and meaning.”
— Simon N. Groot
Mr. Groot’s visionary approach gave rise to East-West Seed’s innovative Knowledge Transfer initiative. East-West Seed Knowledge Transfer Foundation annually trains more than 100,000 farmers in best agricultural practices for vegetable production, thereby contributing to the growth and sustainability of local communities in Asia and Africa.
Furthermore, his work has elevated both rural and urban markets for vegetable crops, making nutritious produce more accessible and affordable for countless families in the Philippines and beyond. For millions of people, Simon N. Groot’s dedication over the last 40+ years, has broken the cycle of poverty and malnutrition that often plagues farmers who rely on low-quality seeds. Through his leadership, these smallholder farmers have experienced increased yields, improved economic prospects, and better nutrition for their families.
Simon N. Groot’s receipt of the Order of Sikatuna highlights his extraordinary achievements and unwavering commitment to the Republic of the Philippines and its diplomatic relations with foreign states. We applaud Mr. Groot for his exceptional service and dedication to fostering global cooperation.
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ALICE SPRINGS – Three times a week, Rachel Napaltjarri, an Aboriginal woman suffering from end-stage kidney failure, receives lifesaving dialysis to cleanse her blood in a mobile medical unit in central Australia’s remote outback town of Alice Springs.
She’s been on dialysis for six years and will need it for the rest of her life unless she gets a kidney transplant.
Napaltjarri, 55, is one of dozens of Indigenous Aboriginal and Torres Strait Island people who are treated each day for kidney failure at remote dialysis clinics run by The Purple House, an Aboriginal community-led health service.
Headquartered in Alice Springs, it’s an example of how community involvement can improve outcomes for Australia’s Indigenous people, The Purple House CEO Sarah Brown told Reuters in an interview.
“We don’t have flashier machines or more experienced nurses,” she said. “The only difference is that people are running this place together, and they get to control what happens to them and they can help other communities out,” she said.
Purple House is evidence of how including the community can improve outcomes, Brown said. This is why she hopes the country will vote “Yes” in a referendum on Oct. 14 to recognise Indigenous Australians in the constitution and create an Aboriginal advisory body called the “Voice to Parliament”.
“Having policy where Aboriginal people have actually been able to advise and have some input on whether an idea is going to work or not is such a simple no-brainer but could have such a big impact,” Brown said.
According to the Australian Bureau of Statistics, Aboriginal and Torres Strait Islander people, who make up about 3.8% of the population, are more than twice as likely as non-Indigenous people to have chronic kidney disease.
Brown explained it’s a disease of “poverty, dispossession and powerlessness”, from what was a seminomadic lifestyle, now becoming reliant on processed foods.
Kidney failure is a common cause of death among the Indigenous. But Brown said Purple House’s community-led model has helped central Australia go from having the worst dialysis survival rates in the country to the best.
The health service operates 19 remote clinics across remote communities in Northern Territory, Western Australia and South Australia.
Treatment for kidney failure requires dialysis for five hours a day, thrice a week. For those needing the treatment it means families moving from their home to Alice Springs or Darwin for treatment.
Communities are left without elder leadership, families are broken and the culture connections are weakened. Patients also suffer from isolation and depression.
The Purple House is a home away from home for these Indigenous dialysis patients, Brown said, with a mission to help people keep their connection with Country and family despite the fact that they need treatment for end-stage renal failure. – Reuters
NEW YORK/HOUSTON – Exxon Mobil is expected to say on Wednesday it will buy US rival Pioneer Natural Resources for about $60 billion, a deal that puts it atop the largest US oilfield and secures a decade of low-cost production, according to people familiar with the matter.
Exxon, which was valued at $442 billion on Tuesday, is expected to make a pure stock offer valued at more than $250 a share for Pioneer, the people said on condition of anonymity because the details were not public.
Pioneer shares closed at $237.41 on Tuesday, having risen 11% since the first reports of a deal surfaced last Thursday.
It would be the largest acquisition by any company this year and Exxon’s biggest since its $81 billion purchase of Mobil Oil in 1998.
Exxon declined to comment on “market speculation,” while Pioneer did not immediately respond to a request for comment.
The purchase could face tough scrutiny by antitrust regulators because it propels Exxon to be the top US shale producer by volume. The deal will leave four of the largest U.S. oil companies in control of much of the Permian Basin shale field and its extensive oilfield infrastructure.
Exxon has pulled itself from deep losses and huge debts in the last two years by slashing costs, selling dozens of assets and benefiting from high energy prices spurred by Russia’s invasion of Ukraine.
Chief Executive Darren Woods has rebuffed investor and political pressure to shift strategies and embrace renewable energy as European oil majors have done. He faced heavy criticism for sticking to a heavy oil-dependent strategy as climate concerns became more pressing.
The decision paid off when the company last year earned a record $56 billion profit, two years after losses ballooned to $22 billion during the COVID-19 pandemic.
Exxon socked away some of the huge profits from the oil-price run up, putting aside some $30 billion in cash in anticipation of deals, according to analysts.
Pioneer has been one of the most successful oil companies to emerge from the shale revolution, which turned the U.S. from a major oil importer into the world’s largest producer in little more than a decade.
It is the third-largest oil producer in the Permian basin, after Chevron Corp and ConocoPhillips, with rock-bottom production costs averaging about $10.50 per barrel of oil and gas.
Under CEO Scott Sheffield, the oil producer grew through rapid-fire purchases, including multi-billion dollar deals in 2021 for DoublePoint Energy and Parsley Energy.
Exxon’s planned purchase would outrank oil major Shell’s $53 billion acquisition of BG Group in 2016, which put it atop the global liquefied natural gas market.
Bloomberg News reported the deal’s price earlier on Tuesday.
In July, Exxon agreed to a $4.9 billion all-stock deal for Denbury Inc., a small US oil firm with a network of carbon dioxide pipelines and underground storage. That acquisition was intended to bolster Exxon’s nascent low-carbon business.
The largest US oil producer originally made an all-cash bid for Denbury, and at the last minute switched to all stock, reflecting both the target’s move up in market value during the talks and investors wanting to take part in any upside in Exxon’s stock.
The oil giant’s share price has recovered strongly since its early 2020 tumble to about $30 as oil and gas prices collapsed. Exxon shares recently hit an all-time high of $120 per share. – Reuters
WASHINGTON – The US is talking with Israel and Egypt about the idea of a safe passage for Gaza civilians as Israel strikes the enclave after a deadly Hamas attack over the weekend, US national security adviser Jake Sullivan said on Tuesday.
“We are focused on this question, there are consultations going on,” Mr. Sullivan told reporters at the White House.
“But the details of that are something that are being discussed among the operational agencies and I don’t want to share too much of that publicly at this time,” Mr. Sullivan said.
Israel has battered Palestinians with deadly air strikes in Gaza after Palestinian Islamist group Hamas’ attack on Israel on Saturday that left hundreds dead.
Gaza’s Health Ministry said at least 900 Palestinians were killed and up to 4,600 wounded in Israeli air strikes on the blockaded enclave since Saturday. The enclave, only 40km (25 miles) long by 10km (6 miles) wide, is home to 2.3 million people.
The United Nations said more than 180,000 Palestinians in Gaza had been made homeless. They have lived under an Israeli-led blockade for 16 years, since Hamas seized control of the territory in 2007.
Israel’s embassy in Washington said the death toll from Hamas’ weekend attacks had surpassed 1,000. Washington and some of its key Western allies have said Israel has the right to self-defense.
“We do not deliberately target civilians,” Mr. Sullivan said of the US and Israel, when asked about civilian casualties in Gaza in the Tuesday press briefing.
“We work to make sure that our military operations are conducted consistent with the rule of law and the law of war,” he added.
Palestinians in Gaza have said that Israeli bombardment has been heavy and feels like a new “Nakba,” the Arabic word for catastrophe that refers to the 1948 war of Israel’s creation that led to their mass dispossession. – Reuters
Hacktivist groups say they are hitting Israeli targets online amid the war in Israel and Gaza, disrupting and defacing websites like the Jerusalem Post.
The conflict between Israel and its Arab neighbors routinely attracts both intense global interest and politically minded hackers – dubbed hacktivists – who piggyback on the fighting, either to support their favored side or simply get attention.
“There are dozens of victims per day, claimed by both pre-established and new (hacktivist) groups,” cyber intelligence firm Recorded Future said.
Examples of serious or long-term damage are still thin, but the activism shows how a subset of supporters use digital tools to bring the war online.
So far, among other incidents, a set of hackers supporting Hamas, known as AnonGhost, have claimed they disrupted an Israeli emergency alert application, according to their social media channel.
Another group, named AnonymousSudan, said on Telegram they were actively targeting Israel’s critical infrastructure, although it provided little by way of evidence for its claims.
More than 100 websites in Israel have been either defaced or temporarily disrupted through simple distributed denial of service attacks (DDoS), which work by flooding a site with a rush of inauthentic traffic, according to security analysts.
“The attackers have managed to knock us offline for extended periods over the past few days,” Jerusalem Post Editor-in-chief Avi Mayer said in an email. “This is a blatant assault on freedom of the press.”
Israel’s Computer Emergency Response Team, or CERT, did not immediately respond to requests for comment.
It is often difficult to determine the accuracy of hacktivists’ claims. The same dynamic played out in the wake of Russia’s full-scale invasion of Ukraine, which saw a volunteer army of pro-Ukraine hackers claim credit for numerous attacks on Russian websites and other online services.
Analysts do however expect significant cyberespionage activity to happen behind the scenes.
Last week, Microsoft released a report which recorded how one Gaza-based hacker group known as Storm-1133 had ramped up its cyber spying efforts on Israeli companies involved in telecommunications, defense and energy earlier this year.
“We assess this group works to further the interests of Hamas,” the report stated.
Omri Segev Moyal, the chief executive of Israel cybersecurity firm Profero, said his firm had recently picked up some hacking activity tied to an Iranian spy group nicknamed Muddy Water and intrusion attempts potentially linked to Molerats, another group that researchers believe acts for Hamas.
Molerats activity “stopped after the bombing started,” he said. – Reuters
Two iconic guitars played by Eric Clapton and Nirvana’s Kurt Cobain could each fetch $1 million to $2 million when they go up for auction in November.
Mr. Clapton’s “The Fool”, a psychedelic painted guitar, was known for its unique sound. The Beatles’ George Harrison gave it to Clapton after his guitar was stolen.
“It was the guitar he used to create the very famous woman tone that guitar players today try and recreate 50 years since,” said Martin Nolan, founder of Julien’s Auctions.
With hits such as “Bell Bottom Blues,” “Cocaine” and “Layla,” Mr. Clapton has won 18 Grammy Awards and was inducted into the Rock and Roll Hall of Fame in 2000.
The other guitar, also estimated between $1 million and $2 million, is Kurt Cobain’s guitar, the “SkyStang I”, which Mr. Cobain played during his final public performance on Nirvana’s “In Utero” concert tour.
Described as his “workhorse” because of the amount he used it during the tour, the guitar still has the same strings and even features black tape covering over the Fender brand name, as “Kurt hated corporate sponsorship and corporate branding,” according to Nolan.
The world record for a guitar was set in June 2020 when Mr. Cobain’s 1959 Martin D-18E guitar that he played for his 1993 appearance on “MTV Unplugged” sold for over $6 million.
Mr. Cobain popularized grunge rock in the early 1990s. Nirvana broke through to mainstream pop success with the smash hit “Smells Like Teen Spirit,” the first single from the band’s second album, “Nevermind,” released in 1991.
The auction also features items belonging to Mr. Cobain, including his cardigan, jeans, and a pack of cigarettes, all of which he left behind at rehab.
The lead singer of Nirvana was found dead, aged 27, of a self-inflicted gunshot wound in his Seattle home in April 1994.
A portion of the guitar proceeds will go to Kicking the Stigma, a mental health initiative.
There are over 1,000 items going up for auction at Nashville’s Hard Rock Cafe between Nov. 16-18 at the “Played, Worn & Torn: Rock ‘n’ Roll Iconic Guitars and Memorabilia” event.
Also for sale are Amy Winehouse’s bustier from her performance at the Brit Awards, jewelry belonging to Prince and Elvis Presley, and items from the estate of Frank Zappa, including the first guitar he ever bought. – Reuters
OSHAWA, Ontario – General Motors and Canadian union Unifor reached a tentative agreement on Tuesday just hours after 4,300 workers went on strike at three GM facilities.
The union said the tentative agreement follows the pattern agreement Unifor reached with Ford Motor F.N last month and includes wage hikes of up to 25%. The strike ended after about 12 hours in which it had threatened the largest U.S. automaker’s profitable full-size truck production. Workers must still vote to approve the agreement.
“When faced with the shutdown of these key facilities General Motors had no choice but to get serious at the table and agree to the pattern,” said Unifor National President Lana Payne. She added that GM agreed to items it initially fought including “pensions, retiree income supports and converting full-time temporary workers into permanent employees over the life of the agreement.”
The agreement will cut the time needed to get to top pay from eight years to four years, Payne said, which is important since there are so many younger GM Canadian workers.
“It’s great for the workers, but we’re not out of the water yet because we still have to ratify this agreement,” said GM worker Darrell Colley, standing outside the Oshawa plant after the agreement was reached.
GM shares closed up 1.6%. The company said work resumed at all three facilities in the afternoon and that the deal “recognizes the many contributions of our represented team members with significant increases in wages, benefits and job security.”
The walkout by workers early on Tuesday came after Unifor said GM was “stubbornly refusing” to match the contract the labor union reached with Ford.
The walkout was set to intensify the headache faced by the automaker in the U.S. where it is racking up millions of dollars in daily losses to the United Auto Workers (UAW) strike that started Sept. 15.
GM has lost 34,176 vehicles of production since the start of the UAW strike, according to an estimate by Deutsche Bank. The automaker said last week it had 442,586 vehicles in stock.
The UAW has struck two GM assembly plants in the United States and 18 parts distribution centers. GM has laid off 2,300 U.S. workers due to the impacts of the UAW strike.
Unifor has used the “pattern bargaining” approach in its talks, reaching a deal first with Ford. The union said GM will now follow the pattern. The UAW, on the other hand, broke with that approach under its new leadership.
Payne said Stellantis workers deserve the same agreement but expected the company “will come here kicking and screaming the way that General Motors did.” Stellantis declined to comment.
Unifor represents about 18,000 Canadian workers at Ford, GM and Chrysler parent Stellantis.
Separately, the UAW said Tuesday that 97% of General Dynamics GD.N manufacturing workers in Michigan, Ohio, and Pennsylvania voted to authorize a strike. The contract covering 1,100 defense industry workers expires on Oct. 22.
On Monday, about 4,000 UAW workers at Volvo Group VOLVb.ST-owned Mack Trucks went on strike after overwhelmingly rejecting a proposed five-year contract.
About 73% of the unit’s 4,000 workers in Pennsylvania, Florida and Maryland voted against the deal that included a 19% pay raise.
Unions have increasingly resorted to strikes across sectors from airlines to automakers, buoyed by a tight labor market and positive public opinion in the U.S., even though union membership has fallen. – Reuters
