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NBA signs broadcasting deal with Disney, Amazon, Comcast worth $77 billion

WALT Disney’s ESPN, Comcast-owned NBCUniversal and Amazon.com have clinched the rights to carry National Basketball Association (NBA) games in an 11-year deal valued at $77 billion, the league said on Wednesday.

The NBA rejected a last-minute offer from Warner Bros Discovery’s TNT Sports division, which it said fell short of Amazon’s proposal, ending a four-decade relationship with the media company after next season.

“We think they have grossly misinterpreted our contractual rights with respect to the 2025-26 season and beyond, and we will take appropriate action,” TNT Sports said in a statement late on Wednesday.

Analysts have said winning telecast rights requires a huge financial commitment considering the cost as well as the fees associated with production.

About 75 regular-season games will be on broadcast TV each season, up from the minimum of 15 games under the current agreement, NBA said.

“Our new global media agreements with Disney, NBCUniversal and Amazon will maximize the reach and accessibility of NBA games for fans in the United States and around the world,” said NBA Commissioner Adam Silver.

“These partners will distribute our content across a wide range of platforms and help transform the fan experience over the next decade.”

The deal represents a blow to Warner’s sports division, adding to investor concerns about its role in the new sports-streaming partnership with Disney and Fox.

“A lawsuit could follow but it’d be risky,” said Ross Benes, Emarketer’s television and streaming analyst. “Even if WBD won a hypothetical suit to get the NBA back, it’d be stuck working with an angry NBA who it just sued. Such action could also spook other leagues from striking deals with them.”

Warner Chief Executive Officer David Zaslav said in May the company “was hopeful” it would reach an agreement with the NBA to keep the league on Max and TNT.

The NBA has contributed a sizable amount to Warner’s profit over the last four decades through advertising dollars across to the company’s traditional television portfolio and streaming services.

Tom Forte, senior consumer internet analyst at Maxim Group, said professional sports leagues are prioritizing companies they believe can pay the most “today, and in the future, for the rights to broadcast their games.”

The Women’s National Basketball Association (WNBA) announced separately that it renewed partnerships with Disney and Amazon and signed a new deal with NBCUniversal. The agreements will allow the companies to distribute more than 125 WNBA regular-season and playoff games.

‘A BROAD AUDIENCE’
Long-time league partner Disney will carry a total of 80 regular-season NBA games, including 20 contests on the ABC Network.

ABC will remain exclusive home of the NBA Finals, which it has broadcast since 2003.

NBCUniversal will pick up 100 regular-season NBA games, with more than half airing on NBC. Its sister service Peacock will stream a doubleheader each Monday night of the season.

The network also will telecast one of the two Conference Finals series in six of the 11 years of the contract, which it will carry on a rotating basis with Amazon, beginning with the 2025-26 season.

Amazon also will carry 66 regular-season NBA games on Prime Video each season, including at least one game on Black Friday.

The NBA adds to Prime Video’s growing roster of live sports offerings, which include NFL and NASCAR in 2025.

“Our streaming base is becoming larger than a lot of cable networks in the US,” said Mike Hopkins, head of Prime Video and Amazon MGM Studios. “We’re bringing a broad audience, and also, when you look at our ‘Thursday Night Football’ ratings, they’re younger.” — Reuters

Argentina beaten 2-1 by Morocco in chaotic Olympic opener, France cruise

PARIS — A fan invasion in the opening match of the Olympic football tournament between Argentina and Morocco on Wednesday caused chaos, with Argentina eventually beaten 2-1 following a VAR review after play was suspended with the score tied at 2-2.

Argentina’s Cristian Medina scored deep in injury time to salvage what looked like a 2-2 draw, but the decision ruling out the goal for offside was delivered about two hours after play was suspended.

After order was restored in Saint-Etienne and the teams had left the field following the fan invasion, they discovered that the match had not been completed but suspended by officials.

The venue manager told Reuters the game had been interrupted, adding that a decision about whether the match would be completed was being discussed.

The teams re-emerged on to the pitch to finish the match in an empty stadium, playing for three minutes and 15 seconds after VAR completed its review and disallowed the goal.

“I don’t remember something like this happening at this level, that the match is suspended for an hour and a half, warming up for 10 minutes and then play three,” said Argentina manager Javier Mascherano.

“What happened on the pitch was a scandal, it’s not a neighborhood tournament, it’s the Olympics.”

Organizers later said they were working with stakeholders to understand the causes of the pitch invasion and determine appropriate measures.

Soufiane Rahimi scored twice for Morocco, the second goal from the penalty spot early in the second half, before Giuliano Simeone pulled one back for the 2004 and 2008 gold medallists in the 68th minute.

Hosts France later made a good start to their tournament in Marseille with two goals in eight minutes after the hour mark and a late header from Loic Bade gave them a comfortable 3-0 win over the United States.

Captain Alexandre Lacazette sent a big crowd wild with a superb long-range effort to open the scoring before a fine strike from Michael Olise doubled the lead for Thierry Henry’s side.

After the drama in St-Etienne, organizers will have been relieved that Israel’s Group D opener against Mali at the Parc des Princes in Paris passed off without incident.

The 1-1 draw was played amid tight security because of heightened geopolitical tensions.

Diallo Hamidou’s own goal put Israel ahead 11 minutes after the break but Doumbia Cheickna equalized for the African side with a fine header in the 63rd minute.

Earlier at the same venue, Spain beat Uzbekistan 2-1 in the opening match of Group C despite struggling to hit their stride in the opening stages of the game.

The Spaniards, silver medalists three years ago in Tokyo, took the lead in the 29th minute against Uzbekistan with a close-range finish from Marc Pubill.

Uzbekistan, cheered on by the crowd, equalized just before halftime thanks to Eldor Shomurodov’s penalty following a VAR review for a Pau Cubarsi foul.

Spain wasted a golden chance to restore the lead after the break when Sergio Gomez’s penalty was saved by Abduvohid Nematov, but the Real Sociedad player redeemed himself when he found the net in the 62nd minute.

“For me, Uzbekistan were no surprise,” Spain coach Santi Denia said. “We have achieved our objective, but it’s been a very difficult game and now it is time to improve. That’s my job, I have to transmit better.” — Reuters

Dominant US women

Team USA’s win over Germany last Tuesday proved to be significant fodder for hoops habitues given the manner in which it was earned. A day later, another match between stalwarts of the two countries was held, but this time on the distaff side. The outcome was the same: victory for the red, white, and blue. That said, there was a big difference; the favored squad made sure to live up to projections virtually from the get-go; the lead ballooned to double digits early on, 12 at the half, and 14 after three quarters. And then depth came into play; the protagonists were separated by a whopping 27 points by the time the final buzzer sounded.

To be sure, running roughshod over the opposition is nothing new to the women’s version of Team USA. It has claimed a remarkable 55 straight set-tos in the Olympics, and figures to extend the streak in Paris. On Monday, it will begin group play against Japan, with three days separating its encounters versus Belgium and, again, Germany. As rusty and as disjointed as it may have looked in its last exhibition outing, it was still nothing short of dominant. Of the 30 baskets that made up its 84 markers, 27 came off dimes. In short, it competed as if its heralds had been together for a while now.

All the same, head coach Cheryl Reeve was right when she noted that Team USA will be hanging its hat on defense. The latter was close to nonexistent over the weekend, when the WNBA All-Star Team scored a ridiculous 117 points in an emphatic win. The coverage was much better against Germany, which hit less than two-fifths of field goal attempts. And it figures to be even more committed once the Summer Games get under way. Not for nothing does it have players who boast of excellent instincts combined with unique skill sets.

So, yes, there will be no upsets of Team USA when the competition begins in earnest next week. It’s just too stacked to be overcome, especially with would-be challengers still not at the same level as those in the men’s bracket. And with the array of marquee names bent on putting the pedal to the metal from the outset, the question isn’t if it will win every contest. It’s by how many points.

 

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.

Indonesia launches ‘Golden Visa’ to lure foreign investors, boost economy

INDONESIAN national flags fly at a business district in Jakarta, Indonesia, Feb. 5, 2021. — REUTERS

JAKARTA — Indonesia launched a long-term visa scheme on Thursday intended to attract foreign investors, President Joko Widodo said, with amounts of up to $10 million giving them a 10-year visa and access to Southeast Asia’s largest economy.

The five-year “Golden Visa” requires individual investors to set up a company worth $2.5 million, while a 10-year visa requires a $5 million investment.

Individuals not looking to set up a company must place $350,000 and $700,000 to gain a 5-year and 10-year permit respectively, and the money can be used to buy Indonesian government bonds, public company stocks, or place deposits.

Corporate investors are required to invest $25 million to get five-year visas for directors and commissioners. They need to invest $50 million to gain a 10-year visa.

If the investment is made in the new $32-billion capital city currently being built in the jungles of Borneo island, $5 million dollars will gain investors a 5-year visa and $10 million a 10-year visa, the immigration agency said.

Several countries offer similar investment visa schemes, but others, including Canada, Britain and Singapore, have scrapped such schemes as governments conclude they do not create jobs and could be a means to park speculative money.

Jokowi, as the president is commonly known, said the visa was intended to lure “good quality travelers.”

“We’re launching the golden visa to make it easier for foreign nationals to invest and contribute in Indonesia,” he said.

Silmy Karim, chief of the immigration agency, said Indonesia had granted golden visas to almost 300 applicants since it began testing the permits out last year, attracting $123 million.

Mr. Silmy also said the authorities are discussing ways to grant a special status for foreign nationals of Indonesian descent, modeled after the Overseas Citizenship of India (OCI), which allows foreigners of Indian ancestry to visit, work and live in India indefinitely. That could be issued by October, he added.

Mr. Silmy said the plan was intended to respond to calls for Indonesia to allow its citizens to hold another passport. — Reuters

Sharks off the coast of Brazil’s Rio de Janeiro test positive for cocaine

PHILIPPINE STAR/MIGUEL DE GUZMAN

SAO PAULO — Sharks off the coast of Brazil’s party city Rio de Janeiro have tested positive for cocaine.

The predators were consuming the potent stimulant due to its continuous release from inadequate sewage treatment facilities and clandestine refining operations, scientists wrote in a study published in Science of The Total Environment.

Some may also have attacked bricks of cocaine which traffickers had lost at sea off the coast of Brazil, one of the world’s largest markets for the drug.

Of the 13 specimens of Brazilian sharpnose shark scientists tested over almost three years, all presented cocaine in their muscle and liver tissue, according to the study by the Oswaldo Foundation Cruz, an institute of science, technology and health.

“It is necessary to carry out specific studies to determine the exact consequences of this contamination on animals,” said Rachel Ann Hauser-Davis, a biologist from the IOC Environmental Health Assessment and Promotion Laboratory, in a statement.

“It is believed that there may be an impact on the growth, maturation and, potentially, the fecundity of sharks, since the liver plays a role in the development of embryos.”

The scientists collected the samples between September 2021 and August 2023 as they monitored environmental impacts of pollution on marine life.

Because sharks were predators, Ms. Hauser-Davis said they were central figures in the food chain and were considered “sentinel species” that could provide early warnings about environmental threats to humans.

The scientists did not list what effects cocaine and other recreational drugs might have on sharks, although other studies have shown brown trout can become addicted to methamphetamine.

Scientists elsewhere have documented that other pollutants like antidepressants, heavy metals, and birth control medications are also making their way into rivers, lakes and oceans. — Reuters

Fitch downgrades Ukraine further into default zone

MEMBERS of the Honor Guard attend a rising ceremony of Ukraine's biggest national flag to mark the Day of the State Flag, amid Russia's attack on Ukraine, in Kyiv, Ukraine, Aug. 23. — UKRAINIAN PRESIDENTIAL PRESS SERVICE/REUTERS

FITCH downgraded Ukraine’s credit rating further into default territory at “C” from “CC” on Wednesday, citing a recently concluded in-principle agreement with a group of creditors to restructure $20 billion of international bonds.

A “C” rating indicates Fitch’s view that a default or default-like process for Ukraine has begun.

On Monday, Ukraine said it had reached an agreement in principle with a group of creditors to restructure $20 billion of international bonds, bringing the war-torn country closer to an unprecedented debt rework.

The proposal provided a 37% nominal haircut on Ukraine’s outstanding international bonds, saving Kyiv $11.4 billion in payments over the next three years.

“The reported agreement with external commercial creditors constitutes a distressed debt exchange (DDE) under its sovereign rating criteria,” Fitch said, adding that it involves a material reduction in terms and extension of maturities.

Ukraine’s finances are precarious as its 28-month war with Russia drags on. Russia’s 2022 invasion decimated its economy, leaving it heavily reliant on money – and military aid – from international partners. — Reuters

Super Typhoon Carina caused 21 deaths, displaced 630,000 people

President Ferdinand R. Marcos Jr. during the ocular inspection of the Navotas Pumping Station and Navigational Gate at Navotas City on Thursday, July 25, 2024. (KJ ROSALES/PPA POOL)

At least 21 deaths have been confirmed following the onslaught of the Typhoon Carina-enhanced Southwest Monsoon, Colonel Jean Fajardo, Director of the Public Information Office (PIO) of the Philippine National Police (PNP) said on Thursday.  

The reported death tolls came from three regions: seven in the National Capital Region (NCR), three in Central Luzon, and eleven in Calabarzon. 

The PNP’s humanitarian assistance and disaster response efforts are currently concentrated in Metro Manila, the Ilocos Region, Central Luzon, and Calabarzon, which are severely impacted by torrential rains and massive floodings, Ms. Fajardo said.  

More than 1.1 million individuals have been affected by the combined effects of the Typhoon Carina-enhanced Southwest Monsoon, and the previous Typhoon Butchoy, according to the report of the National Disaster Risk Reduction Management Council (NDRRMC) on Thursday. 

In a situation briefing on Thursday morning, President Ferdinand “Bongbong” Marcos Jr. requested a detailed and specific report on the conditions in the affected areas to better allocate the national government’s resources. 

“Each province is different, each region is different, this has to be “measured response”… what I am trying to do now is to assess the situation, what national government needs to do to provide the proper assistance in a timely manner, for all of the areas are most need of help,” Mr. Marcos said in a situation briefing with the inter-agency council in Malacañang Park, Manila.  

As of July 25, nearly 630,000 individuals are currently displaced and took shelter in various evacuation centers.  

The Department of Social Welfare and Development has already released more than 360,000 family food packs among the affected regions.  

“The 360,000 there either being picked up as we speak, already deployed as of last night but they are all in the ground,” Department of Social Welfare and Development Secretary Rex Gatchalian said during the situation briefing.  

Mr. Gatchalian assured that they will meet the needs of the affected local government units by preparing to distribute an additional 100,000 family food packs across affected areas.  – Edg Adrian A. Eva

Pag-IBIG Calamity Loan ready for members affected by Typhoon Carina

Pag-IBIG Fund has announced the immediate availability of its Calamity Loan to assist members affected by Typhoon Carina. The typhoon has intensified monsoon rains (habagat), leading to widespread flooding across various regions.

The agency has allocated calamity loan funds to help affected members in Metro Manila, Cainta (Rizal), Baco (Oriental Mindoro), and the Province of Batangas. Additional funds will be released for other areas where State of Calamity may be declared.

“Pag-IBIG Fund is ready to support our Filipino workers with their immediate financial needs through our cash loans. We are closely coordinating with local government units in the hardest-hit areas to ensure that aid reaches those in need promptly, in line with President Ferdinand Marcos, Jr.’s directive to extend all necessary assistance to our fellow Filipinos affected by these calamities,” said Secretary Jose Rizalino L. Acuzar of the Department of Human Settlements and Urban Development and Chairperson of the 11-member Pag-IBIG Fund Board of Trustees.

The Pag-IBIG Calamity Loan is one of the agency’s Short-Term Loan programs designed to provide relief and support to members residing or working in areas declared under a state of calamity. Qualified members can borrow up to 80% of their total Pag-IBIG Regular Savings, which consists of their monthly contributions, their employer’s contributions, and accumulated dividends earned. The loan is offered at a low annual interest rate of only 5.95%, with payment terms of 24 or 36 months, with the first payment deferred for two months.

For members who need financial assistance in areas not declared under a state of calamity, the Pag-IBIG Multi-Purpose Loan is available to help them recover from the aftermath of the typhoon.

Pag-IBIG Fund Chief Executive Officer Marilene C. Acostaemphasized the urgency of providing immediate financial support to members affected by the calamity.

“I have already instructed the deployment of our Lingkod Pag-IBIG on Wheels (LPOW) as soon as roads become safe and passable, to ensure that our services become accessible to our members from the affected areas. Through our LPOW, Pag-IBIG members can submit their Calamity Loan applications to finance their immediate needs, file for insurance claims if their homes mortgaged under Pag-IBIG Fund are damaged, or file for a Housing Loan for major home repairs,” Acosta said.

She further added that members may submit their Calamity Loan applications online through the Virtual Pag-IBIG. “For members with internet access, they may accomplish, scan, and upload their Pag-IBIG Calamity Loan applications even without a Virtual Pag-IBIG account. They may also submit hard copies of all accomplished applications to their company’s accredited Fund Coordinators along with the required documents for processing.

And starting Monday (July 29), members whose employers are enrolled with STL online with Employer Interface may also submit their applications via the Virtual Pag-IBIG for Employers, making the process as easy and convenient as possible. Just make sure that you have activated your Virtual Pag-IBIG Account and your Loyalty Card Plus so that we can immediately credit the proceeds of your Calamity Loan.  We want to reassure our members that they can count on Pag-IBIG Fund for timely and reliable assistance in their time of need.”

From January to June of this year, Pag-IBIG Fund has released a total of P35.32 billion in cash loans, assisting 1.50 million members. Of the total, P1.14 billion were Calamity Loans, which helped 70,141 members recover from the effects of typhoons and other calamities.

 

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Nutrition, cancer benefits highlighted in Marcos’s 2024 SONA

JCOMP-FREEPIK

Nutrition, cancer benefits, and mobile clinics nationwide were some of the healthcare priorities highlighted by President Ferdinand R. Marcos, Jr. in his third State of the Nation Address (SONA). 

Mr. Marcos also mentioned the following plans: 

  • Primary healthcare facilities in every province 
  • Mobile clinics in every province 
  • PhilHealth chemotherapy benefits for cancers of the lung, liver, ovary, and prostate before the end of 2024 
  • The rolling out of the Walang Gutom 2027 program to 300,000 food-poor households by the end of 2024 
  • The improvement of the School-Based Feeding Program 
  • The proposal of a new grant under the Pantawid Pamilyang Pilipino Program (4Ps) to support the nutrition needs of its pregnant beneficiaries 

“As part of our recalibrated health approach towards prevention and healthy habits, we are prioritizing vaccinations, nutrition, mental well-being, and active and healthy lifestyles,” the president said.  

The 4Ps grant being proposed will ensure the health and nutrition of children among the poorest of the poor who are between zero to two years old, he said. 

“Sa pamamagitan nito, ang isang buntis o ang isang ina na benepisyaryo ng 4Ps ay mabibigyan ng karagdagang tulong-pinansyal na laan para sa kanya at kanyang anak [With the grant, pregnant women and mothers who are 4Ps beneficiaries will be given additional financial assistance for them and their children],” he told the audience at the July 22 SONA.  

“Ang tulong na ito ay upang matiyak na siya at ang sanggol na kanyang sina-pupunan, o batang anak, ay ma-aasikaso ng doktor, maba-bakunahan, at mabibigyan ng sapat na nutrisyon [This ensures that the woman and her child will be given medical assistance, vaccination, and adequate nutrition].”  

 

Multifactorial issue 

In a statement sent to BusinessWorld on July 23, the Philippine Association of Nutrition (PAN) said it was “delighted to note the inclusion of Nutrition in the President’s 2024 SONA, and particularly so that this is the second consecutive year that this has happened.”  

“We cannot recall when nutrition was so prominently positioned in a SONA in the past,” said Dr. Cecilia Cristina S. Acuin, former president and chair of PAN’s committee on external relations. 

She said, however, that the association would have liked to hear how the national government intends to assist local government units (LGUs) in remote areas. 

“In far-flung LGUs, professional capacity for nutrition is practically nonexistent, supervisory support is hardly felt, and programs barely implemented,” Ms. Acuin said. 

Equally important, she added, are nutrition-sensitive interventions such as safe drinking water, as well as an “enabling environment to ensure that systems are strengthened.”  

“We were also waiting to hear what those of us in the private sector could contribute towards our country’s nutrition goals and aspirations,” she said. 

The stunting of Filipino children is an urgent and multifactorial problem that requires a multi-agency system to solve, according to Dr. Jaime Galvez Tan, a former health secretary and the chairman of Health Futures Foundation, Inc., a healthcare non-profit. 

“I would like to see that, in the next nutrition survey in 2025, we’d have a dent on the stunting of our children,” he told BusinessWorld in a July 22 phone call.  

On April 12, 2023, the Management Association of the Philippines (MAP) launched a campaign against malnutrition and child stunting, recognizing the threat it poses to social productivity. 

The campaign represents “a shift from a transactional to a transformational partnership with the government,” said then-MAP President Benedicta Du-Baladad.   

“We at MAP hope to expand our role beyond fund generation and philanthropy to a shared responsibility in addressing malnutrition in the country, participating in the programming and governance of nutrition strategies and interventions,” she said in a press statement. 

 

Healthcare accomplishments 

Mr. Marcos also listed the following as the accomplishments of his administration thus far for the healthcare sector: 

  • The University of the Philippines-Philippine General Hospital’s Cancer Center, the first public-private partnership initiative to be approved by the Marcos, Jr. administration 
  • The Department of Health (DoH)’s Philippine Cancer Center, which broke ground last March 
  • The opening of over 20 new Bagong Urgent Care and Ambulatory Service Centers nationwide 
  • The creation of Super Health Centers, in cooperation with LGUs 
  • More generic medicines available – 53 from the previous 21 – under the Philippine Health Insurance Corporation (PhilHealth), including those for hypertension, nerve pain, and epileptic seizures 
  • The increase of PhilHealth benefits for those with illnesses such as ischemic stroke (P76,000 from the previous P28,000) and high-risk pneumonia (P90,100 from the previous P32,000)  
  • The P100,000 to P1,400,000 increase of PhilHealth benefits for those with breast cancer 
  • The improvement of medical and allied health programs, including local scholarships and seed funds for public medical schools  
  • The DoH’s comprehensive mental health plan 
  • PhilHealth’s mental health benefit package for all members  
  • The continued implementation of the Philippine Plan of Action for Nutrition 
  • The revival of the annual Palarong Pambansa, which was halted during the pandemic 
  • The Department of Science and Technology’s continuous development of nutritious food and drinks, which can be integrated into the government’s feeding program 

“These will be a godsend to the more than four hundred thousand Filipinos who are afflicted with this deadly disease,” Mr. Marcos said of the cancer centers. 

It was good that the SONA dwelt on primary healthcare, according to Dr. Gerardo D. Legaspi, the director of the University of the Philippines-Philippine General Hospital. 

“Studies show that longevity is due to a good primary healthcare system,” he told BusinessWorld in a July 23 interview. 

“If you really want to improve healthcare, [the answer is] in primary healthcare,” he said. – Patricia B. Mirasol

GCash extends assistance to users affected by typhoon Carina

GCash extends 2-week grace period for typhoon-hit borrowers, waives fees for buy load, GCash PO cash-ins

In response to recent challenges brought by super typhoon Carina (international name Gaemi), GCash, through its credit arm Fuse Lending, has  announced a two-week payment grace period to borrowers of GLoan and GGives in calamity-hit areas.

“Understanding the importance of having extra money during these challenging times, GCash is offering a grace period to customers whose due dates fall between July 21 and 31, 2024,” said Tony Isidro, president and CEO of Fuse Lending.

This initiative allows customers in some areas of regions III, IV-A, and the National Capital Region affected by Typhoon Carina to postpone their loan payments to August without incurring any penalty charges.

Buy load fees waived

GCash is also waiving the fees for users availing of buy load promos worth P59 and below starting 12 noon of July 25 to July 31.

This would help ease the expenses of customers affected by the severe rains and flood – allowing them to stay connected with their loved ones, updated on news, and continue their livelihood like working from home with ease.

Ensuring GCash Pero Outlets can provide affordable services

To help sari-sari stores in areas affected by super typhoon Carina continue to provide services to their communities, the 0.5% cash-in fee for GCash Pera Outlets is also waived.

This would allow them to fund their wallets without any additional cost and allow them to provide much-needed services like buy load, pay bills, as well as cash-in and cash-out.

#TulongMoiGCashMo: making donations accessible for everyone

To mobilize the spirit of bayanihan amid the onslaught of the heavy rains and flood, GCash is also supporting various organizations by helping them raise funds to mount relief operations for communities hit by the severe weather.

“We are deeply concerned for areas affected by Typhoon Carina,” said Ren-Ren Reyes president and CEO of GCash mobile wallet operators G-Xchange, Inc. “Our priority now is to ensure concerned organizations can quickly mobilize aid, tapping into the reach and impact of GCash.”

GCash users can contribute to various reputable non-governmental organizations which mount rescue, relief, and recovery operations. These NGOs include:

  1. Ayala Foundation
  2. ABS-CBN Foundation
  3. GMA Kapuso Foundation
  4. UNICEF
  5. Philippine Red Cross
  6. Caritas Manila
  7. Save the Children

Users can opt to send funds directly to the NGOs by searching for them in the “Pay Bills” feature under the “Others” category, or scan the official GCash QR Code of the organizations. Transactions fees for these donations are waived.

Beware of scammers posing as donation drives

Users are encouraged to donate only through official payment channels such as the GCash app, and transact only with trusted organizations to avoid donating to dubious organizations. Customers are advised to never share their MPIN or OTP to anyone.

For personal donation drives, GCash urges the public to conduct thorough background checks on individuals and groups before contributing.

Filipinos can download the GCash app for free on Google Play or App Store. For more information on how you can help, visit the official Facebook page of GCash, https://www.facebook.com/gcashofficial.

 

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BASIC bloc slams ‘leadership void’ on climate change, finance

STOCK PHOTO | Image by Pete Linforth from Pixabay

SINGAPORE – Rich countries have left a “leadership void” in climate politics and must provide trillions of dollars to help developing nations cut their greenhouse gas emissions, the BASIC bloc of Brazil, South Africa, India and China said late on Wednesday.

Ministers from the four countries met in Wuhan, China, earlier this week, and expressed concern that industrialized nations were “backtracking” on their climate pledges, according to a joint statement published by China’s environment ministry.

They called on developed countries to set ambitious new targets to reach net-zero “significantly ahead of 2050 (and) preferably by 2030” and to achieve “net-negative” emissions immediately after that, the statement said.

The bloc said the main task of this year’s COP29 climate talks in Azerbaijan will be setting a new climate finance target, known as the New Collective Quantified Goal, which they described as “the key enabler” for developing countries to set ambitious new targets ahead of next year’s deadline.

Signatories to the Paris Agreement are committed to submitting new “Nationally Determined Contributions” to the United Nations by February next year, and to show enhanced ambition if they are able to do so.

The BASIC countries said climate finance provided to the developing world needed to increase “from billions to trillions” of US dollars per year, and said it should be divided equally between climate change mitigation and adaptation.

Much of the discussion about the new financing goal has surrounded the donor base, with some richer countries arguing that nations like China or Saudi Arabia – though still considered “developing” – should also make contributions.

The BASIC statement said that developed countries were seeking to “dilute” their climate finance obligations and that calls to broaden the contributor base were a distraction from “core issues”.

The four countries also criticized “unfair” trade policies like the European Union’s Carbon Border Adjustment Mechanism (CBAM), saying that “protectionist measures by some developed countries seriously threaten the global green transition.”

They called on developed nations to end “trade-distorting subsidies” for agriculture and energy, which were affecting sustainable development in the developing world. – Reuters

South Korean GDP unexpectedly shrinks, boosting rate cut chances

REUTERS

SEOUL – South Korea’s economy unexpectedly shrank in the second quarter, clocking the sharpest contraction since 2022 as slumping consumer spending undermined an export boom, reinforcing expectations that an interest rate cut could be imminent.

Gross domestic product (GDP) for the April-June period fell 0.2% from a quarter earlier in seasonally adjusted terms, data from the Bank of Korea showed, missing a 0.1% gain seen by analysts in a Reuters poll. It was the sharpest fall since the fourth quarter of 2022.

The weak data, along with easing consumer price pressures seen in June, increases calls for the BOK to cut interest rates as soon as next month, some analysts say.

The central bank left its key interest rate unchanged at a 15-year high of 3.50% this month and flagged the prospect of a policy pivot as price pressures abated.

Capital Economics said the data suggests domestic demand will only worsen.

“The weakness of the latest GDP figures give us more confidence in our view that interest rate cuts are around the corner,” Capital Economics said in a note. “While we expect the central bank to loosen policy starting from October, the risk of a rate cut in August has risen now.”

Other analysts, however, say the BOK will not deliver a rate cut until next quarter, choosing instead to wait for the US Federal Reserve to move first. Markets are currently fully pricing in a Fed rate cut in September.

The Korean won was down 0.45% against the dollar at 0153 GMT while the benchmark KOSPI stock index .KS11 was down 1.9% amid a broad selloff in Asia.

The performance follows a 1.3% expansion seen in the first quarter, the fastest pace since the fourth quarter of 2021, and keeps Asia’s fourth-largest economy on course to hit the bank’s projection of a 2.5% growth this year, said Shin Seung-chul, head of the bank’s statistics bureau at a news conference.

On an annual basis, Asia’s fourth-largest economy grew 2.3%, compared with a gain of 3.3% in the first quarter of 2024.

Both private consumption and construction investment declined 0.2% and 1.1% from a quarter earlier, respectively, while exports increased 0.9%.

Despite the weakness, other analysts said there were still risks around rate cuts policymakers needed to consider.

Citigroup economist Kim Jin-wook, who expected the economy to contract 0.3% on-quarter, said he still sees the BOK cutting interest rates in October but that rising home prices pose hawkish risk to that view.

“On monetary policy, we believe hawkish risk factors from rising housing prices in Seoul area to outweigh dovish risk factors,” he said. “It will take some time for the housing market to stabilize again so an October cut is likely.” – Reuters

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