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Ateneo vs UP concludes first round of UAAP men’s basketball

Games Saturday
(UST Quadricentennial Pavilion)
12 noon — NU vs AdU (men)
4 p.m. — DLSU vs UE (men)

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

REIGNING champion Ateneo de Manila University (ADMU) primed up for its rematch with fierce rival University of the Philippines (UP) this weekend with a 97-77 trashing of winless University of Santo Tomas (UST) in the UAAP Season 86 men’s basketball tournament yesterday at the Mall of Asia Arena.

The Blue Eagles erupted for 57 points in the second half to run away from a close first-half duel and stabilize their campaign at 3-3 ahead of an anticipated showdown with the league-leading Figthing Maroons on Sunday to end the first round of action.

Chris Koon banged in 21 points on three triples spiced by six rebounds and five assists while Kai Ballungay also drained three treys for 17 points and seven rebounds as Ateneo handed Santo Tomas its sixth loss this season 19th straight since Season 85.

Providing support were Joseph Obasa, with 17 points, eight rebounds and two blocks, and Mason Amos with 15 points for the wards of coach Tab Baldwin.

“I think we need this kind of performance, especially going into the UP game and we’re happy. It’s gonna be a very, very happy dugout,” said Mr. Baldwin, who split the last two UAAP crowns with UP’s Goldwin Monteverde.

The Blue Eagles last weekend bowed to erstwhile winless Far Eastern University (FEU), 66-61 in overtime, for only the first time in five years and against another listless squad in Santo Tomas, they were dragged into another tightrope duel — at least in the first half.

Holding a slim 40-33 lead at the turn that further trimmed by Santo Tomas to 58-62 late in the third, Ateneo launched a 10-3 closeout followed by a 7-0 spurt to start the fourth to break away at 79-61 with still eight minutes to play.

Ateneo never looked back for a 20-point win.

“I know their (Growling Tigers) record doesn’t flatter them but all the teams that played against them know how tough they are. We held them to 40 percent (from the field),” added Mr. Baldwin, whose wards had a 52-percent clip opposite the hungry (Growling) Tigers.

Nic Cabañero had 21 points, seven rebounds and four assists while Christian Manaytay and Migs Pangilinan added 17 and 11 points, respectively, for the Adama Faye-less Santo Tomas in an elusive search for maiden win under returning coach Pido Jarencio. — John Bryan Ulanday

The Scores:

Ateneo 97 – Koon 21, Ballungay 17, Obasa 17, Amos 15, Espinosa 6, Chiu 6, Gomez 5, Brown 3, Celis 3, Lazaro 2, Credo 2, Quitevis 0, Bongo 0, Tuano 0, Nieto 0, Gamber 0.

UST 77– Cabañero 21, Manaytay 17, Pangilinan 11, Crisostomo 8, Duremdes 7, Laure 5, Manalang 5, Calum 3, Moore 0, Lazarte 0, Llemit 0, Gesalem 0.

Quarterscores: 17-10, 40-33, 72-61, 97-77.

Magnolia Hotshots see PBA new Season 48 Commisssioner’s Cup as favorable time to strike

MINUS the off-court drama and injury woes besetting heavyweights like Ginebra and TNT, an intact Magnolia views the coming PBA Season 48 Commissioner’s Cup as an opportune time to strike.

The Hotshots go into the import-spiced tournament with a lot of confidence after their sealing an 11-game sweep of the PBA On Tour during the league’s extended break.

The Hotshots have welcomed back Ian Sangalang after his bout with thyroid sickness, acquired Abu Tratter in a trade, elevated Joseph Eriobu from the 3×3 team and tapped former NBA player and defensive specialist Tyler Bey to join stalwarts Paul Lee, Calvin Abueva, Jio Jalalon and Marc Barroca.

The Hotshots are featured in the lone game on opening night against the Tropang Giga, who are missing RR Pogoy (heart ailment) and Poy Erram (knee) and are locked in a contract impasse with ace guard Mikey Williams.

Like Magnolia, the rest of the field is just as ready to pound after acquiring blue-chip rookies in the pre-season.

“All the teams have bolstered their lineups. All are competitive, all have chances to be in the playoffs,” said Raymond Zorrilla of Phoenix.

Ginebra may be defending its crown without Justin Brownlee, if he eventually gets suspended after testing positive for prohibited substance carboxy-THC in the Asian Games.

Governor Alfrancis Chua said the Gin Kings haven’t practiced as a complete group yet with coach Tim Cone, Mr. Brownlee, Japeth Aguilar and Scottie Thompson given a 10-day break after the draining journey to the Asiad gold.

“We’ll start whole (team) practice around Oct. 24 or 25. But you know Ginebra, we’re always there fighting,” said Mr. Chua, who has already started preliminary search for a potential replacement import just in case.

Reigning Governors’ Cup champion TNT is pressed with manpower problems.

TNT didn’t include Mickey Williams in its official 16-man lineup (plus injured/reserve Erram) for the season opening conference.

San Miguel Beer, which reclaimed the Philippine Cup title last season, doesn’t have all hands on deck, too, with June Mar Fajardo and three other Hangzhou gold medalists taking a breather and four more sidelined by injuries. — Olmin Leyba

San Miguel Beer signs Jeron Teng to two-year deal

ALMOST three decades after Alvin Teng’s fruitful stint with San Miguel Beer (SMB), his son Jeron Teng is set to bring his talent to the PBA’s winningest franchise.

The younger Mr. Teng, who became a free agent after his contract with Converge ended last month, signed a two-year deal with SMB yesterday ahead of the Season 48 Commissioner’s Cup.

The 6-foot-2 small forward/shooting guard joins the team where his father made a name for himself as one of the league’s toughest defenders and role players.

Nicknamed “Robocop,” Alvin played with the San Miguel franchise from 1986 through 1994 and won nine championships, including a grand slam in 1989, and earned accolades like Defensive Player of the Year in 1993 and Most Improved Player in 1988.

Jeron, 29, hopes to be as successful in his time with high-powered SMB, the reigning Philippine Cup titlists.

The second-generation player, who averaged 12.9 points, 5.6 rebounds and 2.6 assists with the FiberXers last season, will have to earn his minutes in the Beermen’s stacked 2 and 3 positions against the likes of CJ Perez, Marcio Lassiter and Jericho Cruz.

Mr. Teng found a new home in the PBA a couple of days after he tied with former UAAP courtside reporter Jeanine Tsoi. — Olmin Leyba

England clinch Euro 2024 spot with win over Italy but Hungary must wait

PARIS — Classy England beat Italy 3-1 at Wembley to became the latest country to book a berth at next year’s European Championship after Tuesday’s round of qualifiers but Hungary’s hopes were held up by a draw away to Lithuania.

England and Hungary were the only teams with the opportunity on Tuesday to secure their places at the finals in Germany next June with Gareth Southgate’s side coming from behind to beat the European champions and make sure of top spot in Group C.

Defeat for Italy, who led through Gianluca Scamacca before England overtook them with two goals from their all-time record scorer Harry Kane — the first a penalty — and one from Marcus Rashford, leaves the visitors in a precarious third place.

Ukraine moved into second spot as they beat Malta 3-1 away after Paul Mbong had put the hosts ahead in the 12th minute. An own goal and then a penalty had Ukraine ahead by halftime and they added a third near the end from Mykhailo Mudryk.

Ukraine conclude their qualifying campaign next month with a home game against Italy that will have to be played at a neutral venue because of the conflict with Russia.

Hungary would have qualified had they won in Lithuania, who they had beaten five times in six previous meetings, but went two goals down in Kaunas before fighting back to draw 2-2.

Lithuania, who had won only one game in Group G, led at the break with goals from Fedor Cernych and Pijus Sirvys but Hungary fought back through captain Dominik Szoboszlai’s 67th minute penalty and a Barnabas Varga header eight minutes from time.

Hungary pressed for a winner but must now wait until next month to claim a place at Euro 2024. They lead by one point after second-placed Serbia beat neighbors Montenegro 3-1 in Belgrade on the back of a double from Aleksandar Mitrovic.

Denmark and Slovenia were both away winners in Group H to move to the cusp of qualification.

SAN MARINO SCARE DENMARK
The Danes had a scare in San Marino where the tiny republic scored their first goal of the campaign but the visitors still won 2-1, while Slovenia were 1-0 victors over Northern Ireland in Belfast, where Adam Cerin netted after five minutes.

The results left Kazakhstan with slim hopes of automatic qualification despite upsetting Finland 2-1 away in Tuesday’s early match as Bakhtiyar Zaynutdinov scored twice, the first from the spot in the 77th and then an 89th minute winner.

France secured a convincing 4-1 victory over Scotland in a friendly in Lille, where the kickoff was delayed by 10 minutes to allow fans time to get safely into the ground, given the enhanced security measures in place.

Both teams had already secured their places in the Euro 2024 finals and Scotland led briefly with a goal by Billy Gilmour after 11 minutes, but Benjamin Pavard equalized five minutes later and scored a brace before halftime.

Kylian Mbappe converted a penalty for France just before the break, after Liam Cooper was penalized for a shirt tug on Olivier Giroud and Kingsley Coman completed the scoring when he netted a rebound in the 70th minute.

Already booked for the finals are Germany (hosts), Austria, Belgium, France, Portugal, Scotland, Spain, England and Turkey.

The final round of group qualifiers are next month and the tournament will be held from June 14-July 14. — Reuters

Gaza hospital strike kills hundreds

PEOPLE pray as they protest after hundreds of Palestinians were killed in a blast at Al-Ahli hospital in Gaza that Israeli and Palestinian officials blamed on each other, in Beirut, Lebanon, Oct. 17, 2023. — REUTERS

GAZA  — A strike on a Gaza hospital killed hundreds of Palestinians, deepening tensions in the Middle East and raising the stakes for US President Joseph R. Biden as he flies to Israel on Wednesday to signal support for its war against Hamas.

Palestinian officials said an Israeli air strike hit the hospital, with the Palestinian Authority’s health minister accusing Israel of causing a “massacre.” Israel blamed the blast at Al-Ahli al-Arabi hospital on a failed rocket launch by the Palestinian Islamic Jihad group, which denied responsibility.

Reuters could not independently verify the claims around the catastrophe, which has inflamed a region already in crisis since Hamas carried out an Oct. 7 cross-border rampage against communities in southern Israel in which at least 1,300 people died.

Palestinian ministry spokesperson Ashraf Al-Qudra said rescuers were still pulling bodies from the rubble.

Al Jazeera carried footage showing a frantic scene as rescue workers scoured blood-stained debris for survivors. Rescuers and civilians were shown carrying away at least four victims in body bags. A Gaza civil defense chief gave a death toll of 300, while health ministry sources put it at 500.

Mr. Biden’s complex diplomatic mission to the Middle East was supposed to calm the region and shore up humanitarian efforts for Gaza, but after the strike, Jordan canceled a planned summit with the US president, Palestinian President Mahmoud Abbas and Egyptian President Abdel Fattah al-Sisi.

Mr. Abbas also canceled plans to meet Mr. Biden, as Palestinian security forces fired tear gas and stun grenades to disperse anti-government protesters in the occupied West Bank city of Ramallah as popular anger boiled.

Protests also took place at Israel’s embassies in Turkey and Jordan and near the US embassy in Lebanon, where security forces fired tear gas toward demonstrators.

Before the hospital strike, health authorities in Gaza said at least 3,000 people had died in Israel’s 11-day bombardment that began after the Hamas assault, which caught Israel by surprise and led to nearly 200 people being taken to Gaza as hostages.

HUMANITARIAN AID
The Israeli military urged Gaza City residents to relocate southward on Wednesday, saying there was a “humanitarian zone” with aid available in Al-Mawasi, 28 km (17 miles) down the coast of the Palestinian enclave.

“The IDF calls on #GazaCity residents to evacuate south for their protection,” said a social-media post by the military.

Speaking to reporters as Mr. Biden flew to Tel Aviv, White House national security spokesperson John Kirby said Mr. Biden would put “tough questions” to Israeli leaders but did not give details.

Mr. Biden will meet Israeli Prime Minister Benjamin Netanyahu and the Israeli war cabinet seeking to get a sense of Israel’s plans and aims, Mr. Kirby said. He also aims to get humanitarian aid into Gaza, where millions of Palestinians are surviving with scant food, fuel and water due to Israel’s siege.

“He’ll be asking some tough questions, he’ll be asking them as a friend, as a true friend of Israel, but he’ll be asking some questions of them,” Mr. Kirby said.

It was unclear what Mr. Biden could accomplish during his visit. Mr. Kirby said the US president planned to speak with Mr. Abbas and Mr. Sisi on his way back to Washington.

“This sort of murky but horrific event makes diplomacy harder and increases escalation risks,” said Richard Gowan, U.N. director at International Crisis Group.

Mr. Biden has previously said the United States does not want the conflict to flare up into a wider war.

Iran, which supports Hamas, Islamic Jihad, and Lebanon-based Islamist group Hezbollah have warned Israel of escalation if it failed to end aggressions against Palestinians.

The US State Department told Americans not to travel to Lebanon after exchanges of fire between Israel and Hezbollah in Lebanon’s south.

United Nations Secretary-General Antonio Guterres said he was “horrified” by hundreds of people killed in Tuesday’s strike on the hospital.

Mr. Guterres appealed to Hamas for the immediate and unconditional release of hostages, and to Israel to allow immediate unrestricted access to humanitarian aid for Gaza.  Reuters

Xi Jinping warns against decoupling from China

Chinese President Xi Jinping speaks during the opening ceremony of the 20th National Congress of the Communist Party of China, at the Great Hall of the People in Beijing, China Oct. 16, 2022. — REUTERS

BEIJING — Chinese President Xi Jinping warned against decoupling from China as he opened the Belt and Road Initiative (BRI) forum in Beijing on Wednesday, criticizing Western efforts to reduce dependence on the Chinese economy.

Mr. Xi also lauded his grand plan launched 10 years ago of building global infrastructure and energy networks connecting Asia with Africa and Europe through overland and maritime routes, saying that “blueprints turned into real projects.”

Representatives of more than 130 countries, largely from the Global South, attended the forum including several heads of state, of whom the most prominent was Mr. Xi’s “dear friend” Russian President Vladimir Putin.

“We stand against unilateral sanctions, economic coercion, decoupling and supply chain disruption,” Mr. Xi told more than 1,000 delegates gathered in an ornate conference room in the Great Hall of the People west of Tiananmen Square.

Mr. Putin and other foreign leaders sat with key Chinese officials from the 25-member Politburo on the front row, as Mr. Xi delivered his opening remarks.

Mr. Xi pushed against Western efforts to reduce dependence on Chinese economy, saying that, “our lives will not be better and our development will not be faster if we view the development of others as a threat and economic interdependence as a risk.”

Reducing their dependence on supply chains with China has become a top priority among Western economies as Beijing’s threats to Taiwan heighten geopolitical risks in Asia. The trade disruptions of the pandemic years have also added urgency to the desire to limit their dependence on China.

Although BRI at first set out to connect China to Western Europe, senior European Union figures were missing. The sole head of state present from the bloc was Hungary’s populist President Viktor Orban. Other notable attendees included the Afghan Taliban administration’s commerce minister Haji Nooruddin Azizi.

“China has more interest right now in developing Afghanistan at this moment, so we are more engaged with China. The Chinese have more interest in economic affairs, that’s why we’re here,” Mr. Azizi told a gaggle of reporters at the ceremony.

WESTERN SKEPTICISM
Western skepticism of Mr. Xi’s grand plans stems from suspicions over the way it would extend China’s global influence, analysts say. China has at times bristled at criticism of the BRI, saying it carries anti-Chinese prejudice and a wish to contain its rise, while overlooking what it says are genuine good intentions.

In an address that followed Mr. Xi’s, Mr. Putin praised the BRI and invited global investment in the Northern Sea route which he said could deepen trade between east and west. Several European officials left the hall as Mr. Putin took to the stage.

Mr. Xi is making the Belt and Road smaller and greener, moving away from big-ticket projects like dams to high-tech ones such as digital finance and e-commerce platforms.

The aim is to aid a broader push for a world order that is multi-polar and gives the Global South more agency, rather than one dominated by Washington and its allies, analysts say.

The BRI has also become more focused on issues such as climate change and artificial intelligence, as Mr. Xi seeks to use it to export Chinese ideas about governance and build consensus around Chinese norms and its development model, analysts say.

On Wednesday, Mr. Xi reinforced those trends, pledging to “deepen cooperation in green infrastructure, energy and transportation,” and “put forward global initiative for artificial intelligence governance.”

A European business representative, who did not want to be named for sensitivity reasons, said on the sidelines of the ceremony that BRI was, “creating impact for some of the countries involved” and that, “I think there is some truth to some of the speeches about improving livelihood and connectivity.” — Reuters

4-day work week boosts Spanish workers’ health, pilot program shows

A man looks at his phone as people enjoy the beach in Valencia, Spain July 1, 2018. — REUTERS/HEINO KALIS/FILE PHOTO

MADRID — Four-day work weeks improved Spanish workers’ health such as by lowering stress while reducing fuel emissions and benefiting children, a pilot program showed on Tuesday.

The coastal city of Valencia — Spain’s third largest with more than 800,000 inhabitants — scheduled local holidays to fall on four consecutive Mondays between April 10 and May 7 this year. The project affected 360,000 workers.

Many participants used the long weekends to develop healthier habits such as practicing sport, resting and eating homemade food, according to an independent commission of health and social science experts that evaluated the program.

The data showed an improvement in self-perceived health status, lower stress levels and better feelings regarding tiredness, happiness, mood and personal satisfaction, it added.

A drop in the use of motor vehicles led to better air quality on the four Mondays during the program’s period, as less nitrogen dioxide was emitted, according to the city’s daily emissions measurements.

However, smokers and drinkers increased their overall use of tobacco and alcohol, it added.

A high percentage of those surveyed said they were more likely to read, study, watch films and pursue hobbies like photography, music or painting, the commission said. It did not specify the percentage.

Children benefited the most, thanks to improved work-life balance enjoyed by their parents, the commission found.

While the hospitality and tourism sectors served more customers during extended weekends, retailers reported a decrease in sales and emergency medical services may have been overextended as more healthcare workers took time off, the report said.

The project was designed by the left-wing Compromis coalition of progressive, green and regionalist parties, which ruled the city at the time.

Last year, the Spanish government launched a similar two-year project focused on small and medium-sized industrial companies nationwide. — Reuters

Fitch places Israel on rating watch negative as Gaza war rages

REUTERS

FITCH on Tuesday placed Israel’s sovereign debt rating of “A+” on rating watch negative and warned a major escalation of the ongoing conflict with the Palestinian Islamist group Hamas could result in a negative rating action.

The ratings agency said the risk that others hostile to Israel could join the conflict at scale has risen significantly.

Large-scale escalation, in addition to human loss, could result in significant additional military spending, destruction of infrastructure leading to a large deterioration of Israel’s credit metrics, according to Fitch.

There has been a huge spike in the cost of insuring Israel’s government debt using what are known as credit default swaps (CDS). Investors use CDS either as a protection tool or to speculate and last week the cost of buying Israel CDS has surged 80%.

Prevailing conditions likely support its current rating, the ratings agency added.

“The combination of Israel’s dynamic, high-value added economy, the record of resilience to regional conflict, preparedness for military confrontations, solid fiscal and external metrics and cash buffers make it unlikely a relatively short conflict largely confined to Gaza will affect Israel’s rating,” Fitch said.

Israel has never been downgraded by Fitch and rival rating agencies S&P Global and Moody’s.

Moody’s warned last week that a prolonged conflict with Hamas could drag down the country’s credit score.

Israel has vowed to annihilate the Islamist group after Hamas gunmen crossed the border and killed 1,300 people, mainly civilians, during a rampage through southern Israeli communities on Oct. 7, the deadliest single day in Israel’s 75-year history. — Reuters

Robbed, spat at and assaulted, British shopkeepers despair over retail crime

REUTERS

CROYDON, England — As shopkeeper Ben Selvaratnam recounted how his grocery store in south London was being targeted by shoplifters up to 10 times a day, he had to stop to eject two men who had brazenly slipped two bottles of premium beer into their carrier bag.

The incident, on a Tuesday morning, was unremarkable at his Freshfields Market convenience store following a “massive increase” in theft and violence that he and other shop owners put down to a lack of response from authorities to retail crime.

Repeat offenders and criminal gangs operating with apparent impunity is becoming a hot political topic ahead of a national election expected next year. Critics of Prime Minister Rishi Sunak’s government say it shows a breakdown in society.

“We stopped reporting incidents to the police because we just felt, for whatever reason, budget cuts or whatnot, they weren’t as responsive as we needed them to be,” Mr. Selvaratnam told Reuters in his shop in Croydon, where his butcher doubles up as a security guard.

It’s a similar story in Glasgow, Scotland, where Girish Jeeva was recently left bloodied after being punched in the face when he challenged a man stealing from his grocery store in the Barmulloch district.

Both Mr. Selvaratnam and Mr. Jeeva are frustrated that shoplifters who steal goods worth less than 200 pounds are rarely prosecuted.

“That explains why some of these gangs, especially the teenagers, they don’t even run when they rob the place,” said Mr. Selvaratnam.

The issue of theft and violence has been raised by many of Britain’s biggest retailers in recent months, including Tesco, John Lewis and Primark, echoing similar reports in the United States and elsewhere.

The two British shopkeepers said the main protagonists were local organized criminal gangs, often hooded and masked and sometimes carrying weapons like machetes, who target higher-value products like alcohol, boxed chocolates and meat.

But they have also seen an increase in mums hiding goods in prams and pensioners stealing tinned meat and fish as an increase in the cost of living hits many households.

Mr. Jeeva in Scotland said the police did not take action even when he provided clear CCTV evidence of offenses and told them where the perpetrator lived.

“It’s a waste of time,” he said.

NO-GO AREAS
A Freedom of Information request by British retailer the Co-op showed the police did not respond to 71% of serious retail crimes reported.

In the six months to June 2023, it recorded almost 1,000 incidents a day of shoplifting and anti-social behavior, a 35% increase year-on-year. It has warned that some local stores risk becoming no-go areas.

The British Retail Consortium lobby group said the industry was losing almost 1 billion pounds ($1.2 billion) a year from theft, despite an industry spend on crime prevention of 700 million pounds in 2021/22.

Mr. Selvaratnam installed reinforced glass and steel barriers in the till area of his shop this year.

Thefts are an increasing problem for Mr. Sunak, whose Conservative Party, lagging in polls after 13 years in power, has traditionally portrayed itself as strong on law and order.

A YouGov poll found 74% of British adults believe the government has badly handled crime, and 22% see it as one of the three most important issues facing the country.

Policing minister Chris Philp recently asked forces to take a zero-tolerance approach to shoplifting, including thefts below 200 pounds.

But London’s police force, the country’s biggest, said that was not realistic.

“Where a crime is being committed, a suspect is on the scene, and the situation has or is likely to become heated or violent, our call handlers will assess this and seek to dispatch officers where appropriate,” it said.

ASSAULT
The opposition Labour Party has said if it wins power it will change the law to ensure all thefts are investigated. It will ban repeat offenders from town centers, restore neighborhood policing and create a new specific offense of assault against retail workers.

But Mr. Selvaratnam is not optimistic. As well as a new approach to policing he believes the government needs to address economic hardship, social services and ways to strengthen community ties.

In the eight years he’s owned the shop he has been regularly spat at, and physically assaulted over 20 times. He has been slashed with broken bottles four times and the top part of his ear had to be reattached after it was bitten off.

“It’s out of control,” he told Reuters.

He tried to sell the business, but potential buyers pulled out when their due diligence revealed the extent of losses from theft.

More spending by the biggest retailers on their theft defenses will simply divert crime, Mr. Selvaratnam fears.

“For the small independents like ourselves, we’re just going to get it even more,” he said. — Reuters

South Korea’s Hanwha Ocean eyes submarine exports to Philippines, Canada, Poland

SEONGNAM, South Korea – South Korea’s Hanwha Ocean has pitched offers to build submarines to Canada, the Philippines and Poland, a company official said on Wednesday, as the country pushes to become one of the world’s top four defense exporters.

Canada is studying potential builders for new submarines and has expressed interest in Hanwha Ocean among other foreign rivals, Kim Seung-min, leader of Hanwha Ocean’s naval and special ship overseas marketing team, told Reuters in an interview, without naming the competitors.

“We are now checking on our shoelaces at the start line before the race kicks off,” Kim said on the sidelines of the country’s biggest defense show, Seoul International Aerospace and Defense Exhibition (ADEX).

South Korea’s President Yoon Suk Yeol has pledged to step up efforts to boost weapons exports and secure cutting-edge defense technologies as he aims to build the industry into one of the world’s four largest exporters.

Currently, the top four arms exporters are the United States, Russia, France and China, according to the Stockholm International Peace Research Institute think tank.

Hanwha Ocean, formerly known as Daewoo Shipbuilding & Marine Engineering, is a leading South Korean defense contractor that has built submarines for the South Korean and Indonesian navies.

Kim said Hanwha Ocean had responded this year to questions from Poland on its submarine building capabilities, after registering interest in the European country’s tender to build about three submarines.

Last year, South Korea inked a $13.7 billion arms deal with Poland – Seoul’s biggest ever – laying the groundwork for a major military-industrial business.

Hanwha Ocean is also vying to sell diesel-powered submarines to the Philippines, which is looking to acquire two submarines over the 2,000-tonne level, Kim said.

Tensions are rising between the Philippines and China over the South China Sea. The Philippines currently has no submarine fleet.

Kim said the company had proposed supplying the Philippines with submarines with lithium-ion batteries, which allow the subs to stay underwater much longer than those with lead acid batteries – an advantage over French and Spanish submarines. — Reuters

India to allow export of non-basmati white rice to Philippines, other countries

PHILIPPINE STAR/ MICHAEL VARCAS

India will allow exports of non-basmati white rice to the Philippines, Nepal, Cameroon, Malaysia, Seychelles, Ivory Coast, and the Republic of Guinea, a government notification showed on Wednesday.

India in July banned exports of non-basmati white rice and later imposed a 20% duty on exports of parboiled rice. — Reuters

Philippines’ Marcos suspends implementation of sovereign wealth fund

President Ferdinand R. Marcos, Jr. answers questions from the media after his first Cabinet meeting at the Heroes Hall of the Malacañan Palace, July 5. — PHILIPPINE STAR/KRIZ JOHN ROSALES

MANILA – Philippine President Ferdinand Marcos Jr has suspended the implementation of a controversial sovereign wealth fund that he fought to bring to fruition, citing the need to make it foolproof.

His executive secretary said in an Oct. 12 memo there was a need to study the fund’s implementing rules and regulation, which were already in effect, to ensure that safeguards were in place for “transparency and accountability.”

The factors cited for the suspension were the very same reasons that critics of the fund have cited when they opposed it, which were met by repeated assurances from its backers, including Mr. Marcos, the fund would be managed with prudence.

It was not clear from the memo for how long the rules would remain suspended.

Opposition lawmaker France Castro said on Wednesday the suspension of the fund’s implementation showed the measure was “rushed and flawed in so many levels.”

“It would be better if President Marcos Jr. just scrapped the whole Maharlika law rather than just suspend it,” Mr. Castro said in a statement. “We don’t have excess fund for this.”

The government has envisaged the fund would issue a total of P500 billion ($8.81 billion) worth of preferred and common shares which the national government, state-run firms and banks can purchase.

A shortlist of candidates for the board of directors to help manage the fund was submitted to Mr. Marcos this month.

Mr. Marcos, in signing the bill creating the fund in July, touted it as a key plank of his economic goals to modernise infrastructure and accelerate the country’s growth.

It followed moves by neighbours Malaysia and Singapore and more recently Indonesia in establishing sovereign wealth funds, albeit with mixed results.

In Malaysia, a multi-billion dollar graft scandal engulfed the 1Malaysia Development Berhad (1MDB) fund, causing widespread political repercussions. — Reuters