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Livestream shopping booms on 9.9 — Shopee

SHOPPERTAINMENTLIVE.COM

Interactive livestream selling had a significant breakthrough for small online businesses during the the Sept. 9 sale period, according to e-commerce platform Shopee. 

When compared to a normal day, Shopee Live saw an increase in first-time buyers of 41 times, as users made the most of the platform’s exclusive 9.9 promos and shoppertainment opportunities, Shopee said in an e-mailed statement on Wednesday. 

“This 9.9, we are glad to bring users even more value through Shopee Live, by helping brands and sellers reach out to and deliver the best deals to shoppers effectively,” Vincent Lee, head of Shopee Philippines, said.

Shoppertainment is a fast-growing e-commerce opportunity that seeks to entertain and educate consumers to drive sales. 

It is projected to expand to a market value of over $1 trillion by 2025, according to the Boston Consulting Group. 

Viewers had spent more than 2.7 million hours on the platform’s live-selling platform, with a six-times uptick in new viewers compared to an average day, according to Shopee. 

“Sellers also achieved increased sales with an 8 times uplift of items sold within the first two hours of September 9, compared to an average day,” Shopee said. 

It also said that Chemiscents, its top local merchant selling personalized perfume and hand sanitizer bottles, sold over 29,000 items via livestream on Sept. 9 alone. 

Brands were able to gain up to P11 million in a single stream on September 9, Shopee said. 

Shoppers claimed over 400,000 deal vouchers during the sale period, the platform added. — Miguel Hanz L. Antivola

Manila Broadcasting Company to hold 2023 Annual Stockholders’ Meeting on Oct. 5

 


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Huge death toll from floods in Libya still expected to increase

A MAN stands next to a damaged car, after a powerful storm and heavy rainfall hit Libya, in Derna, Libya, Sept. 12, 2023. — REUTERS

NEAR DERNA, Libya — A desperate search for thousands of people missing after catastrophic flooding in the Libyan city of Derna entered its third day on Wednesday, with thousands already confirmed dead and the toll expected to rise.

The flood was caused by a powerful storm that burst dams nearby, unleashing a torrent of water that has devastated a quarter or more of the Mediterranean city, washing away buildings along with their residents.

Officials in eastern Libya say the death toll so far stands at more than 5,000. A hospital director in the city told Reuters on Monday 1,700 bodies had been counted at his hospital, and that 500 more had been buried in another part of the city.

Some 10,000 people are estimated to be missing. Many are believed to have been swept out to sea.

Reuters journalists who visited Derna on Tuesday saw many bodies laid out on the ground in hospital corridors and people seeking to identify missing relatives as more dead were brought in.

One Derna resident, Mustafa Salem, told Reuters he had so far lost 30 members of his family.

Aid convoys and trucks carrying bulldozers were headed towards the city on Wednesday.

The flood unleashed enormous destruction, flipping and mangling cars and leaving Derna’s streets covered in rubble, mud and debris.

Satellite photographs of the city from before and after the disaster show that what had been a relatively narrow waterway through the city center was now several times wider, with all the buildings that had run along it gone.

Extensive damage, with buildings missing, is also clearly visible in other parts of the city where flood waters broke out from the waterway.

Rescue operations are complicated by Libya being politically fractured.

The internationally recognized Government of National Unity (GNU) is based in Tripoli, in the west. Derna is in an eastern area where a parallel administration operates, and where control is wielded by commander Khalifa Haftar’s Libyan National Army.

Libya’s Prime Minister Abdulhamid al-Dbeibah, head of the Tripoli-based government, said on Tuesday the floods were an unprecedented catastrophe. Libya’s Presidential Council head Mohammed al-Menfi has called for national unity.

The U.N. Office for the Coordination of Humanitarian Affairs said emergency response teams had been mobilized to help on the ground. Governments including Qatar and Turkey have rushed aid to Libya. — Reuters

Putin says Moscow will help North Korea with satellite plan

RUSSIA’s President Vladimir Putin shakes hands with North Korea’s leader Kim Jong Un during a meeting at the Vostochny Cosmodrome in the far eastern Amur region, Russia, Sept. 13, 2023. — SPUTNIK/MIKHAIL METZEL/KREMLIN VIA REUTERS

MOSCOW/SEOUL‚ President Vladimir Putin said Russia would help North Korea launch satellites and North Korean leader Kim Jong Un said Moscow had his full backing in its “sacred fight” with the West as they met on Wednesday at a cosmodrome in Russia’s Far East.

They would discuss “all issues,” Mr. Putin said when asked if the two leaders would talk about getting supplies from the North to replenish Moscow’s dwindling stock of weapons and ammunition at the summit at the Vostochny Cosmodrome space station.

“That’s why we came here,” Putin said when reporters asked whether Russia would help Kim build satellites. “The leader of the DPRK shows great interest in rocket engineering; they are also trying to develop space.”

DPRK is short for the Democratic People’s Republic of Korea, North Korea’s formal name.

At the opening of the meeting with Mr. Putin at the gleaming new space station, Mr. Kim said it was North Korea’s unwavering position to further develop its traditional friendship and ties with Russia.

“I find it an honor that the president has prepared an opportunity to meet at a special environment at the launch station which is the heart of your position as a space superpower and given us a deep understanding of the way forward,” Mr. Kim said.

Mr. Kim also told Mr. Putin the Kremlin chief had his full backing in the “sacred fight” Moscow is waging “against the hegemonic forces.”

“We will always support the decisions of President Putin and the Russian leadership… and we will be together in the fight against imperialism,” Mr. Kim told Mr. Putin, speaking via an interpreter.

The summit between the leaders of the two countries, which have become increasingly isolated internationally, is being watched closely by Washington and allies, who suspect they could agree to trade arms and defense technology.

US and South Korean officials have expressed concern that Kim would provide weapons and ammunition to Russia, which has expended vast stocks in more than 18 months of war in Ukraine. Moscow and Pyongyang have denied such intentions.

The choice to meet at Vostochny Cosmodrome — a symbol of Russia’s ambitions as a space power – was notable, as North Korea twice failed to launch reconnaissance satellites in the past four months.

“I am glad to see you,” Mr. Putin said earlier as he welcomed Mr. Kim at Vostochny Cosmodrome, a modern space launch facility in the Amur region of Russia’s Far East. “This is our new cosmodrome.”

Mr. Kim has made it a top priority to launch a spy satellite, while pushing his nuclear-armed country to step up the development of ballistic missiles, drones and attack submarines.

Ahead of his meeting with Mr. Putin, Mr. Kim signed the visitor book in Korean: “The glory to Russia, which gave birth to the first space conquerors, will be immortal.”

Television footage showed Mr. Putin giving Mr. Kim a tour of the facility including the building where the Angara, Russia’s new space launch rocket, is assembled. The 42.7-meter booster launches payloads into low Earth orbit. 

BALLISTIC MISSILES LAUNCHED IN KIM’S ABSENCE
Shortly before the summit, North Korea launched two short-range ballistic missiles from an area near the capital, Pyongyang, into the sea off its east coast.

It was the first such launch by the North while Mr. Kim was abroad, analysts said, demonstrating an increased level of delegation and more refined control systems for the country’s nuclear and missile programs.

Mr. Kim had made just seven trips abroad in his 12 years in power, all in 2018 and 2019. He also briefly stepped across the inter-Korean border twice.

After the summit, Mr. Putin and Mr. Kim had lunch on crab dumplings, sturgeon and beef with Russian wine, where Mr. Kim proposed a toast to Putin’s health and said he was confident the Russian army and people would triumph against “evil”.

Kremlin spokesman Dmitry Peskov said the two countries cooperate in “sensitive” areas, including military cooperation but it is not targeted at other countries, and they should not be concerned about Russia’s ties with North Korea.

Mr. Kim arrived in Russia by private train on Tuesday with top defence industry and military aides and said his visit highlighted the “strategic importance” of the two countries’ ties, the North’s state news agency KCNA reported on Wednesday.

The make-up of Kim’s delegation, with the notable presence of Munitions Industry Department Director Jo Chun Ryong, suggested an agenda heavy on defense industry cooperation, analysts said.

Mr. Kim could offer artillery rounds from North Korea’s large stockpile, which could replenish Russia’s capabilities in the short term, but questions about the ammunition’s quality may limit the overall impact, military analysts said.

South Korea and the United States have warned such a deal would violate U.N. Security Council resolutions, which Russia as a permanent member of the council voted to approve.

North Korea is one of the few countries to have openly supported Russia over the Ukraine conflict, and Putin pledged last week to “expand bilateral ties in all respects in a planned way by pooling efforts.” — Reuters

US CDC recommends broad use of updated COVID-19 vaccines

PHILIPPINE STAR/ MICHAEL VARCAS

THE US Centers for Disease Control (CDC) and Prevention director on Tuesday signed off on broad use of updated COVID-19 vaccines approved by the government — covering ages 6 months and up — as the country prepares to start a vaccination campaign within days.

The final recommendation from director Mandy Cohen comes after a panel of advisers to the agency voted 13-1 to recommend the shots made by Pfizer and partner BioNTech as well as Moderna.

They did not choose to target the shots at specific high-risk populations as some experts have suggested, and other countries have recommended. The shots are part of a push by public health officials to align the next COVID vaccines more closely with the actual circulating variant of the virus, much as annual flu shots are designed.

The recommendation differs from those in most European countries that have issued guidance. This month, the European Centre for Disease Prevention and Control (ECDC) said vaccination programs in European Union countries should prioritize people aged 60 and older as well as other vulnerable groups.

In Germany, booster shots have been targeted to these groups, while the British government’s vaccine committee said only adults 65 and older and some other categories will be offered the shot as they are the most likely to benefit.

US CDC panel members said simply recommending the vaccine for everybody outweighed complications created by tailoring recommendations more precisely.

“I’m strongly in favor of a universal recommendation,” panel member and professor at Harvard Medical School Dr. Camille Kotton said. “Let’s do away with COVID-19 as best we can by prevention of disease through vaccines.”

The CDC advisers met a day after the US Food and Drug Administration (FDA) approved updated COVID vaccines made by Pfizer and its German partner BioNTech as well as by Moderna for people ages 12 and above, and authorized them for emergency use in children ages 6 months through 11 years.

Pfizer and Moderna have said shots can roll out in coming days and the CDC said they will be available later this week.

Novavax’s protein-based shot is still under review by the FDA and a recommendation for the same is expected to be in line with the FDA’s decision.

AN EVER-EVOLVING VIRUS
Formulating vaccines to target the latest variants of the ever-evolving coronavirus has been a challenge for public health officials globally since the pandemic began in 2020, with some variants more worrisome than others. Variants circulating the most widely in the United States now are subvariants of what is called the XBB lineage of the virus.

The updated shots are monovalent, or single-target vaccines, aimed at what is called the XBB.1.5 variant, as requested by the FDA.

“I do think that a broad boosting strategy makes sense,” said Caitlin Rivers, a senior scholar at the Johns Hopkins Center for Health Security in Baltimore, adding that while the virus was not causing as many hospitalizations and deaths as before, it is still circulating.

Ms. Rivers added she was curious to hear the committee’s recommendation for young men, “because we do see that, in rare cases, young men can develop myocarditis or related effects,” referring to a condition in which inflammation develops in the middle muscular layer of the heart wall.

The rate of myocarditis after receiving booster doses in adolescent and young adult males are lower than that observed after the primary series of shots, CDC official Megan Wallace said at the meeting.

She said the data is limited because of the fewer number of booster doses given out and added that longer intervals between updated doses may also have an impact on the myocarditis rates in this population.

COVID infections and hospitalizations have been rising in the United States, Europe and Asia but remain well below previous peaks. Deaths are relatively low in the United States — reported at around 2,000 last month — though the country has experienced 1.1 million COVID deaths since the outset of the pandemic. — Reuters

‘Say bye to diesel’: India warns automakers of higher taxes in pollution fight

PHILIPPINE STAR/KRIZ JOHN ROSALES

NEW DELHI — India’s road transport minister on Tuesday said he will propose an additional 10% tax on diesel vehicles and warned automakers of even higher levies to come to force them away from diesel-burners and cut fuel emissions and pollution.

Nitin Gadkari made the comments at the Society of Indian Automobile Manufacturers (SIAM) annual conference in New Delhi, where executives of Tata Motors, Mahindra and Mahindra, Maruti Suzuki and foreign carmakers such as Mercedes and Volkswagen had gathered.

Mr. Gadkari said he will ask the finance minister later on Tuesday for an “additional 10%” goods and services tax on diesel vehicles to tackle problems related to pollution. India currently imposes a 28% tax and additional so-called “cess” is levied depending on the vehicles’ engine capacity.

“Say bye to diesel soon, otherwise we will increase so much tax that it will become difficult for you to sell these vehicles,” Mr. Gadkari told the conference.

“We have to leave petrol and diesel soon and walk on the new path of being pollution free … There should be diversification (by companies) as soon as possible,” he said in a warning to automakers.

Mr. Gadkari’s comments sparked widespread discussion among auto executives at the Delhi conference, with some describing the move to Reuters as a “bombshell” announcement. Mercedes India managing director, Santosh Iyer, said many customers still prefer diesel vehicles and any change in tax policies will lead to a shift in automakers’ “portfolio strategy.”

“We will need six-odd months to change our production planning processes but we can always vary and shift based on the demand,” he said.

Pollution is a growing problem across India. Attempts to cut vehicular emissions, reduce fuel imports and curb stubble burning have not yielded great results in a country where the proposed coal power capacity is the highest after China.

The minister later wrote on social media platform X, formerly Twitter, the proposal to increase tax was not “currently under active consideration by the government”.

Shares of automakers Mahindra and Mahindra, Tata Motors and commercial vehicle maker, Ashok Leyland ASOK.NS, dropped between 2.2% and 2.5%.

The finance ministry did not immediately respond to a request for comment.

Gadkari has also issued warnings at past SIAM conferences. In 2017, Mr. Gadkari told auto executives they should move towards electric vehicles (EVs), saying: “I am going to do this, whether you like it or not. And I am not going to ask you. I will bulldoze it.”

India has in recent years promoted electric vehicle sales with tax incentives, though less than 2% of India’s nearly 4 million in car sales last fiscal year were EVs. The government has said it wants EVs to make up 30% of total car sales by 2030.

The number of diesel vehicles in the world’s third-largest car market has fallen to 18% from 50% a decade ago, Mr. Gadkari said, warning that just like India pushed through stricter fuel emission norms against opposition from the industry, it will similarly drive up taxes to push out diesel vehicles.

Veejay Ram Nakra, chief executive officer for the automotive division of Mahindra and Mahindra, told TV news channel ET Now that any change in duty structure “will certainly have an impact on volume of sales.”

Ashok Leyland Chief Executive Shenu Agarwal told CNBC-TV18 that instead of taxation, more incentives should be given on electric, hydrogen and other alternate fuels.

About 962,000 commercial vehicles were sold in India from April 2022 to March 2023, up 34% from a year earlier, while passenger vehicles sales rose 27% to 3.9 million for the period.

“If implemented, this would be a huge negative for commercial vehicle makers, potentially bringing degrowth to the segment,” said Amit Hiranandani, analyst at brokerage SMIFS. — Reuters

Asia apparel hubs face $65-B export hit from extreme weather, study shows

LONDON — Extreme heat and flooding could erase $65 billion in apparel export earnings from four Asian countries by 2030, as workers struggle under high temperatures and factories close, research from Schroders and Cornell University showed on Wednesday.

The study also mapped out the supply chains of six unidentified global apparel brands operating in the four countries studied – Bangladesh, Cambodia, Pakistan and Vietnam — and found all six would be hit materially. For one sample brand that could amount to 5% of annual group operating profits.

The findings should act as a wake-up call to both an apparel industry facing significant financial costs, and to investors confronted with sparse information on companies’ exposures, the report’s authors told Reuters.

“Among the suppliers and the buyers we talked to, not one had their eye on these two issues (heat and flooding),” said Jason Judd, executive director of Cornell Global Labor Institute.

“The climate response by the industry is all about mitigation, about emissions and recycling, and little or nothing with respect to flooding and heat,” Judd said.

Understanding climate-related physical risks to companies in a warming world is critical, but the process is in its infancy with few businesses disclosing enough information and few investors undertaking proper assessments.

“There is so little data on this … There are some [apparel] brands not disclosing the factory locations of their suppliers,” said Angus Bauer, Schroders’ head of sustainable investment research.

Mr. Bauer said Schroders, which manages more than 700 billion pounds ($874 billion) in assets, would increase engagement with companies over their disclosures and he called on firms to work with suppliers and policymakers to build adaptation strategies that consider the impact on workers.

Using projections, the researchers analyzed future heat and flooding levels to estimate what would happen under a “climate adaptive” scenario and a “high heat and flooding” scenario.

Under the second, workers would suffer more “heat stress”, with worker output declining as the wet-bulb globe temperature, which measures heat and humidity, rises.

Flooding will also force factories to close in the four countries, which account for 18% of global apparel exports and employ 10.6 million workers in apparel and footwear factories.

The overall fall in productivity would lead to a $65 billion shortfall in projected earnings between 2025 and 2030 — equivalent to a 22% decline —å and 950,000 fewer jobs being created, the study found.

By 2050, lost export earnings would reach 68.6% and there would be 8.64 million fewer jobs. — Reuters

Crack open the fun at Sanrio’s ‘The South Eggventures with Gudetama’ at SM Southmall

Gudetama lovers, listen up! Partnering with Sanrio, SM Southmall is throwing an eggstraordinary bash you won’t want to miss this Sept. 1-30. Swing by the Food Street Concourse for a Gudetama-packed party that’s pure excitement!

Eggs-quisite Setup: A first in the Philippines, step into an egg-citing large-scale Gudetama-themed setup that’s bound to whisk you away! Explore a playful ball pit, discover Insta-worthy spots for the perfect selfie, and let the little ones loose in a specially designed kids’ corner.

Gudetama Goodies: If you’re a fan of all things Gudetama, you’re in for a treat! The event will feature an eggs-tensive range of Gudetama merchandise available for purchase at The SM Store. From adorable plushies to quirky accessories, there’s something for every egg-thusiast.

Meet the Laziest Egg: Mark your calendars for a meet-and-greet with the one and only Gudetama Tamago Mascot! Catch this lovably lazy character live on Sept. 1, 15, and 16, 2023, at 3 p.m. and 6 p.m. Get ready for some egg-ceptional fun and eggs-tra special moments.

Join the Eggventure: Go gather your explorers and #SeeYouDownSouth at The South Eggventures with Gudetama in SM Southmall this September. Whether you’re a dedicated fan or just looking for a dose of egg-ceptional fun, this event is cracking good fun for everyone!

 


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Diokno optimistic rice tariff cut will get presidential approval

PHILIPPINE STAR/ MICHAEL VARCAS

DUBAI — The Philippines’ finance minister on Tuesday expressed optimism that President Ferdinand Marcos Jr will approve a proposal to cut tariffs on imported rice, and that the measure could be implemented as soon as next month.

The finance and economic planning departments are proposing a tariff reduction to between zero and 10%, from the current 35% level, for rice imports as the government seeks to ease pressure on inflation. The country is one of the world’s biggest buyers of the grain.

Retail prices of rice further climbed in August, pushing up Philippine inflation, which accelerated for the first time in seven months to 5.3% year-on-year.

Asked if he thinks the tariff cut proposal will be approved, Finance Secretary Benjamin Diokno said: “I think so.”

Mr. Diokno was speaking to Reuters in an interview in Dubai, where he together with other Philippine economic officials held a briefing on the country’s economic growth prospects.

The briefing, organised by a group of local and global banks including HSBC, was part of the Philippine delegation’s broader aim to gauge investor interest from the United Arab Emirates in infrastructure and other opportunities in the Southeast Asian nation.

According to Mr. Diokno, Marcos can cut tariffs only when Congress, which is scheduled to adjourn by the end of this month, is not in session.

“I think in a week or two Congress will be out of session so that will be the perfect time (to cut tariffs),” he said.

National Economic and Development Authority Secretary Arsenio Balisacan, during the briefing, said inflation was the government’s “most immediate concern”, and efforts were being undertaken to bring it down.

The Philippine economy grew 4.3% in the second quarter from a year earlier, its slowest expansion pace in nearly 12 years, as high inflation and interest rates hurt consumer demand. That brought first-half growth to 5.3%, below the government’s 6.0%-7.0% target for the year.

Mr. Balisacan, however, said the government remained confident of hitting “at least the lower point of that range”. — Reuters

F&B, nutraceutical innovations to take center stage at back-to-back trade shows in Bangkok

A wide range of products and ingredients in the food and beverage, and nutraceutical industries can be sampled in Food Innovation (Fi) Asia Thailand 2023 and Vitafoods Asia 2023, which will be held from Sept. 20 to 22 at the Queen Sirikit National Convention Center (QSNCC) in Bangkok, Thailand.

Fi Asia Thailand 2023 has the reputation of being the primary meeting place for the food and beverage sector in Southeast Asia. Over 600 international exhibitors from more than 40 countries, alongside leading players, distributors, and key decision-makers, are expected to make the trip to Bangkok.

“Fi Asia Thailand 2023 is not just a trade show; it’s a thriving community dedicated to inspiring and fostering growth in the ASEAN food and beverage industry. With an array of opportunities to network, learn and collaborate, it is an unmissable event for anyone looking to make their mark in this sector,” explained Rungphech Chitanuwat, regional portfolio director for ASEAN and the new country general manager for the Philippines at Informa Markets and organizer of Vitafoods Asia 2023 and Fi Asia Thailand 2023.

Visitors at Fi Asia Thailand 2023 will get the opportunity to attend international conferences that will help participants discover innovative products and applications in the industry. There will also be technical presentations and an innovation zone which is dedicated to new ingredients. For those who are into beverages, a must visit is the Beverage Ingredients (Bi) Theatre.

Participants can also look out for the Sustainability Square where they can experience the authentic Thai delight called the Kanom Look Choup, a mung bean paste dessert that is used to be eaten only by Thai royalty, and how it can be created using mung bean flour and natural food colorants.

To be held simultaneously with Fi Asia Thailand is Vitafoods Asia 2023, Asia’s leading event for functional ingredients and dietary supplement products and solutions.

Nutraceutical products are considered one of the elements to maintain a sound body and mind or even combat specific diseases. The nutraceutical industry has been undergoing a remarkable transformation, driven by the growing emphasis on health and wellness, coupled with the unprecedented advancements in nutrition knowledge.

In Asia, the nutraceutical industry is expected to grow at a compound annual growth rate of 6% and attain a value of US$229 billion by 2023, according to reports from specialist agency Healthy Marketing Team.

“With more exhibit spaces, we are expecting more than 8,000 participants from around the globe to join the event. In addition to the product showcasing, Vitafoods Asia 2023 will allow participants to immerse themselves in a global hub of nutraceutical knowledge,” said Ms. Chitanuwat.

The event will feature insightful topics by renowned experts and successful entrepreneurs, sharing market trends, technical and product presentations, and tips and tricks for business — equipping attendees with new tools and knowledge in propelling their businesses forward.

Vitafoods Asia 2023 will also have resource centers on Omega 3 and Probiotics. Other attractions include Innovation Tours, International Pavilions that showcase the latest in nutraceutical products; New Ingredients and New Products Zone; NutraFocus and Tasting Bar.

“There will also be an ‘Innovative Health Hub’ that will showcase Asia’s top health and nutrition trends. You are all invited to join us and look into a world of innovation for a healthier tomorrow,” Ms. Chitanuwat said.

DBP bags five awards for investment deals

State-owned Development Bank of the Philippines (DBP) has won five awards from an association of investment houses for its laudable contributions in advancing the development of capital markets in the country, a top official said.

DBP President and Chief Executive Officer Michael O. de Jesus said the Bank was cited by the Investment House Association of the Philippines (IHAP) for its support to various public-private sector undertakings that promoted innovation in the areas of infrastructure, agriculture, and tourism.

“We are grateful to IHAP for recognizing DBP’s critical role as an essential developer and driver of the Philippine capital markets,” de Jesus said. “We are committed to formulating new and innovative ways to support investment transactions that will boost critical sectors such as infrastructure, agriculture, and tourism.”

DBP is the eighth largest bank in the country in terms of assets and provides strategic financing support to critical economic sectors such as infrastructure and logistics, micro, small and medium enterprises, social services, and the environment.

IHAP is a non-stock, non-profit organization established in 1974 to raise public awareness on the investment houses in the country and their contribution in the growth of Philippine businesses and the economy through the development of the capital markets.

De Jesus said the Bank was cited in the 8th IHAP Awards for deals completed in 2022 for the Best Fixed Income Deal (Small Mid Cap) for its support to Ada Manufacturing Corporation’s (AdamCo) P1.5-billion Corporate Notes Deal to support farm mechanization of the Rice Competitiveness Enhancement Fund.

He said DBP was awarded Best Project Finance Deal (Large Cap) for its role in SMC SLEX Holdings Company, Inc.’s P20-billion Syndicated Term Loan Facility to finance the expansion of the South Luzon Expressway.

“We are humbled and honored to be recognized alongside other full-service investment houses in the country. These awards truly highlight our unwavering commitment to strengthen and develop the investment banking and capital markets by providing advisory, and debt syndication services to our valued clients,” de Jesus said.

DBP was also cited by IHAP in the 7th annual awards for the following transactions in 2021: Best Advisory Deal (Large Cap) for Cebu Air Inc.’s P16-billion Business Transformation and Fund Raising Program; Best Advisory Deal (Large Cap) for GMR Megawide Cebu Airport, Inc.’s P23-billion Loan Facility Advisory Deal; and Best Fixed Income Deal awards (Small Mid Cap) for Science Park of the Philippines, Inc.’s P800-million Syndicated Term Loan and Security Arrangement Deal.

 


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N.Korea’s Kim stresses ‘strategic importance’ of Russia ties ahead of Putin summit

REUTERS

 – North Korean leader Kim Jong Un has said his visit to Russia shows the “strategic importance” of the two countries’ ties, state news agency KCNA reported on Wednesday ahead of an expected summit with President Vladimir Putin.

The meeting, which could be as early as Wednesday, is being watched apprehensively by Washington and allies, who suspect the two leaders will discuss military cooperation and could agree on a deal to trade arms and defense technology.

Hours ahead of the anticipated summit, North Korea launched at least two ballistic missile into the sea off its east coast, South Korea’s military and Japan’s coast guard said. Details on the type of missiles were not yet released.

The Japanese government said a second missile was launched and both fell outside the country’s exclusive economic zone.

Mr. Kim arrived in Russia by private train on Tuesday in the Russian Far East accompanied by top defense industry and military aides, and was welcomed by an honor guard and senior Russian and regional officials, KCNA said.

Kim Jong Un said that his visit to the Russian Federation … is a clear manifestation of the stand of the WPK and the government of the DPRK prioritizing the strategic importance of DPRK-Russia relations,” the KCNA report said.

The DPRK stands for North Korea’s official name, the Democratic People’s Republic of Korea, while the WPK is the Workers’ Party of Korea, the country’s ruling party.

US officials have said arms talks between Russia and North Korea were actively advancing, and Washington and allies have expressed concern that Kim and Putin would discuss providing Russia with weapons for the war in Ukraine.

Pyongyang and Moscow have denied shipments of ammunition to Russia or any future plans by the North to supply arms.

Images released by KCNA showed Mr. Kim arriving at the train station in the border town of Khasan on Tuesday morning, stepping off the train for the welcome ceremony and moving indoors for discussions with Russian officials.

He met with Russian Natural Resources Minister Alexander Kozlov and far eastern Primorsky region governor Oleg Kozhemyako before leaving “for his destination”, KCNA said. It made no mention of a summit with Mr. Putin or where Mr. Kim was headed.

Japan’s Kyodo news said Putin and Kim are expected to meet on Wednesday afternoon at Russia‘s Vostochny cosmodrome, a space centre more than 1,700 km (1,056 miles) north of Khasan, citing an unnamed Russian official.

On Tuesday, Mr. Putin said at the Eastern Economic Forum in Vladivostok that he was planning to go to the Vostochny space centre, without saying whether he planned to meet Kim there.

Kremlin spokesman Dmitry Peskov said Mr. Kim‘s visit will be a “fully fledged” one and the two sides will conduct “negotiations”. Humanitarian aid to North Korea and U.N. Security Council resolutions imposed on Pyongyang may also be discussed, Russian officials have said.

Russia’s foreign ministry said the upcoming talks between Putin and Kim are important against the backdrop of geopolitical changes in the world.

“Bilateral contacts are very important. And the situation on the Korean Peninsula is, of course, of utmost importance for security and stability in the region,” state news agency RIA quoted ministry spokeswoman Maria Zakharova as saying.

The United States and South Korea have warned any arms trade with the North is violation of Security Council resolutions that Moscow voted to approve.

The trip marks Kim‘s first visit to Russia in nearly four years and his first foreign visit after the worldwide public health crisis, according to KCNA, referring to the COVID-19 pandemic.

His visit seeks to put DPRK-Russia relations of friendship and cooperation on a “fresh higher level,” the report said. – Reuters