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Anti-corruption crusader wins presidency by a landslide in Guatemala

EN.WIKIPEDIA.ORG

GUATEMALA CITY — Guatemalan anti-corruption crusader Bernardo Arevalo was voted in as president on Sunday, preliminary results showed, a victory that until recently seemed impossible and which many voters hope will end years of rule dogged by allegations of graft and authoritarianism.

Mr. Arevalo, a 64-year-old ex-diplomat and son of a former president, had a 58% to 37% lead over former first lady Sandra Torres with 99% of votes counted.

His victory comes as violence and food insecurity roil the country, triggering fresh waves of migration. Guatemalans now represent the largest number of Central Americans seeking to enter the United States.

Mr. Arevalo has vowed to “purge institutions co-opted by the corrupt” and to get people committed to what he calls the fight for justice to return to Guatemala after scores of prosecutors, judges and journalists fled the country.

He faces blowback from entrenched interests and a Congress which his party does not control.

“This victory belongs to the people of Guatemala and now, united as the Guatemalan people, we will fight against corruption,” Mr. Arevalo told a news conference after his victory.

President Alejandro Giammattei congratulated Mr. Arevalo on X, the social media platform formerly known as Twitter, and invited him to start an “ordered transition” once results were formalized. The new president takes over Jan. 14.

Outside the Las Americas hotel in the capital, where Mr. Arevalo was due to speak, supporters gathered to revel in his victory, blaring horns, waving Guatemalan flags and cheering.

Many Guatemalans said they hoped Mr. Arevalo’s win would herald a better future.

“We have waited for this moment for many years,” said Carlos de Leon Samayoa, 27, as he celebrated on the streets of Guatemala City. “I feel pretty emotional.”

Ms. Torres canceled her post-vote news conference scheduled for Sunday evening, local media reported.

Mr. Arevalo unexpectedly emerged out of political obscurity to build a large anti-graft movement with his Semilla party, after many other opposition candidates were barred from running.

His victory marks a repudiation of Guatemala’s established political parties that wield huge influence.

When Mr. Arevalo landed a surprise second-place finish in June’s first round of voting, official results were delayed as opponents alleged irregularities and his party was then briefly suspended at the request of a prominent prosecutor before Guatemala’s top court reversed the ban.

Risa Grais-Targow, analyst at political risk consultancy firm Eurasia Group, said she expected attacks on Mr. Arevalo to continue.

“The ruling pact will likely continue to target electoral officials and Arevalo’s Semilla party with investigations ahead of January’s change in government,” she said.

Beyond his anti-graft policies, Mr. Arevalo said he wants to expand relations with China alongside Guatemala’s longstanding allegiance with Taiwan. How he plans to do that remains to be seen, given China’s policy that no country it has ties with can maintain separate diplomatic relations with Taipei.

This year, Honduras became the latest country in the region to switch allegiance from Taiwan to China. — Reuters

China investigates citizen accused of spying for CIA — security ministry

CARLOS DE SOUZA-UNSPLASH

BEIJING — China is investigating a Chinese national accused of spying for the U.S. Central Intelligence Agency (CIA), the country’s state security ministry said on Monday.

The 39-year-old Chinese national, surnamed Hao, was a cadre at a ministry and had gone to Japan for studies, which was where the spying recruitment occurred, the ministry said. Hao’s gender was not revealed.

The statement came less than two weeks after the ministry said it uncovered another national also suspected of spying for the CIA after being recruited in Italy. The US embassies in Beijing and Tokyo did not immediately respond to Reuters requests for comment.

The ministry said Hao had become acquainted with a US embassy official known as “Ted” while sorting out a visa application. He invited Hao for dinners, presented gifts and sought Hao’s help with writing a paper that Ted promised to pay for, the ministry said.

Ted introduced Hao to a colleague named Li Jun before his term at the embassy in Japan ended, the ministry said; Li and Hao then maintained a “cooperative relationship.”

Before Hao completed studying, Li revealed being Tokyo-based CIA personnel and “instigated Hao into rebelling,” telling Hao to return to China to work for a “core and critical unit”.

Hao signed an espionage agreement, accepting assessment and training from the United States, according to the statement. 

The ministry said Hao worked in a national department upon returning, “according to the requirements of the CIA”, and provided the CIA with intelligence while collecting US pay.

Relations between the United States and China have soured in recent years over a range of issues, including national security. Washington has accused Beijing of espionage and cyberattacks, charges China has rejected. China has also declared it is under threat from spies.

China called on its citizens this month to participate in counter-espionage work, after expanding its anti-spying law in July, alarming the United States. — Reuters

New Zealand’s nearly 5,000 senior doctors set to stage first ever strike

ONLINE MARKETING-UNSPLASH

WELLINGTON — Nearly 5,000 New Zealand senior doctors and dentists will go on strike on Sept. 5 for the first time ever after pay negotiations failed, the union representing the medical staff said in a statement on Monday.

Sarah Dalton, chief executive of the Association of Salaried Medical Specialists, said in a statement it is seeking a wage increase for its members to match inflation and had voted to go on strike after pay negotiations had failed.

“Te Whatu Ora (New Zealand Health Authority) will not even pay senior doctors and dentists the bare minimum to ensure their staff do not take a real terms pay cut for the third year in a row,” Dalton said.

The first strike is scheduled for two hours on Sept. 5, with a second two-hour strike on September 13 and a four-hour strike on September 21.

Te Whatu Ora Chief People Officer Andrew Slater said a fair pay offer was put on the table and they’re disappointed it hasn’t been accepted.

“Contingency planning is underway to ensure safe and appropriate care for patients in the event action does go ahead,” it said.

The strikes come less than two months out from what is expected to be a close-run government election on Oct. 14.

Since Chris Hipkins became prime minister in January, the Labor government has said it will refocus on issues related to rising costs and helping New Zealanders manage.

A number of public sector workers including nurses and teachers have recently settled pay negotiations after government agencies increased their offers and the government has also boosted defense force staff salaries.

Mr. Hipkins said at his weekly press conference he didn’t want to see any medical professionals out on strike and the government would work in good faith to solve the dispute. — Reuters

Trump says he won’t take part in Republican debates

REUTERS

WASHINGTON — Former US President Donald Trump on Sunday said he would skip the upcoming Republican primary debates, citing his large lead in opinion polls as evidence that he was already well-known and liked by voters ahead of the 2024 election.

Mr. Trump has for months suggested he would likely pass on Wednesday night’s debate in Milwaukee, Wisconsin, arguing that it did not make sense to give his Republican rivals a chance to attack him given his sizeable lead in national polls.

On Sunday, a CBS poll showed he was the preferred candidate for 62% of Republican voters, with his closest rival Florida Governor Ron DeSantis at 16%. All other candidates in the primary race had less than 10% support.

“The public knows who I am & what a successful Presidency I had,” Mr. Trump said on his social media app, Truth Social. “I will therefore not be doing the debates.”

The Trump campaign did not immediately respond to a question asking if the former president meant he won’t be taking part in any of the Republican debates.

The New York Times reported that Mr. Trump sat for a taped interview with former Fox News host Tucker Carlson that was expected to be posted online on Wednesday. It was not yet clear where the interview with Carlson will be posted.

Mr. Trump’s absence from this week’s debate could mean Mr. DeSantis will become the focus of attacks from other candidates looking to position themselves as the primary alternative to the former president. The winner of the Republican nominating fight will take on Democratic President Joseph R. Biden in the November 2024 election.

Mr. DeSantis campaign spokesperson Andrew Romeo said the Florida governor was looking forward to being in Milwaukee to share his vision for a possible presidency.

“No one is entitled to this nomination, including Donald Trump. You have to show up and earn it,” Mr. Romeo said on X, formerly known as Twitter.

In the most recent Reuters/Ipsos poll released this month, Mr. Trump held 47% of the Republican vote nationally, with Mr. DeSantis dropping six percentage points from July down to just 13%. None of the other candidates due to attend the debate have broken out of single digits.

Trump has a Friday deadline to voluntarily surrender in Fulton County, Georgia, after being charged last week in a fourth criminal indictment, for an alleged scheme intended to reverse his 2020 election loss to Mr. Biden. — Reuters

Thai Q2 GDP growth slows sharply amid weak global demand, gov’t cuts outlook

BANGKOK — Thailand’s economy grew at a much slower-than-expected pace in the second quarter (Q2), data showed on Monday, as weak exports and slower investment undercut strength in tourism and prompted the government to downgrade its 2023 growth forecast.

Southeast Asia’s second-largest economy has been hobbled by slackening global growth, led by its main trading partner China and falling investor confidence due to a protracted period without a government following elections in May.

Thailand’s gross domestic product (GDP) grew 1.8% in the April-June period from a year earlier, the National Economic and Social Development Council (NESDC) said, well below the 3.1% expansion expected by economists in a Reuters poll.

GDP had risen 2.6% year on year in the first quarter, revised down from 2.7% stated earlier.

The second quarter was hurt by export volumes falling 5.7% year on year and dragging manufacturing output down by 3.3%, while government spending also declined 4.3%. All of this put a further dampener on fixed asset investment, which was down 2.8% on-quarter.

The global demand weakness prompted the government to cut its 2023 GDP growth forecast to between 2.5% and 3.0% from a range of 2.7% to 3.7%, meaning the central bank may not rush to raise rates again.

“With inflation below target and the economic recovery showing signs of faltering already, we believe the Bank of Thailand is unlikely to deliver further rate hikes this year,” said Shivaan Tandon, emerging Asia economist at Capital Economics.

The Bank of Thailand has raised its benchmark interest rate seven times to 2.25% since last August to tame inflation and help foster a smooth economic recovery.

Central bank Governor Sethaput Suthiwartnarueput this month said the current level of the key rate was nearly balanced and could be held steady or hiked at the next meeting on Sept. 27.

Capital Economics said it is downgrading its annual 2023 GDP forecast sharply to 3.0% from 4.5% previously. Thailand posted full year growth of 2.6% last year.

POLITICAL UNCERTAINTY
On a quarterly basis, GDP rose a seasonally adjusted 0.2% in the June quarter, also sharply under a forecast rise of 1.2%, and against 1.7% growth in the previous quarter, which was revised down from 1.9% stated earlier.

Adding to the headwinds, NESDC head Danucha Pichayanan warned that investor confidence will suffer further if problems arise in the transition to a new government.

“If there are drastic events in the transition, it will affect investor confidence,” he said, adding that budget disbursements have been slow and could dip in the short term.

Thailand has been under a caretaker government for five months and faces prolonged uncertainty after the winner of the May election, Move Forward, was blocked from forming a government by conservative legislators allied with the royalist military.

On Tuesday parliament will convene to vote for a new prime minister when the second-place Pheu Thai’s candidate, real estate tycoon Srettha Thavisin, will be nominated.

As weak global demand crimps exports, Thailand’s economy has been supported by its vital tourism sector and private consumption growth.

The agency maintained a forecast of 28 million foreign tourist arrivals this year, but expected tourism revenue to decline, Mr. Danucha said.

It projected exports to drop 1.8% in 2023 versus an earlier forecast for a 1.6% fall.

“Higher borrowing costs and weak global demand are likely to have limited appetite for capacity expansion among private firms,” Capital Economics’ Shivan Tandon said, but added that easing price pressures will help boost real incomes and consumption. — Reuters

LGBTQ fears grow in Malaysia as Islamists shatter reform hopes

DRAHOMÍR POSTEBY-MACH -PIXABAY

KUALA LUMPUR – Artist Carmen Rose used to perform regularly in Malaysia, until a police raid last year put an end to the veteran drag queen’s act and fueled the fears of the LGBTQ community at a time when Islamists are rapidly gaining political clout.

Since the raid, during which several party-goers were arrested, Rose has stopped doing shows, and rarely ventures out in public in costume.

“It’s always a risk going out in drag. If there was a raid, who do we call? Do we bring our boy clothes just in case?” said Rose, who declined to disclose her non-drag identity due to fears of reprisal. “They see us as sexual deviants or sinners.”

Queer Malaysians and rights groups told Reuters that LGBTQ communities face increasing scrutiny and discrimination under Prime Minister Anwar Ibrahim’s government, despite the longtime opposition leader’s reputation as a progressive reformer.

Analysts say Mr. Anwar, who took office after a November general election, is under pressure to bolster his Islamic credentials among the Muslim majority in the face of an increasingly popular ultra-conservative opposition that has steadily gained more political ground since the vote.

Malaysia‘s opposition bloc includes Islamist party PAS, which promotes a strict interpretation of sharia law and opposes LGBTQ rights. The party holds the most number of seats in parliament for the first time ever, and its gains in state elections this month reinforced its political influence.

A PAS lawmaker recently said LGBTQ people should be classified as “mentally ill”. Another PAS leader urged the government to cancel a concert by Coldplay because the band supports queer rights.

“Mr. Anwar doesn’t feel politically stable, so he has to be more Islamic than the other side,” said James Chin, a political analyst at the University of Tasmania in Australia.

Sodomy is a crime in Malaysia, which also has Islamic sharia laws banning same-sex acts and cross-dressing. The multi-ethnic, multi-faith country has a dual-track legal system with Islamic laws for Muslims running alongside civil laws.

While Mr. Anwar has never expressed support for the LGBTQ community, activists say they expected him to show more tolerance as he advocated for an inclusive society during his 25 years in the opposition.

“There was some hope when Mr. Anwar came to power that the reform agenda would seep in to some extent,” said Dhia Rezki Rohaizad, deputy president of JEJAKA, an organization that supports gay, bisexual and queer men.

“It’s disappointing that it has not happened. At the very least, we had hoped that they would just leave us alone, not be actively persecuting us.”

 

DISCRIMINATION, THREATS

Anwar vowed this year that Malaysia would never recognize LGBTQ rights.

His government has banned books for “promoting the LGBT lifestyle”, detained demonstrators expressing support for queer rights and confiscated Pride-themed watches made by Swiss watchmaker Swatch.

Last month, authorities halted a music festival, after the frontman of British pop band The 1975 kissed a male bandmate onstage and criticized Malaysia‘s anti-LGBTQ laws.

Asked about the government’s position on LGBTQ rights, government spokesperson and communications minister Fahmi Fadzil told Reuters: “Whatever the prime minister has said is the position.”

Some analysts say Mr. Anwar’s uncompromising stance on LGBTQ rights stems from a desire to wipe out doubts about his own sexuality which surfaced after he was jailed for nearly a decade for sodomy. Anwar has repeatedly said the charges were fabricated and politically motivated, but some political opponents still question his Islamic values.

Activists say online harassment and death threats against queer Malaysians are rampant on social media, while undercover police often attend LGBTQ-friendly events. Many groups now ensure there are lawyers at these events in case of a raid.

Thilaga Sulathireh, founder of LGBTQ advocacy group Justice for Sisters, said the government’s rejection of queer Malaysians was tantamount to a human rights violation.

“This has emboldened the conservatives and the right wing, it allows discrimination and violence to take place against LGBT people with impunity,” said Sulathireh, who uses they/them pronouns.

Justice for Sisters is receiving more queries from LGBTQ Malaysians seeking asylum in other countries, they said, adding that the community is also increasingly adopting self-censorship to stay under the radar.

Drag queen Carmen Rose said she cancelled a show this year, fearing another crackdown. She occasionally performs in neighbouring Singapore, and is now considering leaving Malaysia.

“This is not me running away. I’m just tired and I have to also think about myself and my own happiness,” she said. – Reuters

Biden administration to urge Americans get new COVID-19 boosters

REUTERS

WASHINGTON – The Biden administration plans to urge all Americans to get a booster shot for the coronavirus this autumn to counter a new wave of infections, a White House official said on Sunday.

The official said that while the Centers for Disease Control and Prevention are reporting an increase in infections and hospital admissions from the virus, overall levels remain low.

On Thursday, Moderna said initial data showed its updated COVID–19 vaccine is effective against the “Eris” and “Fornax” subvariants in humans.

Moderna and other COVID–19 vaccine makers Novavax, Pfizer and German partner BioNTech SE have created versions of their shots aimed at the XBB.1.5 subvariant.

Pending approval from health regulators in the United States and Europe, the companies expect the updated shots to be available in the coming weeks for the autumn vaccination season.

“We will be encouraging all Americans to get those boosters in addition to flu shots and RSV shots,” the official said, referring to the Respiratory Syncytial Virus. – Reuters

You don’t have to be an economist to know Australia is in a cost of living crisis. What are the signs and what needs to change?

REUTERS

Disclaimer: This asset – including all text, audio and imagery – is provided by The Conversation. Reuters Connect has not verified or endorsed the material, which is being made available to professional media customers to facilitate the free flow of global news and information.

SOURCE: THE CONVERSATION

This article is part of The Conversation’s series examining Australia’s cost of living crisis.

Every day the higher price of seemingly everything is mentioned in the news or in conversations with friends and acquaintances.

The impact is clear as we are required to pay more for most things from our weekly shop and power bills, to filling the car and swimming lessons.

So what is the cost of living and how is it measured?

The “cost of living” refers to the prices people need to pay to meet their needs in their everyday lives.

The most commonly cited measure is the Consumer Price Index compiled by the Australian Bureau of Statistics.

This represents the price of a fixed basket of goods and services. The items in the basket reflect the spending of metropolitan households. Each item is given a weight corresponding to its share in the spending of these households. The CPI does not include the price of land or financial assets such as shares.

The rate of change of prices is known as inflation.

Inflation rose sharply in the 1970s, especially after the oil price shocks. It took a long while to get it down. The Reserve Bank adopted an inflation target of 2-3% in the early 1990s to keep inflation low over the medium term. After a long period of low inflation, it rose sharply again during 2022.

It is now declining.

A similar pattern is seen in comparable economies such as the United States and New Zealand. The supply bottlenecks caused by COVID have eased and economic activity is slowing in response to the increases in interest rates in most economies.

Some prices rise fairly smoothly in line with the overall CPI. Others, such as petrol and fresh food, are much more volatile.

Since 1972 the price of the CPI basket has increased almost 12-fold. But some prices have increased much more.

Cigarettes cost almost 60 times as much (reflecting increased taxes). Labour-intensive hairdressing costs 20 times as much. Prices of other goods have gone up much less, especially after Australia cut tariffs and started importing more from low-cost producers. Over the past decade the prices of clothing and computers have fallen.

People often believe inflation is higher than the CPI reports. Big price rises are more noticeable. You seldom see headlines about prices that have not changed. And when was the last time you heard a discussion about how clothing has been getting cheaper?

House prices are now more than 50 times as high as in 1972, a much larger increase than the CPI. Some of this, however, represents quality changes rather than pure price changes. The average Australian house has roughly doubled in size and may now be the largest in the world.

The CPI reflects the prices faced by an average household. About half of households will have experienced a higher increase in the prices they pay, and half will have seen a lower increase.

Different households consume different goods and services. Retirees tend to spend more on health care and less on childminding. A higher proportion of the spending of lower income households goes on necessities rather than luxuries.

For the “average” household, almost 4% of spending is on tobacco. But of course non-smokers spend nothing while heavy smokers spend much more. So that large rise in cigarette prices affects some people significantly and others not at all.

The ABS publishes some separate living cost indices. The data get much less attention, partly because they are released after the CPI. These differ from the CPI in that they include interest charges. They are also prepared relating to different classes of people.

Over the year to June 2023, the living costs of employees rose by 9.6% but those of self-funded retirees by 6.3% and age pensioners by 6.7%. The main reason for the difference was that interest rates increased and employees are more likely to have a mortgage than are retirees.

These compare to the 6% increase in the CPI over the same period.

The cost of living becomes an increasing problem when incomes, notably wages, fail to keep up with it. Over long periods of time, wages tend to grow faster than prices. The economy becomes more productive over time and the gains flow to both workers and companies.

But over shorter periods, this may not be the case. Last week’s data show wages grew by only 3.6% over the year to the June quarter. This is well below the current inflation rate of 6%. But it is around the growth in prices forecast by the Reserve Bank for the coming year.

As well as an income for workers, wages are a major cost for businesses. So if wages grow too fast, and particularly were they to accelerate, there is a risk of a wage-price spiral.

The 3.6% annual wage increase for the June quarter is slightly less than the 3.7% recorded in the March quarter. The quarterly growth rate has been steady at 0.8% for the past three quarters. If labour productivity grows close to its medium-term average, this size of wage increase should not be a concern.

If business starts to expect raw material and input prices, and prices charged by their competitors, to keep growing strongly, they will be likely to keep increasing their own prices a lot. This risks a price-price spiral.

The Reserve Bank is trying to steer the economy along what it calls a narrow path.

It hopes it has raised interest rates enough to slow the economy and return inflation to its 2-3% target within a reasonable time frame. But it hopes it has not raised them too far, which would push the economy into a recession and lead to a large rise in unemployment.

The bank’s goal is to have the cost of living rising by around 2-3% per year and incomes a bit more than this, so living standards steadily improve for all Australians over time.

Italy to propose ex-minister Franco for ECB board, source says

ROME – Italy will put forward former economy minister Daniele Franco as its candidate for the executive board of the European Central Bank (ECB), a source close to the matter said on Sunday.

A seat on the six-person board will come free in October when Fabio Panetta is due to step down four years early in order to take up his new job as governor of the Bank of Italy.

Mr. Franco, 70, is one of Italy‘s most experienced economists having served as both deputy governor at the Bank of Italy and state auditor, a key role in the management of public finances.

He was appointed economy minister in 2021 in Mario Draghi’s unity government, helping Italy navigate the COVID-19 crisis and the turbulence caused by Russia’s invasion of Ukraine.

Each of the euro zone’s three biggest economies – Germany, France and Italy – have traditionally had a representative on the ECB board, which oversees euro-area monetary policy, and Rome is anxious to have a chair at the table.

However, there is no rule that the big three should automatically get a seat and other countries could present alternative candidates.

Several sources familiar with the matter had said last month that Piero Cipollone, deputy general director of the Bank of Italy since 2020, was the Italian government’s preferred pick.

However, in a surprise move, Economy Minister Giancarlo Giorgetti decided instead to propose his predecessor, a source close to the matter told Reuters, confirming a report in Il Sole 24 Ore newspaper.

The government had initially put Franco forward as the Italian candidate to lead the European Union’s lending arm, the European Investment Bank (EIB). However newspapers reported at the weekend that he had not been given the job.

Political sources told Reuters last year that Prime Minister Giorgia Meloni had wanted him to remain in government as her economy minister in an effort to reassure financial markets, but he had turned down the offer. – Reuters

How airlines cope with price surge during disasters

KEITH CHAN-UNSPLASH

Canadians vented their frustration against airlines on social media last week after prices of commercial flights out of Yellowknife soared up to 10-fold above normal just as residents were ordered to evacuate due to raging wildfires.

Carriers including Air Canada have pledged to cap prices on Yellowknife flights as most of its roughly 20,000 residents evacuated due to a large approaching blaze. But that can take time, analysts say, since airlines must manually override automated systems that raise fares in the case of higher demand.

Here is a look at how airlines deal with a sudden surge in demand on a particular route.

 

DISASTERS VERSUS HIGH DEMAND

Airlines set a range of ticket prices based on factors like purchase timing and demand. They then allocate seats to each fare, explained Chris Amenechi, founder of startup SeatCash, which offers subscribers a product that predicts future flight prices.

A demand spike would lead lower-priced fares to sell out and shift to higher priced fares.

“The system doesn’t know it’s a disaster and when it happens, then companies have to make a decision to override the system,” said Mr. Amenechi, a former commercial airline executive.

“In a place like Yellowknife, there are (limited) flights and if all the flights are full you can just imagine how expensive it’s going to be because nobody has an open seat.”

He said in some cases only one first or business class seat may be available.

 

CAN CARRIERS CAP AGGREGATED FARES?

Air Canada said in a statement that social media examples of flights for C$4,500 ($3,322) from Yellowknife to Calgary were aggregated fares from booking websites. Some of the flights involved several stops operated by other carriers, with some trips lasting as much as 21 hours, compared with a two-hour normal non-stop flight to Calgary.

“We endeavour to get these aggregated fares corrected where possible,” Air Canada said.

Air Canada said it canceled a business class fare of around C$1,000 and made it into a regular fare on one flight out of Yellowknife. They also said they refund passengers who purchase a fare before it is corrected.

Travel site Expedia Group said air partners set flight prices and availability on its site. “Airlines are free to adjust the prices and availability they display.”

Air Canada had a Tuesday flight from Yellowknife to Calgary for as low as C$303 on Saturday. Rival WestJet Airlines had a direct flight of C$122.98 for the route on Monday.

Airlines still have power to lower prices during disasters. Several US carriers offered $19 fares for a 40 minute evacuation flight from Maui to Honolulu to help those fleeing from wildfires this month, where at least 114 died.

“In the Maui case, it’s very clear that US carriers are going out of their way to be good neighbors and evacuate those residents and visitors,” said US aviation analyst Robert Mann. “Those $19 fares were manually capped … at carrier direction.”

Mann suggested US carriers may have learned from a 2015 derailment on an Amtrak train from Washington to New York that drove up airfares due to higher demand, generating accusations of price gouging. – Reuters

 

Archipelago Labs’ incubation program features first cohort

Cohort 1 of the ALAB Incubation Program comprised of startups Twine, Ridge, Synthillate, Gamer Points, and Nexhire

By Chelsey Keith P. Ignacio, Special Features and Content Senior Writer

The first five startups incubated by Archipelago Labs (A-Labs) showcased their technology solutions during the first demo day of its accelerator program.

Among the first cohort of early-stage tech startups under the ALAB Incubation Program are Twine, Ridge, Synthillate, Gamer Points, and Nexhire. The startups were chosen from more than a hundred applicants to undergo the 12-week program, where they got support in improving their business models.

The program with the first cohort culminated with the demo day, which was held at the AWS Office in Bonifacio Global City, Taguig on Aug. 12. The demo day served as an avenue for the startups to show their solutions as well as their planned developments and objectives to investors and key ecosystem players present during the event.

Social app Twine kicked off the ALAB Cohort 1 demo day with its solution of a decentralized social layer powered by artificial intelligence (AI). The startup lets users create their unique digital personality, which will come in the form of a non-fungible token (NFT) to be owned solely by the user.

The app is now live and will validate its ad model this year. The startup has several plans for 2024, among which is partnering with more social networks, including the large ones in the space.

Another startup in the ALAB incubation program was Ridge, which also offers an AI-powered solution for the food and beverage (F&B) industry. The startup provides these businesses with a plug-and-play platform to help them improve their sales by attracting more customers. It also aids them in reducing their inventory losses, such as by preventing spoilages, with the help of machine learning.

Ridge is validating its products this year and plans to go live next year. But the “grander vision” for the startup is to go beyond the F&B industry and expand to other markets such as retail, e-commerce, fintech (financial technology), pharmaceuticals, and hospitality.

In the fintech space, Synthillate is focused on converting intellectual properties (IPs) into financial assets. This is done through its IP valuation algorithm, which determines the value; its IP banking system to accrue value; its IP assetization mechanism to come up with financial contracts and instruments; and its IP asset management.

Aside from the Philippines, the startup is also operating in South Korea, thus commencing its disruptive innovation in developed markets. It has also done exploratory meetings in Thailand and Vietnam, with an aim to become the IP valuation standard in emerging markets.

Meanwhile, gamers are enabled to earn while playing with the solution offered by ad-tech startup Gamer Points, which connects brands with gamers through game ads. Some of the popular games where they could earn from are League of Legends, Valorant, Dota 2, and Fortnite, among others.

Gamer Points is looking to raise funds to reach 500,000 monthly active users; integrate larger brands and advertisers; and extend its reach to India, Southeast Asia, and Latin America.

Helping fellow startups find talents are, meanwhile, the objective of Nexhire, a community-driven talent marketplace that makes use of a bounty and referral system as well as multi-channel distribution.

Nexhire’s go-to-market strategy involves being hyperfocus on the Web3 industry first and then scale moving forward. It also looks to work with specialized or niched communities as well as startup incubators and accelerators to offer its recruitment services. The startup is raising funds to grow its team and launch its beta platform by next year, among other plans.

These five early-stage startups under the ALAB incubation program have a chance to get up to P1 million in startup funding from A-Labs and its investor network as well as an exclusive membership to A-Labs Collective, its network of tech startup entrepreneurs, operators, and investors.

As an accelerator, A-Labs supports early-stage startups centered on the intersection of Web2 and Web3. It is on a mission to work together with these startups through its incubation program, giving them mentorship and expert advisory, open office sessions, and networking opportunities.

Web3 is considered the next, decentralized form of the World Wide Web powered by blockchains, cryptocurrencies, and non-fungible tokens (NFTs); whereas Web2 is the web in its current form, defined by its user-generated content and interactivity.

A-Labs believes there will not be a clear delineation between these two in the future.

“Personally and on behalf of everyone at A-Labs, we think that the Philippines is at an inflection point. Everywhere around the world, VCs (venture capitalists) are talking about how the Philippines is the next big thing in the region… All of these things were being said a few years ago. And what struck me is that perhaps the reason why we’re having a hard time getting to that next stage is that we don’t have a vibrant enough ecosystem,” Philippine Digital Assets Exchange (PDAX) CEO and Founder Nichel Gaba said.

“We don’t have enough opportunities for entrepreneurs to share lessons with one another, key lessons that may spell the difference between success and failure. And I think this is a great opportunity for us to build just that,” he added.

A-Labs is the brainchild of PDAX as well as its early investors and board members Magellan Digital Investment Group and Oak Drive Ventures, Inc.

The ALAB incubation program is now open for applications for the second cohort of startups.

2023 OPPO Inspiration Challenge short-lists 15 finalists for Global Final Demo Event

OPPO recently announced the 15 tech startups short-listed for the Global Final Demo Event of the 2023 OPPO Inspiration Challenge following the successful completion of regional demo events in Boston, Shenzhen, and Bangkok earlier this month. The 15 startups and their innovations will meet in Singapore in October where they will compete for a spot in the global top 5.

The 2023 OPPO Inspiration Challenge received a total of 687 innovative proposals from 66 different countries and regions focusing on the two entry categories of “Inspiration for People” and “Inspiration for the Planet.” Following a thorough evaluation process, the top 15 solutions in each region were selected to take part in three regional demo events in Boston, Shenzhen, and Bangkok.

Hosted by OPPO Research Institute in partnership with the Harvard GSAS Entrepreneur Community, the first regional demo event of 2023 OPPO Inspiration Challenge was held at the Harvard Club of Boston on July 27. During the event, 15 selected startups from Europe, the United States, and Israel pitched their solutions to the judging panel. Following their pitches, entrants also had the opportunity to engage in in-depth technical discussions with Jason Liao, head of OPPO Research Institute, and executives from Harvard Business School and investment institutions.

On July 31, the second regional demo event took place in Shenzhen in partnership with the China University-Enterprise Collaboration Innovation Alliance (CUEC). OPPO Vice-President and President of China Market Bobee Liu and OPPO Health Lab Head Leo Zeng both attended the event, where they were joined by other judges from Qualcomm Ventures, Amazon Web Services, GSMA 5G IN, and Beihang Investment. During the event, attending media and guests also voted for the winners of the “Media Choice” and the “Virtuous Innovation” awards.

The last regional demo event took place in Bangkok last Aug. 7. In partnership with one of the Asia-Pacific region’s most influential universities, Chulalongkorn University, OPPO also invited experts from Amazon Web Services and Deloitte to participate in the judging process.

Based on the four criteria of feasibility, innovation and originality, long-term potential, and social value, the professional judging panels from each of the three regional demo events have now selected their top 5 respective proposals to make up the short list of 15 entrants that will compete in the global final of 2023 OPPO Inspiration Challenge.

To further facilitate the development of the proposals via internal and external collaboration, OPPO will partner with KPMG to hold the Acceleration Camp prior to the Global Final Demo Event. During the camp, senior executives from OPPO will join technology experts, investors, and industry partners to provide assistance to the top 15 global startups.

Following this, the top 5 winning solutions will be selected at the Global Final Demo Event. Each winning startup will be awarded a prize of US$50,000 along with opportunities to help further build their ideas, including productization and commercialization opportunities, strategic partnerships, investment, and exposure at global technology events.

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