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SGA taps ex-Gilas, PBA prospect for Jones Cup

FORMER Gilas Pilipinas sniper Jordan Heading and PBA Draft prospect Caelan Tiongson have been tapped by the Strong Group Athletics (SGA) as its first signees for the upcoming 43rd William Jones Cup.

This will be Mr. Heading’s return to the SGA after a stint in the Dubai International Basketball Championship while Mr. Tiongson marks his comeback with a Philippine team since playing for the defunct Alab Pilipinas in the ASEAN Basketball League.

Mr. Tiongson is also expected to utilize this international stint to prepare for this year’s PBA Draft as one of the prized Fil-foreign prospects. Head coach Charles Tiu looks forward to having the ace backcourt duo as SGA marches on to Taiwan as the country’s representative for the regional invitational tourney slated on July 12 to 21.

“Jordan was an automatic choice for me once I found out he’d be available to play. We loved how he played for us in Dubai, and now he gets to go back to his original shooting guard spot to complement our point guards,” said Mr. Tiu, who will be joined by veteran tactician Rakjo Toroman in steering SGA.

“I’ve been in touch with Caelan for a while, helping him figure out his next moves before joining the PBA Draft. We figured this would be a great opportunity for him to remind people how good he is,” he added.

Mr. Heading is currently strutting his stuff for the West Adelaide Bearcats in Australia’s NBL1 Central with averages of 19.1 points, 4.1 assists and 3.4 rebounds while Mr. Tiongson came off a stint with the Taoyuan Leopards in Taiwan’s T1 League with norms of 13.5 points and 9.1 rebounds.

SGA, out to win the country’s seventh Jones Cup title, will announce the remaining players to complete its roster soon that is anticipated to feature a bevy of local standouts and top-caliber imports once again like when it played in Dubai.

The Philippine club had fielded NBA veterans Dwight Howard, Andre Roberson, UAAP MVP Kevin Quiambao, MPBL MVP Justine Baltazar, JD Cagulangan and ex-Gilas reinforcement Andray Blatche, en route to a runner-up finish behind champion Al Riyado of Lebanon. — John Bryan Ulanday

Shai and Thunder

For a while there, it seemed as if the Thunder would come up with a huge win to send their West semifinal round series against the Mavericks to a deciding Game Seven. The lead was theirs early on, built up to double digits just three minutes and change into the first quarter, and to a heady 14 at the half. It didn’t matter that the boos continually rained down on them from the capacity crowd of 20,555 at the American Airlines Center. As far as they were concerned, Game Six was theirs to take, especially with top dog Shai Gilgeous-Alexander displaying the sharpness that made him a bona fide candidate for the Most Valuable Player award.

At the same time, it was, perhaps, to be expected that the Mavericks would storm back from a deficit that grew to 17 early in the second half. After all, not for nothing did they have triple-double machine Luka Doncic leading the way, ably backstopped by fellow All-Star Kyrie Irving and key trade deadline acquisition P.J. Washington Jr. Indeed, the set-to was close for much of the payoff period — and to the point where the outcome, to no one’s surprise, wound up being decided on the final play.

Even for casual observers of the pro scene, yesterday’s contest was reflective of the compelling nature of the 2024 Playoffs. It certainly had all the telltale signs of a classic: otherworldly performances from marquee names, standout showings from supporting characters, controversial moments, and a nail-biting denouement. Gilgeous-Alexander appeared to have secured the triumph for the Thunder following a stellar dime to outstanding rookie Chet Holmgren with a third of a minute left on the clock. Instead, 18 ticks later, he turned from hero to heel with an ill-advised contest of a three-point attempt by Washington that caught ball and then the latter’s arm for a foul.

Needless to say, the Thunder challenged the call, but it was clear from replays that the contact Gilgeous-Alexander made impeded with the trajectory of the shot. Significantly, the positioning of the players in the paint indicated that the Mavericks would have been able to secure possession and the basket had the whistle not been blown. Speculating is irrelevant, of course, because the call was made. And Washington, having sank the first two charities to give the Mavericks the lead, rightly missed the third try to kill the remaining time in the absence of any stoppages left to grant.

In the aftermath, Gilgeous-Alexander remained unable to take in the turn of events. He told scribes that he is not, and will never be, inclined to watch footage of the sequence that had the Thunder snatching defeat from the throes of victory. He did commit a foul, to be sure, but one that the ESPN coverage of the match, for some reason, questioned at length. Color commentator Richard Jefferson argued that since a clean block was made, the subsequent contact was incidental at worst. There was just one problem with his take, however; Washington never relinquished possession, critical per current interpretation of the rules. In other words, while it is true that the rejection was clean, it is also true that a foul was committed.

As an aside, ESPN did not help things any by having rules analyst Steve Javie speak even as lead referee Tony Brothers was already explaining the review decision on the coach’s challenge. All of which, from Gilgeous-Alexander’s vantage point, made the final result harder to take. The flipside is that the Thunder will learn from their experience and be all the better for it. As they’re left to ruminate on what could have been, they’re likewise cognizant of the fact that they’ll be stronger this time next year.

 

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994. He is a consultant on strategic planning, operations and human resources management, corporate communications, and business development.

Eruption of Indonesia’s Mt. Ibu forces 7 villages to evacuate

LIGHTNING appears amid a storm as Mount Ibu spews volcanic material during an eruption, as seen from Gam Ici in West Halmahera, North Maluku province, Indonesia, May 18 in this handout image. — THE CENTER FOR VOLCANOLOGY AND GEOLOGICAL HAZARD MITIGATION/HANDOUT VIA REUTERS

JAKARTA — A volcano on the remote Indonesian island of Halmahera has spectacularly erupted, spewing a grey ash cloud into the sky, and people from seven nearby villages have been evacuated, authorities said on Sunday.

Mt. Ibu erupted on Saturday evening, sending ash 4 km (2.5 miles) high, as streaks of purple lightning flashed around its crater, according to information and images shared by Indonesia’s volcanology agency.

A joint team comprised of police, military and search and rescue officials was dispatched to the area to evacuate residents from surrounding villages, Abdul Muhari, from the disaster mitigation agency, said in a statement.

Photos shared by the disaster agency showed authorities assisting the elderly, while other residents were moved in pick-up trucks and accommodated in emergency tents for the night.

The agency did not provide any information about how many people had been moved, but authorities have recommended that a seven-km (4.35-mile) radius be cleared.

Indonesia’s volcanology agency raised the alert level of the volcano to the highest level on Thursday, after Mount Ibu erupted multiple times earlier this month.

Ibu’s activities follow a series of eruptions of different volcanoes in Indonesia, which sits on the Pacific “Ring of Fire” and has 127 active volcanoes.

Flash floods and cold lava flow from Mount Marapi, one of the most active in West Sumatra province, covered several nearby districts following torrential rain on May 11, killing more than 60 people.

In recent weeks, North Sulawesi’s Ruang volcano has also erupted, spewing incandescent lava. The eruption prompted authorities to evacuate more than 12,000 people on a nearby island. — Reuters

Pope Francis says tension, debate are inevitable in modern society

ANNETT KLINGNER-PIXABAY

VERONA — Arguments and tensions are inevitable in modern society and should not be brushed under the carpet, Pope Francis said on Saturday, warning that trying to impose a uniform vision fostered frustration and violence.

Addressing a peace gathering in a Roman amphitheater in the northern Italian city of Verona, the pope said people needed to learn how to deal with conflict before it got out hand, but also recognize that holding different opinions was healthy.

“A society without conflicts is a dead society. A society that hides conflicts is a suicidal society. A society that takes conflicts by the hand is a society of the future,” the pope told some 12,500 people gathered in the ancient arena.

“The flaw of dictatorships is not admitting plurality,” he added.

It was the pope’s second day trip to northern Italy in three weeks, following his visit to Venice last month, testing his stamina after repeated ailments over the past year that have sometimes forced him to curtail his public appearances.

As is now normal, the 87-year-old pontiff got around by wheelchair and appeared in good form as he first met priests and children in the city, before attending the open-air peace conference then having lunch in a local jail with prisoners.

Francis said the world was assailed by wars, but added that ordinary people had to try to build bridges and avoid being dragged into armed conflict at the behest of their leaders.

“Ideologies have no feet to walk, no hands to heal wounds, no eyes to see the sufferings of others. Peace is made with the feet, hands, and eyes of the people involved,” he said.

Underscoring the pope’s hopes for personal reconciliation, an Israeli man, whose parents died in the Oct. 7 attack by Hamas militants, embraced on the Verona stage a Palestinian peace activist whose brother had died in an Israeli jail.

“I don’t think there are any words to add to this,” the pope said, leading the applause for their gesture.

The pope makes almost weekly pleas for an end to fighting in multiple conflicts, especially in Ukraine and Gaza, putting the drive for peace at the centre of his 11-year-old papacy.

“Don’t stop. Don’t get discouraged. Don’t become spectators of so-called ‘inevitable’ wars,” he told his audience. — Reuters

In Canada, bodies go unclaimed as costs put funerals out of reach

STOCK PHOTO | Image by chris robert from Unsplash

TORONTO — Some Canadian provinces have logged a jump in unclaimed dead bodies in recent years, with next of kin citing funeral costs as a growing reason for not collecting loved ones’ remains.

The phenomenon has prompted at least one province to build a new storage facility. Demand for memorial fundraisers has surged. The overall cost of a funeral in Canada at the top end has increased to about $8,800 from about $6,000 in 1998, according to industry trade group estimates.

In Ontario, Canada’s most populous province, the number of unclaimed dead bodies rose to 1,183 in 2023 from 242 in 2013, said Dirk Huyer, the province’s chief coroner.

In most of those cases, next of kin were identified but unable to claim the body for a variety of reasons, the most common being money. Finances went from being the reason for 20% of the total unclaimed bodies in 2022 to 24% in 2023.

“It’s distressing because it’s a person who has passed and there’s nobody — family, friends, or others — that are in a position to be able to provide instructions or plans for that person after their death,” Mr. Huyer said.

Officially, in Ontario, a body is deemed unclaimed after 24 hours. But the coroner’s office staff may spend weeks trying to locate next of kin, he said. If the relatives confirm they are unable to claim a body, the local municipality works with a funeral home to provide a simple burial.

In the meantime, the body is kept in a morgue or temperature-controlled storage facility.

“There’s always been families that are in need of additional assistance. (But) I’ve never seen the number of unclaimed remains that currently exist,” said Allan Cole, owner of the Toronto-based funeral home MacKinnon and Bowes.

In Quebec, the number of unclaimed bodies grew to 183 in 2023 from 66 in 2013. In Alberta, the number of bodies for whom no next of kin could be located to claim them rose to 200 in 2023 from 80 in 2016.

Historically, the Health Sciences Centre in St. John’s, Newfoundland and Labrador did not encounter enough unclaimed remains to warrant long-term storage, a spokesperson for Newfoundland Health Services told Reuters.

Now, in the wake of an uproar over unclaimed bodies kept in freezers outside the hospital, the province is constructing a permanent storage unit to hold remains.

“People weren’t claiming bodies because they realized they couldn’t afford to bury them,” said Jim Dinn, leader of the province’s opposition New Democratic Party. “It’s not about building a bigger storage unit: It’s about addressing the underlying cause causing the accumulation of bodies and removing the barriers so people can have a dignified burial.”

Location matters: An adult single grave with the Mount Pleasant Group on average costs $2,800, but the price in midtown Toronto was $34,000 as of April 1, according to the website of the cemetery, funeral and cremation provider across the Greater Toronto Area. The price excludes opening and closing of the grave, funeral, tombstone, taxes and other items.

A funeral can cost C$2,000 to C$12,000, said Funeral Services Association of Canada President Jeff Weafer, up from about C$1,800 to C$8,000 in 1998.

The number of memorial fundraisers on crowdfunding site GoFundMe has ballooned to 10,257 in 2023 from 36 in 2013, a spokesperson for the site said.

Government support for funerals has failed to keep pace with rising funeral costs, advocates have said. The federal government announced a C$2,500 top-up to the C$2,500 death benefit in the Canada Pension Plan in the April budget.

“Losing your life partner or spouse is devastating for a senior. It can also be an immense financial burden after a lifetime of hard work,” Katherine Cuplinskas, press secretary for Finance Minister Chrystia Freeland, wrote in an email.

“That is why we are strengthening the Canada Pension Plan to provide a top-up to the death benefit.”

That is not enough, Weafer said.

“This is not a respectful end for Canadians,” he said. “The reason deceased individuals are going unclaimed by their families is about affordability.” — Reuters

Incoming Taiwan president courts diplomatic allies with shrimp fishing

TAIWAN President-elect Lai Ching-te, of Democratic Progressive Party (DPP), holds a press conference, following his victory in the presidential elections, in Taipei, Taiwan, Jan. 13, 2023. — REUTERS

TAIPEI — President-elect Lai Ching-te took leaders from some of Taiwan’s handful of remaining diplomatic allies shrimping on Sunday, the day before he takes office and has to deal with China which believes the island has no right to the trappings of a state.

Lai, detested by Beijing as a “separatist”, is expected to pledge to secure stability by maintaining the status quo in the island’s relationship with China in his inauguration speech on Monday.

Beijing views proudly democratic Taiwan as its own territory, over the strong objections of the government in Taipei, and has never renounced the use of force to bring the island under its control.

Only 12 countries now maintain formal diplomatic relations with Taiwan, mostly poorer developing nations such as Paraguay, Eswatini, Palau and St Lucia.

Taiwan has faced a sustained campaign from China, which snatched back Nauru from Taiwan shortly after Lai won election in January, to get the remaining allies to recognise Beijing.

“We will work with all sides to build a nation of prosperity and maintain the status quo across the Taiwan Strait,” Lai said at the covered shrimp fishing pond in Taipei’s foothills, shrimping being a popular Taiwanese leisure activity.

“And Taiwan is not alone. We have been working with international friends like you all who also uphold the values of democracy, freedom and human rights,” he added, speaking in English.

Lai was seated next to Eswatini’s King Mswati III, Africa’s last remaining absolute monarch, whose country was rocked by violent pro-democracy protests in 2021.

Lai hugged Paraguay President Santiago Pena as he arrived.

Since winning election in January, Lai, 64 and widely known by his English name William, Taiwan has faced on-going pressure from China, including regular air force and navy activities close to the island.

Also in attendance on Monday will be former U.S. officials dispatched by President Joe Biden, and lawmakers from countries including Britain, Japan, Germany and Canada.

Last week, China’s Taiwan Affairs Office said Lai, who it called the “Taiwan region’s new leader” had to make a clear choice between peaceful development or confrontation.

His domestic challenges loom large too, given his Democratic Progressive Party (DPP) lost its parliamentary majority in the January election.

On Friday, lawmakers punched, shoved and screamed at each other in a bitter dispute over parliamentary reforms the opposition is pushing.

There could be more fighting on Tuesday when lawmakers resume their discussions. — Reuters

Insufficient expertise and resources hinders sustainability in Philippines SMEs

REUTERS

With the increasing number of companies becoming sustainable, many small and medium enterprises (SMEs) in the Philippines were left behind due to a lack of expertise and resources. 

“Many probably do not care a lot about sustainability reporting, and it’s easy to understand why. Unlike bigger organizations, most SMEs lack the time, knowledge, and resources to grapple with such extensive problems like climate change or social prejudice,” the Association of Certified Public Accountants in Public Practice (ACPAPP), said in an article on SMEs’ journey for sustainability. 

Further, ACPAPP mentioned that the most popular way to present sustainability to SMEs is by promoting it as a cost-effective opportunity rather than compliance.  

“Practices such as energy conservation, waste recycling, using energy-efficient equipment, solar power, and water-saving mechanisms help keep costs down and have proven to be more cost-effective than the usual energy use. SME accountants can use their role as financial advisers to encourage SMEs to adopt these practices by pointing out the quick gains a business can achieve over the years through efficiency,” the association claimed. 

The Securities and Exchange Commissioner Javey Paul Francisco also affirmed last March 24 that sustainability reporting is more than just compliance. It is a long-term investment for business, society, and the environment. 

In 2022, the Philippine Statistics Authority (PSA) recorded 1,109,684 businesses in the country, with 99.59% or 1,105,143 categorized under micro, small and medium enterprises (MSMEs). 

PSA defined MSMEs into two categories based on asset size and number of employees.  

  • Micro has one to nine employees with up to P3,000,000 asset size,  
  • Small has 10 to 99 employees and P3,000,001 to P15,000,000 asset size 
  • Medium has 100 to 199 employees and an asset size of  P15,000,001 to P100,000,000.  

“Philippines businesses and supply chains are under increasing pressure to embrace sustainability reporting and full supply chain transparency,” Global Compact Network Philippines (GCNP) and STACS stated in a press release last Wednesday. 

To successfully achieve corporate sustainability and reporting in local businesses and SMEs in the supply chain, GCNP worked with STACS, an Asian Environmental, Social, and Governance (ESG) data and technology solutions company, in building the ESGpedia platform to facilitate the struggle of businesses. 

Integrating the digitalized Sustainability Reporting Form (SuRe Form) into ESGpedia would assist entrepreneurs through digital assessment with guidance notes for additional information on the requirements of the said report.  

“Digital enablement is key in helping companies and SMEs navigate the evolving ESG regulations and maintain competitiveness in the global supply chain,” STACS ESGpedia Managing Director Benjamin Soh shared.  

Later this year, the Securities and Exchange Commission (SEC) will release the SuRe Form and implement reporting, due in 2025.Almira Louise S. Martinez

SM Supermalls partners with public and private sectors to combat online fraud

L-R: Meta Vertical Lead Gino Pineda, SM Supermalls’ President Steven Tan, United States Agency for International Development (USAID) Deputy Director for Economic Development and Governance Eric Florimon-Reed, CitizenWatch Co-Lead Convener Kit Belmonte, Department of Migrant Workers (DMW) Secretary Hans Leo Cacdac, Meta Head for Public Policy Claire Amador, Bayan Academy Chairman Jay Bernardo, Department of Information and Communications Technology (DICT) Cybersecurity Advocacy and Events Lead Christine Apple Pre, Meta Head of Asia-Pacific (APAC) Policies and Campaigns Shanti Alexander, Securities and Exchange Commission (SEC) Commissioner Bryant Fernandez, and Department of Trade and Industry (DTI) Officer-in-Charge of Consumer Advocacy Vivian Alacardo

Encourages shoppers to Be WAIS at Magduda against fraud and scams

In an effort to fortify consumer protection in the digital sphere, SM Supermalls, in collaboration with several government agencies, advocacy groups, and Meta, embarked on a pioneering initiative, aligning with the Be WAIS at Magduda campaign against fraud and scams.

The launch event, held at the SM Mall of Asia Music Hall on May 11, marked the beginning of a concerted effort led by advocacy groups, Bayan Academy and CitizenWatch Philippines, to raise awareness about online fraud risks and equip consumers with the tools to identify and evade fraudulent activities prevalent in the digital landscape.

SM Supermalls affirmed the significance of the partnership in amplifying the campaign’s message. “SM’s partnership with Meta, advocacy groups, and the government sector is one of our efforts to create a digital space as secure as our physical malls, and we are proud to amplify the Be WAIS message to protect Filipinos from these online dangers,” said SM Supermalls’ Senior Vice-President for Marketing Joaquin San Agustin.

The Philippines topped the list for online shopping scam rates in the “2023 Asia Scam Report,” a survey conducted by the Global Anti-Scam Alliance in partnership with the Taiwan-based tech security company Gogolook.

The multi-sectoral collaboration is a testament to their unwavering commitment to fostering digital safety and safeguarding Filipino consumers from the pervasive threat of online scams.

The Be WAIS at Magduda campaign serves as a call for vigilance and skepticism, urging Filipinos to exercise caution and discernment in their online transactions. Through strategic alliances and concerted efforts, SM Supermalls is helping reshape the digital shopping landscape, fostering a secure and trustworthy online ecosystem for all.

Filipino pop rock band The Juans performs at the launch event of the Be WAIS at Magduda campaign.

To know more about SM Supermalls’ efforts and partnerships promoting consumer protection and welfare, visit www.smsupermalls.com or follow @SMSupermalls on social media.

 


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Biden signs sweeping aviation safety, reform bill into law

US President Joseph R. Biden, Jr. — Image via Gage Skidmore/CC BY-SA 2.0/Flickr

WASHINGTON – President Joe Biden signed on Thursday sweeping aviation legislation that will boost US air traffic controller staffing, increase funding to avert runway close-call incidents and speed up refunds for canceled flights.

The $105 billion, five-year measure reauthorizes the Federal Aviation Administration. It prohibits airlines from charging fees for families to sit together, requires airplanes to be equipped with 25-hour cockpit recording devices, raises maximum civil penalties for airline consumer violations from $25,000 per violation to $75,000 and boosts aircraft production scrutiny.

“Following flight disruptions, runway close calls and consumer frustrations, this law is set to deliver the safest, most reliable aviation system in the world,” said Senate Commerce Committee Chair Maria Cantwell. “Plane manufacturers will see more safety inspectors on factory floors and tougher safety standards from the FAA.”

Biden has repeatedly clashed with air carriers, calling for new stricter consumer rules and harshly criticizing them for imposing fees. His administration has also aggressively moved to block further consolidation in the passenger airline industry, including successfully blocking a tie-up between JetBlue Airways and Spirit Airlines and quashing an alliance between JetBlue and American Airlines.

The law also adds five daily round-trip takeoff and landing slots at busy Washington National Airport, which Delta Air Lines had lobbied for. The bill also directs the FAA to deploy advanced airport surface technology to help prevent collisions.

Efforts to boost aviation safety in the United States have taken on new urgency after a series of near-miss incidents, as well as January’s door plug mid-air emergency on an Alaska Airlines Boeing 737 MAX 9 flight.

FAA Administrator Mike Whitaker said the bill “allows for more runway safety technology, more air traffic controllers and stronger oversight of aircraft production.”

The bill also will allow Boeing to continue to produce its 767 freighter for another five years through 2033 in the United States, giving it an exemption from efficiency rules taking effect in 2028.

The bill aims to address a shortage of 3,000 air traffic controllers by directing the FAA to implement improved staffing standards and to hire more inspectors, engineers and technical specialists.

The bill does not raise the mandatory pilot retirement age to 67 as House lawmakers had sought to do last year and retains pilot training requirements.

Congress will not establish minimum seat size requirements, leaving that instead to the FAA. The bill requires the Transportation Department to create a dashboard that shows consumers the minimum seat size for each US airline.

Lawmakers also rejected many other consumer provisions the Biden administration had sought, including requiring compensation for lengthy airline-caused delays as is the case in Europe.

The bill reauthorizes the National Transportation Safety Board and boosts staffing at the safety investigation agency. It also seeks to boost adoption of drones and flying air taxis into the national airspace and extends through Oct. 1 existing government counter-drone authority. — Reuters

China property shares rise ahead of housing delivery policies press conference

REUTERS

SHANGHAI – Shares of Chinese property developers rose in early trade on Friday, ahead of a press conference later in the day by China’s housing and financial regulators regarding policies to ensure housing delivery.

Hong Kong’s Hang Seng Mainland Properties Index climbed 1.5% by 0155 GMT, while China’s CSI 300 Real Estate index was up 0.1% after opening 1.2% higher.

Property shares had jumped earlier this week as Bloomberg News reported on Wednesday that China was considering a plan for local governments across the country to buy millions of unsold homes from distressed companies to ease a protracted property crisis.

Major property developer China Vanke advanced 0.2% on Friday, adding 8.5% so far in the week. Defaulted private developer Fantasia surged 19%, expanding its weekly gain to 115%.

China’s CSI 300 Real Estate index has gained 5% so far in the week.

China’s property sector slipped into a debt crisis in mid-2021. Since 2022, waves of policy measures have failed to turn around the sector, which represents around a fifth of the economy and remains a major drag on consumer spending and confidence.

China’s new home prices fell at the fastest monthly pace in more than nine years in April, as intensified efforts by authorities to prop up the ailing property sector show few signs of paying off, official data and Reuters calculations showed on Friday. — Reuters

Bank of Japan in no rush to sell risky asset holdings

REUTERS

TOKYO – Bank of Japan Governor Kazuo Ueda said the central bank had no immediate plan to sell its huge holdings of exchange-traded funds (ETFs), which is drawing increased attention as a potential source of revenue to fund government initiatives.

“We must spend some time in deciding what to do with our ETF holdings, including whether to unload them in the future,” Ueda told parliament on Friday.

The remarks come amid growing debate about how the BOJ should best deal with the legacy of the its efforts to end deflation with heavy money printing, which left it with a huge balance sheet.

The BOJ ended eight years of negative interest rates and other remnants of its radical stimulus program in March, including a framework to buy risky assets such as ETFs that had been in place since 2010.

But the central bank has yet to lay out a plan to unload its huge holdings of ETFs and government bonds partly out of concern of destabilizing financial markets.

The BOJ holds about 37 trillion yen ($237 billion) worth of ETFs. Private estimates put the market value of the holdings at roughly 67 trillion yen as of January, which means latent profits would be around 30 trillion yen.

With the BOJ moving toward normalizing monetary policy, some politicians and market players have flagged ideas on how to unload its huge ETF holdings or tap the proceeds for spending.

Japan’s biggest opposition party, the Constitutional Democratic Party of Japan, has proposed using the dividends from the BOJ’s ETF holdings to fund childcare spending.

Ken Shibusawa, a private-sector member of a government panel, has called on the government to set up a special fund that would buy the BOJ’s ETFs in exchange for perpetual bonds.

The BOJ currently pays profits it earns, including from the ETF dividends, to state coffers. The government has not said how the BOJ’s ETF holdings could be used in the future.

“The only thing the BOJ has power to decide is whether to sell its ETF holdings or not. It has no say on how the proceeds could be used,” said former BOJ executive Kazuo Momma.

“Unless the government comes up with a clear idea, the hurdle for deciding on the fate of ETF is quite high.” — Reuters

Asticom shines with triple honors at 2024 Asia-Pacific Stevie® Awards

Asticom Technology, Inc., Globe’s digital-first shared services and outsourcing arm, has secured three awards at the 2024 Asia-Pacific Stevie® Awards for outstanding tech and customer-focused initiatives.

Asticom was honored with a Bronze award in the “Innovation in Technology Management, Planning & Implementation (Other Service Industries)” category for its “Digital-First Solutions, People-Centric Approach.” This recognition highlights the company’s seamless integration of cutting-edge technologies to enhance the human experience. 

In addition, Acquiro Solutions and Tech, Inc., Asticom’s staffing arm, was acknowledged with another Bronze in the “Most Innovative Tech Startup of the Year” category, underscoring Asticom’s commitment to nurturing innovative startups.

Acquiro also clinched a People’s Choice Stevie® Award for Favorite Companies in the Tech Startups category.

The Asia-Pacific Stevie® Awards are the only business awards program to recognize innovation in the workplace across all 29 markets of the Asia-Pacific region. It is one of the notable programs under the Stevie® Awards, the world’s premier business awards.

The People’s Choice Stevie Awards for Favorite Companies, an integral part of the Asia-Pacific Stevie Awards, empowers the public to vote for their preferred organizations across various industry-specific categories. This year, over 38,000 votes were cast, reflecting significant engagement and community involvement. 

Expressing her excitement about the recent achievement, Mharicar Castillo-Reyes, President and CEO of Asticom, stated, “We are thrilled to share this win with everyone who contributes to Asticom’s success today. From our shareholders, to our dedicated team and valued clients, we are grateful for their unwavering trust and support for our initiatives. Together, we are driving innovation that positively impacts the lives of our fellow Filipinos.”

Asticom’s groundbreaking tech and customer-centric initiatives include automation in project management tools; turnkey digital solutions; custom development; and NXT (www.nxt.com.ph), a talent tech platform featuring advanced recruiting, interviewing, and onboarding tools.

The accolades from the Asia-Pacific Stevie® Awards underscore Asticom’s dedication to fostering a culture of innovation and driving positive change through state-of-the-art technologies.  

For more information about Asticom and its award-winning initiatives, please visit www.asticom.com.ph.

 


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