CAIRO — Egypt has scuttled a controversial plan to reinstall ancient granite cladding on the pyramid of Menkaure, the smallest of the three great pyramids of Giza, a committee formed by the country’s tourism minister said in a statement.
Mostafa Waziri, secretary general of the Supreme Council of Antiquities, announced the plan last month, declaring it would be “the project of the century.”
But news that the ancient monument might be altered quickly drew an international outcry, prompting Egypt’s antiquities authority to review the project. The pyramids are the only one of the seven wonders of the ancient world that still remain.
Alone among the pyramids, Menkaure was designed to be clad in granite rather than limestone. Only 16 to 18 layers of granite were installed before construction was halted, apparently because of Menkaure’s death in about 2503 B.C.
Over the centuries, pilfering, weathering and collapse caused many layers to disappear, leaving only seven layers in modern times, although numerous fallen granite blocks remain strewn around the pyramid’s base.
Mostafa Waziri said the project to replace the granite would proceed only after a year of scanning and documentation.
“The Menkaure Pyramid Review Committee has unanimously objected to the reinstallation of the granite casing blocks, scattered around the base of the pyramid since thousands of years ago,” the committee said in a statement on Thursday.
Zahi Hawass, a former minister of antiquities who headed the committee, said it would be impossible to determine where each block had originally been. Replacing them would also require cement, which would ruin the pyramid.
“What I want to say is don’t worry, the pyramids of Giza are safe, and nothing will happen to them,” Zahi Hawass told Reuters. “People everywhere are calling me, writing letters, e-mails. They are worried. Don’t be worried at all, the pyramids are safe, and no one can touch the pyramid of Menkaure.”
The seven-member committee gave initial consent to excavate Menkaure pyramid’s boat pits, akin to the Pharaonic bark pits found alongside Khufu’s pyramid adjacent to Menkaure’s, but only after a “clear and detailed scientific study.”
“In archaeology, don’t be in a hurry. If you are in a hurry, you will ruin the site,” Hawass said. “It is important for any kind of work to be done at the site of the pyramids, is to make a study and to tell us what to do.” — Reuters
International Container Terminal Services, Inc.’s (ICTSI) subsidiary Bauan International Port, Inc. (BIPI) is set to collect higher cargo handling charges and other fees starting next month.
“To continue to improve port infrastructure and operations systems, and pursuant to applicable provisions of PPA AO 05-2022 and other issuances, BIPI will… implement an upward adjustment on all cargo handling charges and other related fees,” BIPI said in an advisory on Tuesday.
ICTSI’s BIPI is a roll-on/roll-off and project cargo terminal located in Batangas. The port serves the automobile and construction industries. It supports movement in and out of Cavite, Laguna, Batangas, Rizal, and Quezon (Calabarzon) provinces.
The PPA-Administrative Order No. 05-2022, released on June 29, 2022, or the 2022 Revised Policy on Private Ports, governs the procedures for the development, construction, operations, and maintenance of existing ports, which also cover the applicable fees, fines, and penalties imposed by ports.
The new cargo handling tariff will take effect on March 21, exclusive of the 12% value-added tax, BIPI said, adding that this will cover both imports and exports.
BIPI will also convert all charges for foreign vessels such as stevedoring services to US dollar-denominated rates.
Shipment from the operation of Japanese carmakers Mitsubishi and Honda goes through the Bauan port. — Ashley Erika O. Jose
SHANGHAI/SINGAPORE — China announced its biggest ever reduction in the benchmark mortgage rate on Tuesday, as authorities sought to prop up the struggling property market and broader economy.
The 25-basis-point (bp) cut to the five-year loan prime rate (LPR) was the largest since the reference rate was introduced in 2019 and far more than analysts had expected.
“This is the biggest signal. In other words, the largest interest rate cut cycle in history has begun,” said Yan Yuejin, analyst at E-House China Research and Development Institution. The cut will directly impact the real estate sector by lowering mortgage costs, he said.
The five-year LPR was lowered by 25 bps to 3.95% from 4.2% previously, while the one-year LPR was left unchanged at 3.45%.
Most new and outstanding loans in China are based on the one-year LPR, while the five-year rate influences the pricing of mortgages.
In a Reuters poll of 27 market watchers conducted this week, 25 expected a reduction to the five-year LPR. They projected a cut of five to 15 bps.
The deeper-than-expected cut also suggests Beijing is no longer as concerned about the negative effects of lower lending rates on the currency or banks as they were last year.
A central bank-backed newspaper said on Tuesday that the benchmark mortgage rate cut would not create a negative impact on banks’ net interest margins.
At the same time, diminished spillover effects from other major economies, particularly the United States where the US Federal Reserve is now expected to cut rates, allowed Beijing to provide more monetary policy support.
Still, authorities are likely to remain wary of pressure on the yuan from lower domestic rates.
The Chinese currency fell to its lowest since Nov. 20 after the LPR announcement but has since trimmed losses.
Sources told Reuters that China’s major state-owned banks stepped in to the market selling dollars for yuan, in an attempt to arrest weakness.
In stock markets, while the property and banking sectors made gains, the rates decision failed to shore up broader investor confidence.
China last trimmed the five-year LPR in June 2023 by 10 bps.
Beijing has stepped up efforts to rescue the ailing property sector, but the measures have come in fits and starts, weighing heavily on a sector that drives a quarter of the economy and on the stock market. New home prices saw their worst declines in nine years in 2023, while the stock market is languishing after hitting five-year lows.
Government-backed media last week reported that state banks have boosted lending to residential projects under the “white list” mechanism aimed at injecting liquidity into the crisis-hit sector.
Most analysts and investors are waiting for more measures to boost consumption and put a floor under property prices, their hopes higher after authorities replaced the chairman of the market regulator just before the Lunar New Year break.
“I think this move is more signal than substance,” said Ben Bennett, Asia-Pacific investment strategist at Legal and General Investment Management in Hong Kong. “Most people aren’t buying houses because mortgage costs are too high, they’re worried about developers going bankrupt and house prices falling.”
“But it does signal a determination to support the housing market. We need to see if this is followed up with more cash injections into lenders, housing projects and developers.”
More easing could be coming. Recent deposit rate cuts and the reduction to bank reserves are giving commercial banks space to reduce borrowing costs to support the economy.
While the new mortgage reference rate comes into effect immediately, existing mortgage holders will not benefit from any reduction in loan repayments until next year, as mortgage rate repricing is on a yearly basis.
The LPR, which banks normally charge their best clients, is set by 20 designated commercial banks who submit proposed rates to the central bank every month. — Reuters
The peace agreement between Egypt and Israel, signed in 1979 to end hostilities and normalize relations between them, turns 45 on March 26. The Conversation Africa asked Ofir Winter, a senior researcher at the Institute for National Security Studies, who studies Egyptian politics and the Arab-Israeli conflict, for his insights on the peace deal and the key challenging moments since it was signed.
WHEN AND WHY DID THE PEACE TREATY COME INTO FORCE? After five wars over three decades, Egypt and Israel signed a historic peace agreement in March 1979. It marked the first treaty of its kind between an Arab country and Israel. Since then, five more Arab countries — Jordan, the UAE, Bahrain, Morocco and Sudan — have made peace with Israel.
The peace deal, and its consequences, are viewed as having reshaped the history of the Arab-Israeli conflict for the better.
Jerusalem and Cairo had various motivations to choose peace over conflict. Israel wanted to secure its southern border and neutralize the region’s largest and most powerful Arab country.
Egypt wanted to restore its sovereignty over the Sinai Peninsula, which it lost in the 1967 Six-Day War. It also wanted to redirect resources from military spending to strengthen its economy. And it wanted to strengthen its ties with the United States, by being at peace with its ally, Israel.
Peace with Israel contributes to Egypt’s regional and international standing. It positions it as a positive stabilizing actor in Middle Eastern politics, and as a mediator between Israel and the Palestinians.
The Israel-Egypt agreement, although labeled “cold peace,” grants both countries diplomatic and military cooperation. It also boosts tourism between them (mainly from Israel to southern Sinai), and allows modest mutual trade.
In 2018, the countries signed a deal for Israeli gas exports to Egypt for 10 years, worth $15 billion. This was followed by the establishment of the Eastern Mediterranean Gas Forum in Cairo with other regional partners. Israel’s gas exports are crucial for Egypt’s economy. They also support its aspiration to become a regional energy hub.
WHAT CHALLENGES HAS THE TREATY FACED? During the era of President Hosni Mubarak (1981-2011), both countries experienced several crises, such as the recalls of Egyptian ambassadors in protest against Israeli policies following the First Lebanon War (1982-1986) and amid the second Palestinian intifada (uprising) (2000-2005).
The attack on the Israeli embassy in Cairo by Egyptian protesters in September 2011, following a terrorist incident at the Egyptian-Israeli border resulting in the death of eight Israelis and three Egyptians, also left a lasting negative impact on their relations. Since then, the Israeli embassy has left its previous permanent residence and operates on a reduced scale and with a lower profile.
However, past crises did not escalate to the point of suspending the peace agreement. Cairo still considers peace an important asset that serves its core interests. These include its strategic relationship with the United States. This provides it with annual military and economic aid of over $1 billion. Egypt also benefits from intelligence cooperation with Israel in the fight against terrorism in Sinai. In addition, the two countries have various economic collaborations worth billions.
GAZA CONFLICT AND THE PEACE TREATY Since the outbreak of the war in Gaza following the Hamas terrorist attack on Israel on Oct. 7, 2023, Egypt has consistently stated that the temporary or permanent displacement of Gaza residents to its territory, whether intentional or unintentional, is not up for discussion.
The only exceptions are limited humanitarian cases, such as admitting injured individuals for medical treatment in Egypt.
Hosting Gaza refugees could strain the Egyptian economy. It could also facilitate Islamist and jihadist infiltration to the country, and provoke internal security issues, further complicating the Israel-Egypt border situation.
Even before the current war, Egypt had long been concerned about alleged Israeli plots to resolve the Gaza issue at its expense. These concerns have been heightened by recent statements from Israeli right-wing politicians that were wrongly interpreted as reflecting Israeli official policy. And Egypt fears that Hamas and other Islamist groups may challenge its sovereignty in pursuit of their own agenda.
Another Egyptian concern relates to possible Israeli violation of their demilitarization agreements. According to the military appendix of the 1979 peace agreement, areas C and D near the Egyptian-Israeli border are subject to demilitarization. Any temporary or permanent changes require mutual coordination.
Should Israel undertake military operations in Rafah involving more than the four battalions allowed under the appendix, Egypt may assert a breach of the agreement. A mechanism of military coordination between the Israeli and Egyptian defense forces monitors the parties’ commitments in the peace agreement. They work to solve disputes and to prevent escalations.
This situation pushes both sides to take a more populist approach towards each other. This could divert attention from domestic criticism to external threats. Also, Egypt is cautious not to be perceived by domestic and Arab audiences as collaborating with Israel against the Palestinians.
Such an atmosphere, where politicians prioritize short-term public opinion considerations over long-term interests, could escalate the problem.
However, Egypt may still take additional steps to express its protest towards Israel. These include recalling the Egyptian ambassador from Tel Aviv, before resorting to more severe actions like suspending the peace treaty or some of its aspects, which could be harmful for both sides.
Finally, the Oct. 7 Hamas attack has already stalled the process of normalizing relations between Israel and Saudi Arabia. Undermining the delicate relations between Israel and Egypt could potentially grant Hamas another strategic political achievement. It is in the interest of both Israel and Egypt, as well as the wider international community, to prevent such an outcome and ensure another 45 years of stable peace between the two nations.
PARIS — The Eiffel Tower, one of the most visited tourist sites in the world, closed on Monday as staff went on strike protesting how the Paris monument is managed financially, disappointing the crowds below.
The strike comes as Paris prepares to host the 2024 Summer Olympics, which begins on July 26 and will feature metal from the tower in the winners’ medals.
Visitors stood outside the barriers of the tower grounds in front of a giant screen announcing the strike.
“It’s a real shame, really, because we come just for three days, and we’re not going to be able to get up,” Nelson Navarro, from Norfolk, England, said.
Vito Santos, from Canada, had planned to revisit the monument 15 years after his honeymoon and show if off to his children.
“It’s disappointing… The plan was to come here really early to get a ticket as early as possible. However, it was a surprise for us, the strike is here, so we cannot make the tour,” he said.
Unions claim Paris City Hall, which owns 99% of the company that oversees the tower, Societe d’Exploitation de la Tour Eiffel (SETE), is underestimating the cost of planned maintenance and repairs to the monument ahead of the Olympics.
This in turn could result in lax maintenance work and put visitors at risk, they say.
This is the second time this year staff have gone on strike for the same reason.
The wrought-iron 324-meter-high tower, built by Gustave Eiffel in the late 19th century, welcomes about six million visitors each year. — Reuters
CORNERSTONE agreements should be signed on or before the pricing of an initial public offering (IPO), according to the second version of a draft memorandum circular (MC) released by the Securities and Exchange Commission (SEC).
“The allocation to a cornerstone investor shall be guaranteed in a cornerstone agreement which must be signed at the latest on or prior to the pricing event of the IPO,” the commission said.
The draft MC also said that IPO shares are no longer subject to a 30-day lock-up period starting from the listing date. The corporate regulator issued the second draft MC on Feb. 16 for public comments. The first draft MC was released for public scrutiny on Jan. 19.
The SEC’s draft MC contains proposed guidelines for cornerstone investors in IPOs. Cornerstone investors are those who have pre-committed to subscribe to a company’s shares ahead of the listing.
In the previous draft, cornerstone agreements should be signed at the latest prior to the submission of the issuer’s preliminary prospectus to the commission while IPO shares placed are subject to a lock-up period of 30 days starting from listing date.
China Bank Capital Corp. Managing Director Juan Paolo E. Colet said the changes to the proposed guidelines “are a huge improvement.”
“They give more flexibility to the cornerstone investment process and are more attuned with market realities. It will make it easier to bring in cornerstone investors to IPOs,” Mr. Colet said in a Viber message.
AP Securities, Inc. Senior Research Analyst Alfred Benjamin R. Garcia said in a Viber message that the changes are welcome and a “positive move” on the SEC’s side.
“The previous deadline of getting it done before the submission of the preliminary prospectus is too early as a lot could happen in between the submission of the preliminary prospectus and the actual listing, which may include the postponement of the IPO,” Mr. Garcia said.
“Getting it done just before pricing would allow for cornerstone investors more time to negotiate the best price for them, which would also be a positive for retail investors as they would have to be offered the same price,” he added.
He added that the removal of the lock-up period will encourage more cornerstone investors to participate.
“At least it would give them more flexibility to exit their investment if it meets their selling criteria,” Mr. Garcia said.
“We also like that it seeks to protect the right of minority shareholders to have equal access to information and to the same price as cornerstone investors to build the confidence of retail investors that they are not getting the losing end of a bargain. Hopefully, this will help towards reinvigorating the local IPO market,” he said.
The SEC said that comments on the second draft could be submitted until Feb. 26. — Revin Mikhael D. Ochave
THREE STRAIGHT YEARS of losses from Chinese markets and anti-Beijing rhetoric from Washington have not deterred some US asset managers from introducing products they hope will thrive if Chinese stocks rebound.
China’s markets have been hit by a long-lasting property crisis, slowing growth and geopolitical tension. The Institute of International Finance estimates $80 billion of outflows from Chinese portfolios last year, and the bellwether blue-chip CSI 300 Index has fallen 43% from its record high of three years ago. China’s markets, which reopen on Feb. 19 after the Lunar New Year holidays, are down nearly 2% year-to-date, bouncing off lows on support measures from Beijing.
Despite the extended pain, US fund managers with China-focused products have been betting that investors will want to return to the market, arguing that valuations make the country hard to ignore.
China’s CSI 300 index currently trades at 12 times trailing 12-month earnings, while the S&P 500 index’s valuation is at 24 times 12-month earnings, according to Morningstar Direct.
“This is potentially a once-in-a-lifetime opportunity to buy China equities at valuation levels not seen for a long time,” Jonathan Krane, chief executive officer of China-focused ETF provider KraneShares, said in an e-mail.
KraneShares has launched four new China-focused exchange-traded funds (ETF) since the beginning of 2021. Its roster also includes one of the largest China-focused ETFs, the KraneShares CSI China Internet ETF. Launched in 2013, it has about $5 billion in assets.
China’s sheer size and economic growth rate — even if lower than in past years — means investors need to have it in their allocations, fund managers argue.
“Do we fundamentally think that the second-largest economy in the world plays a role in investor portfolios? Yup, no question,” said Bryon Lake, global head of ETF Solutions at JP Morgan Asset Management. The firm launched the JPMorgan Active China ETF in March 2023, which now has about $9.2 million in assets.
In total there were four US-based, China-focused ETFs launched in 2023, compared with two the prior year and eight in 2021, according to Morningstar data, making a total of 48 US-based, China-focused ETFs at the end of 2023. That takes into account both openings and closures and is a figure little changed in the last several years but up 46% in the last decade.
CHALLENGES IN MARKETS Fund managers, however, have both economic and political challenges with China’s markets, from US scrutiny of Chinese investments to an unpredictable environment in China, where there can be sudden resignations or regulatory crackdowns.
“The bear market scenario for China revolves around government policy, trade relationships and other political actions that surprise market participants,” said Rich Nuzum, global chief investment strategist at Mercer.
The dour sentiment has led some funds to close. Global X Funds plans to shutter ten of its 11 China-focused ETFs, which target a specific sector and together have an average of $7 million in assets. The remaining fund, the Global X China MSCI Consumer Discretionary ETF, is the largest, with assets of $215.4 million.
Global X “probably went a step too far in anticipating that there’d be a China recovery and that it would be broad enough to spill over into sector funds,” said Bryan Armour, ETF strategist at Morningstar. “Slicing up the China market that specifically” may have been over-optimistic, he added.
Global X declined to comment on the closures and could not be reached for comment on the assessment of why they closed.
BUILDING BLOCKS China-focused asset managers hope that being ready with an established fund — complete with a track record — will position them to profit most if China rebounds.
Since it typically takes at least six months to roll out a new ETF and the process can be longer for asset managers that have to venture into new territory, having a product with a track record ready to scoop up fast-moving inflows can transform a tiny fund into a large player overnight.
“There are tremendous first-mover advantages in the ETF space” for asset managers willing to battle the headwinds, said Michael Barrer, head of ETF capital markets at Matthews Asia.
Matthews Asia, an investor in China for nearly 30 years, has launched a dozen ETFs targeting Asia, including two devoted to China and several others that include Chinese stocks since July 2022. “That way, when the tide turns, we have product that is readily available.”
The firm launched the Matthews China Active ETF last July and the Matthews China Discovery Active ETF in mid-January. The latter targets smaller growth stocks.
In any environment, launching new products — and keeping existing ETFs alive — requires careful planning, issuers say.
“Having or adding a China-focused ETF to your family may make perfect sense, because this is a ‘building block’ that investors will want to use strategically” to get exposure to the world’s second-largest national economy, said Matthew Bartolini, head of SPDR Americas research for State Street Global Advisors. — Reuters
The global real estate landscape has seen significant growth in 2023, primarily led by the data center, resorts, and healthcare sectors, according to the latest FTSE EPRA Nareit Global Real Estate Index. In 2024, continued global growth in digital-driven and industrial real estate is seen partly because of expansions of key regions around the world, specifically the US, Europe, and Asia.
Despite current high-interest rates, it is easy to understand the preference among seasoned investors for real estate as a reliable source of passive income, stable cash flow, and portfolio diversification. Its values tend to increase over time, which can lead to a higher cash flow.
One way to invest in this growth opportunity is through a real estate investment trust or REIT, for short. Global REITs offer investors a unique asset class that combines the income-generating potential of global real estate with the convenience and accessibility of traditional securities.
Global REITs: What’s the hype about?
The first thing to talk about is affordability. Unlike buying properties outright, retail investors don’t have to shore up significant capital to invest in global REITs. They will still own shares of these real estate properties and get cash payouts through the properties’ rental income, making them a good passive investment.
Second, and more importantly, is accessibility in the aspect of new growth sectors in real estate globally. Local REITs have been limited to residential, commercial, and office real estate while global REITs are much more diversified in different sectors. There are even specialized REITs overseas in sectors of agriculture, healthcare, telecommunications, and data centers.
Many investors all over the world are coming to the same conclusion. In recent years, the global trust fund market has witnessed a remarkable surge in popularity, with the number of REITs listed worldwide increasing dramatically from 120 in 1989 to 893 in 2018, based on Nareit data.
Moreover, the market capitalization for REITs worldwide is now at around US$1.9 trillion, representing an annual growth rate of almost 17%.
Opening the door to the world’s prime global REITs
Local investors can now maximize the opportunities being opened by global REITs through the AXA Global REIT and Property Income Fund which is available through a unit-linked insurance plan called Asset Master.
Building on the reach and reputation of the AXA Group as a worldwide leader in insurance and asset management, this innovative fund allows investors to gain exposure to a carefully selected portfolio of top-tier global REITs, enabling them to diversify their holdings and benefit from the growth potential of prime real estate assets all over the world.
AXA’s Global REIT and Property Income Fund invests in the largest global REITs in the world, providing investors with exposure to a wide range of global real estate opportunities. This allows for diversification and the potential to benefit from different property market cycles across various regions.
For instance, the fund provides investors exposure to REITs in the global infrastructure industry, tapping into the growth of real estate companies leasing antennae sites to top communication brands such as Verizon and AT&T, to name a few. As the demand for wireless communication continues to grow, these infrastructure REITs can offer a stable income stream and long-term growth potential.
The fund also invests in commercial REITs that rent out retail spaces to well-known companies like FedEx, 7-Eleven, Walgreens, and others; as well as industrial REITs that lease logistic facilities to major companies like Amazon, FedEx, Walmart, and more.
The fund also includes investments in data centers, which provide network and cloud-based services to technology giants such as Amazon, Microsoft, IBM, and Apple, and even has exposure in healthcare REITs that invest in senior housing facilities in the United States.
As the digital economy expands, the demand for data centers, industrial and commercial spaces, and e-commerce logistics facilities is only expected to grow ever higher, meaning that investments in these REITs have an opportunity for attractive returns and a stable income stream for years to come.
As with all equity funds, the AXA Global REIT and Property Income Fund caters to those with an aggressive risk-return profile.
A more holistic pursuit of wealth management
Aimed at serving the needs of customers to build and protect their legacy, the AXA Global REIT and Property Income Fund can be availed via Asset Master, AXA’s unit-linked insurance plan. Beyond the profitable property opportunities, the fund combined with the Asset Master insurance plan provides passive income through monthly cash payouts of up to 5% per annum and guarantees investors with at least 125% of the amount invested as life insurance coverage.
Investing in a unit-linked insurance plan goes beyond wealth growth. This is where it stands out from all the other investment options as it is also a smart estate planning move. The conventional idea of leaving a financial legacy to one’s family is by passing on properties accumulated throughout their lifetime.Properties or other assets are the usual inheritance that heirs receive, often co-owned with others. The transfer of ownership of these real properties and assets can be cumbersome and costly due to tax obligations, which — in many instances — the heirs are not financially prepared to pay. It’s always best to ensure that a good amount of cash is part of one’s estate.
Unit-linked insurance plans like Asset Master are one of the best ways to have cash available in one’s estate at the time of death. The proceeds from the insurance payout of an Asset Master policy provide liquidity and are tax-exempt (if the named beneficiaries are designated as irrevocable or if they were never changed through the tenure of the policy). This therefore allows the seamless transfer of money to one’s heirs which can form part of the inheritance itself or may be used to pay estate taxes and other immediate liquidity needs.
AXA Philippines is an established and experienced global insurance company. It is one of the largest and fastest-growing in the Philippines, offering financial security to over 1 million individuals through life insurance products, savings and investments, health plans, and income protection, as well as general insurance.
Learn more about protecting and growing your wealth with Asset Master and the AXA Global REIT and Property Income Fund by watching the video below or visiting AXA’s website.
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FEARS AND ACCUSATIONS of genocide stalk both the war in Ukraine and the war in Gaza. But as painful as the human suffering is in both regions, the Genocide Convention defines this worst of human atrocities very narrowly. Two recent rulings at the UN’s International Court of Justice (ICJ) serve as a reminder — and a sign that the court is walking back a 2019 ruling that opened the floodgates to genocide lawsuits. Both cases should serve as a warning to South Africa in its quest to have the court halt Israel’s military operations in Rafah.
In its recent decisions involving genocide accusations in Ukraine and Gaza, the ICJ has shown that it is unwilling to expand the definition of genocide beyond that in the convention: the intentional destruction, in whole or in part, of a national, ethnical, racial, or religious group as such. These decisions, while disappointing for some human rights advocates, protect the original intent of the Genocide Convention — preventing the worst crime perpetrated by humanity.
In both Ukraine and Gaza, the ICJ has been asked to determine whether violations of the convention occurred. Vladimir Putin premised his February 2022 invasion of Ukraine on the alleged genocide of ethnic Russians in the Donbas. Ukraine argued in March of that year that Russia’s bad faith use of “genocide” as a pretext for the invasion violated the convention. Ukraine quickly succeeded in obtaining a grant of provisional measures against Russia, including a court order for Russia to stop the invasion.
However, on Feb. 2 the court threw out this “bad faith” argument — a blow to Ukraine and the unprecedented 32 countries that intervened in the lawsuit to support it. The court held that Ukraine’s objection to Russia’s justification for its invasion fell outside the scope of the Genocide Convention.
The court allowed only part of Ukraine’s case to continue: The judges will evaluate whether Ukraine’s actions in the Donbas amounted to genocide. This puts Ukraine in the bizarre legal position of defending itself, in the very case it filed, against Putin’s false accusations that he never actually brought before the Court.
The case against Israel came before the Court in a different way. Beginning in 2019, the Court allowed any state that was party to the Genocide Convention to bring claims against any other party. In late December 2023, South Africa asked the ICJ for a provisional measure to stop Israel’s entire military operation in order to prevent genocide.
The standard for receiving a provisional order is remarkably low — a state must only show that it is “plausible” that the Genocide Convention has been violated. The court did find “plausible” violations and ordered Israel not to violate the convention and to let more humanitarian aid into Gaza. However, the Court rejected South Africa’s argument that Israel must stop the military operation entirely.
Although the Court did not elaborate on its reasoning, as is typical in provisional orders, the bottom line is that the Court again refused to broaden the remit of the Genocide Convention.
Additional hearings and final decisions in both cases are likely years away. Any determination of whether genocide occurred in these conflicts will require thorough examination of the actors’ intent and actions.
In both rulings, the Court has shown that it will determine only whether a state’s intent and behavior violates the terms of the convention, and not stretch its interpretation of the treaty beyond its original purpose. It will not entertain other legal grievances outside the scope of the convention that masquerade as Genocide Convention claims. In Ukraine’s case, the court showed that it is unafraid to reject the opinion of more than 30 states in order to protect the law. As for Israel, the court’s ruling is unpopular both in Israel and with the diplomats, legal scholars, and human rights advocates who think genocide is occurring in Gaza.
The court’s 2019 rule change opened the floodgates to genocide lawsuits by any state that does not like another’s war efforts — especially given the low bar for provisional measures. But with its rulings on Ukraine and Gaza, the Court is saying “not so fast.” This is a necessary correction — an attempt to close the floodgates and to preserve the meaning of the convention itself.
On Feb. 13, South Africa petitioned the ICJ to stop Israel’s expansion of its operations in Rafah, arguing that its military actions would violate the Genocide Convention. This claim lies beyond the scope of the convention and is likely to fail. The convention only permits the court to decide whether a state’s actions amount to genocide. It does not allow the court to determine prospectively declare Israel’s hypothetical military plans illegal. As commendable as the goal of stopping a humanitarian catastrophe in Rafah may be, a Genocide Convention lawsuit is not the right way to do it.
The court understands that abusing a term dilutes its intended meaning. Stretching the Genocide Convention too far undermines the rights — and the people — that it was designed to protect. Words have meaning — and misusing them has consequences beyond having a case thrown out of court.
Misusing the term erodes its power, meaning, and protection against the most atrocious crime in human history.
Cartellino gets physical space in Galerie Stephanie
CARTELLINO, a five-year-old online platform for contemporary art, recently launched its first physical space. It is tucked in a corner inside Galerie Stephanie on the 6th floor of Shangri-La Plaza’s East Wing in Mandaluyong City. Its inaugural exhibition, “The Little Paper Show,” will be there until March 3. The collection features small works made of paper. For more information, follow Cartellino on social media platforms like Facebook and Instagram.
Nihongo Fiesta to be held in Shangri-La Plaza
The Japan Foundation Manila is mounting the Nihongo Fiesta, now on its 19th year, to celebrate the Japanese language and culture. There will be a Nihongo Speech Contest, where nine finalists from Luzon, Davao, and the Visayas will showcase their language proficiency and communication skills. The festival will also display photos submitted by educational institutions across the Philippines, giving the audience a glimpse into the diverse facets of Japanese culture. Meanwhile, attendees will be treated to a performance by the UP Philippines-Japan Friendship Club (UP Tomo-Kai), showcasing Japanese traditions. Visitors will also get to see the Ryukyu Buyo, an Okinawan traditional dance performance. The Nihongo Fiesta is set to take place at the Shangri-La Plaza Mall, Mandaluyong City, on Feb. 24 starting 1:20 p.m. For more details, visit www.jfmo.org.ph and www.facebook.com/JFManila.
CAST PH to present Othello, Patintero sa Ayala Avenue
CAST PH, best known for its staged readings, will be presenting full-fledged theater productions this year. It will premiere Pantintero Sa Ayala Avenue, directed by Rafael Jimenez, and featuring lead actress Zoë de Ocampo and Philippine LEAF Awards Nominee Teia Contreras. The production is set for June. It will also present a new version of William Shakespeare’s tragedy, Othello, with CAST artistic director Nelsito Gomez working with actors Tarek El Tayech as Othello, Gab Pangilinan as Desdemona, Maronne Cruz as Emilia, Reb Atadero as Iago, Davey Narciso as Cassio, Rafael Jimenez as Rodrigo, Dippy Arceo as Bianca, MC Dela Cruz as the Duke of Venice/Lodovico, and Rhenwyn Gabalonzo as Brabantio/Montano. The production is set for October. More details will be available on cast_ph on Instagram and CAST PH on Facebook.
QC to become poetry capital of the Philippines
NATIONAL Artist for Literature Virgilio Almario has formally launched a movement to make Quezon City the Poetry Capital of the Philippines. This began at a Valentine’s Day book donation drive for the QC Public Library and its 28 branches, which included copies of his book, Lemlunay: Pagunita sa Gunita, a collection of poems inspired by cultural objects and artifacts and Filipino artworks. Mr. Almario dubbed the Feb. 14 event as “Libro Para sa Aklatan ng Bayan” (Books for the Public Library) or LAB which he plans to hold yearly. The QC Public Library, San Anselmo Publications, Inc., and LIRA are collaborating with other divisions within the QC government for the development and implementation of literature and poetry-related programs and projects, including a National Poetry Day celebration on Nov. 22, the birthday of poet Jose Corazon de Jesus, a.k.a. Huseng Batute.
ENTREPRENEURS in the Philippines may find opportunities in catering to shifting consumer preferences towards plant-based options, according to vegan restaurant Greenery Kitchen.
Consumer demand for healthier and sustainable food choices is contributing to the growth of the plant-based food market, said Edilberto Villamor, co-owner of Greenery Kitchen.
A chef who is creative with vegan food can satisfy even the most omnivorous palates, he said in an interview with BusinessWorld.
“That’s our motivation actually, ’yung ma-meet namin ’yung hanap nila sa meat (That’s our motivation actually, to meet their expectations for meat),” he said.
“Ano ba ang taste ng kaldererta? Hindi ko siya ilalabas sa kitchen kung hindi siya at least maglalasang regular kaldereta…hindi ko ilalabas ’yung sisig kung hindi siya lasang regular sisig (What does kaldereta taste like? I won’t bring it out of the kitchen unless it tastes like regular kaldereta… I won’t serve the sisig if it doesn’t taste like regular sisig),” he added.
About two million Filipinos were vegetarians in 2021, representing 5% of the population, as reported by the London-based market research company Euromonitor in 2022.
The Philippines’ consumption of non-meat food reached $68.9 million in 2021, with the sector’s compound annual growth rate growing by 4.3% from 2016 to 2021, it also said.
Data from Mintel Group Ltd. in 2022 showed that 149 plant-based meals were launched in the Philippines between 2017 and 2021. Dairy, snacks, processed fish, meat, and egg products were the top categories of the released plant-based meals, according to the global market intelligence and research agency.
Low or reduced allergen, plus no additives or preservatives, were the top claims associated with the plant-based meals released during the period, it said.
CUSTOMERS Most of Greenery Kitchen’s customers are non-vegan, according to Mr. Villamor.
“A majority of our clients are non-vegan, or non-vegetarian,” Mr. Villamor said.
“These are people na nakatikim ng vegan fare, or nakapanuod ng mga vlogs. ’Yung mga regular vegan practitioners talaga na clients namin, konti lang sila (These are people who have tasted vegan fare, or have watched vlogs. The regular vegan practitioners who are our clients, they are just a few),” he added.
Veganism is a lifestyle that excludes meat and all animal-based products. Vegetarianism, in contrast, still allows for animal-based products like eggs, dairy, and cheese.
According to Ivy Villamor, Mr. Villamor’s wife who helps run the restaurant, the largest segment of their customers consists of women aged between 24 and 44 years old.
“The next big chunk of our customer demographics are senior citizens between 60-65 years old,” she said. A majority give their food a go for health reasons, “and we are really happy that they try our plant-based options.”
CHALLENGES The main challenges in running a business include supply chain and pricing concerns, Ms. Villamor said.
It is difficult to keep meal prices low, and cover other expenses, especially with inflation, she added.
“Kung mas mura ang plant-based, mas maa-appreciate ng mga tao… as it should be, kasi lahat ng pagkain natin, kaya natin i-source sa palengke (if plant-based foods are cheaper, people will appreciate them more… as it should be, because we can source all our food from the market),” she said.
Complying with government requirements and overhead also eats up into the profit margin, she added.
The Villamors cut costs by sourcing their supplies from local markets.
“We look for the cheapest but nicest suppliers,” Ms. Villamor said. “We also make our own in-house, plant-based meat alternatives.”
LOOKING FORWARD The business was started as a delivery service in 2006 by the couple to spread their advocacy for plant-based living.
They now average about 100 à la carte packs Monday through Saturday, serving their market both through their in-house delivery service and through food delivery apps.
Rice meals from the restaurant, which opened in 2016, are likewise available at Caffe Te Ree Ya in NAIA Terminal 3.
“We’re also looking for resellers,” Ms. Villamor said.
“We want to promote peace, starting with our plate,” Ms. Villamor added.
“How can we ask people to turn plant-based if hindi namin ipapakita kung paano? Kaya in-offer namin ’yung food ngayon, for anyone who wants to try (How can we ask people to turn plant-based if we don’t show them how? That’s why we offered the food now, for anyone who wants to try).”
